Expat banking in CR

We have had an account with Banco Nacional for 10 years now.  We only have a dollar account but can move colones through it.  We only use colones as our daily currency.  We are from Canada and use our Scotia Bank Passport Visa for almost all our purchases.  It has a good patronage program and also a very low international conversion fee.  Our Canada Pension Plan and Old age Security, along with a LIF and RRSP's remain in Canada.  I transfer $5,000 USD from our Canadian bank once every few months to keep a running balance in Banco Nacional.

Hello.

My response isn't too far from TerrynViv's above.

I'm from the states... I keep a bank account in the USA where a relative can 'help out' as a named person on my account.  My SS goes directly into that account.

I use an airlines Mastercard from a US bank of whatever for almost all of my purchases here in CR... they currently do not charge me any international fees.  (they do charge around $5 for cash withdrawals from ATMs)  I pay that credit card electronically, from my bank account in the states... just as I always did.  I love getting the points... But American Airlines no longer has a partnership with any Latin American airlines.... so if I want to use them to go 'south'... I have to fly to Miami first, then return to south America. They used to partner with LATAM... which flies out of SanJose to most south American countries.

I did contact them (the CC company) before moving here to say that I would be living in CR and basically, using my Credit card here... (always a good idea to do whether just going on vacation, or moving permanently... that way there won't be a 'panic' freeze on your account because of activity in a foreign country.) I also provided them with my relative's USA address for any mailings, like a new or replacement card.  Because there is no 'regular' direct mail in Costa Rica (my house doesn't have a number, my road has no name, and there are no Zip or Postal codes here)... my relative KNOWS how to send things to me via the private carriers (Correos de Costa Rica, JetBox, Liberty Express, etc.)... which means that she is basically sending 'things' to their receiving address in Miami; ( a 2nd address is listed for the final receiver in CR along with phone number or even E-mail )  the company then ships mail en masse to CR where said company then receives the mail (and deals with customs) and then they disperse it to customers, as paid for.  (I can pick it up in Quesada, or San Ramon, or have pay to have their courier bring it to me which is or can be difficult with no address and or bad Spanish)

My relative wire transfers US dollars from my account in the states, to my account here, as I request it.  Like Terry, above, usually a reasonable amount is wired that isn't too high (the bank will hold your money if it's a big amount until you can prove 'where'  it came from...literally, you may have to show your SS benefits letter, sale documents from a home you sold up there, etc. I carried those documents with me to the bank for my first 3 years.. just in case and there were times when I'm glad I had them)... and not small amounts either... you will be paying Wire Transfer Fees (usually, fixed amounts) on both ends; every time. Less than $2500 is my bottom line; but if I can wait... anything less than $10K generally doesn't cause alarm at my bank.  Eventually, they will know you if you don't live where there are tons of expats. 

She has it sent to my account in US Dollars which I have at the Banco Nacional.  It is one of three  Nat'l banks... all others are either private or International.  I would recommend using a national bank here.  Banco Nacional (BN),  Banco de Costa Rica (BCR) or Banco Popular (BP).  Whatever you choose is up to you, all banks are represented in my nearby 'big' town.  At the time, i went with BN because they had longer and Saturday hours... all of which do not exist right now.  But I don't' work so 'banking hours' do not affect me much, I have found.

I also have an account at the BN in colones; which comes with a Debit Card; as does the account in dollars... so I have debit cards from BN in both dollars and colones.  I rarely use them.  However, it was good to have an account in Colones when the dollar went extremely High in June 2022??   One US dollar was converting to 689 colones at that time. Not knowing how high it would go before dropping, I changed a big chunk of US dollars into Colones; and glad I did.  Yesterday the exchange rate was One US dollar to 500 colones.  That's a 189 colones drop... around 29%.???   I don't pay any bank fees aside from ATM credit card withdrawals that are from a foreign bank.  My accounts at BN actually make a little bit of interest here.

Banking online here isn't much different from North America.  I can transfer funds between accounts as needed; and I can pay most of my utilities and Caja.  I pay my Water, Electricity, Cable/Wi-Fi, and Caja from my lap - top; or you can get an app for your magic phone.

Note... you CAN have your pensions sent to your account in CR via a bank in north America that OFFERS that as an option; without having a relative or friend go to the bank and do it for you.  You'll have to open an account in that bank, and your pensions will direct deposit there.. and then they (the bank, not the gov't) will transfer it here for you. 

Last time I looked, Costa Rica wasn't on the list of foreign countries (yet) that the SSA would direct transfer to... probably never because it is, after all, Latin America.

You'll pay a monthly fee to do that via a 'middle man' bank.  There's a bank in NY state... I'm not sure what the name is... DaveandMarcia generally has that information.  He's thorough.  He'll answer this post soon, I expect.

Hello.

see my response below... for some reason, it printed twice.  My bad.

Hello.

My response isn't too far from TerrynViv's above.

I'm from the states... I keep a bank account in the USA where a relative can 'help out' as a named person on my account.  My SS goes directly into that account.

I use an airlines Mastercard from a US bank of whatever for almost all of my purchases here in CR... they currently do not charge me any international fees.  (they do charge around $5 for cash withdrawals from ATMs)  I pay that credit card electronically, from my bank account in the states... just as I always did.  I love getting the points... But American Airlines no longer has a partnership with any Latin American airlines.... so if I want to use them to go 'south'... I have to fly to Miami first, then return to south America. They used to partner with LATAM... which flies out of SanJose to most south American countries.

I did contact them (the CC company) before moving here to say that I would be living in CR and basically, using my Credit card here... (always a good idea to do whether just going on vacation, or moving permanently... that way there won't be a 'panic' freeze on your account because of activity in a foreign country.) I also provided them with my relative's USA address for any mailings, like a new or replacement card.  Because there is no 'regular' direct mail in Costa Rica (my house doesn't have a number, my road has no name, and there are no Zip or Postal codes here)... my relative KNOWS how to send things to me via the private carriers (Correos de Costa Rica, JetBox, Liberty Express, etc.)... which means that she is basically sending 'things' to their receiving address in Miami; ( a 2nd address is listed for the final receiver in CR along with phone number or even E-mail )  the company then ships mail en masse to CR where said company then receives the mail (and deals with customs) and then they disperse it to customers, as paid for.  (I can pick it up in Quesada, or San Ramon, or pay to have their courier bring it to me which is, or can be, difficult with no address and or bad Spanish)

My relative wire transfers US dollars from my account in the states, to my account here, as I request it.  Like Terry, above, usually a reasonable amount is wired that isn't too high (the bank will hold your money if it's a big amount until you can prove 'where'  it came from...literally, you may have to show your SS benefits letter, sale documents from a home you sold up there, etc. I carried those documents with me to the bank for my first 3 years.. just in case and there were times when I'm glad I had them)... and not small amounts either... you will be paying Wire Transfer Fees (usually, fixed amounts) on both ends; every time. Less than $2500 is my bottom line; but if I can wait... anything less than $10K generally doesn't cause alarm at my bank.  Eventually, they will know you if you don't live where there are tons of expats. 

She has it sent to my account in US Dollars which I have at the Banco Nacional.  It is one of three  Nat'l banks... all others are either private or International.  I would recommend using a national bank here.  Banco Nacional (BN),  Banco de Costa Rica (BCR) or Banco Popular (BP).  Whatever you choose is up to you, all banks are represented in my nearby 'big' town.  At the time, i went with BN because they had longer and Saturday hours... all of which do not exist right now.  But I don't' work so 'banking hours' do not affect me much, I have found.

I also have an account at the BN in colones; which comes with a Debit Card; as does the account in dollars... so I have debit cards from BN in both dollars and colones.  I rarely use them.  However, it was good to have an account in Colones when the dollar went extremely High in June 2022??   One US dollar was converting to 689 colones at that time. Not knowing how high it would go before dropping, I changed a big chunk of US dollars into Colones; and glad I did.  Yesterday the exchange rate was One US dollar to 500 colones.  That's a 189 colones drop... around 29%.???   I don't pay any bank fees aside from ATM credit card withdrawals that are from a foreign bank.  My accounts at BN actually make a little bit of interest here.

Banking online here isn't much different from North America.  I can transfer funds between accounts as needed; and I can pay most of my utilities and Caja.  I pay my Water, Electricity, Cable/Wi-Fi, and Caja from my lap - top; or you can get an app for your magic phone.

Note... you CAN have your pensions sent to your account in CR via a bank in north America that OFFERS that as an option; without having a relative or friend go to the bank and do it for you.  You'll have to open an account in that bank, and your pensions will direct deposit there.. and then they (the bank, not the gov't) will transfer it here for you. 

Last time I looked, Costa Rica wasn't on the list of foreign countries (yet) that the SSA would direct transfer to... probably never because it is, after all, Latin America.

You'll pay a monthly fee to do that via a 'middle man' bank.  There's a bank in NY state... I'm not sure what the name is... DaveandMarcia generally has that information.  He's thorough.  He'll answer this post soon, I expect.

Thanks so much for the info, Terry and Viv!

Thanks rainagain! As usual, you are a font of good info and experience!

CRJeanne

Just catching up . . .

Social Security (and maybe VA) payments cannot be deposited into a bank outside the U.S. Some, but not all, Costa Rican banks, however, can offer a workaround. For Banco Nacional, at least, they can help you arrange to have your monthly Social Security payment paid to Irwin Trust Company in New York. From there, Irwin forwards the funds to Banco Nacional. There is a $6US monthly fee. At BNCR, at least, the funds are always accessible on the third calendar day of the month. Some adjustments are made for weekends and holidays. We've used this arrangement at Banco Nacional since 2007; it's worked flawlessly.

My understanding is that no Costa Rican bank charges ATM fees. If you withdraw funds from a U.S. bank, using a Costa Rican ATM, then your bank may charge a foreign currency fee. Ask them.

We use our U.S. debit cards and also our Banco Nacional debit cards for most of our purchases. It's just easier. When we must spend cash, we deal only in Costa Rican colones which is what those we pay prefer. There's no question about counterfeit bills, no issue of the exchange rate, and the payee has currency which s/he can spend without any headaches. Leave your dollars out of it.

@daveandmarcia

Agree.  And 'american' bills are too easily ripped, torn, written on, soiled, etc... even creased.  If bringing US dollars in cash to CR... make sure you go to the bank and get new bills that have no flaws. Many CR institutions will not accept a bill that has any flaws.  Even, sometimes, their own Costa Rican currency... which holds up better because it is made of mylar; but can crease.  I dealt with that craziness in the airport here once... with Colones!!   One store gave me 'change' for a 20,000 colones note and one of the bills was creased... I walked 15 yards to get a coffee... and they refused it.  I called security and told them where the bill came from and that they can't hold me responsible for what other Airport Vendors were handing out.  The Security guard spoke with the Starbucks guy, and they accepted my money.  I asked him to walk with me to the previous vendor to 'inform' them that their neighboring coffee shop was not happy with them handing out 'flawed'  colones  He did it!!   The people at the bakery were miffed... but I made my point.   No tip at Starbucks.

Dave... Question about the $6 monthly fee... is that paid to Irwin Trust, or to BN?  And.. does that mean you aren't paying for wire transfer fees??  Currently, BN charges me around $17 dollars to RECEIVE a wire transfer; and my bank in the states is $55 per transfer to 'send;'. 

Is BN waiving the wire transfer fee because of their agreement with Irwin Trust??

Thanks as always

rainagain, above you asked, "Dave... Question about the $6 monthly fee... is that paid to Irwin Trust, or to BN?  And.. does that mean you aren't paying for wire transfer fees??  Currently, BN charges me around $17 dollars to RECEIVE a wire transfer; and my bank in the states is $55 per transfer to 'send;'."

I don't know who gets the $6 monthly charge (each) to transfer our two (Marcia's and my) monthly Social Security payments from Irwin Trust to Banco Nacional and, frankly, I don't care. It makes life so much simpler than messing with international wire transfers ($55? Lucky for you), dealing with BNCR's treatment (whenever they feel like acknowledging it) of the incoming transfers, paying the source bank in the U.S., and holding your breath while hoping that all goes well, which it often does.

The $6 fee comes off the top somewhere, so what you get is the net amount of your SS payment.

The grand total of what it costs us (each) to have our monthly SS payment transferred to our Dollar account at BNCR is $6.00US. Such a deal!

Oh! And the Service Platform at BNCR has the form to make all this happen. You and they complete the form and they send it to whomever processes it. Again, I don't care who that is. Too, we have only had to step through all this once since 2007.

And . . . The only drawback is that if you give the Social Security Administration a Costa Rican address, then periodically they'll send you a form to complete and return that verifies that you're still alive. They'll give you a couple of chances but after that your SS payments will be terminated until you send them the form. Once they get it, they'll pay you any missed payments.

@daveandmarcia

U the Man.  Thank you.  All good to know.   

I too, don't care who gets the $6.00 ...  but I was wondering about the institutions'  willingness  to not make $$ off fees.

And yep... SSA is nuts about addresses... I have had to go onto their 'site' and change my address BACK to my USA mailing address 2x now.  They somehow get my CR address (which is one of those crazy... "150 meters south of the purple church" type of genius CR things...) whenever something happens and I have to give it out (like for my initial benefits issuance... the phone interview was with an embassy employee) etc.   They actually mailed something, physically, to me from the USA.   Not sure who or how it was paid for, maybe SSA has a direct link to get mail to the embassy here...and then the embassy pays for Correos to send it to the receiver... ??  but it was simply a copy of something stupid.  I paid nothing.

Once again, thanks for your time and generosity with the information.

BNCR is not going to get hysterical about the loss of their fee for receiving incoming international wire transfers. They'll never notice the loss on their bottom line.

As regards the postage, it's my understanding that according to the international postage treaties, the originating country sets the postage rates from origin to delivery.

@daveandmarcia

makes sense...  SSA is part of the gov't and 'knows' how to get the information 'out there' ...  wherever a person lives. 

If only they knew how to stop school shootings...???

rainagain, above you wrote, "SSA is part of the gov't and 'knows' how to get the information 'out there' ...  wherever a person lives." Unfortunately, that is exactly not the case.

In the U.S., the Social Security Administration has access to the death records maintained by the individual states. They can check those death records periodically to look for matches with their own beneficiaries' pay records. In the other 193 or so countries around the world, no such access is possible, so SSA relies upon payees in foreign countries to respond to their occasional contacts to confirm that they are still alive and eligible to receive their benefits.

And yes, if they only knew how to stop mass shootings regardless of the settings.

@daveandmarcia

of course there will always be exceptions... but in the modern world, the gov't can and will eventually find out... and for those who don't respond; or 'can't' due to circumstances, they'll find out when they don't get their monthly.

Uh, "exceptions" to what? Remember, "the government" to which you refer has little clout outside the U.S. If you can think of another country's death records to which SSA has access, please let us know.

@TerrynViv

Can you tell me what the requirements are? I was told this was impossible so I would like to know how you did it? I will be arriving in CR Christmas eve and plan to stay long term if not permanent.

Thanks a bunch.

newlance777;

Can you be more specific with your question?

What were you told was impossible?

Cheers .... Terry

having a local bank account in CR without being a permanent resident. Not sure about being on a tourist visa though.

I have heard many different variations on what is allowed and what is not.

I can only give my personal experience.  We opened our bank account, with our Canadian passports, with Banco Nacional before we achieved our residency.  We were limited to $1,000 USD per month until such time as we received our temporary residency.  Once we received our Dimex cards, we were able to raise the transfer limit to $5,000 USD per month.  It remains there today.  I have helped two different couples in our community to open bank accounts (both with Banco Nacional) and neither couple has any intention of filing for residency.  Both couples have a house here in Costa Rica and have had their bank accounts for years.

@daveandmarcia

    Dave..... I think you didn't read my post carefully.... when I said, get the information 'out there'... I meant that that they were able to mail me something that I didn't even need.  It had nothing to do with them knowing if I was dead or not.

You just opened a can of worms ...  I was talking about sending out information, not retrieving it. 

And as far as the SSA knowing anything... I'm sure that if a person dies and the local cops inform the Embassy or Migration people that a 'gringo' has died (which is basic, common, protocol; unless you live in a war-torn central African Republic), that information goes directly back to the states and all parties get informed; from family to IRS and SSA.  It's common sense.

Always looking for an argument, aren't you!!

Tranquilo mae

@newlance777

I walked into a BN, with only a passport, and opened an account.   I didn't 'live' here yet, and hadn't yet applied for Residency.  They asked for a CR address....  I gave them the address of a house I was interested in buying (which, of course, didn't have an Address!! ... rural areas don't have 'addresses' .... just descriptions of 'where' a place is... like, 200 meters north of the blue church, turn right and look for the broken palms... then go south 50 meters; yellow house with red roof.)    I gave them my full name and a CR 8-digit phone number, my email address (really important!) and $500 to open an account in USD, and another $200 to be converted to colones so that I could open an account in Colones.  I returned 5 days later to pick up the Debit Cards for both accounts.  The guy gave me a quick tutorial for their On-Line banking system.  They sometimes ask for 'updated' info; like new phone or address or form of ID... I changed my ID on the original accounts from Passport to Cedula (the official CR id card) simply when they asked if I had one yet. 

The only things that they get 'iffy' about at Banks, are INCOMING wire transfers ...  they will literally ask you WHERE did that money come from (even Cash!!)... and telling them it came from your US bank account won't work.   Even if you want to show them your bank statement from 'up there'....   they have no way of checking to see if it is legit.   I always carried the documents from the sale of my house in the states with me... which showed them some sort of proof that the money is coming from 'somewhere'.  Now, I always have my SSA Benefits letter with me... just in case.  Something easy for them to understand is much more Reasonable than telling them that you and your brother-in-law just made a deal in Arkansas.

There are times when a wire transfer doesn't clear... I have to go to the bank to inquire.  It gets cleared up in a few hours.  They have the right to put it on 'hold'.  They are just paranoid about money laundering.  After you've been a customer with the bank for a number of years... there won't be issues unless a transfer is going to be Giant.  In that case, go there before you do it to give a heads up; and show them where the money is coming from.  So much better to be ahead of them... than trying to do clean-up after the 'crime'.

When I bought a property here... the sizeable transfer wasn't to my account... It went straight to the Real Estate firm's account. If your seller wants cash, don't buy from them.  Period.

Some banking thoughts for US expats:

1. I paid my security via a wire transfer. It carried a $60.00 free from my big US bank and a $17.00 fee from Banco Nacional in CR. Not very cost effective.
2. You can sign up for free to get a WISE Alerts daily email on currency exchange rates.
3. WISE also will allow you to bank digitally and pay rent or employees directly, if "the stars align" properly.
4. After being turned down by eleven different bank locations (some multiple individual banks), I was able to open an account and get a debit card from a credit union in the provincial capital. It's not far away from my home, but not convenient (in terms of travel time and parking). The people are friendly who staff the cashier windows, but the hours are limited and somewhat irregular. Also, while they deal in Colones and USD, the caja automatica/ATM is inside the building, which makes access quite limited, timewise.
5. In my canton, the Banco Nacional (BN) and Banco Costa Rica both have outdoor ATMs with an English-language option for opeartion.
6. Unfortunately, now both will only dispense Colones and one cannot secure USDs inside without holding an account in the bank.
7. THE BCR ATMs dispensed USDs until about six weeks ago, when the machines changed and they no longer stock dollars.
8. Capital One 360 had a much better deal on international exchange rates and ATM withdrawal fees than my alternate CHASE Sapphire VISA debit card. If I withdraw $560,00 with the CHASE debit card, I am charged $47,900 in varoius service fees (a big bite).
9. I discovered to my dismay that when Capital One 360 bought out DISCOVER cards and KOHL's department store credit card divisions recently, they converted their debit MASTERCARD to a Discover card.
10. That works fine for ATMs in the USA, but NOT AT ALL for ATMs in C.R.. The systems here are not set up to accept Discover debit cards, so the new card functions only for purchases, not for cash withdrawals at ATMs..
11. There is no plan afoot to remedy this situation, which looms as a major inconvenience for Capital One 360 debit cardholders.
12. When I was home "stamping out," I received notification that my CHASE VISA credit card had some questionable charges.
13. When I confirmed I was hacked,  I  told the  operator that I required an expedite card. He promised that I would have it within one to two days. It arrived nine days later, when I had already returned to C.R. and subsequent efforts (TWO) to deliver it directly to my residence via UPS have failed (fortunately, I have an AMEX card which I use for most purchases since I prefer the rewards program, but not every vendor accepts the AMEX card for various reasons (e.g., taxi cabs).. This fact has proven to be a major inconvenience that I am working to resolve.
14. Likewise, the new Capital One 360 Discovery card did not arrive at my USA address in time, and attempts to forward it here have been unsuccessful to date (via FedEx).
15. I activated the card remotely via the toll-free number using the full  card number and security code, and have it on my "wallet" on my cell phone and on sites like PayPal, but it will only be good for three months since a new card has been re-issued, which will require me to notify the vendors of the new card number and espiration date.
16. BAC told me that I could open an account there after providing proof of living in the country for over six months, but that is a complicated process, which in my case, requires me to supply much data concerning my landlord (e.g., passport or cedula information; full name, d.o.b., address, phone number, email address, and banking information)..
17. I could not get an account at eleven of the banks, including the one in my canton, because; a). I am not married to a Tica; b). I am not a permanent resident; c). I do not possess $50,000.00 to invest in an account or in bearer bonds; d). I an not on a pensionado or rentista visa.
18. Prospective expats may find it strange to see how complicated and difficult it can be to establish a bank account and conduct normal banking exercises.
19. This factor is pertinent to me, but since I had to submit my passport to the embassy in Pavas to obtain a passport card (more convenient than carrying a passport around, and safter, for identification purposes), I cannot attempt to open an account at BAC in the provincial capital until I posess the physical, "hard opy" of my US passport.
20. I appreciate the fact that a caution agasint money laundering esists., but it is an inconvenient and time-consuming process.
21. The goverment shutdown/slowdown in the US probably resolted int the dealy of processing of my applications for the passport cars.
22. The process now occurs entirely online, but requires the passport to be submitted. Supposedly, it is intended to take 1-2 months before the package is returned to the local post office and notification supplied from the C.R. national postal service.
23. Payment is handled online only via a clearing house for all US governmental departments at a payment center in North Charleston, SC.
24. Others may have a more pleasant and easy transitioning in terms of banking in C.R., but mine has not been a very "user friendly" experience.
25. I pay my rent in cash, which makes for a more pleasant conversion rate for me, since I pay in USD, but now I have to travel three or six miles to get to a bank that will offer me cash in USD from an ATM.
26. Some banks cap the withdrawal limit to $500.00 USD/day.
27. Bank Scotia in the provincial capital has indoor and outdoor ATMs, but the transactions are limited to $400.00 USD per transaction (with multiple transactions available on the same day), although a separate transaction fee of $4.00 USD is charged each time, doubling the amount that I would have paid in the old days when withdrawing more than that amount at BCR with the old ATMs that dispensed USDs.
28. I hope that your experience with banking in C.R. is better (or will be better) than mine.
29. I like C.R., but from what I can tell, this is an area in which Panama has C.R. beat "hands down."
30. Good luck, and "Pura Vida!"

@gst1212...So are you going to exist under the radar in Panama too ?....Your dissertation on banking here is a very thorough but punishing, for those in Costa Rica under your classification( tourist )....Those who were open minded in investing into high interest bearing products in Costa Rica have learned the hard way,that banks can freeze your accounts and steal most of that investment.....If it is really easy to break into your house here and criminals get free reign, think about the silent crime at the bank, much easier and very covert...

No one ever said that it would be easy.

It's all relative.

I have no interest in moving to Panama, and am quite content in my little Canton in the exurbs.

PS--Apart from a pretty funny typo about an ATM fee carrying "a bit bite," the ACTUAL NUMBER that comports with the fee is $47.00USD on my CHASE debit card (much higher than the old Capital One 360 Mastercard, which no longer works at ATMS in C.R. since it has been converted to a debit DISCOVER card, as a US-based supervisor dolefully explained to me.

I cleaned up some typos and clarified a few items below:

I paid my security via a wire transfer. It carried a $60.00 free from my big US bank and a $17.00 fee from Banco Nacional in CR. Not very cost-effective.

You can sign up for free to get a WISE Alerts daily email on currency exchange rates.

WISE also will allow you to bank digitally and pay rent or employees directly, if "the stars align" properly.

After being turned down by eleven different bank locations (some multiple individual banks), I was able to open an account and get a debit card from a credit union in the provincial capital. It's not far away from my home, but not convenient (in terms of travel time and parking). The people are friendly who staff the cashier windows, but the hours are limited and somewhat irregular. Also, while they deal in Colones and USD, the caja automatica/ATM is inside the building, which makes access quite limited, timewise.

In my canton, the Banco Nacional (BN) and Banco Costa Rica both have outdoor ATMs with an English-language option for operation.

Unfortunately, now both will only dispense Colones and one cannot secure USDs inside without holding an account in the bank.

THE BCR ATMs dispensed USDs until about six weeks ago, when the machines changed and they no longer stock dollars.

Capital One 360 had a much better deal on international exchange rates and ATM withdrawal fees than my alternate CHASE Sapphire VISA debit card. If I withdraw $560,00 with the CHASE debit card, I am charged $47.00 in various service fees (a big bite).

I discovered to my dismay that when Capital One 360 bought out DISCOVER cards and KOHL's department store credit card divisions recently, they converted their debit MASTERCARD to a Discover card.

That works fine for ATMs in the USA, but NOT AT ALL for ATMs in C.R. The systems here are not set up to accept Discover debit cards, so the new card functions only for purchases, not for cash withdrawals at ATMs.

There is no plan afoot to remedy this situation, which looms as a major inconvenience for Capital One 360 debit cardholders.

When I was home "stamping out," I received notification that my CHASE VISA credit card had some questionable charges.

When I confirmed I was hacked, I told the operator that I required an expedite card. He promised that I would have it within one to two days. It arrived nine days later, when I had already returned to C.R. and subsequent efforts (TWO) to deliver it directly to my residence via UPS have failed (fortunately, I have an AMEX card which I use for most purchases since I prefer the rewards program, but not every vendor accepts the AMEX card for various reasons (e.g., taxi cabs).

This fact has proven to be a major inconvenience that I am working to resolve.

Likewise, the new Capital One 360 Discovery card did not arrive at my USA address in time, and attempts to forward it here have been unsuccessful to date (via FedEx).

I activated the card remotely via the toll-free number using the full card number and security code, and have it on my "wallet" on my cell phone and on sites like PayPal, but it will only be good for three months since a new card has been re-issued, which will require me to notify the vendors of the new card number and expiration date.

BAC told me that I could open an account there after providing proof of living in the country for over six months, but that is a complicated process, which in my case, requires me to supply much data concerning my landlord (e.g., passport or cedula information; full name, d.o.b., address, phone number, email address, and banking information).

I could not get an account at eleven of the banks, including the one in my canton, because; a). I am not married to a Tica; b). I am not a permanent resident; c). I do not possess $50,000.00 to invest in an account or in bearer bonds; d). I do not hold a pensionado or rentista visa.

Prospective expats may find it strange to see how complicated and difficult it can be to establish a bank account and conduct normal banking exercises.

This factor is pertinent to me, but since I had to submit my passport to the embassy in Pavas to obtain a passport card (more convenient than carrying a passport around, and safer, for identification purposes), I cannot attempt to open an account at BAC in the provincial capital until I possess the physical, "hard copy" of my US passport.

I appreciate the fact that a caution against money laundering exists., but it is an inconvenient and time-consuming process.

The government shutdown/slowdown in the US probably resulted in the delay of processing of my applications for the passport cars.

The process now occurs entirely online but requires the passport to be submitted. Supposedly, it is intended to take 1–2 months before the package is returned to the local post office and notification supplied from the C.R. national postal service.

Payment is handled online only via a clearing house for all US governmental departments at a payment center in North Charleston, SC.

Others may have a more pleasant and easy transitioning in terms of banking in C.R., but mine has not been a very "user friendly" experience.

I pay my rent in cash, which makes for a more pleasant conversion rate for me, since I pay in USD, but now I have to travel three or six miles to get to a bank or my credit union that will offer me cash in USD from an ATM or from an inside teller at the cashier's window.

Some banks cap the withdrawal limit to $500.00 USD/day.;

Bank Scotia in the provincial capital has both indoor and outdoor ATMs, but the transactions are limited to $400.00 USD per transaction, with multiple transactions available on the same day.

A separate transaction fee of $4.00 USD applies and is charged each time, doubling the amount that I would have paid in the past when withdrawing more than that amount at BCR with its old ATMs that dispensed USDs.

I hope that your experience with banking in C.R. is better, or will be better than mine.

I like C.R. and find that Ticos are fabulous, but from what I have experienced in this area, Panama has it over C.R. "hands down.

Good luck, and Pura Vida!

@gst1212...I am Tico and yes I think I am pretty fabulous !....That Tico fabulous hype only goes so far...To reduce yourself to these standards any Tico would scramble for chards or pieces of your life in the U.S...Ticos are above the mundane, they don't have to be on time or show up or return your calls...Then to get charged extra because of your origins....

I am reflecting upon my lived experience.

Not aggrandizement.

People in C.R. could not be nicer to me.

They are probably equally interested in my life in the USA as I am of their lives in C.R, including neighbors, merchants, cab drivers, people standing on bus lines, or in church.

I am fluent in Spanish and have never experienced being overcharged with "Gringo prices."

I am aware that it happens in some contexts, which are irrelevant to me.

My origins may be a curiosity to some and I never expect to fully acculturate to Costa Rica.

I'm an "old dog."

Glad we can find some common ground that Ticos are fabulous.

For me, the "greatest natural resource."

You state that any Tico "would scramble for chards or pieces of [my] life in the US."

I lived someplace where people hailed from 76 different countries with 46 different languages spoken at home.

As far as I experienced, no Costa Ricans lived there.

I've met some people in C.R. who have relatives in New Jersey, Rhode Island, and Massachusetts.

Very few lseem to eave a country with relatively low crime; excellent education; available quality health care; and a decent infrastructure and economy, with high employment.

This  picture pales in contrast to the millions of Mexicans, Salvadorans, Guatemalans, Colombians, Peruvians, Ecuadorans, Nicaraguans, Hondurans, and Dominicans who live in the United States.

I find it a canard to suggest that Ticos would scramble for fragments of my life in the United States.

Expats leave because the life that they once knew in the United States they no longer find to be available or desirable.

New survey data suggests that 40& of young women in the US entertain leaving the country.

The USA is no longer considered to be "the land of opportunity" and the "American dream" has been dashed for economic, social, and political reasons.

I found few great job opportunities at the local job board for [link moderated]

gst1212

Sorry but your reply was a scrambled dialog....."low crime and available quality health care",If you were talking about Costa Rica,that was like reciting from a script that is a bad joke....The Caja Costarricense de Seguro Social collapsed and people die waiting to get an appointment....Crime in Costa Rica at even the most fashionable beach towns(Nosara) are equal to or worse than Mexico's...The latest news "As bad as 'Port au Prince' in Haiti"....Please tell us what opportunities Americans have, that flee to Costa Rica ?.....Let that 40% of gringas come to Costa Rica to see where they stand here in equality, in a machismo culture that gives an OK to beat them, literally...The reason there are very few Ticos in the U.S. is 'it is made very difficult for Ticos to get a visa, to work and live in the U.S...

@info4279.....Any American pushing 'great job opportunities' in Costa Rica is a guaranteed bonfide scam..

lets establish one thing I am not pushing job opportunities, all I am saying I am in tourism industry and so far I had great experience with Costa Rica and Costa Rican people.  I used Empleo.cr to find few job positions that I was looking at. I am not sure why you automatically assume someone being scam with anything related to Costa Rica.

@info4279....Just getting residency for foreigners in Costa Rica is a scam..So why would this be any different...?

no, you are misunderstanding everything, for some reasons its not allowing me to post the link but website is called Empleo. Cr its a local job board. they gave great opportunities.  I am not talking about residency those are obviously scams. of course most of the countries in the world are corrupted.

edwinamora, above you wrote ". . Just getting residency for foreigners in Costa Rica is a scam . . .".

In what sense of the term is getting residency in Costa Rica a "scam"? Are you saying that there are people who say they can and will move your residency application through the legal process but who, in fact, do not? Or are you saying that being a legal resident of Costa Rica is, somehow, a scam? Or is <getting> residency, in and of itself, a scam?

What can you share with the rest of us and how do you know?

BTW, in Costa Rica is there "residency" that is not for foreigners?

Typical bluster.

E.g., equating C.R. to Haiti, where over 200 armed gangs have wreaked havoc over the past half decade, with more than half of them laying seige to the capital of Port-au-Prince since 2020.

Pure fantasy.

I doubt that Edwin Mora has ever set foot in Haiti, the poorest country in the Western Hemisphere, where Jimmy ("Barbeque") Cherizier and his"G9 Family and Allies" gang terrorize capital and hold it hostage.

Where gang members broke into an unguarded ordinance warehouse of the National Police and stole hundreds of US-issued AR-15 automatic rifles, used for extortion schemes , to terrorize the populace, and murder police officers, military, and  elected civic officials.

Last  week gang members engaged in a running firefight with US Marine guards at the Embassy. .

The the G9 Family and Allies under "Barbeque,")  and G-Pep, and outgrowth of the Nan Brooklyn gang,, under Gabriel Jean-Pierre, represent the "worst of the worse."

Ironically, the two poorest neignborhoods in Port-au-Prince are named "Brooklyn" and "Boston."

You should weigh such vapid commentary into your calculus and discount it accordingly.

Ignore this kind of claptrap and consider the source.

Don's waste your time with someone who traffics in pure beauvine excrement.

Such blauveating defiles this website.

One can choose to post constructive information, or engage in diatribes as a "Debbie Downer."

See https://www.aljazeera.com/news/2024/3/1 … ed-to-know

It will demonstrate what certain "know-it-alls" fail to know, their protestations to the contrary.

As they say in the New York: "Mach drecht."

@daveandmarcia...Basically,Costa Rica is going to let you know you are not welcome to live here unless you fork it over..Then they comeback for more ,if you fall asleep, as in the American foolios that are lured to put their money in these high yield interest bearing accounts and have it frozen....Then jerked around to receive only peanuts from a 350k deposit and left to come to terms,  that they were robbed......Not only the residency scam that you are fixated on 'Dave' it is set in stone wherever go.....Let us not forget the people who ship their cars and everything else, even after  warnings from the shippers themselves because they can't  guarantee anything, only that it is going to be costly due to fines, that they will create......Then there is you guys, who operate rentals and do not have to return the deposit no matter what law is in the books......Thank God I got the gold pass by being born here...

Hello everyone,

Please note that this topic is drifting away in arguments. I have removed some off-topic posts so that we can get back on track.

Thank you

Bhavna