Learn how to transfer money to Guatemala with the best exchange rate with these 4 steps
Although the evolution of the exchange rate is unpredictable, it can help you save money to stay on top of it so that you can maximize how many your recipient will receive. It's a good idea to set-up our smart alerts to follow the GTQ mid-market's evolution.
Do you need to send money to Guatemala at the lowest total cost, with the highest speed of transfer or with the best rated provider?
In addition, you may want to pay attention to the pay-in and pay-out options. Most of the time you'll find money transfer providers allowing you to send the money from your bank account, other providers will also allow you to pay with your cards. On the recipient's side in Guatemala, you often have to decide if you want the amount in GTQ to be deposited on a local bank account or be available for cash pick-up.
Now is the time to complete the sign-up form on the money transfer provider's website - be ready to provide an offical ID and/or a proof of adress - and get started with your transfer.
Sending money to Guatemala, whether you transfer from Mexico, from the US or any other country, can be very expensive if you don’t use the right provider.
Banks and traditional money transfer providers will apply very poor exchange rates when converting your dollars or pesos into Quetzales, while often charging costly transfers fees. If you want more money reaching Guatemala, compare your options to find the providers with the best exchange rates and lowest fees.
There are an increasing number of alternatives to send money to Guatemala, especially if you’re transferring money from North America or Europe, where a lot of innovative providers are now competing with banks and traditional players. For transfers from Mexico to Guatemala, your choices are still somewhat more limited at the moment.
Services such as Remitly, Transfast, Ria, WorldRemit, Xoom or Azimo (only available from Europe) are all offering money transfers to Guatemala, with either the option to receive the money in cash at one of the location of their respective networks or to send the money directly to a bank account in Guatemala.
Almost ten percent of Guatemalan people are living outside Guatemala, with the vast majority of them established in the United States, where they represents more than a million people (with important communities in California, Delaware, Florida and New York). Guatemalo-americanos represents the 5th largest Latino community in the US.
Other countries hosting a lot of Guatemalcos are also found in Canada, as well as in neighbouring Mexico, Honduras, Belize and El Salvador.