Belize - Methods of PaymentBelize - Methods of Payment
Letters of Credit are the most common form of payment arrangement used by importers in Belize. There are no credit rating agencies operating in country. Local collection agencies operate nationwide and may operate on behalf of the utility companies, town and city councils, and for property tax collection.
The Central Bank of Belize (www.centralbank.org.bz) continues to roll out the Automated Payment and Securities Settlement System (APSSS), a system that connects financial institutions in a local network to banks and other authorized institutions to make electronic payments quickly, safely, and securely anywhere in Belize. This national payment system links financial institutions payments and securities settlements systems and allows for:
• Automated Clearing House (ACH) for processing of retail (small value)
• Real Time Gross Settlement (RTGS) for large value transactions
• Securities Settlement System (SSS), and updated legal and regulatory
Non-cash payment instruments include checks, debit cards, credit cards, and direct credits. Three main electronic payment mechanisms are used in Belize, including the POS and ATM networks that facilitate payments by debit card and credit cards; direct credit facilities to make bulk payments such as salaries and pension; and online bill payment facilities. MasterCard and Visa are widely accepted and to a lesser extent American Express.
Persons seeking to open a bank account must comply with Central Bank regulations, which differ based on residency status and whether the individual is seeking to establish a local bank account or a foreign currency account. For additional information on this topic, including content of relevance to U.S. investments, please visit Department of State Investment Climate Statements.
Belize Market Access Payment