Top payment methods in Guatemala: A guide on best ways to pay
Wondering what the most popular ways to pay are in Guatemala? Explore the top payment options and choose wisely.
Guatemala, with a population of around 18.09 million people, has a GDP of approximately 121.18 billion making it the 65th largest economy in the world. The official currency of Guatemala is the Guatemalan Quetzal (GTQ)
The largest economy in Central America, it is driven by agriculture (coffee, sugar, bananas), textiles, and remittances. It is part of the Central American Common Market (CACM) and the CAFTA-DR free trade agreement with the United States.
| Country | Guatemala |
|---|---|
| Population | 18.09 million |
| GDP (USD) | 121.18 billion |
| Global Ranking | 65th |
| Currency | Guatemalan Quetzal (GTQ) |
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What is the main payment method in Guatemala?
Physical cash, the Guatemalan Quetzal, is the primary and most trusted payment method for the majority of the population. In urban areas, credit and debit cards are accepted in formal businesses, supermarkets, and shopping malls. For business payments and among the banked population, bank transfers are the common method for settling bills and other formal transactions.
How to pay in Guatemala
Each country has its own way of moving money, and choosing the right method can sometimes be difficult. That’s why we have curated the most popular and best payment options for you to use in Guatemala.
| Payment Method | Description | Type |
|---|---|---|
| Wise | Wise provides international money transfer services. It is known for offering transparent, low-cost currency exchange rates and fast transfers. Wise uses the mid-market exchange rate and charges a small, upfront fee, making it a cost-effective alternative to traditional banks for sending money abroad. The platform also offers multi-currency accounts, allowing users to hold and manage money in multiple currencies. | Online/In-person |
| Cash (Quetzal) | Cash is the dominant and most essential payment method for the majority of the population and for everyday transactions throughout the country. | In-person |
| Cards (Visa, Mastercard) | Debit and credit cards are a leading payment method in the formal economy and are widely accepted in cities at supermarkets, restaurants, and department stores. | Online/In-person |
| Bank Transfers | Direct bank transfers are a common method for paying for goods and services, especially for larger amounts or for e-commerce purchases. | Online |
| Digital Wallets | Digital wallets from local banks are available, allowing for P2P transfers and bill payments, though they are not yet as widespread as cash or cards. | Online |
Traveling beyond Guatemala? Explore payment methods by country.
Is PayPal available in Guatemala?
Yes, PayPal is accepted in Guatemala.
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Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.