Central Bank of Belize Increases Foreign Currency Limits for Travelers

Foreign Currency Limits for Travelers Increased

The Central Bank of Belize (CBB) has announced a significant change to the current foreign currency laws, allowing people traveling outside of the country to obtain a limit of US$10,000.

New System in Effect from January 2025

The new system, which will be in effect from January 1, next year, upgrades the existing structure of people receiving $250 per day from an authorized dealer. This change is intended to make it easier for travelers to access foreign currency for their needs.

Increased Limits for Medical Treatment and Vacation

People traveling overseas for medical treatment or vacation will also benefit from the new payment scheme, which is US$10,000 up from US$3,000. This change is expected to make it more convenient for travelers to access the foreign currency they need for their trips.

Comment from CBB Governor Kareem Michael

"While those amounts may have been sufficient in the past, the Central Bank has deemed it necessary to increase those limits. For ease of doing business for the traveling public, the Central Bank will adjust those limits to be US$10,000 across the board, despite travel type," said CBB Governor Kareem Michael.

Declaration of Cash and Approval Requirements

Michael emphasized that persons traveling with cash in hand would need to declare that, and that requests above US$10,000 will require approval from the Exchange Control Department of the Central Bank. He also suggested that banks could issue credit cards to travelers to facilitate foreign currency transactions.

Ongoing Investigation into Casino

Meanwhile, the CBB is investigating a casino that is dispensing US dollars without the proper authority. The Gaming Control Board oversees the casino industry, the Financial Intelligence Unit is the supervisory authority, and the Central Bank regulates ATM operations and foreign currency exchange.

Conclusion

The new foreign currency limits are expected to make it easier for travelers to access the foreign currency they need for their trips. The change is intended to be a positive step for the traveling public, making it easier for them to access the foreign currency they need.

FAQs

What is the new foreign currency limit for travelers?
- The new limit is US$10,000.
When does the new system take effect?
- The new system will be in effect from January 1, 2025.
What is the purpose of the new system?
- The new system is intended to make it easier for travelers to access foreign currency for their needs.
What is the limit for cash transactions?
- The limit for cash transactions is US$10,000. Requests above this amount will require approval from the Exchange Control Department of the Central Bank.