Exchanging money in Guatemala

When I first arrived in Guatemala last month, I exchanged cash at the BANRURAL, in the departure level of GUA airport. Tourist information can tell you how to get there. That bank would NOT exchange traveler's checks. I had AMEX. They gave me a rate of 7.48 for USD cash on January 6.

In Xela, I exchanged traveler's checks at Banco Agromercantil, next to Parque Central. One of the other banks next to the park would NOT exchange TCs. I got a rate of 7.57 for 1 USD, no fees. The maximum they would exchange per day was 200USD. Which I think is ridiculous. It takes a minimum of 20 minutes to exchange TCs. I would say you should expect at least 30 minutes to 45 minutes.

I also exchanged TCs in San Pedro, at BANRURAL near the dock. 7.56 for 1 USD. I think they said no maximum. I do not speak Spanish. I exchanged $300US.

I used an Chase Bank ATM, from the USA, in Flores, that charged a $2 US fee. Maximum withdrawal was 2,000Q. With the fee included the exchange rate comes out to 7.26Q for 1 USD. An ATM in Antigua charged $5. With the fee included the rate was 7.209 for 1USD. As you can see for the above, my ATM card rate is very bad. Does anyone have a better ATM card?

I used a credit card to pay for two hotels. They would not accept TCs. It would have been cheaper to use USD cash to pay for the hotels.

Next time I would bring mostly USD cash. Plus some AMEX TCs and ATM and credit card. I traveled in Burma in 2005 and 2008 where I was carrying $3,000 and $5,000. I was not nervous about it. For you that don't know, at that time there were no ATMs or credit cards or TCs used there.

What is the best ATM deal in Antigua or are they all the same?

Thanks for the banking info, very helpful. You carried 5 grand in Burma, did you buy part of the country?

I use Banco Indutrial here in Antigua. Maximum withdrawl Q2,000, but you can withdraw an additional Q1,000. ATM fee Q16 per transaction. Exchange rate averages 7.5 +/-. When I first mover here had TC's and received cash exchange rate. For those TC's I used BAM.

I have used Travelers Checks and would usually get the same rate as for USA cash with them. I look for banks that have the sign in the window that says that they sell Travelers Checks. This means they will accept them. It works for me as my Credit Union give me the checks for free.

I always used the ATM at the bank a couple doors north of El Portal, never any problems.

TC's went out of favour at the turn of the century!

"TC's went out of favour (for many but not all of us) at the turn of the century!" They still work beautifully for me when I can use them to pay for bills too large to make ATMs (which have daily withdrawal limits) practical and don't want to pack down $1000s in cash.

TC's went out of favour at the turn of the century!

Actually not in Guatemala, where they are still commonly used and accepted. Now Mexico is another story.

Although beware of hotel owners who tell you in writing that you can pay in travellers' cheques, but change their story when it is time to pay, like at Casa Cristina in Antigua.

TC's went out of favour at the turn of the century!

Actually not in Guatemala,
Although beware of hotel owners who tell you in writing that you can pay in travellers' cheques, but change their story when it is time to pay, like at Casa Cristina in Antigua.

¿¿¿¿Hmmm not out of favour but not accepted everywhere????

I've been staying at Casa Cristina for 8 years - 1 of my favorite hotels anywhere - and travelers checks have never been an option there for me; bummer if someone there told you ahead that they accepted them, never a happy surprise.

hermosajoe - I carried $ for my mom and sister , we did Balloons Over Bagan and I was there a month and I can home with too much $.

patywolf - don't you get tired of waiting 45 minutes in the bank to exchange a meager 2,000Q or do you know something I don't know?

breezer - what ATM rate do you get after fees?

It would be great if a few people would report the exchange rate they received from the ATM calculated from their bank statement, not what it says on the receipt. Include the fees in the rate.

Also, what bank issued the ATM card. From my limited experience, it looks like Chase Bank is a poor choice.

I have never had to wait that long to exchange TCs in Guatemala. Usually you stand in a separate line from regular customers and I also don't do this right before holidays when the bank will be very busy. Also I go very early in am when the bank is just going to open as I want to get any banking out of the way early on . I do the same in USA as bank lines can be fierce .

breezer - what ATM rate do you get after fees?

What does it really matter what the rate is? The banksters will rip you off for all the market will bear but the few cents charged for the convenience sure beats sure aggravation of having to waste time in line at a bank during banking hours and then getting that banks rate which could very well be higher than the ATM.

Also I have never tried to pay any bill anywhere in Guat withTCs. I just use them to keep my funds safe until I am ready to change them into cash. I am so unhappy I cannot use them in Mexico anymore.

patywolf - thank you for your helpful response.

breezer -Sorry, but I don't understand the last part of your answer. "and then getting that banks rate which could very well be higher than the ATM."
For me, a 5% fee is not pennies. How can one compare ways to exchange money without knowing the rates?

If I were to use my ATM card my bank charges me a flat five dollar fee just to have used the card and some times the bank I am using the ATM machine at charges another fee. Then there is a currency exchange fee. SoI just carry an ATM card but don't use it.

breezer -Sorry, but I don't understand the last part of your answer. "and then getting that banks rate which could very well be higher than the ATM."

The rate the bank you're changing your US$ TC's at could very well be higher than the rate your bank is charging you on your debit/credit card used at the ATM.

For me, a 5% fee is not pennies. How can one compare ways to exchange money without knowing the rates?

If you're paying 5% maybe you should switch banks.

I bought Quetzals at my local bank -- the rate was competitive. I then took some US $$ with me as well. I didn't have to change money, or find an ATM.....granted this was a short trip, 6 days, but I like to be prepared and don't care to spend my time hunting around for the best ways to get cash.

I just use them to keep my funds safe until I am ready to change them into cash.

I prefer to have my funds safely in my bank account until I withdraw them anytime, day, night, weekends, holidays at an ATM.

I also hate bank lines, last time I was in my bank branch was when I opened my account in 2010.

With ATM's, online banking and bill payments there is no reason to waste time in bank lines.

I've been staying at Casa Cristina for 8 years - 1 of my favorite hotels anywhere - and travelers checks have never been an option there for me; bummer if someone there told you ahead that they accepted them, never a happy surprise.

It was NOT a someone who told me they were accepted.

It was the OWNER who wrote me and told me that I could pay the balance by traveller's cheques. The deposit to hold the room had to be done by Paypal. All around a bad experience.

Her email to me: "If you wish to pay your stay only by credit card; you can pay the rest of your stay through PayPal before your arrival. If you pay the rest at the hotel, we only take cash or Travel Checks"

and again at the end of her email: " Important: Please note we only accept cash (Quetzals, Dollars) or Travelers Checks. There are several ATM machines in Antigua. If you wish to pay by credit card you can do it through PAYPAL."

I prefer to have my funds safely in my bank account until I withdraw them anytime, day, night, weekends, holidays at an ATM.

Breezer, that was my main issue with Guatemala--I read so many stories about ATM fraud, that I didn't consider that my money would be safe in my bank account if I used one there. It was much easier for me (and I realize that everyone will have different priorities) to NOT use ATMs in Guatemala.

I preferred carrying cash to using an ATM in Guatemala. And supplemented by traveller's cheques-the blast from the past, lol--which were provided free from my bank. I didn't mind waiting in line at banks, I like watching the people going about their daily business, but I did mind when they would only change USA$200.......Not such a low limit in all places. Quite quick and easy to change money in banks in Coban.

Also I have never tried to pay any bill anywhere in Guat withTCs. I just use them to keep my funds safe until I am ready to change them into cash. I am so unhappy I cannot use them in Mexico anymore.

Paty, I had all the left over travellers' cheques from my Guatemalan visit and cashed them in Mexico. Yes, it wasn't as easy as in Guatemala where they are still very common. But I found a bank in Chetumal and cashed a few hundred dollars.

Then I still had some left over (they are USA$ and I live in Canada)and cashed them last year in Michoacan. It took about two minutes in total from when I entered the bank to when I left with pesos! Travellers' cheques weren't subject to the same scrutiny as USA$ cash. Normally in Mexico I just use the ATMs, although I just had a problem with the freezing of my card last week, luckily just for one day.

Good to know but in the Yucatan area they are not cashed anymore. * used to just go to the bank and get in the line for
tcs and leave fast while looking at the line to use the ATM. Now the banks won't take them . Well not in Playa del Carmen anyway. *

We just had a huge hacking take place where I live. I would never pay a bill on line as you put yourself at risk and I also won't bank on line . Accounts here have been emptied. The bank did replace them but who needsto have this occur.

I would never pay a bill on line as you put yourself at risk

One puts them self at risk crossing the road, most people still cross the road.

and I also won't bank on line . Accounts here have been emptied.

Ships have sunk, trains, planes, buses, cars, motos, tuk-tuks and hot air baloons have crashed but I still use all the above.

The bank did replace them but who needsto have this occur.

It's called living as opposed to the Canadian PM's famous hiding in the closet at the 1st sign of risk.

However different strokes for different folks, eh!

Yes the world if full of dangers and I try to limit my exposure. Around here banking on line is a risk I can pass on. I have sufficient other risks I have to endure.

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