Send money internationally to Guatemala (GTQ) using the mid-market exchange rate. Check and compare the rates from the major financial providers.
Send money to Guatemala
What is the best GTQ exchange rate today?
How much does it cost to send money to Guatemala?
- International money transfers shouldn’t be expensive.
- Make sure your provider doesn’t add hidden fees or bad exchange rates to your money transfer.
- You should choose a provider that uses the mid-market exchange rate to convert your money.
Demographics and Remittances figures in Guatemala
According to the UN department in 2015, 1.05 million of Guatemalans actually reside outside their country. On these 1 million, almost all of them (930'000) are in the United States of America. A few in Mexico (40'000), Belize and Canada (20'000 each). The reality is certainly with a higher number of immigrants in the US as we don't know the exact figures and all of them don't have the legal permanent resident status in the US. They are mainly settled in the states of California, Texas, Illinois, Florida, New York, and Washington.
Why so many Guatemalans are in the US? Because of civil war, natural disasters, and economic issues the country experienced. The emigration to the US began during the 1960's and didn't stop until now. Guatemala has become the second-largest Central American country immigrant to the US after Salvadorans.
According to the World Bank, the country received over 6.6 billion of US dollars in 2015, more than 35% compared to 2012. $5.9 billion were sent from the United States where the Guatemalans migrants send money back home every year. Moving money to Guatemala costs on average 5%.
Ways to send money to Guatemala
You have two alternatives to send money to Guatemala
Transferring to a bank account
This can be done in two ways. Either by your bank either by a money transfer company. The difference is that you'll pay more with banks because they provide a low exchange rate. It's much cheaper with a money transfer operator because they are specialised in money transfers. You can find severals on the market such as Vigo, Ria money transfer and Xoom. You can pay either by a bank transfer or by credit or debit card. You'll probably have to provide an Identification card and a proof of address dated within the last three months. Give your recipient's banks details account and the transfer is done.
It is a quick option to send money to Guatemala as the money can be received and collected in minutes by the recipient. Worldremit, Xoom, Western Union, Moneygram allow this way of transfer. However be careful when withdrawing the cash. Avoid to withdraw the cash in the streets at night as Guatemala remains amongst the highest violent crime rates in Latin America. It is safer at foreign exchange offices, hotels, and banks.