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Can anyone suggest the best way to transfer $10,000 down to a CR bank from the US? This is for my parents. Are there any complications to consider?
It’s as simple as a trip down to your bank and completing an international wire transfer request! You’ll need the “Swift” info for the receiving bank (Bank name, routing, receivers name, and account number) and to have the funds available on your end. There’s a fee involved at your bank and the receiving bank might have one as well. The fees will be less than $75 total I’d guess. Pretty straight forward I’ve done it several times. There are federal reporting requirements that the bank will take care of, but as for complications… there should be none if all the info is correct and your bank knows what they’re doing.
While it’s not my business… please tell me your folks aren’t wiring a deposit on a real estate deal sight unseen! If that IS the case… the complications come later!!!! When they try to get their money back! LOL
Also remember that any transaction greater than $3,000 gets flagged by the FINCEN computer and any transaction greater than $10,000 will liekly promote an inquiry of some sort.
Tell me moree $3k limit getting flagged. Is that just for wire transfers overseas or all wire transers? I assume there is no reporting associated with someone taking say $5k cash out of their account and carrying it to CR for a place to stay and vacation costs?
I knew about the $10k rule but not the $3k.
I’ve transferred more than $10,000 to CR several times over the past 5 years as well as smaller amounts over the 3K….. and have NEVER had a knock on the door! There are bank reporting requirements that go on in the “new world”… but when you’re not doing anything illegal… why worry!
More paper loins that people fear…. I’ve also been through US Customs dozens of times and NEVER had a bag searched… all part of the pretend homeland security service and the BILLIONS Uncle Sam is spending to keep America “safe”!
The transfer is for a tractor for their farm. I wasn’t sure if I was going to have to pay taxes for the amount of the transfer.
No taxes due… just the bank transfer fees! As I said… should be around $75 total… not a big deal! It might be a good idea to transfer the funds to their (your folks) account, if they have one in CR, and have access to the money at the time the deal closes rather than transferring the money directly to the seller. The tractor might be held in a S.A. (Corp) and before you close the deal it would be a good idea to have an attorney check it out for you!
Good luck… any other questions just ask.
My recent wire transfer from my credit union to the account of my Spanish School for a $225 deposit took 30 days to clear. I was a bit concerned that the transfer went missing that was destined for their Banco Nacional de Costa Rica account. But the upshot of our email communication was that the el Banco put a thirty day hold on my money as if it was my personal check that was being deposited.
I much more prefer my attorney’s way of handling the funds for my property payments. I take a cashier’s check to any branch of Bank of America in my hometown, deposit into his escrow account, and within in half hour or so, he knows in Costa Rica that I have deposited the necessary funds. How he gets the money to my seller I haven’t a clue but I mean to ask how that works when I visit in September.
Thanks,
Tom on a Budget in Portland, OregonThe process has been difficult. The money was wired but the bank in CR asked my mom to show proof on where the money came from. My bank in the US sent a fax that it came from our bank account. The bank in CR than said they would transfer the money back unless my wife showed proof that she had a job in the US that could warrant the transfer of funds for this amount.
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