I made a startling discovery today when I called my currency changer to
find out what the Sha’ar HaTzig was today so as to guesstimate what I
thought I’d be getting on Thursday in my US$ check currency change
transaction.
I was told that ALL Currency Changers in RBS, and throughout Israel
had ceased accepting US Dollar checks for currency exchange.
As I understand the explanations of local Currency Changers, new laws and rules have been enacted in the United States which translate into more stringent reporting requirements regarding individuals who present US $ checks for changing. I have also been given to understand that the go-between banks or clearing houses who negotiate (if that’s the right word?)
such checks for clearing the drawer’s US bank have closed accounts of Israeli Currency Changers because they (the clearing houses) can’t deal with the increased paperwork resulting from the more stringent reporting requirements and have thus closed accounts of Israeli Currency Changers.
Is it possible — can it be that the Israeli Currency Change industry was caught totally unawares?? Can it be that an industry which also has ripples through Israel’s real estate and tourist industries does not have a research branch which would follow and anticipate evolving changes in American banking rules before they occur and act accordingly in order to serve their collective clienteles, rather than to severely inconvenience or jeopardize them? WHY were we NOT told in advance?? And won’t these more stringent rules wreck and destroy Israel’s Currency Change industry unless remedies are quickly developed?
Why didn’t AACI, Nefesh b’Nefesh, etc. publicize these coming changes and their impacts on Israel’s Anglo community??
Seems to me that prior publicity and warnings of changes are the “mother” of remedies to deal with such changes.