You can transfer money from any part of the world to Guyana either via a bank account or a money transfer operator. Here, we present some of the information you need to successfully carry out your money transfer transactions to this country.
Transferring Capital into the Country
If you want to transfer money to the country via a money transfer operator, make sure you first consult the official list of licensed money transfer agencies by following the link : https://www.bankofguyana.org.gy/bog/images/international/Published_list_of_money_transfer.pdf
If you are to do the transfer using a bank account instead, then it would be useful to know when the banks are open in Guyana. Generally, this is between 8a.m and 12:30p.m on Monday through Thursday and from 3 p.m to 5 p.m on Fridays. In addition to carrying out any currency conversion you may require, the banks will generally update you on the current conversion rates with the Guyanese dollar. Note that even though they will tell you the latest exchange rate for free, they will charge a fee for the currency exchange proper.
Hindrances and Restrictions
Transferring capital into Guyana in local currency i.e in the Guyanese dollar is subject to some restrictions which are extremely important to know : it is strictly forbidden to send any sum exceeding G$200 and violating this rule would actually lead to prosecution. Thus in case you want to transfer more than 200 Guyanese dollars into Guyana the money will have to be in foreign currency. In this case, It would be convenient to send a travellers cheque to the receiving party in a foreign currency such as the US dollar. This will enable the receiving party to convert the money into Guyanese dollars quite easily.
Substitute Currency ? And if so, why ?
As we saw in the previous subsection, there is a stringent restriction on the amount of money one can send to Guyana in local currency. Thus, it is often necessary to send the money in a foreign currency and if this is done using a travellers cheque, then the conversion will be easy.
A Quick Glance at the Economic Trends
Guyana is among the poorest countries in Latin America. The Gross Domestic Product (GDP) in Guyana increased by 3.30 percent in 2016 in comparison to the previous year. The GDP Annual Growth Rate in Guyana was on average 2.13 percent from 1961 until 2016, reaching an all time peak of 11.36 percent in 1964 and an all time trough of -13.19 percent in 1982. However, its economy has experienced moderate economic growth in recent years. It is based largely on agriculture and extractive industries.
Top Banks in Guyana
Some of the main banks in Guyana include: Bank of Guyana (the Central Bank), Citizens bank Guyana Inc. New Amsterdam and Guyana Bank for Trade and Industry.
Restrictions on currency? If you are importing local currency into the area there are certain restrictions. Currently this is G$200 and anyone who exceed this limit can be prosecuted. So if you are looking to arrange a currency transfer to Guyana you need to be aware of this. In other words if you want to send (import) more money into Guyana you will need to do so in foreign currency. For example, send your recipient travellers cheques in foreign currencies such as US dollars as they will be able to exchange these quite easily.
Never do anything you are unsure about
As with any type of financial advice it is important that you don't use any form of money transfer that you are not completely happy with. So before you transfer money to Guyana make sure that you thoroughly research the method that you are interested in using. Do this and you will satisfy yourself that you are using legal means to get money to your recipients.
Know the banking hours
Know the banking hours In addition to understanding the means of completing a transfer of money to Guyana it is also important to know when the banks are open. This is usually between 8 AM and 12:30 PM Monday to Thursday and 3 PM to 5 PM on Fridays. Banks will usually exchange money and also keep you up-to-date with the latest currency rate Guyanese Dollar is being exchanged at. Although finding out the exchange rate is free you will usually be charged a fee for the actual service.