A Recent Timeline of Money Transfer Methods to Guatemala

Despite its historic issues related to violence and politics, Guatemala is a hidden gem when it comes to biodiversity. Many travelers heed warnings and venture off into the expanse of the amazing Guatemalan outback. While tourism of this nature does produce some foreign income,b>sbo the greatest amount comes from those then send money to Guatemala to support friends or family. Money transfers to Guatemala are a daily occurrence,sbo with senders completing transactions on a weekly, monthly, or just special occasion basis. Guatemalans in America show a deep sense of care sending money to their family back home. America continues to receive lot of Guatemalan emigrants who have traveled to America for better work or family opportunities.sbo For years they have sent money to Guatemala in a number of fashions. According to the U.S. Agency of International Development (USAID), the average Guatemalan sends nearly $300 monthly. Around three quarters of the senders are male and over half the recipients are female,sbobet showing that many people are sending to spouses or mothers back home. One form that was previously very popular was that of money orders that were issued through a few large Guatemalan couriers. These couriers are still in business, but are seeing less and less demand for money transfers and a greater proportion of their work in documents,sbobet and packages. Since the new millenium a few shifts have taken place in the dominant method in which money is moved between the US and Guatemala. Electronic fund transfers (EFT) were very prominent for a stretch, through a handful of outlets. The largest banks in the country facilitated money transfers through partnerships with local US companies. this cooperation after years of restricted operation allowed a more free-flowing atmosphere with regards to sending money to Guatemala. With the advent and subsequent domination of the Internet, sending money online has become a newer option. There are not a lot of companies offering this service as there are many barriers to entry from a security standpoint. However,sbobet a few are doing it with recipients in Guatemala receiving the money in the form of a cash pick-up, in their bank account, or on a reloadable debit card. Completing an online money transfer allows for comfort and ease for the sender, as they can easily integrate their recurring remittance into their schedule without having to report to a third-party location.sbobet This also removes the stress and burden out of what is a truly admirable and powerful act taking place. The newest decision becomes how the sender wants their recipient to receive the money. As previously discussed, traditionally money transfers were dominated by cash pick-up, as the population that maintains bank accounts in Guatemala is below average. An influx of Guatemalans are now sending money online via reloadable debit cards. The stark difference in this case is that the comfort and ease is now available to both the sender and recipient. With a reloadable debit card, family members in America can continually add money to the same card and recipients can go to an ATM of their convenience. The hassle of waiting in line, dealing with business hours, or forms for all intents and purposes, eliminated. Guatemala remains an interesting case as its reliance on foreign dollars from abroad is steady. The hope is that the dollars sent home are used properly to better families and communities for a long-term benefit. Whether classic courier, EFT, or online methods are used,sbo all that is really important is the continual sending of money to Guatemala.