USD to GTQ for business payments
Guatemala lets companies hold dollars and agree to be paid in them, so you can pay a Guatemalan supplier in US dollars or convert to quetzales (GTQ). The quetzal's rate is set by the market, with Banco de Guatemala stepping in only to reduce volatility. This page covers the regime, the free foreign exchange law, the 28 character standardized account number, the costs and how to choose the currency.
- Banco de Guatemala (Banguat) describes the quetzal's exchange rate regime as flexible, with the rate a market price that responds to supply and demand.
- Banguat's participation rule limits its intervention to reducing volatility, especially in the presence of speculative factors or external shocks, while respecting the market path of the rate.
- Decree 94-2000, the free foreign exchange law, makes holding foreign currency deposits and accounts free and lets any person or company agree to be paid in foreign currency.
- Banguat calculates and publishes a daily reference rate of the quetzal against the US dollar, used for tax payments and state obligations.
- Guatemalan bank accounts use a 28 character standardized number based on the IBAN, starting with GT, that also identifies the account currency: quetzales, US dollars or euros.
The quetzal and how its rate is set
The quetzal (code GTQ) is issued by Banco de Guatemala (Banguat), the central bank. In a Banguat press release, the bank states that the exchange rate regime is flexible and that the rate is a market price responding to the fundamental forces of supply and demand. Under its participation rule, set by Monetary Board Resolution JM-303-2002, Banguat respects the market path of the rate and limits itself to participating in the market to reduce volatility, especially when speculative factors or external shocks are present.
Banguat also publishes one rate every day. Article 4 of Decree 94-2000 requires it to calculate and publish a daily reference rate of the quetzal against the US dollar, used for tax payments, obligations to the state and resolving disputes. Your bank's rate will differ from it; the reference rate is the benchmark to compare against.
| Item | Guatemala |
|---|---|
| Currency and code | Quetzal, GTQ |
| Issuer | Banco de Guatemala (Banguat) |
| Exchange rate | Flexible, market-determined; Banguat intervenes only to reduce volatility |
| Reference rate | Daily Banguat reference rate against the US dollar |
| Foreign currency accounts | Free to hold, under Decree 94-2000 |
| Account number | Standardized, 28 characters, IBAN-based, starts with GT |
| Domestic systems | Banguat's LBTR real-time gross settlement system and automated clearing house (CCA) |
Sources: Banguat press release; Decree 94-2000; Banguat, standardized accounts; Banguat, payment system. As published on 29 October 2026.
The free foreign exchange law and your payment
Decree 94-2000, the Ley de Libre Negociación de Divisas, took effect on 1 May 2001. Its first article makes the holding, transfer, purchase, sale, collection and payment of foreign currency free, and also foreign currency deposits and accounts. For a foreign buyer, three articles matter most.
- Contracts in dollars (Article 6). The quetzal is the default currency, but any person or company may freely agree to be paid in foreign currency. A supply contract and invoice in US dollars are therefore valid.
- Bank reporting (Article 2). Institutions in the foreign exchange market report their daily exchange operations to Banguat for statistical control. The reporting is the bank's task, not the supplier's or yours.
- Exchange houses (Article 3). Exchange houses must be non-bank companies authorized by the Monetary Board and supervised by the SIB, the banking superintendency. Conversions should go through banks or authorized exchange houses.
Free movement does not mean light checks. A clear reference and an invoice in the supplier's registered name help the supplier's bank credit the payment without questions. The SIB has stated that the quetzal is the only legal tender in Guatemala, as DPL News reported.
Details you need to pay a Guatemalan supplier
Guatemalan banks use a standardized account number (cuenta bancaria estandarizada) based on the IBAN, official since 1 July 2014 under Monetary Board Resolution JM-95-2011. Banguat's questions and answers explain that it has 28 alphanumeric characters: GT, two check digits, a four letter bank code, a currency code and a product code, followed by the supplier's existing account number. Because the currency is part of the number, the standardized account tells you whether you are paying a quetzal, dollar or euro account.
| Detail | What to collect | Why it matters |
|---|---|---|
| Beneficiary name | The company's exact registered name | Must match the account holder |
| Standardized account number | 28 characters starting with GT | Identifies bank, currency, product and account |
| Bank and SWIFT code | 8 or 11 characters, from the receiving bank | Routes a SWIFT payment |
| Intermediary bank | The bank's US correspondent, if it asks payers to use one | Needed for some dollar wires |
| Charge code | OUR, SHA or BEN, agreed in the contract | Decides who pays bank charges |
Sources: Banco de Guatemala, preguntas frecuentes sobre la estandarización de cuentas; standard SWIFT practice. As published on 29 October 2026.
What converting USD to GTQ costs
The cost of converting is the mid-market rate, the margin added by whoever converts and the payment fee. When you send dollars to a dollar account, nothing is converted and the supplier keeps dollars, which Decree 94-2000 allows. When dollars land in a quetzal account, the supplier's bank converts at its own rate, which will differ from the Banguat reference rate the supplier uses for its tax returns.
Compare any quote with the Banguat reference rate for the day, and agree OUR charges for invoices that must arrive in full. Our guide to SWIFT fees and the OUR, SHA and BEN codes explains the difference.
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. See how Helm pricing works.
Helm pays suppliers by SWIFT and by local rails in the supplier's currency where available, confirmed by your account manager, and shows the rate, fee and expected arrival before you confirm. See Helm pricing.
Pay in USD or in GTQ?
| Situation | Better choice | Why |
|---|---|---|
| Supplier holds a dollar account and invoices in USD | USD | Contracts in dollars are valid under Article 6; no conversion |
| Supplier invoices in quetzales | GTQ | It receives the exact amount; you carry the exchange risk |
| Standardized account shows a quetzal currency code | GTQ, or ask for the dollar account | Dollars would be converted at the bank's rate |
| Supplier needs dollars for its own imports | USD | It avoids converting twice |
Sources: Decree 94-2000; Banguat. As published on 29 October 2026.
Guatemalan companies that sell to you and want US account details can read our guide to a USD business account in Guatemala.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Is the Guatemalan quetzal a floating currency?
Banco de Guatemala describes the regime as a flexible exchange rate, with the rate a market price. Under its participation rule it intervenes only to reduce volatility.
Can a Guatemalan company be paid in US dollars?
Yes. Decree 94-2000 makes foreign currency deposits and accounts free and lets any person or company agree to be paid in foreign currency.
What is Banguat's reference exchange rate?
Under Article 4 of Decree 94-2000, Banco de Guatemala calculates and publishes a daily reference rate of the quetzal against the US dollar, used for tax payments, state obligations and dispute resolution.
What does a Guatemalan bank account number look like?
Guatemala uses a standardized account number based on the IBAN, with 28 alphanumeric characters starting with GT. It includes codes for the bank, the currency and the product, followed by the existing account number.
Do I need to report a payment to a Guatemalan supplier?
No. Under Article 2 of Decree 94-2000, institutions in the foreign exchange market report their daily exchange operations to Banco de Guatemala for statistics; the supplier's bank handles that.
References
- Banco de Guatemala: Comunicado de prensa, tendencia al alza del tipo de cambio
- Banco de Guatemala: Ley de Libre Negociación de Divisas, Decreto 94-2000
- Banco de Guatemala: Preguntas frecuentes sobre la estandarización de cuentas bancarias a nivel nacional
- Banco de Guatemala: Sistema de Pagos
- DPL News (from Prensa Libre): Criptomonedas no están prohibidas ni autorizadas (26 November 2024)
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.