If you’re planning to spend some time in Guatemala, whether for a brief visit or a long-term move, you need to decide how you’ll manage your money. One option is to open a bank account, so you have a place to stash your savings and withdraw cash while you’re there.
Find out how to open a bank account in Guatemala, including documentation and residency requirements, with our guide below. You’ll also learn how to send money to Guatemala and transfer funds from one account to another.
Key takeaways
- It’s possible to open a bank account in Guatemala as a foreigner.
- You may need to complete your application in person by providing documentation like your passport, migratory papers, or Guatemalan ID (DPI).
- Be aware of any fees your new bank may charge, such as for excess ATM withdrawals or transferring funds to another bank.
Can you open a bank account in Guatemala?
Yes, a US citizen can open a bank account in Guatemala. However, the process for doing so may vary depending on your official residency.
Thanks to the low cost of living in Guatemala, many Americans choose to travel there or even settle permanently to enjoy a more affordable lifestyle. But when your bank account is back in the US, long-term stays can be challenging.
Consider how you will deposit your paycheck or pay bills. Relying on an American account for daily living could rack up excessive fees. Banking locally could make it easier and cheaper to manage your money in quetzales, the local currency.
Can a US citizen open a bank account in Guatemala?
As a US citizen, you can open a bank in Guatemala, but you’ll typically need to complete the process when you arrive. That’s because when you open a bank account in another country, you need to provide proof of your identity and residency for verification purposes. Banks in Guatemala often require you to visit a branch in person to sign documents and present your identification.
If you’re traveling on a visa and planning to stay up to 180 days, you can typically open a nonresident account by presenting your passport showing the tourist entry visa stamp.
How to open a bank account in Guatemala
Although exact requirements vary by bank, you’ll typically follow the steps below to open a bank account in Guatemala:
- Choose the type of account you need.
- Collect what you’ll need to open your account.
- Fund your initial deposit.
1. Choose the type of account you need
There are several different types of bank accounts, or cuentas, available to non-residents or expats in Guatemala. Think about what you’ll use your bank account for and choose the account type that suits your needs.
For everyday deposits and withdrawals, consider a checking account, also called a money account or cuenta monetaria. These accounts offer immediate access to your money via ATM, debit card, or checkbook, as well as online or mobile banking.
If you want to earn interest on your money, choose a savings account, or cuenta de ahorro. These also offer ATM and debit card access.
If you need somewhere to stash your savings for the long term, you can choose a plaza fijo, which earns a set rate of interest at regular intervals.
| Cuenta monetaria | Cuenta de ahorro | Plaza fijo | |
| Account type | Checking account | Savings account | Fixed deposit |
| Purpose | Deposit and spend funds | Earn interest on savings | Earn interest in regular, periodic installments |
| Best for | Paying rent | ATM withdrawals and daily expenses | Long-term savings |
| Typical access | ATM, digital, debit card, checkbook | ATM, checkbook, debit card | Online/app |
2. Collect what you’ll need to open your account
Next, you’ll need to gather the documents and other items the bank requires so you can open a bank account in Guatemala. Specifics vary by bank, but in general you’ll need:
- Valid passport or personal identification document (DPI)
- Utility bill as proof of address
- Initial deposit funds
Depending on the bank, foreigners may also need to provide references, proof of employment, documents showing you have a local representative with power of attorney (POA), or a personal letter from an account holder.
Below are a few of the best banks in Guatemala and their requirements for opening a money account.
| Bank name | Requires migratory documents | Requires proof of Guatemala address | Requires unexpired passport | Other |
| Banco Industrial (BI) | Valid passport, migratory status documents, personal identification document (DPI) | Recent utility bill | Application, IVE IR form and attachments. | |
| Banco Agromercantil (BAM) | Valid passport, migratory status documents, personal identification document (DPI) | Recent utility bill | Yes | 2 personal references, IVE IR form and attachments. |
| Banrural | Valid passport or foreign resident DPI, immigration status | Recent utility bill | Yes | Proof of employment or accreditation from an international organization. |
3. Fund your initial deposit
The final step is to fund the account. You can usually fund it by providing at least the minimum required amount in quetzales. Some banks in Guatemala will also let you fund the account in US dollars if you like.
Minimum initial deposits vary by bank, but are typically between Q100 to Q500, or $50 to $500 USD.
Pros and cons of opening an account in Guatemala
Opening a foreign bank account can be useful for managing your money in Guatemala, but there are also some drawbacks to consider.
Pros
- Convenient local access: Having a bank account Guatemala lets you receive a local paycheck, withdraw cash at a branch ATM, or use your local debit card without having to convert USD to GTQ.
- Spend and withdraw in local currency: Easily manage funds and make everyday purchases in Guatemala quetzales instead of dollars.
- Transfer funds from US: You could receive money from your US account or other sources to your bank account in Guatemala, which could save you on fees and hassles.
- Establish a banking history: If you plan to purchase a vehicle or real estate in Guatemala, you may be asked to provide bank statements.
Cons
- Sometimes difficult to get: There can be many restrictions on bank accounts for foreigners in Guatemala, such as needing letters of reference.
- May have limited features: Your account may not come with a checkbook, for example — just a debit card.
- Fees and charges: There may be a charge to use your debit card, transfer funds between banks, or make ATM withdrawals. There may also be a fee for not meeting minimum account requirements.
Common fees and other considerations
You should research the fees at your chosen bank before opening an account, as they can vary. Some typical fees at a Guatemalan bank might be:
- Monthly account maintenance fee: Free or up
- Rejected check: $2 to $17
- In-network ATM:
- Out-of-network ATM:
- ATM excess transactions: $0.63 for each over your monthly allotment
Your account may also have a minimum initial deposit requirement or monthly minimum balance requirements.
Transfer money between accounts with Western Union
Once you’ve set up a bank account in Guatemala, you can fund it quickly with the help of Western Union. Use Western Union’s international money transfer app to send money from a US bank account, credit, or debit card and receive it directly to your account in Guatemala.
You can also pick up the funds in cash in quetzales when you send it to one of our many convenient agent locations. Find a Western Union location near you to get started.
FAQs
Yes, you can open a bank account in Guatemala as a foreigner. Banks in Guatemala commonly allow foreigners, nonresidents, and visitors on a tourist visa to apply for a bank account. If you have trouble qualifying for a bank account, consider other ways to send money, such as a money transfer app.
Requirements vary by bank, but they’re often more stringent than the requirements for Guatemalan nationals. You’ll typically need your passport, Guatemalan ID (DPI), and proof of residence, such as a utility bill. You may also need personal references, a local accountholder as sponsor, or proof of employment.
