Regulatory Alerts2025-01-06
Direction No. 4 - Foreign Exchange Facilities for Travel and Related Activities
The Central Bank of Belize issues Direction No. 4 to regulate the provision of foreign exchange facilities by Authorised Dealers for residents and non-residents traveling outside Belize. The directive establishes specific monetary limits, such as BZ $20,000 per trip for residents and BZ $500 for non-residents, while mandating valid travel documentation and requiring the surrender of unused funds upon return. Additionally, it stipulates that credit card purchases made by residents within Belize must be settled in Belize dollars and excluded from international settlements.
CENTRAL BANK of BELIZE
EXCHANGE CONTROL DIRECTION NUMBER 4 (Revised December 2024)
TO: AUTHORISED DEALERS
<u>Foreign Exchange Facilities for Travel and Related Activities</u>
This Direction sets out the conditions under which foreign exchange facilities may be made available by Authorised Dealers to both residents and non-residents for travel outside Belize.
1.0 Travel Facilities
1.1 Authorised Dealers may sell foreign exchange for travel up to the limits specified below. Any amount more than the specified limits should be directed to the Central Bank for approval.
a. Residents
(i) Vacation and medical travel – equivalent of BZ $20,000 per person per trip. (ii) Business travel – the equivalent of BZ $20,000 per person per trip. (iii) Official Travel – the amount as applied for in the case of government officials and officials of statutory bodies as certified by the officer in charge.
b. Non-Residents
(i) Authorised Dealers may sell foreign exchange to non-resident travellers that is equivalent to BZ $500 per person. Additional foreign exchange may be sold if payments are made from External Accounts or from other proceeds of sale of foreign exchange to an Authorised Dealer. Authorised Dealers may also facilitate non-resident travellers in exchanging foreign currency instruments.
c. Documentation
(i) Travellers must present a valid passport and travel ticket when purchasing foreign currency for travel by air. When traveling by road or sea, only a valid passport or
temporary travel permit, as applicable, is required. Authorised Dealers are expected to exercise discretion in determining whether persons are bona fide travellers.
2.0 Credit Cards
2.1 When residents use credit cards to make purchases in Belize, these purchases are to be settled in Belize dollars only and should not form part of the international settlements between the domestic bank and the international credit card company.
3.0 Surrender of Unused Facilities and Refunds
3.1 Unused foreign exchange facilities, including any funds that may have been placed on an account with a bank for use by a traveller while he is abroad, should be surrendered to an Authorised Dealer upon return to Belize.
[Signature]
Controller of Foreign Exchange CENTRAL BANK OF BELIZE
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