banking IN GUYANA

BANKING IN GUYANA

The local currency is the Guyana dollar. Guyana’s economy is still heavily cash-based although credit and debit card use is expanding. Expats setting up their new life in Guyana may find that opening a Guyanese bank account could help with the transition to a more convenient life when it comes to receiving their salaries, renting an apartment, or to just taking a trip to the supermarket for groceries.

Banks in Guyana

Before you go to open your bank account, you need to choose which bank suits your needs or principles. Most banking transactions are still conducted in-person at the bank. Although some transactions can be conducted via internet banking, considerable amounts of time may still be spent in line at your selected banking institution.

Banks typically have a network of ATMs located around the country. The concentration is highest in Georgetown. Some allow withdrawals of local currency from your international bank account. Check with your bank to verify that the selected ATM is in the international network. 

Licensed Commercial Banks in Guyana

• Bank of Baroda Inc.

• Republic Bank Limited

• Bank of Nova Scotia (Scotiabank)

• Guyana Bank for Trade & Industry Limited

• Citizens Bank Guyana Inc.

• Demerara Bank Limited

Once you have selected your bank you should check out the details of the accounts offered to see whether they suit your needs and requirements. 

How to open a Guyanese bank account

Bank accounts need to be opened in person and the process is often lengthy. Appointments are usually not made ahead of time. Simply walk into your nearest branch with all of your details. Procedures to open a bank account differ by institution and are not always consistent even within the same institution. Once you have your visa and permits sorted, call to verify the required documentation ahead of time. Be prepared to present English language versions of foreign language documents. Banks are typically open from 8am to 2pm so it’s usually better to go early.

Banking for businesses

If you have start up your business in Guyana and want to open a Guyanese bank account, the process is essentially the same as it is for opening a private account. You should also have all of the necessary details concerning your business, for example, your business registration certificate and a record of your turnover. Banks may have different types of business accounts depending on the turnover of your company.

Accessing YOUR fundS

After opening your bank account, you will receive cheques and a debit card for use at the bank’s local ATM machines. Usually, this card cannot be used at ATMs that do not belong to your bank and cannot usually be used at overseas ATM machines. If you require access to funds from your Guyanese bank account when you travel outside of Guyana, you may need to perform some additional steps. Discuss this with your bank ahead of time (when you’re opening your bank account) to understand timelines. 

What is my IBAN?

IBAN stands for International Bank Account Number. It is a unique number which allows your bank account number to be identified and understood by all financial institutions worldwide. When you open a bank account in Guyana, you will receive an IBAN to facilitate wire transfers.

Internet banking

It is becoming increasingly common for both Guyanese and expats in Guyana to organize some elements of their financial affairs online via internet banking. Many transactions still need to be conducted in person. The online user experience differs from institution to institution and may not be as seamless and intuitive as you may be used to.

Loans

Loans provided by banks are the most common method of lending money in Guyana. Requirements vary from bank to bank. How much you receive (or even if you are granted the loan at all) will depend on several factors such as your age, financial assets, income and residency status.

Credit Cards

Credit cards use is expanding but not yet common every where. Your bank in Guyana may be able to issue you a credit card at an additional fee. It is also possible to get a credit card, directly from an international supplier. Persons with CIRRUS credit cards  - Visa, Mastercard - can usually use the ATMs at local banks to withdraw funds from a foreign account. Scotiabank ATMs are usually the best option for this even if you’re not a customer of the bank. Compare different credit cards to find one that meets your needs.

Will my contactless cards work?

Since credit cards are not used consistently and widespread, do not rely on contactless payment forms like Apple Pay.

Until your bank account is established, read about Money Transfer options to get the funds you will need to conduct business, find housing or go about everyday life in Guyana.