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WE HAVE AN ACCOUNT IN THE BANK OF COSTA RICA. CAN WE DEPOSIT A CASHIERS CHECK DRAWN ON OUR US BANK IN NJ -BANK OF AMERICA- WITHOUT ANY PROBLEMS AND HOW MUCH CAN WE DO IN A TRNSACTION?
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It’s my understanding that you can deposit a U.S. cashier’s check in your Costa Rica bank account as long as the payee name is exactly the same but they will wait a few weeks for it to clear even though it’s a cashier’s cheque.
Scott
[quote=”km1204″]WE HAVE AN ACCOUNT IN THE BANK OF COSTA RICA. CAN WE DEPOSIT A CASHIERS CHECK DRAWN ON OUR US BANK IN NJ -BANK OF AMERICA- WITHOUT ANY PROBLEMS AND HOW MUCH CAN WE DO IN A TRNSACTION?
[/quote]I have an account in a USDOLLAR Banco Nacional. I’ve been able to direct deposit from my USA bank into BN immediately. That is, without any need to wait.
I can convert whenever I want into colones . . . at the published conversion rate, of course. No waiting. All immediate. I think I was able to withdraw $1000 at the ATM.
No problems. I simply stayed away from checks at all times.[quote=”barbaracjohnson”]
I have an account in a USDOLLAR Banco Nacional. I’ve been able to direct deposit from my USA bank into BN immediately. That is, without any need to wait. [/quote]Can you please explain how you “direct deposit” from your USA bank into BNCR? I would really like to know how that works.
The only way a direct payment can be made into a Costa Rican bank account from an international source, is by an international wire transfer, with the associated costs. The advantage is that the deposited funds are avaiable for use immediately, whereas the funds from a deposited Cashiers’ Check from the U.S. will only be available after approximately fifteen business days, when the check clears.
watchdog, do you know for a fact that that fifteen-day delay for a deposited [u]cashier’s[/u] checks applies to all Costa Rican banks? I ask because my regular bank check, if deposited at Banco HSBC, clears in ten business days, and others have written that Banco Nacional, for example, holds regular checks drawn on U.S. banks for up to six weeks. I don’t know how they handle cashier’s checks.
No, fifteen business days is not a fixed waiting time for U.S. checks to clear for all CR banks, that is why I used the word “approximately”. For instance, Scotiabank also clears U.S. checks in ten business days; other banks require longer periods to clear U.S. checks, which periods seems to vary from time to time.
[quote=”DavidCMurray”]watchdog, do you know for a fact that that fifteen-day delay for a deposited [u]cashier’s[/u] checks applies to all Costa Rican banks? I ask because my regular bank check, if deposited at Banco HSBC, clears in ten business days, and others have written that Banco Nacional, for example, holds regular checks drawn on U.S. banks for up to six weeks. I don’t know how they handle cashier’s checks.
[/quote]At BNCR they say they can freeze the checks up to 6 weeks which they did in the past. They got a little better the last couple of years, checks clear after 3 – 4 weeks.
[quote=”watchdog”]No, fifteen business days is not a fixed waiting time for U.S. checks to clear for all CR banks, that is why I used the word “approximately”. For instance, Scotiabank also clears U.S. checks in ten business days; other banks require longer periods to clear U.S. checks, which periods seems to vary from time to time.[/quote]
Okay, but my question is whether the banks credit [u]cashier’s[/u] checks more quickly than ordinary personal checks. Does depositing a cashier’s check make the money available sooner?
[quote=”DavidCMurray”][quote=”watchdog”]No, fifteen business days is not a fixed waiting time for U.S. checks to clear for all CR banks, that is why I used the word “approximately”. For instance, Scotiabank also clears U.S. checks in ten business days; other banks require longer periods to clear U.S. checks, which periods seems to vary from time to time.[/quote]
Okay, but my question is whether the banks credit [u]cashier’s[/u] checks more quickly than ordinary personal checks. Does depositing a cashier’s check make the money available sooner?
[/quote]Not at BNCR, whatever check, they keep the money 4 to 6 weeks even if the money is taken out of the U.S. account after 3 days 👿
The withdrawal from our U.S. credit union shows up via online banking in three days, too, but Banco HSBC still holds the credit for ten business days. That’s certainly better than Banco Nacional’s performance.
My question remains: Does depositing a U.S. bank’s cashier’s check shorten the delay time?
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