Bankarization of Remittances in Guatemala

For every $100 that migrants send to their families between $30 and $35 are in some way related to banking services.

Tuesday, October 8, 2013

Prensalibre.com reports: "If you take into account that from January to September this year family remittances, according to the Bank of Guatemala, totaled $3.801 billion, the amount that passed through banks was between $1.1403 billion and $1.3303 billion" .

This behavior is due to strategies such as mobile banking, banking agents and new regulations by the Superintendency of Banks, said Herbert Hernandez, manager of Emigrants Development Banking at Banco G & T Continental.

Despite advances in the area of ​​financial inclusion, of the total remittances entering the country only 15% ends as savings, because the vast majority is paid in cash.



More on this topic

Banking Figures in Guatemala

May 2018

As of March 2018, banks registered 6,230 agents and 8,668 establishments, 8% and 21% more than in the same month in 2017, while 337 branches were closed.

According to figures from the Superintendency of Banks, between the months of March 2017 and 2018, the number of banking agencies nationwide fell from 3,614 to 3,277, which is equivalent to a fall of 9%. This contrasts with the increases recorded in the number of agents and banking establishments.   

Panama Leads Region in Banking

January 2011

Panama ranks second in Latin America in number of bank branches and ATMs per 100,000 people with 90.28, surpassed only by Brazil with 99.37.

"Banking, or access to banking services, plays an important role in economic development of countries and in reducing poverty while promoting income distribution."

Very Little Bank Use by Nicaraguans in Costa Rica

May 2009

The Academy of Central America heads a group of companies and institutions seeking to promote the use of banking services in this sector.

With funding from the Inter-American Development Bank (IDB) and the Office of Technical Cooperation of Spain, the project seeks to combat poverty in this immigrant sector, for which it is implementing different methods, including lower remittance costs, by intensifying the use of banking services such as savings accounts.

Suggestion that remittances on the Isthmus be sent through the banking system.

August 2008

Manuel Orozco, coordinator for the Inter-American Dialogue Development and Remittances Program, recommended to lawmakers from Central America and the Dominican Republic that they encourage that the banking system be used to send family remittances.

Orozco pointed out that a Central American immigrant sends his family between $3,000 and $3,500 on average per year.

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