Banking Nicaraguan Style

I have heard from many expats here about various problems in opening accounts or applying for credit cards in local banks due to requirements close to impossible for some to comply with (like a local personal guarantor - who's going to do that for someone they barely know and who is staying for only 3 years?). Therefore, most expats I know use only their international credit cards issued by their banks abroad. Credit card fraud, so far, is still non-existent in Nicaragua...well, not that I've heard of anyway. Almost all restaurants, shops, personal services and even the cinemas in La Galeria accept credit card payments without surcharge. As to cash requirements, ATMs abound in most of the country using the VISA / Cirrus systems and is therefore also not a hassle except for the withdrawal charges. But I've known some who has never had a local account.

Nicaragua (as I've said so many times before), for its economic standing (2nd poorest in the Western Hemisphere after Haiti) is a rather expensive place to live in - I once had my hair trimmed and coloured for $120 which I would have paid for less than half in the Philippines. Depending on what you buy, some groceries (mostly imported) can cost the same as in Denmark and definitely a lot more expensive than Asia. This is where our local bank comes in.

or Banco de America Central (BAC) is an institution present all over Central America, the US and has presence in the Caribbean. We have never had any problems with them and in fact have benefited from their many imaginative promotional activities. In La Colonia, with a BAC Credomatic (credit card) you always get an additional 5% discount on all your purchases on top of other promos or discounts the Supermarket offers. On Valentine's day, even if T & I didn't want to join the melee of lovers out to prove just how much they (still) love each other, we went to try a recommended restaurant anyway because BAC had a 50% off promo on restaurant bills that day. Meaning that even if you get a bill for, say, $100 and signed for it using your BAC card, you will only be billed $50 on your next billing. This promo was repeated this Mother's Day, 50% off on all salon services in any salon - no, I didn't have anything done just for the heck of it even if I'm a sucker for 'rebajas'. Add to that their various 20-30% off promos in different shops at different times of the month - you know, a weekend sale here and there except that they are regular items carrying regular prices but discounted when using BAC Credomatic.

Just the other night we watched a movie for $3 for 2. Tuesday is a movie night. La Cinemas de Galeria offer discounts on this day. Recently, BAC has joined the party by giving discounts on cinema tickets purchased through the Credomatic (Tuesdays, Thursdays and one more day which I don't remember). Imagine my discomfort signing for $3.

For all the complaints I've heard about banking here in Nicaragua, I can't say that I can sympathize but I sure can recommend BAC anytime.