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Hello. I have been reading the past banking post and would like some insight into current bank recommendations. I know there has been some recent bank mergers and would appreciate updated recommendations on CR banks. I would like the ability to use internet banking and would use the account primarily as a saving account (with limited checking/ATM usage), depositing money via wire transfer from US, Canada, and Europe.
I would also like to know if some of the CR Banks are allowing accounts to be held in Euros (instead of U.S. Dollars) and what the thoughts are about this?
By the way, I am a Costa Rican citizen by birth and have CR Birth Certificate and CR Passport, but have lived in the US entire life.
Thank you.
Edited on Apr 19, 2008 09:30
Edited on Apr 19, 2008 09:31
Only two top ten global financial institutions own banks in Costa Rica. HSBC is the largest and strongest worldwide.
CR bank accounts: HSBC has an interest bearing money market type account they call “Cuenta Maestro.” The account can be maintained in colones and other currencies. A worldwide MasterCard is linked to the account and can be utilized to pay all your bills in CR electronically. As far as deposits are concerned, HSBC has operations worldwide.
Accounts in Euros: It has been predicted that in less than three years, the Euro experiment will meet its end. An experiment is exactly what the Euro has been and the currency has long had detractors, who question the viability of political and monetary union in Europe. With no shared language, customs, culture or political system, the Euro zone has never existed except as a monetary concept in the minds of bureaucrats and politicians.
Now, as the divisions increase, insiders are beginning to take a dim view of the prospects for continued monetary union. What will undo the Euro is the mounting tension between the inflation-obsessed German bloc (including Austria, Luxembourg and the Netherlands) and the Latin bloc of France, Italy and Spain. Spain’s worsening real estate slump dramatically illustrates the problem faced by the Latin bloc. For years Spanish home building and buying outstripped that of Germany, Italy and France combined. Now that the boom has turned to bust, the Spanish central bank cannot lower interest rates. Nor can the treasury devalue the currency. Bound to the euro, Spain can only complain to the ECB, while watching its economy circle the drain. European heads of state and the European business press are making their discontent public in stark language. The Euro is currently receiving a lot of attention, however, its long term stability is questionable.Some of the CR banks also penalize the Euro with a 10% exchange fee, thus many Europeans exchange into dollars in Europe before landing in CR. When will they free float the colon??
Sr Darwin
Last March I had to deposit a performance bond with BNCR to get my Setena permit. The bond was for $18K US and it could be in cash or a cd. I asked if the CD could be in EUROS they said yes. I think the interest rate was 4% for a 1 year cd plus the bank took 1/2% service charge. In one year the interest coupon rose to about $800 and the $18K in Euros rose to $21K this is almost a 18% return of course I rolled over my Euro CD for another year. I can put you in contact with the person at the bank if you want. I suggest that you save some silver and gold coin. Buy popular coins like the American Eagle these are easier to sell. http://www.everbank.com in the USA has accounts in different currencies and cd’s also that are FDIC insured. Keep in mind that real estate in Costa Rica is hot because of the drop in the US dollar. Any more questions fire away.
Stan Putra
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