Most people sending money to a loved one in Guatemala hope that their money transfer experience is hassle-free. If you want to ensure a simple, pain-free money transfer process, the best thing to do is educate yourself on your options ahead of time. Not all money transfer services are the same. Here, learn how to get the most quetzales for every dollar you send to Guatemala from the US.
Here’s what this article will cover:
- What Are Your Needs?
- What to Expect From Modern Money Transfer Services
- How Much Money Can You Send to Guatemala?
- Can You Send Money to Guatemala Online Or From Your Phone?
- Final Takeaway
Read on to learn the best way to send money to Guatemala based on your unique situation and needs.
What Are Your Needs?
Before you explore available international money transfer options, get clear on your priorities. Ask yourself the following questions:
- How much money do you need to send?
- Do you prefer an online transfer, mobile app, or other option?
- Does your recipient need access to the funds immediately?
- Does your recipient want their money available as a cash pick-up?
- If so, which retailers serve as pick-up locations near your recipient?
- How many quetzales does your recipient expect for the dollars you send, given the current exchange rate?
Considerations could differ depending on why you are sending funds to Guatemala, or anywhere else in the world. If your sibling has an anniversary coming up and you want to send cash in advance to help with the party costs, you might want to shop for the lowest fee. However, if a loved one needs to pay for medicine for an urgent healthcare need, you might prioritize the ability to send the funds as quickly as possible straight from your phone and not worry as much about the conversion rate.
In other words, before selecting a money transfer option, make sure you understand the different factors of a transfer (speed, amount, fees, pick up methods, etc.), which of these matter to you most, and what trade offs you are willing to make. This will allow you to narrow down the available options and make your remittance pain-free
What Should You Expect From Modern Money Transfer Services?
You probably already figured out that you can’t send money to friends and family in Guatemala using the same apps you use to transfer money to your loved ones in the U.S. These apps are created for domestic money transfers, which limits them to U.S. consumers. If you can’t use these options, what can you do instead?
To send money to Guatemala from the U.S., you need an international remittance or money transfer service. Platforms designed for overseas transfers can take your U.S. dollars, exchange them to Guatemalan quetzales at the current, daily exchange rate, then deliver the funds to your recipient.
While the exchange rate fluctuates, as of December 2020, you can get 7.58 Guatemalan quetzales in exchange for each US dollar. Luckily, with super convenient money transfer apps, including Pangea Money Transfer, you can see the rate at which your funds will be converted into quetzales before you complete your transaction.
With an international money transfer service, you can typically transfer funds directly into the receiver’s bank account. Alternatively, you can send the money to a cash pick up location near the recipient.
Common cash pick up locations in Guatemala include Banrural, Banco G&T Continental Banco Industrial, and Elektra. You can opt to have money delivered to one of these places instead of transferring the money into a bank account. The receiver can then pick up cash from that site.
Banrural
When using Pangea Money Transfer, a sender can choose the exact retail location for their recipient’s cash pick up. Then, the recipient must present their transfer code and valid ID to collect the funds. Money can be picked up at any branch office of that retailer at the time of transfer initiation.
How Much Money Can You Send to Guatemala?
Most international remittance services allow you to send thousands of dollars at a time to Guatemala; the amount varies on a case-by-case basis. Some common Guatemalan banks, such as Banrural and Banco Industrial, restrict incoming funds to $1,500 USD per transfer. Transfers made through Pangea can be between $20 and $2,999 but will not override a bank’s limits.
Can You Send Money to Guatemala Online Or From Your Phone?
Nowadays, you can send money online or from your mobile device to nearly anywhere in the world. And, you’ve got options. Both Android and iOS app stores have several international money transfer service apps. You can also send money directly from your browser. So, no matter what kind of device you have, you can use it to send money online to Guatemala.
With Pangea Money Transfer, you can send money online from your PC or mobile device for a low fixed fee. Plus, most transfers are completed within minutes.
Not all money transfer apps are the same, however. Be sure to do your homework before you choose your service. Fees and speed of delivery can differ significantly between the different service providers. For example, some popular international remittance options charge over $50 for transfers that take up to four days to arrive. And, with many providers, the amount you send has an impact on the fees you pay.
Final Takeaway
Before you send money to Guatemala, get your expectations in check. First, think about the trade offs you’re willing to make with speed, amount, fees, and pick up methods. Then, if needed, find out what the best cash pick up location is for your transaction. Finally, choose a remittance service and follow the steps to send money to your recipient
With Pangea Money Transfer, for a low fixed fee, you can send money to loved ones in Guatemala in as quickly as 30 seconds and choose from a variety of pick-up options, including transferring directly to a bank account. If you’re ready, get started now.
