how to send money to guatemala
Sending money to Guatemala can be done efficiently through various methods, each offering different balances of speed, cost, and convenience. The most suitable option will depend on your priorities and the recipient's needs. Here's a comprehensive breakdown of common transfer methods: ### I. Online Money Transfer Services These platforms are generally favored for their competitive exchange rates and lower fees compared to traditional banks. They often provide options for direct bank deposits or cash pickup. * **Wise (formerly TransferWise):** * **Fees:** Known for low, transparent fees, typically a small percentage (e.g., 0.7% to 1.5% for a $1,000 transfer) plus a fixed amount, varying by payment method. * **Exchange Rates:** Offers mid-market rates, meaning you get an exchange rate very close to what you see on Google. * **Delivery Options:** Bank deposit to most major Guatemalan banks (e.g., Banco Industrial, Banrural, G&T Continental). Mobile wallet options are limited; check Wise for current partners. * **Speed:** Often same-day or next-day delivery for bank deposits. * **Trustpilot Score:** 4.2 out of 5 stars. * **Remitly:** * **Fees:** Offers flexible fee structures based on speed ("Express" for faster delivery, "Economy" for lower fees). Fees can start from $1.99 for bank deposits or cash pickup, with potentially higher fees for debit/credit card payments. * **Exchange Rates:** Generally competitive, though sometimes slightly less favorable than Wise for "Express" transfers. * **Delivery Options:** Extensive cash pickup network (e.g., Elektra, Banrural, Banco Industrial, G&T Continental), bank deposit to major banks, and limited mobile wallet options. * **Speed:** "Express" transfers can be minutes; "Economy" transfers typically take 3-5 business days for bank deposits. * **Trustpilot Score:** 4.1 out of 5 stars. * **Xoom (a PayPal Service):** * **Fees:** Variable fees depending on the amount, payment method (bank account, debit card, credit card), and delivery method. For a bank transfer, fees might range from $4.99 to $9.99 for larger amounts. * **Exchange Rates:** Generally competitive. * **Delivery Options:** Bank deposit to major Guatemalan banks, cash pickup (e.g., Banrural, Banco Industrial, G&T Continental), and home delivery in select areas (check Xoom for availability). * **Speed:** Cash pickup often within minutes; bank deposits can be same-day to 1-2 business days. * **Trustpilot Score:** 4.0 out of 5 stars. **Actionable Advice for Online Services:** * **Compare:** Always use the online calculators on each service's website for your specific transfer amount and destination to find the best current rates and fees. * **Recipient Needs:** Ensure the service offers a convenient pickup location or bank deposit option that suits your recipient in Guatemala. * **Required Information:** You'll typically need the recipient's full legal name, address, phone number, and either bank account details (for bank deposits) or a valid ID for cash pickup. ### II. Cash Pickup Services These are ideal if your recipient doesn't have a bank account or prefers immediate cash access. * **Western Union:** * **Fees:** Can be higher than online-only services, especially for smaller amounts or rapid transfers. Fees vary by payment method and amount. * **Exchange Rates:** Generally less favorable than online specialists like Wise. * **Delivery Options:** Extensive network of cash pickup locations across Guatemala (e.g., Elektra, Banrural, Super 24, pharmacies). * **Speed:** Often available for pickup within minutes. * **Trustpilot Score:** 3.1 out of 5 stars. * **MoneyGram:** * **Fees:** Similar to Western Union, varying by amount and payment type. * **Exchange Rates:** Comparable to Western Union. * **Delivery Options:** Large network of cash pickup locations in Guatemala through partners like Banco Industrial and Banrural. * **Speed:** Often available for pickup within minutes. * **Trustpilot Score:** 2.9 out of 5 stars. **Actionable Advice for Cash Pickup:** * **Location Check:** Confirm there's a convenient pickup location for your recipient before initiating the transfer. * **Recipient ID:** The recipient must present a valid, government-issued photo ID (DPI for Guatemalan citizens, passport for foreigners) that exactly matches the name on the transfer. * **Tracking Number:** Provide the recipient with the tracking number (e.g., MTCN) immediately after the transfer. ### III. Bank Transfers (Wire Transfers) Traditional bank transfers are reliable but often slower and more expensive than specialized money transfer services. * **Fees:** Typically higher, often ranging from $25 to $50 per international wire transfer for the sender, with potential additional intermediary and recipient bank fees. * **Exchange Rates:** Banks often apply a markup on the exchange rate, making them less favorable than mid-market rates. * **Delivery Options:** Direct deposit to the recipient's bank account in Guatemala. * **Speed:** Can take 2-5 business days. **Actionable Advice for Bank Transfers:** * **Required Details:** You will need the recipient's bank's SWIFT/BIC code, their full account number, full name, and address. * **Confirm All Fees:** Always inquire about all potential fees (sender, intermediary, and recipient) before initiating the transfer. * **Alternative for Large Amounts:** For very large sums, a bank wire might be considered, but still compare with services like Wise that also handle large transfers efficiently with better rates. ### IV. Specialized Services & Other Considerations * **Expats/Retirees:** For those living or retiring in Guatemala, opening a local bank account (e.g., Banco Industrial, Banrural, G&T Continental) is essential. While some brokerage accounts offer international transfers, compare their fees and rates against dedicated money transfer services. Be prepared to provide proof of funds for large deposits due to anti-money laundering regulations. Consult a tax advisor for significant transfers. * **Mobile Wallets:** While still growing, some services are beginning to offer mobile wallet options for Guatemala. Always check the latest availability with your chosen provider. * **Regulatory Limits:** Be aware of daily, weekly, or monthly transfer limits imposed by the service or regulations in either country. Larger transfers may require additional verification. * **Security:** Always use reputable services with strong security features like two-factor authentication and encryption to protect your funds. By considering these options and comparing their features, you can choose the most effective way to send money to Guatemala.