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Private banks closing U.S. citizen accounts?

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I have a friend in Uruguay who tells me that private banks there, including HSBC, are shutting down accounts of U.S. citizens. They'd rather do that than have to jump through hoops for the U.S. government and FATCA. I haven't heard of this happening in CR but was wondering if anyone had any experience with this happening, being denied for a new account, etc.

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I have a friend in Uruguay who tells me that private banks there, including HSBC, are shutting down accounts of U.S. citizens. They'd rather do that than have to jump through hoops for the U.S. government and FATCA. I haven't heard of this happening in CR but was wondering if anyone had any experience with this happening, being denied for a new account, etc.

My neigbour from US again yesterday denied opening account at BCR until he has his cedula. He had 2 letters from clients who have accounts,etc. but was still denied.

 

Many retired US Baby Boomers are having second thoughts regarding spending their retirement dollars outside the USA. Blogs and websites in the US are full of comments with rapidly changing views of investing any dollars outside US borders, due to present and future security concerns abroad.

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I have a friend in Uruguay who tells me that private banks there, including HSBC, are shutting down accounts of U.S. citizens. They'd rather do that than have to jump through hoops for the U.S. government and FATCA. I haven't heard of this happening in CR but was wondering if anyone had any experience with this happening, being denied for a new account, etc.

 

It is not happening here yet, but it has become more difficult to open an account here without a cedula. At some point it may be required to have the cedula to keep open an account, thus making it difficult for "perpetual tourist" to do banking here.

 

Again, this is something being forced on all foreign banks by the US. Some countries just don't want to deal with it.

 

Dana

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I tried to open an account with BCR---had all my info. Even a letter from the SS office. Going to try an meet up with them today after being sent to a CPA for a letter saying what my income was. They used the same info. I had showed the bank to fill out the paperwork. As we are opening 2 accounts one for my wife and one for me-we had to have 2 sets at $50.00 each. I know I get taken a little about every time, I buy something and I don't mind paying a little gringo tax. But I felt this was a little over the top.

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I tried to open an account with BCR---had all my info. Even a letter from the SS office. Going to try an meet up with them today after being sent to a CPA for a letter saying what my income was. They used the same info. I had showed the bank to fill out the paperwork. As we are opening 2 accounts one for my wife and one for me-we had to have 2 sets at $50.00 each. I know I get taken a little about every time, I buy something and I don't mind paying a little gringo tax. But I felt this was a little over the top.

 

I know what you mean,several years ago I had to do that and it cost me 90 dollars, accountants charge more than doctors do here, crazy

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You may have to wait until you have your cedula 'in hand' (with the DIMEX info they require) as it seems to be in their requirements

We have our cedula/ caja and everything else but a piece of paper from a CPA. I even had a friend whose family had been banking with them forever/business and private---still no go without the CPA.

I might not like paying that much money anyway, but if they just charged me right there in the bank and took care of it; I would at least think I was getting something for my money. PS The lady that does this at the bank is off today.

Edited by konotahe

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I have a friend in Uruguay who tells me that private banks there, including HSBC, are shutting down accounts of U.S. citizens. They'd rather do that than have to jump through hoops for the U.S. government and FATCA. I haven't heard of this happening in CR but was wondering if anyone had any experience with this happening, being denied for a new account, etc.

 

Gringos are also bailing from all over abroad due to disrespect, unfair and abusive treatment. Any Gringos in Costa Rica being fleeced more often, discriminated against or denied expected service lately?

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I have lived here for six years and have never been subjected to disrespect, unfair or abusive treatment. I think it has a lot to do with the gringo's attitude when seeking said service or any kind of help. That's not always the case, since I was denied banking services yesterday for what reason I do not know, but normally I have no problems. Even language limitations haven't had an impact, and sometimes even create a bond when the Tico can offer to help me to understand something. I do speak Spanish reasonably well, according to the Ticos I'm talking to, but occasionally I have difficulty, especially understanding what they are saying since they talk so rapidly. (So do we!) Usually the person will help me to understand by using different words.

 

On the other hand, people who have lived here for years and make no attempt to learn the language might expect to be treated with a bit less than expected respect.

 

As for being denied services, the laws here change frequently, and the new law regarding bank accounts requires that you have a cedula in order to open an account. That doesn't mean that the person waiting on you is being discriminatory. He/she is just obeying the law.

 

Remember too that what we perceive as logical is very different from what Costa Ricans perceive as logical. That's probably true in most foreign countries.

 

Beachlife4us, I don't remember if you are actually living in CR at this time. If you are, I would ask you the same question. Have you been subjected to the treatment you describe?

Edited by Shea

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Hey Ed,

 

Two things: What happened with BCR? We went through ARCR and got our account set up at BN a block or two (easy walk) from their office. An ARCR staffer, Ivy, helped us, though between our lousy Spanish and the wonderful BN staffer's excellent English, it turned out to be fine. We spent maybe an hour or 1-1/2 hours at BN, and it was easy! ARCR provided us with a letter, and we both walked out of there with ATM cards. The BN staffer even explained how to access the account online, which Paul has done a few times. (But Ivy was there and happy to help had we needed her. And ARCR charged absolutely nothing for providing the letter and Ivy's services.)

 

And the second thing is: let us know what happens!

 

regards,

Gayle

 

ps: congratulations on receiving your cedulas!

Edited by salish sea

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Gringos are also bailing from all over abroad due to disrespect, unfair and abusive treatment.

That sounds like a rather un-scientific, very broad statement. The last time I looked out my window, there were still a few people left in town. But, then again, if you read it, it must be true. Why do you paint with such a broad brush?

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