Banking Options

What is the best banking option for someone in Nicaragua? This question is inspired by my blog post about banking here and all so many others. The roughly translate to "banking here sucks".

I think few people are concerned that the banks are going to fail. The issue is much more about bad service. Searching for bank here on NL will get you lots of examples. So, is there a decent alternative? Here is a list of possible services some will be looking for. Many are available with banks here but just "don't work right" or require hours of time to do something that should take 10 minutes and/or be available on-line.

• Accounts in US$ and Euros. Additional choices are desirable.
• ATM access on some major bank network such as Plus or Cirrus.
• Wire transfers in and out. Outbound should be available on-line.
• On-line account inquiries.
• Accept international checks (in multiple currencies desirable) and clear them in a reasonable amount of time.
• For businesses, here are two more important options needed:
  • Able to open an account for a Nicaraguan S.A.
  • Merchant services. That is, accept credit and debit cards for your business.

While many answers may be a bank outside of Nicaragua, if you have an in-country solution, I am sure we would like to hear about it. For example, HSBC recently bought Bankistmo and while there are only offices in Managua, if they have their act together, they might be a reasonable answer. I believe, however, they have never been mentioned here.