What Currency Does Guyana Use? The Guyanese Dollar

Guyana, a nation situated on the northern coast of South America, utilizes its own distinct national currency. Understanding this currency is important for anyone planning to visit or engage in financial activities within the country.

The Guyanese Dollar

The official currency of Guyana is the Guyanese Dollar, commonly abbreviated as GYD. It is also distinguished by the symbols “$” or “G$” to differentiate it from other currencies also called dollars. The Bank of Guyana serves as the country’s central bank and holds the sole authority to issue and manage the Guyanese Dollar.

The Guyanese Dollar is theoretically subdivided into 100 cents, although cent denominations are not widely used in everyday transactions. Banknotes are issued in denominations of G$20, G$50, G$100, G$500, G$1,000, G$2,000, and G$5,000. For coinage, the Bank of Guyana mints coins in G$1, G$5, G$10, and G$100 denominations.

Banknotes often feature national symbols and historical figures, reflecting Guyana’s cultural heritage. Some banknotes also incorporate tactile elements to assist visually impaired individuals in identifying different denominations. The central bank introduces security features to combat counterfeiting.

Exchanging and Using Currency in Guyana

The Guyanese Dollar operates on a floating exchange rate system, meaning its value fluctuates based on market conditions. The exchange rate with the US Dollar is commonly around G$210 for every US$1, though this rate can vary. While the Guyanese Dollar is the official legal tender, the US Dollar is often accepted informally for certain transactions, particularly in tourist-oriented areas.

For visitors needing to exchange currency, commercial banks and licensed cambios (currency exchange houses) are reliable options. These establishments offer competitive exchange rates. Banks typically have set hours, while cambios often provide quick service. Some hotels also offer currency exchange services, but their rates may be less favorable.

Guyana’s economy remains largely cash-based, especially outside the capital city of Georgetown and in rural areas. While credit and debit cards are accepted in major resorts, hotels, larger supermarkets, and some restaurants in urban centers, their acceptance can be limited in smaller businesses or remote regions. Major card networks like Visa and Mastercard are accepted where card payments are available.

Automated Teller Machines (ATMs) are available, primarily in Georgetown and other major towns, accepting most international Visa and Mastercard debit and credit cards. However, ATMs outside of major cities are less common. Daily withdrawal limits at ATMs range around G$200,000 per transaction, with banks having daily limits of G$400,000.

ATMs in Guyana charge a fee for foreign cardholders, ranging from G$200 to G$1,040 per transaction. Users should decline any dynamic currency conversion offered by ATMs to ensure their bank processes the exchange at a potentially better rate. It is advisable to carry sufficient cash, especially when venturing beyond urban centers, and to inform your bank of your travel plans to prevent card issues.