Open a Bank Account in Guatemala
Who Needs a Bank Account in Guatemala?
In the last couple of years, I’ve had the pleasure to meet some wonderful and interesting people. Among them, there’s an American friend of mine who’s very special. She was born in Guatemala and adopted at a very young age by a Jewish family in the US. I met her because she came to her birth country to get to know the culture, customs, and language of the people that lived here, the place she was born. We became great friends and keep in touch to this day.
Now she’s planning to move here to spend her days making Guatemala a better place. I have had the pleasure of accompanying her on her journey, and through it, we came to face an interesting challenge: she has to set up a Guatemalan bank account. In order to do this, I helped her by calling several banks and asking what she should do in order to open an account here, if possible. Some banks were laxer, and others were quite strict, so I’ll write down what I learned so you can better know what to expect if you’re ever in need of opening an account while abroad.
What Do You Need to Have?
According to the banks I spoke to, the following are required if you’re to open a bank account in Guatemala:
- Passport
- Proof of residence (usually in the form of electricity or water bill)
- The minimum amount of cash required to open the account (it varied from $15 – $150, roughly)
Possible Requirements
Proof of employment
Some banks required proof of employment that would guarantee that the resident had a job in Guatemala. I asked them about cases where the resident works remotely for a website or company, to which they replied it was no problem as long as the company they worked for could provide said proof of employment to confirm the person opening the account has a steady source of income.
Guatemalan ID
Specifically, having a native Guatemalan with an ID register as a creditor, so they could manage or delete the account if the resident left the country, for example. I personally don’t recommend opening an account if they ask for this, even if there’s a Guatemalan willing to be your creditor. These things, I believe, are best kept personal. I guess a spouse could be an exception, but if you’re married to a Guatemalan you can get an ID yourself, so it kind of defeats the purpose of a creditor!
Each bank I asked this question had a different answer, so my advice is to give them a call! Some of the banks had an English option for customer service, and they’re usually happy to give any info necessary.
Prepare yourself for the call by studying these vocabulary words:
| English | Spanish |
| Savings account | La cuenta de ahorro |
| Checking account | La cuenta monetaria |
| Account number | El número de cuenta |
| Transfer (n.) | La transferencia |
| Transfer (v.) | Transferir |
| Withdrawal | El retiro |
| Amount | La cantidad |
| Check | El cheque |
| Credit/debit card | La tarjeta de crédit/débito |
| Withdrawal/deposit slip | La boleta de retiro/depósito |
| Money | El dinero |
| Balance | El saldo |
| Cancel my account | Cancelar mi cuenta |
| I want to make a deposit | Quiero hacer un depósito |
| I want to cash a check | Quiero cobrar un cheque |
| I want to make a withdrawal | Quiero hacer un retiro |
Not Going to Live in Guatemala?
Just like each bank has different requirements to open an account, so will each country. Take into account the location you’re planning to live in when opening your account. Make sure your bank has a location set up near your home! In countries with large rural areas, banks can be few and far between, so don’t forget to double-check for banks that are close to you so you can visit anytime you need.
Either way, the first thing you should do before setting up an account abroad is to contact the bank so they give you the info you need! If you want to improve your Spanish so the conversation with the bank’s customer service is easier, make sure to try out a free class at Homeschool Spanish Academy!
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