Using US monies in Guatemala
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A Schwab bank debit card and a Cap1 credit card has proven to be the most cost effective method of using my U.S. money in Guat. I pay NO wire or exchange fees or extra for exchange rates. And these methods offer an easy way to satisfy my rentista residency. The surest and easiest method is to get these accounts set up while in the U.S. BEFORE you come to Guat. For cash in Guat, I use a Schwab debit card at ATMs They charge NO foreign transaction fees, and rebate ALL ATM fees at the END of every month. I can call and raise the daily limit for ATMs, then take the money in Quetzales from the ATMs. Their exchange rate is actual, not as as charged by the local banks. For safety, I use the ATMs at the banks then go inside and deposit the cash from the ATM. (I recommend you NEVER use ATMs after banking hours,) Schwab did credit the only faulty transaction back to my account with no problems.
For non-cash, Cap1 Visa is excellent for spending U.S. monies here in Guat, as they do NOT charge ANY exchange or foreign transaction fees, use the actual daily Q/USD rate, and is nearly universally accepted here in Guat. (BE SURE to ask if the vendor is charging for the Visa convenience, or if there is a cash (efectivo) discount.
Submitted on Aug 14, 2014 - Category: Expat Finance, Network: Guatemala
Submitted By
Tex2Guat
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