Wednesday, 1 October 2008
No more dollars?
The U.S. financial crisis is making itself felt in different ways across the world.
Here in Guatemala it has been announced by a Guatemalan bank that they will no longer immediately credit U.S. cheques in to Local accounts but place them in a ring fenced account for 30 days to ensure the funds are available to cover them.
It seems the days of the ubiquitous 'green back' are quickly coming to an end. We were in Margarita, Venezuela when the government there announced that US dollars were no longer to be accepted as legal tender in stores and businesses and in Cuba now any transaction in U.S. dollars immediately attracts a 10% surcharge....
We find ourselves increasingly using PayPal to pay accounts, the advantage being that we can choose, at source, which currency we wish to nominate for payment. It makes life much easier as we travel around.