How to avoid ATM fees in Guatemala
Posted: October 23, 2024 | Tagged: ATM Fees, Guatemala, Travel Hacks
My buddy Paul is backpacking Guatemala right now and he gave me the low down about withdrawing money from the ATMs or not, as was often the case, and the best place to change money.
Getting hold of local money in Guatemala is tricky. The ATMs either don't work with foreign cards, are all empty or charge a massive withdrawal fee.
The 3 ATM networks in Guatemala:
This is my photo from Panajachel, Guatemala, back in 2021:
- 5B
- Bi (Banco Industrial)
- BAC
This is my photo from Panajachel, Guatemala, back in 2021:
This photo is from Antigua, taken by my buddy Paul in October 2024:
The Bi ATM never worked for me in 2021 or 2022.
Paul tried numerous Bi ATMs in Guatemala City and Antigua, with both Mastercard and Visa card and never was able to get any cash. In one bank, he went inside and asked and was told to use the 5B instead.
Does the Bi ATM even work with foreign cards?
I used the 5B ATM successfully in 2021. The withdrawal fee was 4 USD. Paul informed me that the withdrawal fee now using Mastercard is 69.80 Q and with Visa is 49.99 Q at the same ATM. That's 9 USD and 6.47 USD respectively.
He attempted to take out cash from the BAC ATM in Antigua on 4 separate occasions. The requests was rejected. Like always, no reason given.
Paul tried numerous Bi ATMs in Guatemala City and Antigua, with both Mastercard and Visa card and never was able to get any cash. In one bank, he went inside and asked and was told to use the 5B instead.
Does the Bi ATM even work with foreign cards?
I used the 5B ATM successfully in 2021. The withdrawal fee was 4 USD. Paul informed me that the withdrawal fee now using Mastercard is 69.80 Q and with Visa is 49.99 Q at the same ATM. That's 9 USD and 6.47 USD respectively.
He attempted to take out cash from the BAC ATM in Antigua on 4 separate occasions. The requests was rejected. Like always, no reason given.
Changing money at the bank in Guatemala
I found very few money changers in Guatemala, even in the popular tourist hangouts of San Pedro and Flores. And when I did, the exchange rate was 7 Q on the Dollar and Euro. I was told the bank gave a better rate. I remember I got 7.54 Q to the US Dollar back then.
Now, the Bi Bank charges an additional 30 Q (3.88 USD) commission.
But the best option to avoid those pesky ATM fees and bank commissions is to pay wherever possible with card. Many places accept card payment.
Of course, you will need cash at some point, for chicken buses and at the market and here's the deal.
Banco Azteca changes US Dollars, Euros and Mexican Pesos at a the perfect rate and there is no commission:
Now, the Bi Bank charges an additional 30 Q (3.88 USD) commission.
But the best option to avoid those pesky ATM fees and bank commissions is to pay wherever possible with card. Many places accept card payment.
Of course, you will need cash at some point, for chicken buses and at the market and here's the deal.
Banco Azteca changes US Dollars, Euros and Mexican Pesos at a the perfect rate and there is no commission:
The rate was 7.60 Q on the Dollar and on the same day, the Bi bank was just 7.50 on the Dollar plus the 30 Q commission and would only change dollars. Banco Azteca changes Dollars, Euros and Mexican Pesos.
Elektra is a Mexican retail chain. And looking at their website, they sell motorbikes, beds, electrical appliances and even lawnmowers.
And in some (or many?), you can also find branches of Banco Azteca, a Mexican bank. Just Google 'Banco Azteca'.
It's a bit like the Coppel store in Mexico. They have a BanCoppel part too. And even Inbursa. You will find Inbursa ATMs and even a bank inside Sanbourns, both are owned by Carlos Slim.
And in some (or many?), you can also find branches of Banco Azteca, a Mexican bank. Just Google 'Banco Azteca'.
It's a bit like the Coppel store in Mexico. They have a BanCoppel part too. And even Inbursa. You will find Inbursa ATMs and even a bank inside Sanbourns, both are owned by Carlos Slim.