How are the Nicaraguan banks? Are they safe?
Mike Cobb - ECI Development
Banking in Nicaragua is safe and stable. It is possible to have both USA Dollar accounts as well as Cordoba (Nicaraguan money) accounts. BAC bank has a U.S. branch in Florida that makes transfers ofmoney to and from the States easy and inexpensive. I know folks who lived here for 3 years without a bank account. They used their credit cards for phone, Internet, electricity, groceries, gas, etc., and paid their rent in cash taken from an ATM once a month in U.S. Dollars.
Banking in Nicaragua is safe and stable. It is possible to have both USA Dollar accounts as well as Cordoba (Nicaraguan money) accounts. BAC bank has a U.S. branch in Florida that makes transfers ofmoney to and from the States easy and inexpensive. I know folks who lived here for 3 years without a bank account. They used their credit cards for phone, Internet, electricity, groceries, gas, etc., and paid their rent in cash taken from an ATM once a month in U.S. Dollars.
Posted January 20, 2014
Sendy Tijerino
The banks in Nicaragua are safe. One of the safest banks in Nicaragua is BAC (Bank de America Central), which has many branches in all of Nicaragua and elsewhere in Central America. It is one of the fastest-growing banks in Nicaragua, with solid financial backing, and it provides great financial protection.
The banks in Nicaragua are safe. One of the safest banks in Nicaragua is BAC (Bank de America Central), which has many branches in all of Nicaragua and elsewhere in Central America. It is one of the fastest-growing banks in Nicaragua, with solid financial backing, and it provides great financial protection.
Posted May 27, 2014
Gabriel Sánchez - PRONicaragua
The banks in Nicaragua are perfectly safe, as safe as they could be. The national banks are part of business groups that mostly belong to regional groups in all of Central America. This gives the clients a sense of security because the banks rely on regional strength, not just the strength of Nicaragua.
There was a banking crisis in Nicaragua many years ago. As a result of this crisis, the government tightened up the rules of the game and it made the...
The banks in Nicaragua are perfectly safe, as safe as they could be. The national banks are part of business groups that mostly belong to regional groups in all of Central America. This gives the clients a sense of security because the banks rely on regional strength, not just the strength of Nicaragua.
There was a banking crisis in Nicaragua many years ago. As a result of this crisis, the government tightened up the rules of the game and it made the whole financial system a lot more stable and trustworthy. If you look at the local laws and the institutions that are regulating the financial sector and the companies, there would be no reason to have any kind of concerns about any banks in the Nicaragua.
Nicaragua has the Deposit Guarantee Fund that I believe is an international institution that guarantees the deposits for the public up to a certain amount. That also provides a source of confidence in the local banks. The Deposit Guarantee Fund is a local institution that is created by law and generates its funding through taxes.
The banks headquartered in Nicaragua are pretty small. There are six banks, at least three of which started here in Nicaragua and then expanded to the rest of the region.
Posted November 14, 2014
Frank Martínez
There are only six banks in Nicaragua, which is a very low number. Because of this, they have the control of all the money of the country. The banks manage private money and government money and they also lend all this money.
A superintendent office regulates banks in Nicaragua. About 10 years ago there were ten banks, but some of them closed. This was because bigger banks bought the smaller banks. Now, Nicaragua has insurance for deposits. Our bankers have 20 years of...
A superintendent office regulates banks in Nicaragua. About 10 years ago there were ten banks, but some of them closed. This was because bigger banks bought the smaller banks. Now, Nicaragua has insurance for deposits. Our bankers have 20 years of...
There are only six banks in Nicaragua, which is a very low number. Because of this, they have the control of all the money of the country. The banks manage private money and government money and they also lend all this money.
A superintendent office regulates banks in Nicaragua. About 10 years ago there were ten banks, but some of them closed. This was because bigger banks bought the smaller banks. Now, Nicaragua has insurance for deposits. Our bankers have 20 years of experience, and our banks are very highly regarded amongst international institutions that recognize the improvement in our banks through all these years. These international institutions certify that our banks are of very high quality. In addition, we have never had problems with banks that close where depositors lose their money. This has never happened.
A superintendent office regulates banks in Nicaragua. About 10 years ago there were ten banks, but some of them closed. This was because bigger banks bought the smaller banks. Now, Nicaragua has insurance for deposits. Our bankers have 20 years of experience, and our banks are very highly regarded amongst international institutions that recognize the improvement in our banks through all these years. These international institutions certify that our banks are of very high quality. In addition, we have never had problems with banks that close where depositors lose their money. This has never happened.
(Headquarters for the bank Banco de la Producción (Banpro) in Managua, Nicaragua, pictured.)
Posted April 8, 2015
Mario Robleto - SAENICSA Accounting and Tax Services
Before 2000 and the early 1990s there were some instability in banking institutions in Nicaragua and there were even some closures. But since then there has been a lot more stability.For example, Bancentro LAFISE has been recognized as regional leaders and have been doing very well with great Fitch ratings. I believe that last Bancentro LAFISE an AA Fitch rating for the year. Also, the bank has been nominated by Estrategia y Negocios as one of the best banks in the region.
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Before 2000 and the early 1990s there were some instability in banking institutions in Nicaragua and there were even some closures. But since then there has been a lot more stability.For example, Bancentro LAFISE has been recognized as regional leaders and have been doing very well with great Fitch ratings. I believe that last Bancentro LAFISE an AA Fitch rating for the year. Also, the bank has been nominated by Estrategia y Negocios as one of the best banks in the region.
It doesn’t matter which bank you use. Fogade (a publishing company similar to Forbes in the US) is an insurance institution that guarantees deposits up to US $10,000. So there is stability.
There was some problems with the banking institutions in Nicaragua before in the early 1990s and late 1980s, but then again we were just finishing a war, so it’s kind of understandable. There were some banks that even went out of business. There were depositors who didn’t get any of their money back. Others got part of their money back.
Since then there have been changes. There has been more regulation. Now financial and banking institutions here in Nicaragua have to answer to a superintendent of banks, the SIBOIF, which in Spanish is “Superintendencia de Bancos y de Otras Instituciones.” Now banks are regulated by that entity. It’s a separate legal entity that the government regulates and in turn it regulates financial and banking institutions in Nicaragua. Now, your deposits are insured by a separate entity, the Fogade, up to $10,000 and I believe that Standard and Poors has actually increased Nicaragua’s ratings last year for banking and investment opportunities just on this transparency alone.
There’s more stability and more transparency now, which we all want and we all need and everybody benefits from it.
(Logo for Bancentro Lafise, Nicaragua, pictured.)
Posted March 7, 2016