What is the Money Called in Guatemala? Everything You Need to Know

The official currency of Guatemala is the Guatemalan Quetzal, often represented by the symbol Q or the ISO currency code GTQ. It’s a fascinating currency steeped in history and named after the national bird of Guatemala, the resplendent Quetzal. Let’s delve deeper into the world of the Quetzal and uncover everything you need to know about using money in Guatemala.

Understanding the Guatemalan Quetzal

The Quetzal is more than just a means of exchange; it’s a symbol of national pride. Introduced in 1925, it replaced the Guatemalan Peso. The name itself carries significance. The Quetzal bird was revered by the ancient Mayans, and its feathers were used as currency, signifying value and prestige.

Quetzales and Centavos

The Quetzal is divided into 100 centavos, much like the US dollar is divided into cents. You’ll find centavo coins in denominations of 1, 5, 10, 25, and 50 centavos. Quetzal banknotes come in denominations of 1, 5, 10, 20, 50, 100, and 200 Quetzales. Familiarizing yourself with these denominations will make navigating transactions much smoother during your visit.

Frequently Asked Questions (FAQs) About the Guatemalan Quetzal

Here are some frequently asked questions to give you a comprehensive understanding of the Guatemalan Quetzal:

1. What is the Current Exchange Rate Between the Quetzal and the US Dollar?

The exchange rate between the Guatemalan Quetzal (GTQ) and the US Dollar (USD) fluctuates constantly based on market conditions. To get the most accurate and up-to-date rate, it’s best to consult reliable online currency converters like Google Finance, XE.com, or consult your bank or financial institution. A general range is usually between 7.70 and 7.90 Quetzales per US Dollar.

2. Can I Use US Dollars in Guatemala?

While the official currency is the Quetzal, US dollars are widely accepted in tourist areas, especially in hotels, restaurants, and larger businesses. However, it’s generally advisable to use Quetzales, as you may get a less favorable exchange rate when paying with dollars. Also, smaller establishments and local markets often prefer Quetzales.

3. Where Can I Exchange Currency in Guatemala?

You can exchange currency at several locations in Guatemala:

• Banks: Banks typically offer the best exchange rates, but they may have longer lines and require identification.
• Currency Exchange Bureaus (Casas de Cambio): These are commonly found in tourist areas and airports. Compare rates before exchanging as they can vary.
• Hotels: Some hotels offer currency exchange services, but the rates are usually less favorable than banks or exchange bureaus.
• ATMs: Withdrawing Quetzales directly from an ATM is often a convenient and cost-effective option, although you may incur transaction fees from your bank.

4. Are Credit Cards Widely Accepted in Guatemala?

Credit cards are accepted in larger cities, tourist areas, and at established businesses like hotels, restaurants, and major stores. Visa and Mastercard are the most commonly accepted cards. However, smaller businesses, local markets, and rural areas often prefer cash. It’s always wise to carry some Quetzales with you, even if you plan to use credit cards.

5. Should I Tip in Guatemala?

Tipping is customary in Guatemala, especially in the tourism industry. A general guideline is to tip 10-15% at restaurants if a service charge isn’t already included. You can also tip hotel staff, tour guides, and taxi drivers for good service. It’s appreciated but not always mandatory.

6. Is it Safe to Use ATMs in Guatemala?

Using ATMs in Guatemala is generally safe, but it’s important to take precautions. Use ATMs located inside banks or in well-lit, secure areas. Be aware of your surroundings and shield the keypad when entering your PIN. Avoid using ATMs that appear to be tampered with. Notify your bank before traveling to Guatemala so they don’t flag your transactions as suspicious.

7. What is the Best Way to Carry Money in Guatemala?

A combination of methods is usually the best approach:

• Cash: Carry a reasonable amount of Quetzales for small purchases and places that don’t accept cards.
• Credit Cards: Use credit cards for larger transactions and at reputable establishments.
• Traveler’s Checks: These are less common now and can be difficult to cash.
• Prepaid Travel Cards: These can be a safe way to manage your travel funds.

Consider using a money belt or a secure wallet to protect your cash and cards from theft.

8. Are There Any Restrictions on Bringing Money Into or Out of Guatemala?

You are required to declare if you are carrying more than US$10,000 (or its equivalent in other currencies, including Quetzales) when entering or leaving Guatemala. Failure to declare may result in fines or confiscation of the funds.

9. How Much Money Should I Budget for a Trip to Guatemala?

The amount of money you should budget for a trip to Guatemala depends on your travel style and preferences. Backpackers can often get by on a relatively low budget (around $30-$50 per day), while those seeking more comfort and luxury should budget significantly more ($100+ per day). Consider factors like accommodation, transportation, food, activities, and souvenirs.

10. Are There Any Common Scams I Should Be Aware Of?

Like any tourist destination, Guatemala has its share of scams. Be wary of:

• Overcharging: Always confirm prices before purchasing goods or services, especially with taxis and street vendors.
• Fake Currency: Examine banknotes carefully to ensure they are genuine.
• ATM Skimming: Be cautious of ATMs that appear to be tampered with.
• Pickpocketing: Keep your valuables secure and be aware of your surroundings in crowded areas.

11. What are Some Common Prices in Guatemala?

Here’s a general idea of common prices in Guatemala:

• Meal at a local restaurant: Q30-Q75
• Meal at a tourist restaurant: Q75-Q200+
• Bottle of water: Q5-Q10
• Cup of coffee: Q10-Q25
• Local bus ride: Q5-Q15
• Hotel room (budget): Q150-Q400
• Hotel room (mid-range): Q400-Q1000+

These prices are approximate and can vary depending on the location and the specific establishment.

12. How Can I Avoid Overpaying for Goods and Services?

To avoid overpaying:

• Negotiate Prices: Bargaining is common in markets and with street vendors.
• Compare Prices: Check prices at different establishments before making a purchase.
• Ask Locals for Advice: Get recommendations from locals on where to find good deals.
• Be Aware of Tourist Traps: Avoid establishments that cater exclusively to tourists, as they often have inflated prices.
• Pay in Quetzales: You’ll generally get a better exchange rate when paying in the local currency.

Final Thoughts

Navigating the Guatemalan Quetzal is an essential part of experiencing the vibrant culture and stunning landscapes of Guatemala. By understanding the currency, exchange rates, and common practices, you can ensure a smooth and enjoyable trip. Remember to be prepared, be aware, and embrace the adventure! Enjoy your travels in Guatemala!