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October 22, 2019 by Rafael Parra Spanish Vocabulary 0 comments

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?

open a bank account in Guatemala

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:

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!

Want to learn more Spanish vocabulary? Check these out!

  • Así es! The Ultimate Guide to Using ‘Así’ in Spanish
  • List of Spanish Words A-Z: Beginner Spanish for Kids (& FREE FLASHCARDS!)
  • A Complete Guide to Spanish Computer Vocabulary
  • Positive Adjectives in Spanish for Any Person or Occasion
  • It’s Time to Do Chores in Spanish! What’s Yours?
  • 50 Useful Transition Words in Spanish for Everyday Speech and Writing
  • Top 20 Guatemalan Words and Slang Expressions You Should Know
  • How to Talk About Learning a Language in Spanish
  • Author
  • Recent Posts
Rafael Parra
Rafael Parra
Freelance Writer at Homeschool Spanish Academy
A native Spanish speaker from Guatemala, I'm a psychology student, creative developer, and aspiring polymath whose always learning new things and improving as a person. I'm a nerd when it comes to language, education, and videogames. My goal is to practice all these disciplines in unison and make something great with my time.
Rafael Parra
Latest posts by Rafael Parra (see all)
  • Positive Adjectives in Spanish for Any Person or Occasion - January 15, 2021
  • Top 10 Science Fiction Spanish Books for Adults (with PDFs) - January 8, 2021
  • 200+ Beginner Spanish Vocabulary Words PDF: Learn Spanish Fast! - January 7, 2021
adults Guatemala travel spanish spanish academy spanish countries spanish culture Spanish for work Spanish in the workplace spanish vocabulary work
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