Menu
Expat.com

Banking in Guatemala

Banking in Guatemala
shutterstock.com
Updated byAnne-Lise Mtyon 20 July 2021

Guatemala has endeavoured to clamp down on money laundering by implementing stringent control over international capital flows, which has resulted in mounting difficulties for foreigners to open bank accounts and perform basic financial transactions in the country. Find in this articles tips and advice on how to proceed.

Financial system of Guatemala

Guatemala has 18 commercial banks - public or private - according to the Superintendence of Banks (SIB), which also estimates the assets managed at USD 37.3 bn

Additionally, Guatemala is home to a number of non-bank financial institutions (investment funds, insurance companies, credit-makers, offshore banks, etc.)

The Bank of Guatemala, controlled by the government, issues the national monetary unit; the quetzal (named after the resplendent quetzal, a local bird famous for its bright, coloured plumage and which has become Guatemala's national symbol). 1 quetzal (GTQ) is approximately worth USD 0.12.

The Bank of Guatemala also oversees the country's financial and banking system to ensure its solidity and monitors all international accounts in order to curb money laundering, a long-standing issue in Guatemala.

Opening a bank account in Guatemala

Because of the strict anti-money laundering legislation enforced, opening a bank account has become increasingly hard for non-resident foreigners.

Policies can vary significantly from one bank to another: some simply refuse to deal with foreigners, some allow them to open an account under certain conditions (and most particularly the sponsorship of a Guatemalan national or resident), while others have found a workaround by providing foreigners with an ATM and debit card, but not with a cheque book nor an overdraft facility.

The best way to learn the details of the conditions under which you can open an account as a non-resident foreigner in a given bank is simply to walk in its nearest branch, and ask!

Once you have found your Guatemalan bank, all you need to open a current, deposit or savings account is your passport and a proof of address in the country (typically, the electrical bill of the place you are staying at). You may also in certain cases be asked to provide a reference letter from your bank in your home country and/or from a local sponsor. You can elect to open a quetzal account only, or one supporting both dollars and quetzales.

The processing time for the opening of a bank account is around three days.

On the other hand, a credit card or a mortgage loan will prove much harder to obtain as a non-resident. Even after obtaining resident status (for more information, check out our article Residence permit in Guatemala), you will probably need a third party guarantor in order to be granted access to credit.

Good to know:

You need to be physically in Guatemala to open your account.

Useful links:

List of banks in Guatemala
Banco Industrial
Banco Agromercantil

We do our best to provide accurate and up to date information. However, if you have noticed any inaccuracies in this article, please let us know in the comments section below.

About

Anne-Lise studied Psychology for 4 years in the UK before finding her way back to Mauritius and being a journalist for 3 years and heading Expat.com's editorial department for 5. She loves politics, books, tea, running, swimming, hiking...

Back to Guatemala expat guide

Comments

See also

  • How to drive in Guatemala
    How to drive in Guatemala

    The majority of public means of transportation in Guatemala is notoriously uncomfortable, so being able to drive ...

  • Phones and internet in Guatemala
    Phones and internet in Guatemala

    Guatemala enjoys extensive and modern telecommunications networks, encompassing cellular and land lines, broadband ...

  • Finding work in Guatemala
    Finding work in Guatemala

    Guatemala has a stable economy driven by the primary and tertiary sectors. Although foreigners are only rarely ...

  • Leisure activities in Guatemala
    Leisure activities in Guatemala

    With Guatemala's rich cultural and historic heritage, stunning landscapes and dense cultural agenda, spending your ...

  • The healthcare system in Guatemala
    The healthcare system in Guatemala

    Guatemala's public health system benefits from a well-established legal framework, a long-standing ...

  • The tax system in Guatemala
    The tax system in Guatemala

    Taxation in Guatemala is all but excessive; the country's revenue from tax, at 12.3% of GDP, is one of the lowest ...

  • Study in Guatemala
    Study in Guatemala

    Facing one of the lowest adult literacy rate in Central America, Guatemala's higher education system has many ...

  • Free movies
    Free movies

    As a movie fan, having the chance of watching all kinds of movies in the places I visit is a plus. Although, ...

All of Guatemala's guide articles