taxes, food, cars, roads, healthcare, internet, weather, etc.

I heard you can keep bank account in states and live out of the ATMs. Belize Bank, Caye International Bank, and Atlantic Bank are 3 that come up in San Pedro web search.

Terrymcq wrote:

On the downside, if I decide to ask for permanent resident status, the time as QRP doesn't count, have to start all over.

Yes, and probably pay any duty exemptions that you enjoyed previously on the QRP Program.

I already spoke to Social Security and once you have a bank in Belize or where ever you live just go to ssa.gov and send the money to that bank.  My military benefits will be sent and will automatically be converted to BZE dollars.  So I will be getting twice the amount I am receiving here in the US.  Twice is better than once!  Do your homework, ask a lot of questions of the organizations that control your money because none of us know your particular circumstance.  Good luck and hope to see you in 2018!

ferriswhitfield wrote:

I already spoke to Social Security and once you have a bank in Belize or where ever you live just go to ssa.gov and send the money to that bank.  My military benefits will be sent and will automatically be converted to BZE dollars.  So I will be getting twice the amount I am receiving here in the US.  Twice is better than once!  Do your homework, ask a lot of questions of the organizations that control your money because none of us know your particular circumstance.  Good luck and hope to see you in 2018!

That is correct, but I suggest you rethink the part about about "automatically be converted to BZE dollars."

Because one can not use BZD dollars outside of Belize, at least not anywhere close to the official 2 to 1 exchange rate. I would suggest opening both a Belize domestic account and an International account with a Belize bank. That way you can have the funds deposited as US Dollars into the International bank where you can withdraw them as either US or BZD and then at your discretion transfer only whatever you need at the time into the BZD domestic account. From my experience, transactions and the perpetual uncertainty of the Belize economy  I would never consider having a large amount of my money tied up in Belize Dollars.

If you use Atlantic bank for both account types, there is no fee to use their online banking to transfer the funds.  I don't know about the other Belize banks.

Opening bank accounts in Belize for Americans is not an easy or speedy task but it can be done.
For Americans going the QRP route it is a bit easier to open the domestic Belize account (Search for threads on that in this forum.)

From others comments in this forum it sounds like folks from Commonwealth countries have an easier path to opening Belize bank accounts.

Thank you for your advice, but I cannot tell the military (Dept. of Defense) how to send their (my) money and in what forms.  I am just fortunate my husband served in three wars to get my military annuity.

Hmm well We have military pension paid into our main UK account and set up our own regular transfer for the amount we want transferred each month. This way we have enough transferred for Belize with the cushion of the remainder on tap via ATM if/when needed. Our military pension is British so maybe a different set of rules.

ferriswhitfield wrote:

Thank you for your advice, but I cannot tell the military (Dept. of Defense) how to send their (my) money and in what forms.  I am just fortunate my husband served in three wars to get my military annuity.

First thank you and your husband for your service!!!

I am 99.99% sure the US government will only send funds in US Dollars, it is the Belize domestic banks that accept the US Dollars, but will only disperse it back as BZD.  The International banks will accept the US Dollars and give you the choice of dispersing it back as either US Dollars or BZD.

terrific wrote:

Hmm well We have military pension paid into our main UK account and set up our own regular transfer for the amount we want transferred each month. This way we have enough transferred for Belize with the cushion of the remainder on tap via ATM if/when needed. Our military pension is British so maybe a different set of rules.

That certainly is a better way to do it, but  the folks in the QRP are required to put USD $24,000/year into a Belize account. My suggestion fulfills that requirement, but allows one to keep most of that money as US Dollars, but have the utility of a domestic account.

I am continually surprised when talking to expats and future expats in Belize that they are under the impression that required QRP deposits must be made to a domestic Belize bank. Few realize the QRP program allows the deposit be made to an International Belize bank. Now as most things in Belize, there are tradeoffs, and what one can and can't do with the two different types of accounts has real tradeoffs  but I firmly believe retaining one's money in US or UK funds for several reasons is very important.

Doesn't seem right but I don't have the gold so I don't make the rules.

It's that .01! that will trip you up every time!  I just checked DFAS, and funds are sent two days prior to dispersement, converted to BZE dollars, then put into a Belize bank account, however, Belize is not an IDD country, so I think I will keep my Chase accounts, and then have a Belize bank transfer money from Chase when I need money.

ferriswhitfield wrote:

It's that .01! that will trip you up every time!  I just checked DFAS, and funds are sent two days prior to dispersement, converted to BZE dollars, then put into a Belize bank account, however, Belize is not an IDD country, so I think I will keep my Chase accounts, and then have a Belize bank transfer money from Chase when I need money.

WOW. I just looked it up, and you are correct that they pay in the local currency. Not that bad if  one lives in a country where the local currency has value outside the country. It is surprising to me they are so different than SSA  that does pay in USD.

What I have found when applying for Belize bank accounts as an American that is not a Belize resident or going on the QRP, is the Belize Central bank (which approves or denies all bank account openings at any Belize bank) will turn you down for a domestic account (after a two month wait), even if you own property in Belize.  However they will  approve an International account for that same non resident. Apparently the non resident restriction was added sometime last year, shortly before I applied and was turned down for a domestic Atlantic Bank account.

Yes, keep at least one account with online banking with a larger American bank.
And be sure to get a full list of fees and charges for every type of transaction from whatever Belize bank you chose, its staggering....