What’s The Overall Best Way To Send Money To Guatemala?

The overall best way to send funds to Guatemala is through Wise. The peer-to-peer payment system offers the most well-rounded deal when you consider the low cost, reasonable speed, and ease of use. The fact that the service is offered in so many different countries doesn’t make it unique, but it certainly makes it more convenient. When you consider all of the above, Wise is the overall best way to transfer funds to Guatemala.

What’s The Easiest Way To Transfer Money To Guatemala?

The easiest way to send funds to Guatemala is through Wise. Wise has a simple to use a three-step process for sending money. All you need to do is tap the amount of money being sent, and a destination. After that, you must complete your payment to Wise, and your money will be on its way.Wise is also a simpler option because it is a peer-to-peer payment system that is available in many countries around the world. The service is almost ubiquitous, and it only takes a day or two for a transfer to be completed.

What’s The Cheapest Way To Send Money to Guatemala?

The cheapest way to transfer funds to Guatemala is through Wise. Wise charges a higher stated fee than the competition, but it is the only one which forgoes on hidden currency exchange fees. This makes it a great option, particularly when you are sending larger amounts of money.

What’s The Fastest Way To Send Money To Guatemala?

The fastest way is through Ria Money Transfer’s fast option. With Ria Money Transfer’s fast option, you can expect your money to reach its destination in a matter of minutes. The fast option of Ria Money Transfer is also not too expensive, relative to many other services which are slower. Some Ria Money Transfer users report the experience of sending cash online to Guatemala to not always be the easiest option, but it is certainly fast.

Current Exchange Rates For Guatemala

The current exchange rate for the Guatemalan Quetzal (GTQ) is 7.893974 GTQ per American Dollar (USD), as of the time this was written. The average exchange rate was 7.7947 GTW per USD over the last 90 days. The GTQ reached a high of 7.9402 GTW per USD, and a low of 7.6684 GTQ per USD during the last 90 days.The average volatility rate of the GTQ against the USD was 0.12% over the last 90 days. This is a relatively stable currency, and the GTQ has been very stable after stabilising in September of 2018. You can reasonably expect only small fluctuations in currency exchange rates going forward, barring any unforeseen circumstances.

What do we mean by the top provider?The top provider is the money transfer service that we believe is the most suitable for the country you’re sending money to. In order to keep our service free we factor in the commercial agreements we have with partners into this ranking.How do we choose providers to display?We make sure that each table displays the most relevant brands to the country you are sending money to and from. We consider many factors when choosing the providers to display in the table. All of the providers we display are fully regulated to provide money transfer services in the jurisdiction you are searching, relevant regulatory authorities are the FCA, ASIC, Fincen, FINTRAC & AMF. Alongside being regulated the services are manually checked by our team for both quality of service and online trust from such platforms like Trustpilot and Google reviews. We base our rankings primarily on the quality of the service provided, the benefit to the consumer and to keep our service free – the commercial agreements we have.How do we order our comparisons?We are affiliated with some of the partners displayed in the tables. However, the order of the providers is based on the quality of the service for the particular country corridor followed by the commercial agreement in place. You don’t pay any extra and the deal you get isn’t affected by our commercial agreement with the money transfer provider. We may receive a commission when you click through to a listing or when you make a transaction. We aim to find the balance between the quality of the service, customer satisfaction and the commercial agreements we have, and continue comparing services in a transparent way. If you have any questions about our listings, please don’t hesitate to email us at contact@moneytransfers.com

Send Money To Guatemala | Your Best Options

Common Reasons for Sending Money to Guatemala

Remittances play a significant role in Guatemala. In terms of GDP, they account for more than 11%. The reasons behind these inflows differ from one remittance to another. Some of the common reasons include.

Household Expenses

Most of the remittance-receiving households in Guatemala allocate remittances to expenses such as utilities, food and rent.

Health Expenses

Whether it is paying for structured health plans or direct medical costs, some of the inflows are directed towards achieving health outcomes.

Education

To keep their siblings and children in school, Guatemalans send tuition money directly to schools or indirectly through their families.

Savings and Investment

Guatemalans through national and private initiatives have investment forums through which they get information about investment opportunities back at home. Some of the investments are in equities and bonds and others in real estate.

Repatriation of Earnings

Some of the Guatemalans abroad are in contractual employment subject to renewal. With such a work arrangement most of them periodically send their earnings back home as a precautionary measure just in case they decide to return home after the expiry of their contracts.

Why Send Money with a Money Transfer Service?

Money transfer services have an advantage over most if not all traditional forms of money transfer. Some of the outstanding advantages of these transfer services include:

Speed of Transfer

Transfers to Guatemala from most sending countries take minutes to a couple of hours to complete. Cash transfers are the fastest especially when paid for by credit or debit card.

Transfer Fees

With as little as $5.50 you can send up to $6000 to Guatemala. This is a fraction of the cost that banks and other traditional money transfer channels charge to send money to Guatemala.

Ease of Setup

Signing up for a money transfer account takes minutes. Some providers may ask for verification of the details you’ve provided, an exercise that can take a couple of hours to complete. All the processes are done online and this makes it convenient for you. Banks may require you to submit hard copy documents which go through a series of processes before you can be allowed to transact.

Exchange Rate Margin

Money transfer services make money from the difference between the mid-market rate and the exchange rate they charge for any currency pair. Most of them charge a margin fee of between 0.5-3.5%. Wise charges zero exchange rate margin that means all transfers are made at the real exchange rate.

Multi-Currency Support

When sending money to Guatemala, you don’t need to convert your sending currency to another intermediate currency before completing the transfer. Online money transfer providers support lots of different currencies making it easier to make a direct transfer to the Guatemala quetzal.

Security

Money transfer service providers are licenced and authorised by government bodies such as Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Financial Crimes Enforcement Network (FinCEN) and the Financial Conduct Authority (FCA). These entities require strict adherence to security provisions and measures.

In addition, providers hold customers funds in separate accounts from operating funds. This guarantees the safety of funds even when the money transfer company goes through financial headwinds.

Things to Consider When Sending Money to Guatemala

When transferring money to Guatemala, there are a few things you need to consider:

No Legal Constraints on Cash Transfers -Guatemala doesn’t impose any restrictions on capital inflows or any other remittances into the country. Therefore, you can send in any amounts without fear of your money being withheld.
Holding a Foreign-Currency Denominated Account -Effective May 2001, Guatemala allowed banking institutions to offer accounts in foreign currency. This means you can hold an account in Guatemala denominated in your host country’s currency making it easier for you to transfer money to your family and business associates in Guatemala.
Extra Regulations for Foreign Exchange Cash Transactions -As from October 2010, the Guatemalan monetary authorities established regulations limiting foreign exchange cash transactions to $3000. Any transactions above this amount are subjected to a secondary layer of regulations which include the depositor declaring that the source of the money is legitimate.

With more transfer corridors to Guatemala opening up, knowing the best ways to send money to your family and friends is imperative. Ensure you compare across the different providers before settling on any money transfer operator.

Looking to Send Money Somewhere Else?

Sending money anywhere else in the world is as easy as sending money to Guatemala. If you’re looking to send money to another country, here is the list of the most popular destinations.