Find the best ways to transfer money to Guyana

The exchange rate determines how much GYD the recipient will receive.

For instance, in the past month average exchange rate between the US Dollar and the Guyan Dollar was 209.224 GYD.

Since USD - GYD exchange rates fluctuate based on market conditions, waiting a few days can result in a better rate and more GYD for your recipient.

If you urgently need the money in Guyana, we recommend using Wise, which has offered the best GYD exchange rates over the last 6 months.

The cheapest way to fund your transfer to Guyana is by using a Bank transfer with Wise, which is 0.7% cheaper than the next best option.

How you pay for your transfer impacts the cost, speed, and the amount of GYD received.

Based on a $2,000 transfer to Guyana using the last 6-months of our data, the options you have are:

• A bank transfer with Wise will cost you $149.83 in fees and a 0.04% markup

• Debit card transfer with Wise costs $15.87 with 0.05% markup

• Credit card transfers with Wise costs $12.47 fee and comes with 0.17% markup

We recommend not using Debit card when sending money to Guyana, as they tend to be the most expensive.

Credit card transfers tend to add cash advance fees and might have higher interest rates on GYD.

For example, Wise charges $12.47 when paying by credit card, compared to $149.83 via a bank transfer with Wise.

Whenever possible, avoid sending GYD over the SWIFT network. Despite the name, GYD transfers over SWIFT are slower and come with higher fees.

Money transfer companies will often have minimum and maximum limits on how much GYD you can send.

Often, the amount will also impact the fees and the GYD rate you get.

For example, we found Wise to be the best option for sending large amounts to Guyana.

There might also be government-imposed restrictions, commercial restrictions, and many more.

This is why it’s important to compare your transfer options to Guyana.

The speed of transferring GYD to Guyana depends on several factors, including the amount being sent, the timing of the transfer, and the chosen payment method.

Usually, the quicker you need your GYD, the more it will cost you in fees.

For example, consider a transfer of $2,000 from the US to Guyana:

• Fastest provider: Among 8 companies servicing Guyana, Paysend consistently offers the quickest delivery times across all deposit methods, appearing in 51.9% of our searches.

• Bank or debit card deposits: Services like Remitly for bank account deposits and Wise for card deposits provide almost instant and cost-effective GYD transfers. Fees are approximately $0 for bank deposits and $Wise for debit card deposits, with a minimal 0.07% markup.

• Credit card transfers: Based on six months of our data, using Wise for sending GYD via CC can take up to a day and incur a fee of $13.15 with 0.14% markup. However, be mindful of potential cash advance fees.

• Urgent transfers: For the fastest possible transfers, we recommend opting for cash pickup services through providers like Western Union or Ria Money.

Avoid making GYD transfers over SWIFT

SWIFT is slower for GYD transfers due to the involvement of intermediary banks in Guyana, so it’s best to avoid it if speed is your priority.

For GYD transfers, you have the following options:

Money transfer companies

You can send Guyan Dollar via an FX broker (a managed service) or via an online-only company (self-managed).

According to the past six-month analysis, we found that Wise is the overall best way to transfer money to Guyana, appearing 100% of the time for GYD transfers in our search system.

App

Most money transfer services to Guyana offer mobile apps, which often provide better GYD exchange rates.

You can check our guide on the best money transfer apps to find one that fits your needs.

In-person

Cash transfers to Guyana can be made in person through services like Ria Money Transfers or Western Union.

Cash transfers are almost always instant but require the recipient to physically visit the nearest agent to collect GYD.

Bank transfers

We advise you not to use your bank to wire money to GY because of the fees but rather use it to fund your GYD transfer.

There are several ways to receive money in Guyana, including direct bank deposits, cash pickups, home deliveries, and mobile wallets.

Here are your options:

• Direct bank deposits: to deposit money into the recipient's account in Guyana, we recommend using Wise. They appeared in 56.3% of the searches as the cheapest option for bank transfers to Guyana.

• Cash pickup: if you need immediate access to cash in Guyana, consider using cash pickup, but check availability.

• Mobile wallets: you can receive GYD directly into your digital wallet like PayPal, but they come with limitations and higher costs compared to using Wise.

In most cases, GYD will arrive without any involvement from the recipient.

However, if you’re sending Guyan Dollar as cash, or in large amounts, the receiver might need the following*:

• Valid forms of ID: such as passport, or driver’s license.

• Sender's information: the full name and address.

• Transfer details: the amount of GYD to be received.

• Transfer confirmation number: the sender should give it to the recipient.

• SWIFT code / IBAN: sometimes you may need to include IBAN and/or the SWIFT code.

*The exact documents you need might vary by the company you use.

For larger Guyan Dollar transfers, money transfer companies may ask for a source of funds and proof of address. This is done in accordance with AML policies.

If you’re making a large transfer to Guyana, we recommend using Wise.

There might be tax implications and government-imposed limits when sending Guyan Dollar to Guyana.

Some GYD transfers may be subject to various taxes, including gift tax and commercial tax.

Even if there are no limits or taxation involved, certain GYD transfers need to be reported to the tax authorities in Guyana.

When in doubt, please contact a tax professional in Guyana or in your country.