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Best Ways to Send Money to Guatemala

Ensure fast send times, low fees, the best exchange rates, and helpful customer support on money transfers to Guatemala.

Continue reading for reviews, expert advice, and essentials for transfers to Guatemala.

Sarah Edwards
Author 
Sarah Edwards
Sharon Bahravi
Editor 
Sharon Bahravi
10 minutes
February 9th, 2024
Disclosure
Best Overall
8.2
Global66

Global66 is the best overall transfer provider that appears in our search results to Guatemala.

Fastest Option
9.2
Wise

Wise tends to be the fastest way to send money to Guatemala for many origin countries and send amounts.

Cheapest Option
8.7
WorldRemit

Users who searched with our comparison tool found WorldRemit often had the lowest rates and fees for sending to Guatemala.

Compare rates and fees for sending money to Guatemala

There are multiple ways to easily send and receive money in Guatemala but these will largely depend on the provider you decide to use.

How can I pay for my money transfer to Guatemala?

Money transfer providers usually give you the most choices regarding payment methods. Senders can pay with one of the following:

  • Bank account transfer: Senders can transfer money directly from their bank account. This method tends to take a bit longer but is more cost-effective than paying with a debit or credit card

  • Credit card: Credit card payments are best when speed is a priority, but be careful to keep track of fees and potential interest charges

  • Debit card: Paying with a debit card is also fast, though it comes with many of the same fees as a credit card

  • Digital wallet: Some money transfer providers let you integrate a digital wallet for fast, easy payments, though there may be fees associated with overseas transfers

What is the best way to send money to Guatemala?

The best way to send money around the world is with a bank account transfer made through a money transfer provider like those on MoneyTransfers.com. Global66 offers reasonable fees, and the provider specializes in transfers made to Latin American countries.

When speed is a priority, credit and debit card payments can be the fastest option. WorldRemit lets you send money in just minutes for only a modest transfer fee.

Try to steer clear of payment options that use the SWIFT banking network. This network can add fees to your transfer, and the network can also create delays while your money bounces between intermediaries.

How long does it take to send money to Guatemala?

When you send money to Guatemala, your transfer time will be influenced by several factors:

  • Your exact transfer method

  • Your payment type

  • Bank cutoff times (which can delay your transfer until the following business day)

  • The amount you’re sending (due to security protocols)

When using popular money transfer apps, you can expect the following transfer times:

  • WorldRemit: A few minutes (with a credit or debit card)

  • Global66: One to two hours

  • Western Union: One to two hours

However, these estimates are based on sending $2,000, so your experience may vary.

What is the fastest way to send money to Guatemala?

If you’re looking for the fastest way to send money to Guatemala, your best option is to use a money transfer provider, which will skip the SWIFT network in favor of its own network of banks.

The absolute fastest way is to pay with a credit or debit card. WorldRemit lets you transfer money within minutes when making a card payment. However, this method is costly, with cash advances, currency conversion, and other fees, so it’s recommended only when speed is a priority.

When you need to send cash fast, use a cash pickup. Recipients can use a money transfer app to find a participating bank or local agent and receive money immediately upon transfer.

Compare rates, fees, and transfer times on MoneyTransfers.com to find an option right for you.

How much does it cost to send money to Guatemala?

When you send money to Guatemala, your final cost depends on several things. First is the exchange rate, which is the cost of converting from local currency to Guatemalan quetzal (GTQ). MoneyTransfers.com helps you compare exchange rates between apps by comparing each provider against the mid-market rate, which is the midpoint between buying and selling prices of foreign currencies.

Second, pay attention to the transfer fee. While some providers charge a flat rate, others charge a percentage of the total transaction. Both the transfer fee and exchange rate must be considered carefully; sometimes, a higher transfer fee is worth it for a provider with a favorable exchange rate.

What is the cheapest way to send money to Guatemala?

Generally, the cheapest way to transfer money to Guatemala is with a bank transfer made through a money transfer provider. While you may be able to make a transfer without an app, these providers eliminate the need for the SWIFT network with its unreliable fees and transfer times.

If cost is a priority, avoid paying for the transfer with a credit or debit card. These methods are fast but can bring additional charges.

You can also make transfers using international money orders, but since this method relies on the SWIFT network, your money may accumulate fees from intermediary banking institutions.

To find the best provider, use MoneyTransfers.com to compare exchange rates, transfer times, and fees of common apps.

What do I need to send money to Guatemala?

Before you can send money to Guatemala, you’ll have to provide the following information:

  • Personal details: While creating your account, you’ll need to enter your full name and contact details. You’ll also provide a valid form of ID, such as a driver’s license or passport

  • Recipient details: To send money to Guatemala, you’ll need to enter the recipient’s full legal name and contact details. For bank transfers, you’ll also need the receiving bank’s SWIFT code as well as the unique IBAN code, which makes transfers a breeze. In Guatemala, the IBAN is a 28-character code, including a 2-letter country code (GT), a 2-digit check number, a 4-character bank code, and a 20-digit bank account number unique to the recipient

  • Method of payment: Choose between a bank account transfer, a credit or debit card payment, and linking your digital wallet

What do I need to receive money in Guatemala?

In Guatemala, recipients will have to provide a valid form of ID to receive payment. This can include:

  • Personal Identification Document (DPI)

  • Consular Identification Card (CID)

  • Driver’s license

  • Passport

The recipient should also provide their exact SWIFT code and IBAN number to prevent delays or errors in the transfer.

Do I pay tax on money transfers to Guatemala?

In most countries, senders don’t pay tax on gifts and other non-commercial transfers, though Guatemala charges a progressive gift tax ranging between 1% and 25%.

Additionally, senders in the USA will have to report gifts that exceed the country’s annual threshold of $17,000 (or $34,000 if you’re married filing jointly). If you reside in the USA, you may have to pay tax if (1) you have a foreign bank account that exceeds $10,000 or (2) your business sends more than $10,000 to an individual.

Wages are subject to the same type of payroll taxes that regular employees pay, and recipients will be required to report these payments as a form of worldwide income. When selling property, recipients may also be subject to capital gains tax. In Guatemala, this tax is a simple flat rate of 10%.

What reasons do people send money to Guatemala?

In 2021, the amount of money sent to Guatemala increased by 35% from the previous year, and most of this money came from the USA. Since diplomatic relations are favorable between the two nations, people send money to Guatemala for a variety of reasons, such as:

  • Gifts

  • Medical bills

  • Tuition or educational costs

  • Debt repayment

  • Investments or business ventures

  • Travel expenses

By using bank transfer providers, you can make safe, reliable transfers to Guatemala. To find a provider who fits your needs, search today on MoneyTransfers.com.

Sending money to major banks in Guatemala

In Guatemala, popular banks include:

  • Banco Agromercantil de Guatemala

  • Banco Azteca

  • Banco de Antigua

  • Banco Industrial

  • Banrural

  • Banco G&T Continental

  • Banco de los Trabajadores (BANTRAB)

These banks can help you make fast, smooth transfers and may be a convenient location for cash pickups.

The USD to GTQ exchange rate

Mid-market Rate
1
= 7.806918 GTQ
Mid-market rate at: 16:58 UTC
USD/GTQ Median: 7.808302 Low: 7.806918 High: 7.809815
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What apps can I use to send money to Guatemala?

You can use one of the following apps to send money to Guatemala:

  • WorldRemit

  • Global66

  • Western Union

  • HSBC

  • Capital One

  • PayPal

Recipients can receive money with a digital wallet, such as the popular offering from Wallet Factory, though other options for mobile wallets are currently limited in this country. Still, Wallet Factory makes it easier for recipients without immediate access to a Guatemalan bank account.

You might start by searching for a money transfer provider on MoneyTransfers.com and comparing rates, terms, and transfer times.

Useful links for Guatemalans abroad

Are you a Guatemalan living in the USA? You might bookmark these sites:

As always, use MoneyTransfers.com to learn more about money transfers or information about remittance taxes to Guatemala.

Sending different amounts of money to Guatemala

When sending money to Guatemala, your experience will depend on how much you transfer. Here’s what you might expect when sending different amounts.

Sending under $1,000 to Guatemala

Small transfer amounts will be processed easily and affordably when you use a money transfer app. And if you want a faster transfer, you can pay with a credit card. WorldRemit can process transfers within minutes.

Sending $1,000 or more to Guatemala

Higher transfer amounts can cause you to run into transfer limits. WorldRemit, for example, will limit you to $5,000 for each transaction, with a 24-hour limit of up to $9,000.

Sending $10,000 or more to Guatemala

To send $10,000 or more to Guatemala, you’ll need to find a provider that can accommodate larger transfers. If you can be verified through Western Union, you’ll be permitted to send up to $30,000.

Sending $100,000 or more to Guatemala

The largest transfers usually demand a specialized service, such as an online broker like Currencies Direct or TorFX. Otherwise, you can use another provider and make a series of smaller payments to reach the total.

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Contributors

Sarah Edwards
Sarah is a proficient Content Writer who specialises in the financial sector. Her expertise lies in delivering clear, informative articles that help readers navigate the complex world of financial transactions and currency exchanges.