Bancentro charged me $30 to deposit a check!

Yesterday I deposited a check made out to me (in US funds) from my Canadian account into my Bancentro account. Today someone from hq in Managua told me they would charge me $30 for doing so.

Has this ever happened to anyone else?

It's still lower that a wire transfer and a lot less work but what the hell!

I was also told that the funds would be released into my Nica account in 30 days but I'm told that's par for the course.

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i use ban centro..

all the time..never had that happen to me on my usa acct..next time im there will ask them..i hope not..deposited a check there last month

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Found out today what this is all about.

At Bancentro, cheques drawn from accounts in several countries, including Canada, must be cleared through the bank's international banking centre and there is a $30 fee for doing so. Cheques drawn from an account from a bank in the USA do not have to jump through this hoop and so there is no charge for the service of cashing it.

Notwithstanding, this is still cheaper than a wire transfer from Canada. Also, when I transfer money this way, my friend in Canada who handles my wire transfers for me does not have to waste 45 minutes in the Canadian bank waiting for the tellers there to figure out how the process the transaction.

On the downside, these days a wire transfer from Canada to Nicaragua is almost instanteous, but it takes about 20 working days for a cheque to clear.

Good and bad of wire transfers

Wire transfers seems to be the norm in Europe and a problem in the Western Hemisphere. I expect part of that is that Europe get in the mode because of all the currency conversions necessary up until 2000. I have been told a typical wire fee in Europe is €5 to €6.

I know that some new regulation was put into effect in the US with regard to international wires. I don't know the details but the Credit Union I use (First Tech in Portland) said new requirements are delaying wires for a day. They also said the process costs them more but they absorbed the cost. Wires within the US are $15, $40 for international. The biggest win is that The whole process can be done on-line so no bank lines with tellers that don't have a clue.

A young Belgian lady

A young Belgian lady I know, under 30, had never used a cheque in her life before she moved to Canada 2 years ago. She did her banking on-line including transfers to other people's accounts. If you knew their account number, you could transfer money. That's not at all like our wires.

i do that..

for like birthday and xmas presents in the states

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In Canada wire transfers cannot be done online, they must be done in person.

I used to transfer out of my Canadian Account to BDF here

using online banking anywhere I was.

Juanno

Was this a wire transfer or direct account-to-account transfer?

Some interesting links

I dont know the technical term but....

It went from HSBC Calgary (Must be in US Dollars!) to the clearing bank (Swift Number) in Florida (Wachovia?) then to BDF main branch in Managua finally landing up in my BDF account here in SJdS. About 2 days was their record.

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Those were wire transfers.

... Belgian Lady . .

Europe is different, often the country's post office maintains accounts for citizens. Easy to pay bills.

Germany had this in place when I was there in the 60's .. .

US Post Office is talking about getting in the business,, they have plenty of role models to follow.

I still see some little old lady pull out a check book once in a great while, usually at K-mart. But even then, check is scanned, digitized, and immediately deposited with a credit to the merchant's account.

The last one, stood there for five minutes digging in her purse, finally,

"Does anyone have a pen"? Who knew . . .

I don't have any checks left, but sometimes wind up writing a counter check at the bank when I need a large sum of cash.

I quit doing bank wire transfers

Now I go to Western Union. The last wire transfer had a fee at the Canadian Bank, a fee at the intermediary US bank, and a fee at the receiving bank. I think it was $30, $20, and $25, something like that, plus currency conversion fee, plus it seemed I was training the teller each time - they really don't do it often.

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Susan, when I do a wire transfer from Canada to Nicaragua for a medium-sized amount, such as about $US 5,000, the total amount of fees works out to about $60 -- $30 charged by my Canadian bank, about the same by my Nica bank.

I get a marginally favourable rate from my Canadian bank on the conversion of Canadabucks to USAbucks but not by a lot.

How does compare to WU fees?

No comparison

I was transferring just over $200 and I think it was a flat rate. I have the receipt here - $10.98. The much higher fee from the bank was always on a similar amount.

The bank wire requires much more documentation. When we transfer money, we need Swift numbers, addresses and such and none of that was needed. The teller also knew what she was doing because she does it all the time. Another point about the wire transfer was we never knew what the intermediary bank fee would be - they just subtracted it - so the funds would arrive short. Note that my transfers were to Panama.

I asked how their service could be so much cheaper than the bank and she said they have their own network. The person on the receiving end goes to the Western Union office to pick up the funds so there is no messing with bank accounts.

thanks

im usa