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Found 13 results

  1. Hola ! new to the forums. I have found a wealth of information on residency but one piece of critical info seems to always be missing. I am trying to figure out the mechanism people use to get their money from a US bank account to a Costa Rica bank account. I am not referring to the day to day stuff as an ATM seems a perfectly easy way to go. I am mostly talking about , for example, the $60,000 that is required for rentista, or if you want to buy a car or other large purchase occasionally. If anyone can help please let me know. Not sure if "PMs" work on this forum but if that is better than posting then please do. I understand why there are regulations but it seems that no one wants to talk about legitimate means of moving money larger than a few hundred dollars. Thanks and Pura Vida
  2. Saw this headline today: Costa Rica Approves Reforms Against Terrorism and Laundering And my first thought was: Uh, oh, NOW what will we have to do? It will be interesting to see what impact that will have on "foreigners."
  3. In 2006 I successfully opened a savings account at BCR while living and working temporarily in San Jose. Now I am readying to return to CR and I will need to have a bank where I can conduct personal business. My question is, can I reasonably expect the old account to still be open? There was a small deposit remaining in the account at that time, but it has been more than 10 years since the account has had any activity. Yeah, I could call BCR and ask, but I don't have the account number and my Spanish is not that good. It may come to that, but I am looking for your opinions first. Thanks again.
  4. Grandma Gail

    Financial investment in CR

    Looking for input on investing in CD's from CR banks. Our financial investments in USA have only averaged 1.5%. But Costa Rican banks advertise 5-7% depending on length of time for the CD. We have applied for Pensionado status, and do not foresee returning to USA to live. Any experience in CR financial investment welcomed. Thanks.
  5. I recently started using this app for all of my online banking - bill payment and transfers, including SINPE transfers to other banks and, to my surprise, it is great. Extremely easy to use, especially if you are at all familiar with doing these chores on a regular computer. My setup makes it a total breeze (iPad with iOS 8 and Touch ID, 1Password for pw management) but I think it would work well with a lesser system. I haven't yet tried setting up a new payee or transferee with it but it seems pretty easy. And looks like the only time you need to use their electronic token is when setting up a new SINPE transfer. *****!
  6. FYI: A friend just found out that he has to file a FBAR with the IRS next year because his bank account had more than $10,000 in it at one time. He had transferred some money here to buy a car. The penalty for not filing is $10k, and the form must be filed by June 30 the year following the calendar year in which his bank account had more than the $10k in it. I am posting this because I have read that the IRS is being very unforgiving if you fail to file this form, and have a bank account here that has more than $10k in it at any time. IRS link: http://www.irs.gov/B...Accounts-(FBAR) Dana
  7. 72 days away and getting nervous thinking of what I may not be considering. I am thinking that my local credit union may not be my best banking option now that we will be spending a prolonged period abroad. Does anyone have recommendations as to a US bank that works well for holding dollars and taking care of US obligations while overseas? I am wondering about banks being comfortable with forwarding money to a Costa Rican bank (should we decide on residency) or with making ATM withdrawals.
  8. Hoping new residents that have recently affliated with CAJA and existing residents that have affliated in the past or have had recent rate increases are willing to share their actual different CAJA cost ranges, per month. This should help us learn, real time, what effects the new changes in law are having on residents cost of living in Costa Rica.
  9. I read through most of the sticky on banks but it wasn't clear to me if you need some new card to open an account or not. I am sure if you read this forum regularly you're going, "Oh no, not another banking in CR question!" But please excuse me because I really don't have time to search and find whether or not this has been answered. If there's a thread that answers this please just link me to it. However one never knows if older threads are up to date, which is why I thought it practical to go ahead and ask this question yet again. So here's the deal. I have property in Costa Rica. I have a corporation but not sure the taxes are paid up on the corporation. I have an LLC but not sure that's in good order either, though I have paid my property taxes. I used to have a bank account at BCR but they froze it without warning a few years back saying they needed more information about my job, bank info and etc here in the U.S. I couldn't get down there to sign the papers plus I felt they were asking too many questions, so I let them close my account, thank goodness I didn't have much $ in it. Would love to be able to pay my caretaker via internet banking so I am wondering if there's now any way to do this. I'm coming down to Costa Rica for a couple weeks, next month and am wondering if there's any chance I can open an account, what info will they need from me, what documents, etc. I am not applying for residency yet - can't; but will in a couple years. If there's no way to open a bank account is there any attorney or ? who could make deposits into BCR or BN to pay my caretaker for me - like if I paid them via paypal or something? I have been having a friend pay my caretaker for me after I send them the $ via paypal but I hate to keep having to ask them to do that. I read that ARCR helped people open bank accounts. Is that still happening? How much does that service cost? What documents will I need? Thanks in advance for help with this question. Is banking any easier in Panama?
  10. I received my monthly newsletter from Scotiabank the other day, and clicked on "Certificados de Deposito" or Certificate of Deposit in English. I was surprised to see rates upwards of 2.0% for USD and 8% for CRC on a 12 month CD with a modest minimum investment amount. Are these rates for real or is there a catch I'm missing? CD rates in the USA are barely 1.0%, and you need at least $100,000 USD to get close to that rate. If for real, it would seem putting money aside in a Certificado de Deposito seems like a no-brainer. Those rates at least keep pace with USD inflation. The CRC rates are also attractive but a a bit of a gamble on the value of the Colone over the term of deposit. My only concern is that my DIMEX is in process. My account was opened a few years ago as a tourist and I submitted all the required paperwork including my CR corporation's finances. The account is in good standing. I fear jumping into a 12 month CD and then finding out in a year that I can't access the money without a cedula. Anyone have experience with Scotiabank or other bank CDs in Costa Rica?
  11. Curious to hear strategies for the famous rentista 'bank letter'. Who has had success getting an American bank to structure planned payments to meet the rentista requirement and the phrasing of the letter to immigration. Which American banks do this? Once the funds are structured this way and the letter notarized and apostilled, then one can proceed with setting up a CR account to receive the monthly disbursements? Is there a wire fee each month? Or a check and a delay?
  12. A friend of ours is trying to deposit a check to his BN or BCR account. They are now telling him that there will be a fee in addition to waiting almost a month for the funds to become available. Has anyone else had this happen? Is this new? Any suggestions on how you do this would be appreciated. Thanks, Dana
  13. My appologies to everyone but I have withdrawn my original question as this thread went off topic before I received an answer to my question.
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