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Local Bank Advice

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NealR2000
  4/19/2016 14:03 EST

I want to open a bank account in Pana where I can have a GTQ-USD account for the purpose of facilitating a house construction project, and subsequent living expenses. I expect to fund it by periodically wiring funds from my US account back home. Is there a particular bank that anyone would recommend?

bajasur
  4/19/2016 14:09 EST

Are you here on a Tourist Visa or do you have Permanent Residency?

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FrancescaW
  4/19/2016 18:40 EST

The most secure bank generally is Banco Industrila, probably followed by BAM. But, as a foreigner you cannot open an account unless you have a 'sponsor', someone with a DPI.
A few years ago foreigners could open accounts with GyT, their rates are higher than others, but don't think she needed a 'sponsor'!
There is a limit as to how much you can wire into Guatemala due to laundering...be sure to make an arrangement with the bank so that you can have a higher limit, before you open the account.
In Pana all of these 3 banks have branches and on-line banking facilities.
Good Luck!

Paulo69
  4/20/2016 00:44 EST

Hello there.
The three largest banks are Banco Industrial, GyTContinental, and Banrural.

I use GyTContinental, They do not have limits on wires. You do have to provide "Proof of Source" (Declaración de Entrada de Divisas - IVE-FT-21 -Ingresos) if it's more than $3K. Big warning: The first time you wire, they will "quarantine" your money for 30 days. After that, subsequent wires are released in 24 hours.

Both GyTContinental and BI provide online access and online BillPay for Guatemalan bills such as utilities and cell phone service, etc. Many other banks do but I am not familiar with them.

In short, you have many options, Both GyTContinental and BI are good options. I have heard good things about BAM and even Banrural but don't have personal experience with them.

Good luck!

NealR2000
  4/20/2016 09:49 EST

Tourist. I plan to commence the permanent residency application which I know will take some time.

NealR2000
  4/20/2016 09:50 EST

Yes, I am aware of the sponsor part and I have that covered.

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kgriff
  4/20/2016 12:14 EST

When I was here on a tourist visa and wanted to open a bank account, I was told by Banco Industriale that even though I had a sponsor, I had to get a letter from Migracion telling the bank what type of visa I was given and how long it was good for.

FrancescaW
  4/20/2016 12:46 EST

I have helped many visa tourists set up accounts here (I have a dpit) None have been asked to provide any information except their passport and if they are a US citizen then their social security number.
And there is a max. you can wire to an account here without prior warning and a letter. That max. is I believe across all banks $10,000. And it is immediately in your account and you have access to it.

armandatitlan
  4/20/2016 14:42 EST

Part of my work is to help tourist or future resident to relocate and we help them opening account.. If you are a guarantor than I would say go to BAM .. if they accept your guarantor you are set.. Regarding how much you can transfer.. it is under $ 10,000 a month and the bank won't ask you to justify.. If you plan to transfer regularly funds write a letter to the bank explaining your future transfers. If you transfer more then $ 10K then you have to explain the origin of the money and for what you plan to use it.. no limits.. now If you deposit a US check it will clear in 1 month the first time , then it will clear according the average amount of your account.. more money you move and have the bigger the amount the bank will clear right away.. You can't deposit more then $ 3,000 in cash per month..calendar.. Welcome and if you need assistance for your building project PM me.. as we do build a lot around the lake.

armandatitlan
  4/20/2016 14:42 EST

Banco Industrial as the strongest requirement to open an account..

Paulo69
  4/20/2016 15:57 EST

I have wired up to $35k on GyTContinental. There is no limit. Amanda is right. $10k is the limit that you can wire without a "proof of source". although the proof of source is a printout of the wire itself that shows what account it came from. This is a US requirement and countries with a relationship with the US have to comply. You have to fill out a similar form in any US bank as well and that is also why all customs forms ask you if you have more than $10k with you when you enter Guatemala, or the US, or many other countries.

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zaqwsx
  4/20/2016 20:09 EST

I use G&T you need a net number, anyone including a tourist can get one for free by just asking at S.A.T. you also need a passport but no sponsor at G&T, they are the largest bank in Guatemala now and are located in most other central american countries, they own the Bank of Texas in the United States. I use Wellsfargo in the U.S. and set up internet banking with that you can instantly transfer between your Wellsfargo account and your G&T account for either no charge or a
$5.00 fee depending on your US account. G&T pays 3.5% on checking but they do withhold 10% of interest for taxes which if the amount justifies it you can file and get back.

bajasur
  4/21/2016 12:37 EST

zaqwsx, I understand from your post that one here in Gte. only needs a NIT from SAT and then take that number to G&T with your passport and one can then open a checking account at G&T without a sponsor. Is this correct? I'd sure like to open a checking account here in Antigua.

zaqwsx
  4/23/2016 13:59 EST

My experience with G&T is all they want to open an account is a NIT card which is free from SAT for anyone, a passport from any country, a cell phone number and a copy of your residential electric bill (which does not have to be in your name). they will also give you a debit card with no fees withdrawals at 5B machines. To add the G&T account to your Wellsfargo internet banking for instant transfers all you need is the account number but it has to be done at one of their branches in the U.S. If your interested for Antigua I would open your account and use the branch on the Alameda between 4th and 5th calle. the branches on the plaza and behind the bus terminal get too crowded. For banking in
Guatemala think of banking in the U.S. 50 years ago, They actually still have signature cards in the home branch and check the signature against the signature on your checks and will reject them if they do not mach and your local branch will give you real service, all the employees will call you by name and the manager will greet you when you come in, if they are busy they will move you to the front of the line or open a new window for you. once you have a relationship with the bank even visa credit cards (a problem in Guatemala if you are over 65) are no problem they will even open accounts and give debit cards to your employees with no credit or banking history in order for you to pay them by internet banking. The same goes for a house account with a debit card in your jeffe de casa's name that you can, with internet banking, monitor and fund as needed. They will also provide car, furneral (it is cheap and gets you the local prices with no hassle) and medical insurance for you all at reasonable prices.

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