Every guest that comes to our little island has a question or two about money.
How much cash will I need?
Should I use traveler checks?
Are there ATM machines I can use?
Will most places accept credit cards?
What credit card should I use?
In many ways coming to Belize is like stepping back in time 15 years and money is no different. The banking system feels very 1970's even to the physical looks when you walk into the lobby and there are three security guards standing around.
Let's start answering the questions from the bottom.
What credit card should I use?
Visa and Mastercard are accepted throughout Belize and on Caye Caulker. You will find very few places (I only know of two) that will accept your American Express card. This is because the local banks only issue the "Big Two". You can also bring and use your debit cards but be warned that some places (car rental and hotels) will put a security hold on your card and this can put you in a bind on some debit cards.
Will most places accept credit cards?
You will find that most of the restaurants, bars and stores on Front street will accept your credit/debit cards. Many, however, will charge a fee to it you (3% usually) to take your card. There are a couple of reasons they charge you this fee. Banks charge a hefty fee for credit card transactions and even more importantly almost every business in Belize runs two sets of books (a real set and the ones they pay taxes based on). Let me say that not every cash transaction seems to make it in the "taxes" version, so this fee is to encourage you to pay cash.
Many (half) of the excursion companies on Front street will only accept cash. I am sure for the same reasons I mentioned above. If you are going to go on a full day snorkel trip you can assume you will need to pay about $70US per person in cash although many of them will give you time to go to the bank and take the cash out.
As you move towards the back of the island on to Middle street you will find fewer places will accept credit cards. Some restaurants (Syd's) will and some businesses like golf cart rental companies will but it gets harder to find a place to use your plastic. On the bright side, the bank is on Middle street so it is quicker to get cash.
By the time you reach Back street plastic currency is rarely accepted. Visit the barber or Little Kitchen and you will need to bring cash.
Are there ATM machines I can use?
ATM's are few and far between here on the island. Each ATM is privately owned and the owner must fill it with cash as needed. This means that more often than not, the ATMs are empty and not working. With that being said I have marked them all on our interactive map.
The most reliable ATM are the two at Atlantic Bank. It is rare to find these units out of money except on an occasional Sunday or holiday. Be aware that the ATM's will only give out Belize currency.
Should I use traveler checks?
I have never seen traveler checks used on the island. I would highly recommend you avoid using them.
How much cash will I need?
This is the hardest question to answer because it depends on your spending habits. You can easily get by on less than $50US per day (not including hotel) but if you eat at some of the more expensive places and/or do a number of excursions that number could go way up. I would suggest you use a debit card that does not charge you international fee's, but if that is not a choice consider bringing $100US per person per day and then you should be in good shape
Bonus Questions:
What is the best Credit card and ATM card to use?
Ok, this one is completely based on my experience. I would use the Chase Saphire Card as a credit card (it has amazing travel benefits) and for my ATM we use Charles Schwab. There are no international fee's and the ATM here on the island (in the bank) does not charge a fee to get cash through Charles Schwab.
How do I protect my money when I am in Belize?
There is little crime that occurs here on the island, except crime of opportunity. For that reason we highly suggest you reduce the opportunities that criminals get. A simple way to do that is to keep cash and credit cards in a concealed pouch. While you're at it why not get a pouch that is waterproof to keep your stuff dry. This is our recommendation based on our time here on the island.
I hope this answers some of your questions but if you have a question I can help with just ask in the comments below.