How to open a bank account in Guatemala
It is estimated that only 40% of the population have a bank account in Guatemala. This percentage is relatively low compared to other neighbouring countries, with figures ranging between 80 and 90%. It is true that, in the past, many rural areas did not have a bank nearby. But the expansion of the branch network, combined with the option of having a 100% digital bank account in Guatemala, without having to visit an office in person, is rapidly changing customer habits.
Many people still don’t know the requirements to open a bank account and the advantages of doing so. That’s why today, we’d like to go over the most relevant information to open a bank account in Guatemala, its main advantages and how to send money to Guatemala from abroad so that it is automatically deposited into the account you’ve opened.
Requirements to open a bank account in Guatemala
If you’re thinking of opening a bank account in Guatemala, you may be wondering what documents you need to provide. Anyone wishing to open a bank account in Guatemala must provide the following documentation:
- Personal ID
- Proof of address with utility bill (electricity, water, telephone...)
- In certain cases, a minimum amount of money or an additional form may be required
- Foreign nationals living in Guatemala must provide a residence permit
- In certain cases, the bank may also require a reference to be able to complete the process of opening an account
How to choose your bank account in Guatemala
When opening a bank account in Guatemala, you can choose between three different types of accounts: cash accounts, savings accounts, and investment accounts.
Your choice of account depends on your specific needs. The most popular bank account in Guatemala is the savings account. But is it the best bank account for your particular case?
There are several factors that you should take into account when opening a bank account in Guatemala.The following are of particular note:
- Interest rate: the interest generated by the money in your account. Lower interest rates are usually around 1.5% in the case of cash accounts, and higher rates are around 6.5% and correspond to investment accounts. Savings accounts offer medium interest rates.
- Charges and fees: Banks often charge customers a fee for safeguarding their savings. The most common fees relate to the use of debit cards, checks, account inactivity or product cancellations.
- Minimum opening balance: when opening a bank account, you must check if there is a minimum balance required to open the account
- Advantages: banks offer customers different incentives to encourage them to open a bank account with them. These include commission-free products, prize draws or special cash loans.
Next, we’re going to look at the main banks in Guatemala where you can open a bank account
One of the most popular banks in Guatemala is Banrural.They have bank accounts for every customer type imaginable: specific accounts for children, youth, women, farmers, workers… even soccer team fans!
Another major bank in Guatemala is G&T Continental. G&T Continental has been working to offer customers better services, focusing on the use of new technologies and digital banking.
We cannot fail to mention Banco Industrial when we talk about bank accounts in Guatemala. They focus primarily on savings and investment accounts, as well as offering customers the possibility of having their account in both Quetzals and US Dollars.
Advantages of having a bank account in Guatemala
Having a bank account in Guatemala offers users several advantages. The main one being security, since they guarantee that your savings are safe in a major bank.
A second economic advantage, since thanks to your bank account you can generate interest for your money, in addition to participating in prize draws and other similar benefits.
Lastly, we must highlight the advantage of convenience. Not only will you be able to dispose of your money through the ATM network distributed throughout the country. Your family members will also be able to send you money more easily.
Making a deposit into a bank account in Guatemala from abroad
Having a bank account in Guatemala can greatly facilitate money transfers that you may receive from abroad. You will no longer have to visit one of our payment points to collect the money. The money will be automatically deposited into your bank account in Guatemala, without having to leave your home.
f your sender, in turn, has their own bank account, they can send the remittance without having to go through an agent. You will only have to access our website, section sending money to Guatemala and select ‘bank deposit’ as the method of payment. You may also use our mobile phone app to send money to Guatemala.
And remember: your first online transaction is Fee FREE. You do not need to provide any promotional code. Just submit your order and the fee will be automatically deducted during the checkout process.