Managing Money in Lake Atitlán, Guatemala: Cards or Cash?

Lake Atitlán, one of Guatemala’s most visited destinations, offers an incredible experience, but managing your finances while visiting requires some preparation. Whether you prefer cards or cash, here’s a comprehensive guide to help you make the most of your trip.

Cash: Quetzales, Dollars, or Euros?

Many establishments around Lake Atitlán accept US dollars and euros in cash, but the preferred currency is the Guatemalan quetzal (GTQ). Vendors, restaurants, and markets often price goods and services in quetzales, and paying in foreign currencies may result in unfavorable exchange rates.

When carrying cash, ensure you have smaller denominations for ease of transactions, as many small businesses and local vendors may not have change for large bills.

Exchanging Money: What You Need to Know

You can exchange foreign currencies at banks in Guatemala, but there are a few things to remember:

• Condition of Bills: Only clean, undamaged bills will be accepted.
• Accepted Denominations: Banks primarily accept US bills of $50 and $100.
• Alternative Options: If you have euros or other currencies, you can exchange them at a better rate through specialized services, such as ours.

Make sure to check the current exchange rates and any associated fees to get the most value from your currency exchange.

Using ATMs in Lake Atitlán

ATMs are a convenient option to withdraw local currency. In Guatemala, the most common and reliable ATM network is 5B, which can be found throughout the Lake Atitlán region.

ATM Withdrawal Fees:

• Fees range from 5-10%, depending on your bank and card type.
• Be aware of your bank’s international withdrawal policies and exchange rates.

Tips for Using ATMs:

• Use ATMs during the day and in well-lit, secure locations.
• Avoid withdrawing large sums to minimize potential losses.

Paying with Credit or Debit Cards

While many restaurants, hotels, and larger shops around Lake Atitlán accept credit and debit cards, using cards comes with an added cost. Most establishments charge a surcharge of 5-7% for card payments.

Having cash on hand is always recommended for smaller vendors, tuk-tuk rides, and local markets, where cards are rarely accepted.

Is it Safe to Pay with Cards in Lake Atitlán?

Yes, paying with cards is generally safe at reputable establishments. However, here are a few precautions:

• Avoid handing over your card to anyone out of sight.
• Opt for businesses with modern, secure payment terminals.
• Keep an eye on your statements for any unusual charges after your trip.

How to Manage Money in Lake Atitlán: Key Takeaways

1. Carry Quetzales: While dollars and euros are accepted, quetzales are preferred for smoother transactions.
2. Exchange Smartly: Use banks or reliable exchange services for the best rates and ensure your bills are in pristine condition.
3. Use ATMs Wisely: 5B ATMs are widely available but charge fees—withdraw reasonable amounts to limit fees.
4. Have Cash: While cards are accepted in many places, cash is essential for smaller transactions and local vendors.
5. Stay Secure: Be cautious when using cards, and avoid large cash withdrawals in one go.

Planning ahead and balancing your use of cash and cards will ensure a stress-free and enjoyable trip to the breathtaking Lake Atitlán. Happy travels!