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Also, any experiences using PayPal as a deposit mechanism? It appears their fees are also outrageous.

Opening a Bank Account

Fran, an expat living in Granada, had stated LaFise BanCentro now allows non-resident foreigners to open bank accounts. So I visited BanCentro to get the requirements. Also discovered Leonel was no longer the bank manager. Apparently he was holding the bank manager and the regional manager position but now is only the regional manager. The new Granada BanCentro bank manager is Eduardo Soto esoto@lafise.com and also speaks perfect English. He gave us the following requirements and a sample reference letter.

1) Individuals Nicaraguan: national identification card, issued by the Supreme Electoral Council (CSE). Two letters of reference (attached model) and water bill or electricity for current address.

2) Individuals Nicaraguan residents abroad: Identity Card or Certificate of residence abroad and / or passport. In addition, he shall submit a document which establishes his domicile abroad (driver's license or tax return or credit report or receipts Public Service). Two letters of reference (attached model).
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3) Individuals foreign residents in Nicaragua: Certificate of residence (temporary or permanent), issued by the Directorate General of Immigration (DGME) and passport. Two letters of reference (attached model) and water bill or electricity for current address.

4) Foreign Nonresident Individuals: Passport entry stamp in force. In the case of non-resident foreigners in the country who have not entered the country, it is not necessary to require an entry stamp. In addition, he shall submit a document which establishes his domicile abroad (Driver's License or Tax Return or Credit Reporting). Two letters of reference (attached model).

Opening balance for Savings is $50 or C$1000 if it is in local currency. For check account opening balance is $250 or C$2000 if it is in local currency.


Carta de Referencia Personal

Fecha ______/_______/________.


Sres. Banco LAFISE BANCENTRO Sociedad Anónima (Banco LAFISE).


Yo ________________________________________________ con tipo de identificación ____________________ número __________________ con dirección domiciliar __________________________________________________ y trabajador activo de: ____________________________________________; Hago constar que conozco al Sr(a): _____________________________________ desde hace _________ años.
Por lo antes descrito recomiendo al Sr(a) ___________________________ para que establezca relación contractual con su institución.

Cualquier consulta sobre mí referido, favor llamar a los siguientes números telefónicos: No. Convencional ___________________; No. de Celular ___________________; No. Centro de Trabajo ________________.

Atentamente

___________________________
Firma

I also stopped by BAC bank but they stated you must be a resident to have an account.and all rules are on their website at . Remember, this is Nicaragua and the rules change all the time and can be affected by the tide, day of the week and the mood of the clerk.

For a six month to one year stay it's not really worth the hassel of opening a Nicaraguan bank account. You can get by just fine with ATM withdrawals. Save on excessive fees by withdrawing $500 USD per time.

Here is the link to an article my husband and I recently published that tells you exactly what is needed to open an account.



Cheers,
Elisha