Bank Problems in Guyana

I've been in Guyana almost a month now, and I realized that I haven't had much time to write about my experience in Guyana so far other than work. Well, really, mostly everything I have done is work, but there's some general notes I can make - especially since the tourism season is starting in Guyana.

The first thing people need to know when they come to Guyana is that the local banks do not have ATMs that can use cards outside of Guyana. This is an annoying problem, and one that one would expect could be fixed - especially with international banks such as Guyana. Don't be fooled by this page on Guyana's Scotiabank - your ATM card will probably not work in Guyana. And even then, it may not. Read on.

However, if you have a Visa or Mastercard debit card, you can go inside - normal banking hours are 8 a.m. until 2 p.m. - and stand in line like everyone else. There's a sign in the Scotiabank that says:

Did you know that if you had used the ATM that you would be finished your banking by now?

Well, folks - if an international bank had an international ATM, I would have spent less time in the bank.

While I was there the last time, a young woman was standing inside waiting to find out if they would accept her card. She was there at least half an hour while I was in line doing my transaction... and she was there when I left. I ran into her later, and asked her if they accepted her card - she said it was a Mastercard debit - and she told me know. That's atrocious, especially when Guyana is expecting 40,000 tourists this year - not counting the business people. Guyana is the only country I have been to where an international ATM cannot be found.

The Bigger Picture

The banking infrastructure throughout the Caribbean has been severely lagging - even in the 'tiger of the Caribbean', Trinidad and Tobago. Bragging of a GDP of $8 Billion U.S. a year, you still can't collect from credit cards online and put it into a local bank. It takes 15 working days to clear a U.S. check in Trinidad and Tobago - and I understand in Jamaica, clearing a check from the U.S. can take 45 days. There's NO reason for that.

You'd think that they would want money coming into the region. Instead, they focus on cards and other things which allow money to leave the region. Then they charge fees for receiving funds as well. They penalize people who bring in foreign exchange.

Speculation on the part of quite a few people I have spoken to is that the banks are simply taking advantage of people in the region, and there's no progress that indicates otherwise. This affects ecommerce in the region, as well as general business. Will the banks do what is best for the Caribbean region?

Shame, shame, shame. You might as well stuff your money in a mattress. There's no banking fee for that.