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Currency Guide – Guyana

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A Brief History of the Guyanese Dollar

The Guyanese dollar has a storied past that reflects the country’s colonial history. It was introduced on November 15, 1965, replacing the British West Indies dollar at par just before Guyana gained independence from Britain in 1966. The currency was initially intended as a transitional unit to move from the Dutch guilder system to the British pound sterling system, which had been prevalent during colonial rule. Over the years, the design of the banknotes and coins has evolved significantly, incorporating various national symbols and notable figures that celebrate Guyana’s heritage and identity.

Currency Usage Guide

Denominations:
The Guyanese dollar is used in both banknotes and coins:

  • Banknotes: G$20, G$50, G$100, G$500, G$1,000, and G$5,000.
  • Coins: G$1, G$5, G$10, and G$100.

While larger denominations are commonly used for significant purchases or transactions in urban areas like Georgetown, smaller denominations are essential for everyday expenses such as tips or local markets.

Currency Exchange:
When traveling to Guyana, it’s advisable to exchange your currency at authorized exchange bureaus or banks to secure favorable rates. ATMs are widely available in urban areas; however, it’s prudent to carry cash for rural excursions where electronic payments may not be accepted.

Tips for Travelers Regarding Currency

  1. Carry Cash: While credit cards are accepted in many hotels and restaurants in Georgetown, cash is necessary for smaller vendors and rural areas.
  2. Familiarize Yourself with Security Features: To avoid counterfeit notes, learn about the security features of Guyanese banknotes.
  3. Use Local Currency: Although U.S. dollars may be accepted in some places, using local currency is recommended to avoid unfavorable exchange rates.
  4. Plan for Fees: Be aware of potential fees when withdrawing money from ATMs or exchanging currency.
  5. Keep Small Denominations Handy: This is particularly useful for tipping service staff or making small purchases.

Major Banks in Guyana

  1. Bank of Guyana
    • The central bank of the country responsible for issuing currency and regulating monetary policy. It plays a crucial role in maintaining financial stability and overseeing commercial banks.
  2. Guyana Bank for Trade and Industry (GBTI)
    • A prominent commercial bank offering a range of banking services including personal and business accounts, loans, and investment options tailored to meet customer needs.
  3. Republic Bank (Guyana) Limited
    • A subsidiary of Republic Financial Holdings Limited from Trinidad & Tobago, this bank provides comprehensive banking services with a focus on customer service and community development.
  4. Scotiabank Guyana
    • Part of the international Scotiabank group, it offers personal banking services such as savings accounts, loans, credit cards, and investment products designed for both individuals and businesses.
  5. Demera Bank
    • A smaller yet significant player in the banking sector that focuses on personalized banking services including savings accounts and loans with competitive interest rates.
  6. Citizens Bank Guyana
    • Known for its customer-centric approach, this bank offers a variety of financial products including personal loans, mortgages, and investment services aimed at enhancing customer financial well-being.
  7. Guyana National Cooperative Bank
    • This bank primarily serves cooperative societies and their members by providing accessible banking services that support community development initiatives.
  8. First Citizens Bank (Guyana)
    • A subsidiary of First Citizens Group from Trinidad & Tobago that provides modern banking solutions with an emphasis on innovation and customer satisfaction.
  9. Bank of Nova Scotia
    • Offers a range of financial products including personal banking services tailored to meet individual needs while contributing to local economic growth.
  10. Trust Company (Guyana) Limited
    • Specializes in trust services but also offers general banking services aimed at providing secure financial management options for clients.

Understanding these aspects of currency in Guyana will not only enhance your travel experience but also ensure you navigate financial transactions with confidence during your visit.


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