Banking in Costa Rica and the US

Until you have a cedula you won't be able to transfer funds electronically within Costa Ricato another bank. Many people just use the ATM's to access their funds 'elsewhere'.

While not from the US we are from Canada.  We had no issues whatsoever transferring money from Canada to our Costa Rica bank account for the last year.  We just received our residency last week.

I'm surprised that you cannot deposit money if you own a corporation - "if" the bank account is also in the name of the corporation.  We were able to deposit money into our corporate account at Scotiabank CR a few years ago.  We could not do direct online transfers from the USA, but we could either do wire transfers or deposit a check written from a US bank and wait a few weeks for it to clear.

Applying for residency and getting it is a long process.
Bring it with you on the plane (10k max) is a much easier option, your wife or friend can fly a different flight and bring on other 10k.

Anyone can bring in $10,000 as long as it is declared and they are over 18. They are not required to travel on a different airplane...

It is 10k per family.

We both carried and declared $10K with no problem.

They law, as I have seen it reported online, is that if a husband and wife bring in $9,999 each or even $5001 each, that would be over the $10k limit per family and thus illegal and could be confiscated.

I read that even if 2 FRIENDS fly together and bring in more than $10k total, that too is illegal.

I am not saying this is the law, but I read that it is. I would appreciate anyone who can produce the LAW on this (link or etc).

I have known others who have brought in more than $10k as a couple and as friends, no problem, but it's one of those things that seems to depend on the border official who checks you.

They do check sometimes. Last time I brought cash in a money belt under my pants they found it and made me show it to them (my money I mean! ;-D). Luckily it was not more than $10k.

All laws are on Declaration you suppose to fill in ..
10k for family, if someone brings more - declare.
That why to avoid problems husband and wife fly different flights and bring 10k each.

Adding to the banking info:
CapOne360 and Schwab both have accounts where you can get cash out of ATM's in Costa Rica and pay no fees. Also I have gotten up to $1k a day from them, using Scotia to pull out the $ at atms.

As for getting a CR bank account I hear Davivienda can be a little easier if you're not a resident. BUT it may depend on how much money you are depositing or who you know, or the phase of the moon etc...

I will try soon and report back...

Does anyone remember or have you read my question?
It is about making deposits from the us, not about anything else banking
Anyone have personal experience?

Nobody is answering you from the US but I know from Canada I had to check each bank individually until I found one that would transfer money directly on line to my Costa Rica account.  I can transfer $2500 per day for $13 CAD.

Seems like this thread has been inactive for a while.   Am curious to know if it's gotten easier to transfer money from the US?   Can social security be directly deposited as in other retirement destinations?

Social Security - for sure.  I just helped two couples get theirs set up.

The  maximum amount is $1000 per month that a'tourist' can deposit per month. After gaining residency, this changes.

Canada will not permit a direct deposit of OAP & CPP into Costa Rica.

Wreimer wrote:

Seems like this thread has been inactive for a while.   Am curious to know if it's gotten easier to transfer money from the US?   Can social security be directly deposited as in other retirement destinations?

Smaller amounts of money such as Social Security are relatively easy to set up direct deposits once you have residency.  Each bank will have different requirements as to what documents you'll need to set up the account.

Large amounts of money coming into the country now have many restrictions on them due to the U.S. government imposing their demands on the Costa Rican government.  (Not a political statement of course.  Just fact based on what my attorney recently told me.)

Again, different banks will require different documentation for large money transfers.  Check with whatever bank you would use to determine what is required.  I recently transferred money down to purchase the Sablito property.   Banco Nacional required the following:

*  Certified document showing the origins of the funds.
*  The above stated document then needs a certified translation into espanol.
*  If the funds are coming out of a U.S. bank account, a receipt from the U.S. bank showing that the fund were transferred to the Costa Rica bank account.
*  A certified statement from the bank showing the deposit into that account and all subsequent statements from the time of deposit.

These documents have to be provided to the bank within two weeks of the transfer from the U.S. to the CR account.  If they are not presented, the CR bank will return the funds to the U.S. bank.  This is exactly what happened to someone who was making a donation to the parrot rescue project.

And as people who live here know, these rules can and will change daily, will be different when talking to different people and will vary with each bank. 

The main thing you'll need in these transactions - patience.   

- Expat Dave

I have mine deposited in my US bank in NC and use my debit card. 3 year and no problem. Only issue is if you bank changes your card. If someone send it on god knows when you will receive it. Needed a document for residency for NC. Took 6 MONTHS to get it!! I don't trust banks here. My wife is a Tica. She has one if I have a need for one.

This is an example of how Costa Rica makes EVERYTHING DIFFICULT! Way too much paperwork. Use you debit card!

New Slogan for CR:

Costa Rica, where we make EASY....DIFFICULT.
Pura Vida.

Rahstingo wrote:

This is an example of how Costa Rica makes EVERYTHING DIFFICULT! Way too much paperwork. Use you debit card!

New Slogan for CR:

Costa Rica, where we make EASY....DIFFICULT.
Pura Vida.

The difficulty in this case has nothing to do with Costa Rica.  You can thank the U.S Government on this one.  You cannot transfer large sums of money via the ATM.

- Expat Dave

You are right but the paperwork is normal for here. Everything requires excessive paperwork and multiple offices.

Rahstingo wrote:

You are right but the paperwork is normal for here. Everything requires excessive paperwork and multiple offices.

True.  Many trees have given their lives for the mountains of paperwork in CR.  CAJA alone has amazing stacks of papers stuffed into folders.

My favorite is "the stamps."  For those that don't live here or are not yet familiar, many documents here need to be stamped to make them official.  Example, I needed to file a document with the municipality relative to recording the spring on my property.  Before it could be filed we needed a stamp.  What this means is we drive a few blocks away to a little hole in the wall store that sells plumbing supplies, office supplies, toys... and  the official stamps.  They look very much like a postage stamp.  You give the plumbing store/toy store official the document that you need stamped and they place it on your paper.  Usually several stamps, pay them a few dollars and then, in this case, it was back to the municipality to finalize the recording. 

Yep, it would make more sense for the government agencies to have these stamps themselves, but this is one of those perfect examples of not using the word - why?  Things are the way they are here and you just have to accept things that way, smile and see the humor in it all.   

- Expat Dave

In Liberia, they are now issuing you a legally stamped paper, instead of the 'timbre' which costs 900 col. for 3. This is then stapled onto to your legal paper provided by  National Registry. These are sold outside of the office, and that way they are receiving the funds and they don't have to purchase anything.

$10k per person. But YOU HAVE TO DECLAER IT!!!

🤣👊🏻 Very inefficient and wasteful country. Went to Dr for an X-ray on my knee. Went to one window to give my name and ID. Then to another for a bill. Then to another to pay. The got a number to sit and wait!! Its a way for the government to employ more people ( easy to control) and pay $400-$500 per month.
It says CR is a democracy. However it's  run like a socialist country. Government has fingers in TV, Banks...basically everything!!!
Just say "explitive deleltives" under your breath, shake you head and remember you ARE in a 3rd world country. Not USA.

Rahstingo wrote:

🤣👊🏻 Very inefficient and wasteful country. Went to Dr for an X-ray on my knee. Went to one window to give my name and ID. Then to another for a bill. Then to another to pay. The got a number to sit and wait!! Its a way for the government to employ more people ( easy to control) and pay $400-$500 per month.
It says CR is a democracy. However it's  run like a socialist country. Government has fingers in TV, Banks...basically everything!!!
Just say "explitive deleltives" under your breath, shake you head and remember you ARE in a 3rd world country. Not USA.

Everything seems to upset you about this country..   just curious, why do you stay?

Somebody was asking about this above so here's an update:

As for paying bills such as corporate taxes via Hacienda now and property taxes via your Municipalidad, you can do this via BCR bank and I imagine you can do it from the USA. If not just get a CR IP via a proxy service.

BCR will now let you get a bank account without being a resident. However I do THINK you need to come to the BCR office here in CR (wherever you are in the country, where you want to set up your account) and finalize it in person before you can set it up.

Once set up though, you should be able to transfer money to pay taxes etc from the USA.

if you dont like that country ...then you can return for your country. no perfect country no perfect system. 2 options ...always. the desition is in your hands.

I am sorry - DO NOT understand your response.