Guatemala currency guide: The Guatemalan quetzal (GTQ)

If you’re getting ready to send money to Guatemala to bank accounts such as BAM (or travel there), this guide contains everything you need to know.

But before we dive into tips and rates¹, we’ll talk about Guatemala’s currency—the quetzal. We’ll explore where it comes from, why it’s named after a national symbol, and how it’s become a part of daily life in Guatemala.

What is the currency of Guatemala?

Guatemalan currency is called the quetzal. It’s represented by the symbol “Q” and referred to as “GTQ” on exchange platforms. The plural of quetzal is “quetzales.”

Money in Guatemala consists of bills and coins.

• Quetzal banknotes come in denominations of 1, 5, 10, 20, 50, 100, and 200.
• Coins have values of 1 quetzal and 1, 5, 10, 25, and 50 centavos.

The quetzal takes its name from the quetzal bird, a national symbol of freedom. It’s a colorful, vibrant bird with shades of green and red. Mayans once used this bird’s feathers as money, which is how it came to represent Guatemala’s currency. You’ll find this bird and images of military leaders and politicians depicted on the Guatemalan currency.

History of the Guatemalan quetzal

In 1925, Guatemala introduced the quetzal as its primary form of currency, replacing the peso. The goal was to help Guatemala develop a financial system that would improve the economy and promote international trade.

The quetzal’s design celebrates the country’s Mayan heritage and honors key figures in the nation’s history. Those featured on quetzal banknotes include revolutionary leaders Miguel García Granados and Justo Rufino Barrios, both former presidents, and early bishop Francisco Marroquín.

As a fixed rate currency, the quetzal was initially pegged to the US dollar (US) at a one-to-one exchange rate. However, that changed in That means the quetzal’s value now fluctuates depending on economic conditions.

In recent years, the quetzal has remained a stable currency valued at between Q7.5 and Q8 to 1 USD. However, rates can change daily.

7 tips for exchanging US dollars to quetzales

Planning to exchange USD for GTQ? Here are seven tips to steer you in the right direction. These include how to research exchange rates, where to get Guatemalan currency, and why you should notify your bank about your travel plans.

1. Research and compare exchange rates

Before exchanging US dollars for Guatemalan currency, spend a little time comparing rates. Reputable banks and international services like Western Union tend to offer fair, transparent rates.

Exchanging cash once you arrive in Guatemala can be riskier, as local vendors might charge higher fees or commissions. It’s always a good idea to track exchange rates ahead of time, so you can exchange your money at a rate that works for you.

2. Notify your bank ahead of traveling

Notify your bank that you’re traveling before you arrive in Guatemala. That way, your credit or debit cards won’t get flagged for suspected fraud and blocked. Even if you tell your bank about your travels, having Guatemalan currency on hand is still a good idea just in case your card doesn’t work.

3. Avoid exchanging money at airports, hotels, and tourist areas

Exchanging money in Guatemala might seem convenient in an airport or tourist area. However, these spots often come with less favorable exchange rates. It’s also wise to avoid exchanging money with street vendors, as they may be unlicensed or even pass counterfeit bills.

4. Consider commissions and fees

When comparing currency exchange services, look at more than the exchange rates. Some services appear to offer reasonable exchange rates for Guatemalan currency but then tack on heavy fees and commissions. And that can chip away at your money’s value. It’s always wise to ask upfront about any extra costs so you know what you’re really getting.

5. Opt to be charged in Guatemalan currency when withdrawing money from ATMs

When using an ATM in Guatemala, always select the option to withdraw money in quetzales instead of US dollars. This helps you avoid unnecessary fees and get a more favorable exchange rate.

Look for an ATM in a secure, well-lit area. It’s also a good idea to avoid using ATMs at night or in isolated places. Before you go, consider exchanging some money at home or through a reputable service to have cash on hand for emergencies.

6. Understand that exchange rates vary depending on the day

Because the value of quetzales changes daily, consider tracking live exchange rates before you travel there. That way, you can time your exchange for the best rate. It can also help avoid potential fees that come with exchanging money in Guatemala.

7. Use reputable exchanges

If you’re not sure where to exchange currency in Guatemala, start by looking for a reputable bank or exchange company. Western Union offers security benefits like Touch ID, transfer tracking, and data encryption. Using secure banks like Banrural, Banco Industrial and financial platforms like Western Union can help you steer clear of scams. Western Union, for example, has more than 100 agent locations across Guatemala.

Using money in Guatemala

Wondering how much to tip while in Guatemala? Or whether you can use your US dollars there? Here’s what to know about using Guatemalan currency when traveling.

Can you use US dollars in Guatemala?

Although you can use US dollars in many locations in Guatemala, especially in higher-end hotels, using quetzales is preferred. Using GTQ also helps you avoid less favorable exchange rates.

Tipping etiquette in Guatemala

The Central Intelligence Agency World Factbook notes that it’s customary to tip 10% in restaurants as a reward for good service. Additionally, plan to tip bellhops and hotel cleaning staff approximately 1 to 2 USD (or the quetzal equivalent).

For short tours, tip tour guides $2 to $3. For more extended tours, consider tipping $5 to $10. You generally won’t have to tip taxi drivers.

Where to get Guatemalan quetzal near me?

To exchange US dollars for Guatemalan currency, visit a currency exchange provider like Western Union. You can also request currency from your bank before your travels. The State Department advises against using public ATMs in Guatemala due to the risk of crime.

Explore more currency guides

Planning trips to other destinations in Latin America or beyond? Check out more currency guides below.

• Mexico currency guide: the Mexican peso (MXN)
• Columbia currency guide: the Colombian peso (COP)
• Dominican Republic currency guide: the Dominican peso (DOP)
• Brazil currency guide: the Brazilian real (BRL)
• Peru currency guide: the Peruvian nuevo sol (PEN)
• Argentina currency guide: the Argentinian peso (ARS)
• Costa Rica currency guide: the Costa Rican colón (CRC)

 

1. Western Union makes money from currency exchange. Fees and rates subject to change without notice.