As a preliminary step to install the First Magnetic Observatory of Honduras, the local geomagnetic components are being computed in Tegucigalpa, Honduras (TEG), for the temporal interval 2010 –2013, using the Tsyganenko and Sitnov 2005 (J. Geophys. Res. 110, A03208, 2005: TS05) semi-empirical magnetospheric model. The diurnal variation of H (Sq) is obtained from the Chiripa Observatory (Costa Rica) data, using the International Quiet Days and the Normal Orthogonal Component Analysis. Pearson’s correlation coefficients are calculated between the H-component computed with the TS05 model in the Tegucigalpa coordinates and the Chiripa Observatory (CRP) data. The best correlations are obtained in days with Kp < 4, when the Sq and the quiet daily variation are removed from the CRP-H data and the TEG-H-component respectively. Seven TS05 magnetospheric currents are obtained in order to evaluate their contribution to the Sq. Using the Normal Orthogonal Component Analysis, the Chapman-Ferraro current fits better in the 0.00–12.00 local time interval, and the Birkeland currents fit better in the 12.00–24.00 local time interval.