Why bitcoin for business matters

My recent personal experience with international banking and how bitcoin could make a difference:

BEST WAYS TO Cash $US DOLLARS for Cordobas

(Additional note for Canadians at the end of this post)

Please note that this a thread about how to cash $US dollar bills for cordobas. It is not intended to be a thread about how to transfer money from overseas into Nicaragua. Also, it is based on my personal experience. I am open to correction and hope that people will weigh in with their own observations.

In order of preference ….

#1 Casinos

i think BAC 1 of the worst banks in nica.

2 banks..bac and banco lafise/bancentro..i have accts. at both..i need some papers for immigration tomorrow they told me today..bancentro..did them right away..bac..have to wait 24 bac i have had a acct since 2005..and also have a cct. for direct deposit of my usa. s.s. check..they will only give me a letter on the 1 acct. not the s.s. acct..needless to say..when u go to immigration the more paper work u have for them the not happy with bac at going to transfer my s.s.

Who needs to file a FBAR?

I just finished sending in my Fed taxes using TurboTax. I was informed by them that I need to file a FBAR? I just have a ordinary bank account at BanPro that is over the 10k limit. Does anyone else see this as necessary?

What is an FBAR?

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.

Cryptocurrencies for social change

A couple of recent events/news stories have inspired this post. The idea I am exploring is if a cryptocurrency (like bitcoin and I mean like in the sense "similar to", not "such as" -- bitcoin might not be a way to address poverty in Nicaragua. First, the two events that got me thinking.

Check clearing times

Does anyone know how long it currently takes to clear a check drawn from a North American bank and deposited into a Nicaraguan account?

How much cash can I bring in?

Can anyone tell me how much cash it is legal for me to bring with me into Nicaragua when I fly in?

Searched the Nica government websites and could not find an answer.

Can Canadian dollars be changed at MGA?

My housekeeper's nephew was given some Canadian bills, and he would like to change them to Cordobas. The banks here in Ocotal won't do it. Can Canadian dollars be changed at the Managua airport?

I guess DGI is serious

Recently it was mentioned that La Renta (DGI) was cracking down on real estate sales price deregulation (that is, lies). Generally, any government change of any sort leads to a business opportunity.

I am guessing that La Renta is cracking down on more than just real estate transactions. Why? Well, I just got Nicaraguan SPAM about a one-day seminar being given later this month in Managua. The name is La Contabilidad Creativa y el Delito de Presentación de Estados Financieros Falsos.

getting ure u.s.a. s.s. check down here..

had a appt.

The Banking Squeeze

The forums here are full of banking questions with an assortment of different answers. There in some more authoritative info in either Living or Nica Info but there is always a different story. Here are some current experiences.

depositing a s.s. check in a nica bank???

i know u do it thru the u.s. embassy.. 1.can u use any bank..i have accts at bac and ban centro the hold the check for 15-30 days.. they use a existing acct. or do they use like a nica payroll actt. 4.has anyone had any problems with this..

got a banking problem,with my usa bank..

when i changed my address from nica box //trans-express miami,, to a nicaraguan post office bank wont let me use bill pay and some other services with them..because on there bad boy list..i need an usa address..preferably not a po box..nica box..was about $15 a month..anyone..use a drop box in the states..and if so how much..thanks


Bitcoin is an alternative currency for just about all interpretations of the word alternative. It is not government issued, it is not physical, it is global, and more. For someone wanting to move money around it has the advantage that it is free of prying eyes.

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