Guam is considered the financial powerhouse of Micronesia. For one, it’s the subregion’s focal point of U.S. national defense spending activities. For another, Guam’s economy earns a lot from tourism and investments from Asia-Pacific. But it’s not only the public and private institutions that are growing in their wealth—Guam’s individual residents have mostly benefited from the windfall as well. .
Here, there are many financial services that cater to locals, expatriate business people, military veterans, and retirees who want to settle on the island. Guamanians and migrants to the island can use these to their advantage in order to manage their savings, build their wealth, and live a prosperous life.
Here’s Guam Phone Book’s guide on what financial services you can find on the island. Check out our listings for the most reputable financial institutions and practitioners in Guam—and contact them to help you on your money matters.
Banking Services in Guam
Both local and foreign banks operate on the island territory. Major banks in Guam include the Bank of Guam, First Commercial Bank, Pacific Islands Development Bank, Bankpacific, and the Philippine National Bank. These banks have presence in important commercial areas of Guam like Tumon, Dededo, Hagåtña, and Mangilao.
Travelers to Guam will find adequate banking services there, such as foreign currency exchange, wire transfers, and issuance of traveler’s checks. Those who anticipate staying in Guam for an extended period can also go to one of these banks to open personal savings or checking accounts. Guam’s banks can also help customers apply for their own credit cards, enlist in business banking services, and pay bills for other companies. Search our listings to find a bank branch that operates in your area of residence, and call them to know which services they offer.
Financing Options in Guam
Banks aren’t your only options when it comes to personal and business financing in Guam. You can apply for a personal loan or for a working capital loan for your business by contacting one of Guam’s credit unions and lenders. Trustworthy lenders here include Coast360 Federal Credit Union, Express Financial, Personal Finance Center, Merrill Lynch, Synergy Financial Management, and US Financing.
In some cases, borrowing money from a credit union or lending company will be better than doing so from a bank. You’ll find a lot of financing options available from them, but with better interest rates and repayment options than a commercial bank’s. It’s good to explore financing with a Guam-based credit union or lender, so be sure to include at least one among your options.
Guam’s Financial Consultancy Services
Perhaps you want to improve your level of financial literacy or you’re trying to meet a specific financial goal during your stay in Guam. If either is the case, you may benefit from the services of a Guam financial consultant. You will want to find a financial advisor who is licensed under both US and Guam law.
A financial consultant will be able to offer you personalized guidance on how to grow and manage your wealth. You and your financial advisor can go straight into determining the ideal investment plan and estate plan for you. You can also receive advice on managing your assets for big milestones, such as your upcoming retirement or your child’s enrollment in college.
Guam Lawyers for Bankruptcy and Other Financial Matters
No one wants to think of getting in financial trouble while living in Guam. But in case that happens, you will be able to find an attorney who can assist you through the legal processes.
Check out the Guam Phone Book’s listings to find a Guam lawyer specializing in bankruptcy.. You may also ask if their law practice covers other important financial matters, such as collections and securities.
Conclusion: Take Charge of Your Finances in Guam
Money matters are a challenge to stay on top of, and this can be doubly hard when you’re adjusting to life in Guam at the same time. But as you’ve learned above, there are a number of financial services here that you can turn to. Save your money, improve your cash flow, set up an investment portfolio, and protect your financial health with the help of the aforementioned institutions. This will be your key to a prosperous and satisfying life on the island!