Before moving back to California last week we sold our car and received cash and a cashiers check from Banco General. I took part of the payment as a cashiers check because I didn't want to carry a large amount of cash and I assumed I would be able to negotiate the cashiers check once we returned to the U.S. Having worked in banking for many years I expected the bank would just send the check as an international collection which is a very common process.
I dropped the check off Monday and today I got a call from my banker telling me that their International Department said that they have never been able to successfully collect on a check from Panama? They said the banks in Panama receive the checks, but refuse to pay, then destroy the check. They said they would send it if I wanted, but that I shouldn't expect to ever receive the money. Their advice was to fly to Panama and cash the check?
Does anyone have any experience negotiating cashiers checks from Panama in the U.S.?
I dropped the check off Monday and today I got a call from my banker telling me that their International Department said that they have never been able to successfully collect on a check from Panama? They said the banks in Panama receive the checks, but refuse to pay, then destroy the check. They said they would send it if I wanted, but that I shouldn't expect to ever receive the money. Their advice was to fly to Panama and cash the check?
Does anyone have any experience negotiating cashiers checks from Panama in the U.S.?
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