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Home  Articles Services Banking in Guatemala for Foreigners
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Banking in Guatemala for Foreigners |
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Thursday, 09 August 2007 |
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There are many myths and rumors out there surrounding the ability of foreigners to get bank accounts in Guatemala. So much of what I heard was contrary to what major publications wrote about the subject that I decided to research the situation and write about it here.When I first arrived in Guatemala several people told me that I needed permanent residency in Guatemala in order to obtain a Guatemalan bank account. This was soon reinforced by an article I read in the Revue magazine stating the same thing. However, one thing bothered me - several news sources said that with the failure of some major Guatemalan banks "all legal accounts" would be protected by the government. This bothered me because I had no idea what an illegal account would be or why it would be illegal, but I just tucked it away in my brain and did not think about it for several more months. As time passed I found more and more reasons why a foreigner would require a Guatemalan bank account if they were planning on staying here for an extended period and I began to covet the elusive right to obtain one. Until one day I had a chance encounter with a fellow who had just moved here from the States. Not having been told the same things I had and not having read the article in the Revue, he went to INGUAT to ask how to go about obtaining a bank account. He told me that he was referred to two banks and easily obtained a checking account by presenting his passport and a copy of his Guatemalan utility bill. Well, not being one to report second hand information, I decided to replicate what the American had done. I started out at INGUAT. I went in with two questions and left with no answers. This was frustrating, but not unexpected. So, if INGUAT was no help, why not go directly to the banks? First I went to Banco Quetzal, according to them the Revue was 100% correct, as soon as I got my Guatemalan residency they would be more than happy to give me an account. That would be easy to get if I retired in Guatemala, but that is not the case. Next stop was Banco Reformador, they were much more accommodating. They only required a copy of my passport, a copy of a Guatemalan utility bill and letters from 2 Guatemalans that knew me. Well, I know lots of Guatemalans and this was no challenge at all, BUT perhaps readers of this article may not know as many Guatemalans as I do ... so on to the next bank. Banco G&T turned out to be just what I was looking for. All they required was the copy of my passport and a utility bill.
Now, back to the question of legal accounts and illegal accounts. I believe Guatemala has some account verification laws as do most countries, however I think these laws are being overlooked in these situations. IF the bank fails I think these account holders, the ones who are not citizens or permanent residents, will not be protected by the government. However, I think a Guatemalan bank account can be useful without putting your life savings in it. As for me, I will keep my bank account in my home country and transfer $1,000 to my Guatemalan bank account when I need to. Although my Guatemalan bank account will not be protected, this will limit my losses to something I can live with.
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Last Updated ( Sunday, 23 September 2007 )
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