Get an Idea of How Many People in Your Area Typically Send Money to Guatemala
Get an Idea of How Many People in Your Area Typically Send Money to Guatemala
It is estimated that nearly one million Guatemalans live in the United States today. Additionally, it is one of the poorest countries in the world, so it should not be surprising that remittances to the area are a huge source of income for many families. In fact, some simply could not survive without regular money transfers sent to them by family, so it is important to find options that remit money fast and reliably.
One interesting fact is that the majority of money transfers to this country come from a few particular states, which means these areas might offer more methods than those that see fewer remittances. The top areas include California, New York, Florida, Washington D.C., Texas, Virginia, and Massachusetts. However, the United States as a whole remitted nearly 98 percent of the money transfers in 2005, which equals nearly ten percent of Guatemala's GDP. The amount of money remitted that year was $3 billion, resulting in a more than 40 percent increase in the percentage of the GDP that the remittances represented. In 2002, remittances to the area represented nearly seven percent of the GDP. Clearly, the number of people who need to send money to Guatemala has increased over the years.
Presently, remittances to nearly all countries are down from what they were in 2007. However, many experts expect the numbers to once again increase as the economies of major countries recover. After all, it is rather difficult to send money anywhere when you have lost your job or taken a pay cut, which has occurred in the United States as well as many other nations. If you can still afford to send money to Guatemala, or perhaps just want to plan for the future when you can, you should know all your options.
Many people have taken the traditional route in the past to send money to Guatemala, which includes either banks or money transfer services. These routes are usually reliable, but they can get expensive if you need to remit often. The fees can top $50 per transaction, which clearly cuts into the amount you can send. For this reason, newer technology might benefit you better, such as a prepaid debit card. This method requires a fee of only $5 to send up to $1000 USD at a time, and your recipients will have access to the cash through either ATMs or merchants that accept cards. This is just one way to send money to Guatemala that is convenient for both you and your family.
Before you send money to Guatemala, it is often helpful to find out the facts. This way, you will get an idea of who sends money often, and whether remittances are popular in your area in the U.S. This knowledge may help prepare you for whether there are several methods you can use in your area, or few.
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