US Dollar/Cordoba Conversions
Converting between US dollars and Cordobas in Nicaragua is about as easy as finding someone who eats Gallo Pinto. All the banks have current exchange rates for buying and selling posted and most have Euro rates as well. Coyotes (money changers) exist in most towns of any size. Stores accept either and paying in dollars but getting change in cordobas is relatively common. Depositing checks in US dollars in a dollar account and withdrawing in cordobas works fine. But, I have discovered a strange catch.
CoolTop has a US dollar bank account in BANPRO and a Cordoba account in BANCENTRO. Out bookkeeper needed to transfer money from the dollar account to the Cordoba account so she wrote a check made out to the company. Nope. Wrong. She could not deposit the US dollar check in the Cordoba account.
Now, if the check was in the name of her dog (and her dog had a cédula and a bank account, her dog could go to BANCENTRO and convert/deposit. Or, her dog could go to BANPRO, cash the check and get the money in Cordobas.
So, I have a question.. The obvious question. OK, two questions.