How To Open a Bank Account in Guatemala
Did you know banks in Guatemala offer outstanding benefits?
Foreigners in Guatemala tend to visit a bank only for ATM withdrawals. They tend to avoid banks because they have an unfair reputation of being slow and busy.
There’s also the struggle of a language barrier and not understanding relevant information. However, the benefits of banks in Guatemala are highly appealing and exceed the cons.
If you’re making plans to relocate, or are already living the expat life in Guatemala, opening a bank account is sure to facilitate the whole process.
Having a bank account is ideal for getting by in Guatemala. Even when handling cash is comfortable, many small businesses prefer electronic transfers or cards as payment.
A bank account also allows you to do international wire transfers and move your savings closer to your new home.
What’s more, becoming a bank customer has many perks most people don’t even know about.
Keep your money accessible thanks to this detailed guide on how to open a bank account in Guatemala.
In this blog post you’ll find the best reasons to open an account, the details of what you need, and which banks in Guatemala are the top choices.
Table of Contents:
- Banks in Guatemala for Foreigners
- Why You Should Open a Bank Account
- Types of Bank Accounts in Guatemala
- Best Banks in Guatemala and Requirements
- Open Your Own Bank Account in Guatemala
Banks in Guatemala for Foreigners
Guatemala is a popular destination for expats and travelers. The cost of life is affordable and quite comfortable.
However, even with its appeal, many foreigners struggle with handling money, as they keep their savings and cashback in their home country.
Not speaking Spanish, gathering the documents you need, or just having to go in-person to a bank are often deal-breakers for many people. Still, you should consider the advantages of having a bank account are worth the effort.
Tackle the language barrier with this practical Vocabulary Guide to the Bank in Spanish.
Los bancos en Guatemala (banks in Guatemala) have fantastic bank account options.
Guatemalan banks also offer different types of credit cards, rewarding memberships, and several health, car, and life insurance options.
Fortunately, these multiple benefits are accessible for the majority of people, even for foreigners.
Why You Should Open a Bank Account
Many people decide not to open a bank account because they already have one back home—but if you’re serious about establishing a life in Guatemala, this option is bound to be an obstacle for your lifestyle.
If you’re planning on getting a job here, a bank account is guaranteed to make receiving payments easier and effective.
When it comes to real estate, local bank accounts also come in handy.
If you’re renting a property in the long term or purchasing it, most landlords and homeowners will ask for your bank statements.
This is mainly a precaution for assuring you can comply with payments. It works the same if you’re buying or leasing a car.
If you prefer keeping your money abroad, you have to figure out a way of getting it to Guatemala. It may sound easy, but this is when things start to get tricky.
Using foreign debit or credit cards in local ATMs requires you to pay extra costly fees. The exchange rate to the local currency also fluctuates, making you lose more money than you expected with each operation.
There are other options that work seamlessly in the United States and Europe, but there are not the preferred choices in Guate.
Easy-to-use services like Paypal or Venmo don’t work in Guatemala. Sending money from abroad has many barriers.
Your best options are probably Western Union or Moneygram.
Ultimately, both of these options require you to already visit a bank to withdraw the money. You might as well open an account while you’re at it and avoid the hassle.
Money moves internationally every minute in Spanish-speaking countries.
Learn more about their Different Types of Currencies in Spanish.
Types of Bank Accounts in Guatemala
Banks in Guatemala have different options when it comes to accounts. Which one you choose depends on what you’re using the account for.
My best recommendation is to do your research, also define how often you’ll use your account and what for.
Here are the common types of bank accounts.
Checking Account (Cuenta monetaria)
La cuenta monetaria is a type of bank account that allows you immediate access to your money.
These accounts are usually free of charge and are opened with a starting amount of Q200 ($25 approximately).
Checking accounts are also available for USD. Whether you have an account with either currency, they always include a checkbook and valid debit card for the majority of local ATMs.
This type of bank account is the most popular. It’s where people usually keep the money they use for daily expenses.
Most banks in Guatemala offer customers the option of insuring their checking accounts for an extra monthly fee. This insurance also applies to debit cards and is highly useful in the event of fraud.
What’s more, with a checking account, you can check your balance, and transfer money to other accounts from the comfort of your phone.
Some banks in Guatemala that offer these also require you to keep a certain amount of money in your account, otherwise, they’ll charge a fee for account handling.
Discover super useful words and phrases with this Ultimate Guide to Money Vocabulary in Spanish.
Savings Account (Cuenta de ahorro)
La cuenta de ahorro also gives you immediate access to your funds.
This type of account mostly stands out because it makes your savings productive as they’re stored in the bank.
Savings accounts generate interest with time, ultimately increasing the amount you have saved annually or monthly.
This type of account in Guatemala comes with a savings booklet that allows you to keep track of your savings. This booklet is essential for every time you visit the bank, it’s the only way to register any withdrawal and deposit.
There are different types of saving accounts. Banks in Guatemala offer savings accounts specifically for children, emergencies, retirement, or school funds.
Like the checking account, you can also check your savings balance, and do transfers from your phone.
Include saving money into your 5-Step Goal Setting Plan in Spanish for 2022.
Investment Account (Cuenta de inversión)
Las cuentas de inversión are the least popular in Guatemala.
These accounts specifically target people who wish to deposit large sums of money into the bank through fixed deposits.
This type of account generates interest from up 1.5% to 6.5%—which is paid over the amount after a period of 3, 6, and 12 months. The majority of these accounts are also available to foreigners with residency.
Best Banks in Guatemala and Requirements
With so many options for you to choose from, the dilemma of what bank is right for you becomes difficult.
Most banks in Guatemala require you to come in person for registering signatures and finishing paperwork. Once you’ve covered this, you can do many things over the phone, online, or via WhatsApp.
Steps To Open a Bank Account
- Choose the type of account you wish to open based on your needs and goals.
- Present the required personal documents and cash amount in the bank branch customer service area.
- Fill out the necessary paperwork and register your signature.
- Wait two to three business days for your account to activate.
- Pick up or receive at home the checkbook, debit card, or bank booklet.
- Start using your account.
Let’s take a look at the top banks and the benefits offered with your chosen bank account.
Banco Industrial
Banco Industrial is one of the largest bank corporations in Guatemala. They have more than 500 bank branches and over 800 ATMs nationwide.
Opening an account in this bank also gives you access to the Club Bi membership and its multiple discounts on restaurants, bars, shopping centers, and more.
Banco Industrial is also a highly comfortable option for international wire transfers and offers a competitive exchange rate for different country currencies to its customers.
Banco Industrial has its own insurance company called El Roble. Having an account in this bank allows you to hire their different insurance options at a discounted rate.
Checking Account
To open a checking account you need to present:
- A photocopy and original Guatemalan issued photo ID if you have residency, otherwise your original passport that proves your migratory status with a photocopy.
- An original utilities bill (electric, telephone, or water) with photocopy.
- A tax identification number (NIT) if you have it.
- Required bank forms and paperwork filled out and signed.
- Q100 or more as a starting amount.
Things To Note
- Keeping your account inactive will lead to extra charges from the bank.
- This account only works with a debit card or checkbook for withdrawals.
- This account is available both in Quetzales and USD.
Savings Account
To open a savings account in Banco Industrial, you need to present:
- A photocopy and original Guatemalan issued photo ID if you have residency, otherwise your original passport that proves your migratory status with a photocopy.
- An original utilities bill (electric, telephone, or water) with photocopy.
- A tax identification number (NIT) if you have it.
- Required bank forms and paperwork filled out and signed.
- Q200 or more as a starting amount.
Things To Note
- Interest rates are available as high as 5.1% annually, most interest rates depend on the amount of money you have saved.
- This type of account includes a booklet. It’s not required for deposits and if you lose it, you’ll have to pay an extra charge.
- Depending on the type of account you choose, you’ll have access to discounted insurance policies and raffles.
- This account is available both in Quetzales and USD.
Investment Account
To open an investment account in Banco Industrial, you need to present:
- A photocopy and original Guatemalan issued photo ID if you have residency, otherwise your original passport that proves your migratory status with a photocopy.
- An original utilities bill (electric, telephone, or water) with photocopy.
- A tax identification number (NIT) if you have it.
- Required bank forms and paperwork filled out and signed.
- Q5,000 or more as a starting amount.
Things To Note
- This type of account charges you a penalty if you withdraw the money before the account expires.
- It’s the type of account that has the majority of extra fees.
Banrural
Banrural is one of the largest banks in Guatemala. It has a strong presence in rural areas and targets small businesses, farmers, merchants, and more. It has over 1,150 bank branches and up to 1,000 ATMs.
Banrural also has a service called caja rural (rural cashier), where formally established small businesses offer basic bank services in rural villages. This makes Banrural services available even in remote parts of the country.
This particular bank stands out from others because of the accessible microloans and funding options it offers entrepreneurs transitioning from informal to formal commerce.
Checking Account
To open a checking account in Banrural, you need to present:
- A photocopy and original Guatemalan issued photo ID if you have residency, otherwise your original passport that proves your migratory status with a photocopy.
- An original utilities bill (electric, telephone, or water) with photocopy.
- Proof of work or accreditation of International organization.
- Required bank forms and paperwork filled out and signed.
- A starting amount of Q500 or $100 USD.
Things To Note
- This type of account allows you to cash and authorize checks using a registered fingerprint.
- Extra checkbooks have an additional charge.
- Having no funds on your account leads to an extra charge.
Savings Account
To open a savings account in Banrural, you need to present:
- A photocopy and original Guatemalan issued photo ID if you have residency, otherwise your original passport that proves your migratory status with a photocopy.
- An original utilities bill (electric, telephone, or water) with photocopy.
- Proof of work or accreditation of International organization.
- Required bank forms and paperwork filled out and signed.
- A starting amount of Q100 or $25 USD.
Things To Note
- This account comes with a booklet.
- The interest rates for this type of account are subject to the activity and amount.
Investment Account
To open an investment account in Banrural, you need to present:
- A photocopy and original Guatemalan issued photo ID if you have residency, otherwise your original passport that proves your migratory status with a photocopy.
- An original utilities bill (electric, telephone, or water) with photocopy.
- Proof of work or accreditation of International organization.
- Required bank forms and paperwork filled out and signed.
Things To Note
- Banrural offers this type of account with different interest rates.
- It’s available for small businesses, churches, non-profits, and cooperatives.
- It’s available for both Quetzales and USD.
Banco G&T Continental
Banco G&T Continental is among the top banks in Guatemala you can choose from. It has over 60 years of experience and has 203 bank branches with 2,730 ATMs.
This bank stands out for its competitive interest rates for savings accounts. It also offers worldwide international transfers in multiple currencies at low costs. Having an account here also enables you to access insurance services, credit cards, and other benefits through their partnerships.
Checking Account
To open a checking account in Banco G&T, you need to present:
- A photocopy and original Guatemalan issued photo ID if you have residency, otherwise your original passport with a photocopy.
- A proof of migratory status from the Guatemalan Ministry of Foreign Relations.
- An original utilities bill (electric, telephone, or water) with photocopy.
- Proof of work or accreditation of International organization.
- Required bank forms and paperwork filled out and signed.
- 2 letters of reference or recommendation with a copy of the ID of the people who sign them.
- A starting amount of Q100.
Things To Note
- This type of account includes a checkbook and debit card.
- It’s available both in Quetzales and USD.
- You get charged an additional fee if you don’t have any funds.
Savings Account
To open a savings account in Banco G&T, you need to present:
- A photocopy and original Guatemalan issued photo ID if you have residency, otherwise your original passport with a photocopy.
- A proof of migratory status from the Guatemalan Ministry of Foreign Relations.
- An original utilities bill (electric, telephone, or water) with photocopy.
- Proof of work or accreditation of International organization.
- Required bank forms and paperwork filled out and signed.
- 2 letters of reference or recommendation with a copy of the ID of the people who sign them.
- A starting amount of Q200 to Q25,000 depending on the type of account you select.
Things To Note
- Banco G&T has six different types of savings accounts to choose from.
- The interest rates start at 2%.
- It’s available in Quetzales and USD.
- Most of the savings accounts generate interest starting at Q1,000.
- There’s no account handling fees.
Investment Account
To open an investment account in Banco G&T, you need to present:
- A photocopy and original Guatemalan issued photo ID if you have residency, otherwise your original passport with a photocopy.
- A proof of migratory status from the Guatemalan Ministry of Foreign Relations.
- An original utilities bill (electric, telephone, or water) with photocopy.
- Proof of work or accreditation of International organization.
- Required bank forms and paperwork filled out and signed.
- 2 letters of reference or recommendation with a copy of the ID of the people who sign them.
- A starting amount of Q5,000 or $1,000 depending on the type of account you select.
Things To Note
- Banco G&T has a type of investment account where you can access the interests as soon as you open it.
- You get your deposit certificate the day you open it.
- You get access to loans and other exclusive funding options.
Prepare for Guatemala’s complex financial system with this Definitive Vocabulary Guide to Accounting in Spanish.
Open Your Own Bank Account in Guatemala
I hope after reading this article, you feel motivated to open your bank account in Guatemala and start living like a true local!
Knowing Spanish will make your experience abroad even more enjoyable. Whether it’s at the bank, supermarket, school, or sightseeing; confidence in your Spanish skills will take you a long way.
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