Are you planning to visit Guatemala and wondering about the currency exchange rate? Then you’ve come to the right place. In this article, we will discuss the exchange rate between the Guatemalan currency, quetzales, and the US Dollar. We will also provide you with some tips and tricks to help you get the best exchange rate and avoid scams. So, let’s dive in!
What is Quetzales?
Quetzal is the official currency of Guatemala, named after the national bird of the country. One quetzal is divided into 100 centavos. The Guatemalan currency is commonly abbreviated as GTQ (Guatemalan Quetzal). It was introduced in 1925 to replace the peso, which was the former currency of Guatemala.
The quetzal banknotes are available in denominations of 1, 5, 10, 20, 50, 100, and 200 quetzales. The coins are available in denominations of 1, 5, 10, 25, and 50 centavos. However, the coins are not widely used, and you will rarely come across them.
What is the Exchange Rate of Quetzales to Dollars?
The exchange rate between quetzales and dollars fluctuates regularly based on market conditions. As of 2023, the exchange rate is approximately 1 US dollar equals 7.5 Guatemalan quetzales. This means that if you exchange $100, you will receive approximately 750 GTQ. However, the exchange rate can vary depending on where you exchange your currency.
Where to Exchange Currency?
If you are arriving in Guatemala by plane, you will find currency exchange booths at the airport. However, these booths often charge high commission fees and offer lower exchange rates. Therefore, it is best to avoid them if possible. Instead, you can exchange your currency at the banks or ATMs, which offer better rates.
Most banks in Guatemala offer currency exchange services, and you can easily find them in the cities. However, keep in mind that some banks may require you to have an account with them to exchange currency. Therefore, it is best to check beforehand.
Tips for Exchanging Currency in Guatemala
1. Avoid Scams
When exchanging currency in Guatemala, be wary of scams. Some people may approach you on the street and offer to exchange money for you. However, these people often use fake bills or give you a lower exchange rate. Therefore, it is best to avoid them and exchange your currency at a reputable bank or ATM.
2. Check the Exchange Rate
Before exchanging your currency, check the exchange rate online or at a reputable source. This will help you get an idea of the current rate and avoid being scammed.
3. Avoid Exchanging Currency at Hotels
Hotels often offer currency exchange services, but they may charge higher commission fees and offer lower exchange rates. Therefore, it is best to avoid exchanging currency at hotels.
4. Carry Cash
While credit cards are widely accepted in Guatemala, some small businesses may not accept them. Therefore, it is best to carry cash with you, especially in rural areas.
5. Exchange Small Amounts
When exchanging currency, exchange small amounts at a time. This will help you avoid carrying a large amount of cash with you and reduce the risk of theft.
Conclusion
Exchanging currency in Guatemala can be tricky if you don’t know where to go and what to look for. However, by following the tips mentioned above, you can get the best exchange rate and avoid scams. Remember to check the exchange rate before exchanging currency and carry cash with you, especially in rural areas. Stay safe and enjoy your trip to Guatemala!
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