Checking out Guatemala--thinking of around pana--live currently in US

Welcome Gig3000, Let's see what answers come up -- I am relocating to Guate in July of this year, so these are questions I will want answered as well.

Buena Suerte!

DQ

HI
If you plan to stay long term you should open a bank account and then you can transfer your US $ to your local guatemalan account.. it can be a saving accoung or a checking account.
You have to pay your gardener, maid and market with cash.
You can get cash with your credit card to the numerous ATM machine in Panajachel.
Rent can be wired to the owner account.. not a big thing..
Hope it answers your question
best
Armand

Good evening Armand!

Thank you for the reply -- I too was wondering how that worked, and I appreciate your time and effort in advising us

DQ

You always need to have some sort of cash on you since some places do accept debit or credit cards. Like Armand said, I suggest opening an account (a savings account in Banrural is easy to open), get a debit card and transfer money to that account from a dollar account in the U.S. using the online transfer service xoom.com. I use that to transfer all my money from paypal to my bank in the u.s. to here.

What are the transfer fees to do this? And what is the timeline? How fast are they?

Thanks

DQ

DQ,
I have an account in Chase in the U.S. I earn a living writing online and everyone pays me via paypal. I transfer to Chase from paypal which does not cost anything and that usually takes two busines days or if its the weekend, I transfer Friday and its in the account on Monday.

Xoom.com I use to transfer from Chase to my account here in Guatemala. If you make the transfer from bank account to bank account it takes three business days and is only between $2.99 and $10.99 depending upon how much you transfer.

However, I use the option that uses your debit card and the money is there in usually 30 minutes, sometimes an hour and only once in two years was it over an hour and I transfer between two and three times per month. Of course it costs anywhere from $4.99 to $20.99 depending on how much you transfer. You can transfer up to $2,999 at a time.

Excellent, thank you very much for your info

DQ

Fees..well when you open the account as far as I know , and I use the bank BAM, no fees..
It takes 2 hours, then you wait 3 days and you get your check book
nothing else..
Now as a service provider when people can't open an account by themself I help them being their guarantor and I charge $ 100 for that..

I am also determined to relocate.  Is it advisable to secure a rental before I leave and tote my kids there?  I have read that prices are better if you wait.  Thanks in advance for your help.

Hello mamafer4 -> I invite you to start a new thread on the Guatemala forum with your questions on rentals. It might help.

Thank you,
Aurélie

I am not new to Central America but am moving to Pana. OK, almost finished moving with months of getting stuff together. My first generic suggestion is "don't sweat it, things will work out". Pana is about as laid back and Gringo-friendly as you can get. But, the two go together. That is, if you want special treatment because you are a Gringo, forget it. People are open and friendly but playing the "I'm better than you" card will get you in trouble quickly.

A close to complete page on opening bank accouts is at http://a42.com/site/pg/s/63/73/335/351 and I would like to add one other option to the list for people in Pana, COLUA. It is called a cooperative which roughly translates to Credit Union in usano-speak. They are amazingly friendly and helpful. Unlike a typical (anywhere in the world) bank, they actually want to find a solution for you.

They offer both US$ and Quetzal accounts and you can get a debit card for the Quetzal account.

If you are considering a different town than Pana on the lake, you should consider Banrural. They have branches in more places than any other bank in the country.

Looking for a rental this time of the year is easy and hotels are cheap and mostly empty. CraigsList is the place I found a rental but asking around will probably get you a lead to something that is available quickly.

There is a branch of COLUA in San Pedro, and I agree that they are wonderfully helpful. I can wire money to a bank in Pana, BAM I think, and get it transferred to them.

I find that it's better to be on the ground to find rentals word of mouth.

Actually, they use G&T Continental to connect to the "regular" bank network. I recently bought a house and they dealt with the transfers including sending me email when the transfers showed up.

Yes Colua offers great services but if you plan to have more than Q 20,000 deposited you have to know that Colua is a cooperative and not a bank therefore doens't contribute to the funds of protection from the government .. meaning if they go broke you won't be able to recuperate at least Q 20,000. The deposit funds in Guatemala through the bank system are insured up to Q 20,000 by the central bank if the bank would default.. not the cooperative..
If you plan to have money saved in Guatemala you can open several account in different banks to be protected.. not several accounts in one bank as only up to Q 20,000 you will be protected independently of the number of accounts.