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I have read conflicting reports about US Social Security and military retirement systems making direct deposits in CR banks. One artical says no; the other says yes. Anyone out there know from personal experience?
Ben
I for one am receiving SS Dirrectly deposited to my account with the Banc de Costa Rica. I had to fill out some paper work at the bank and they took it from there. Believe me it helps to have a property owning Tico with you at the time you open the bank account.
Regards
Richard BoyerI’m not an expert on the subject, so try it by yourself. I know a few gringos that have not been successful in there attempt to have direct deposit, and for that matter, they still have no account with BancCR, or Banc Nacional. These are the only Banks that provide this service. If you are fluent in Spanish, you’ll stand a better chance. My original suggestion is the smoothest by far.
Regards
DickThank you, Dick. I was wondering about the property owning part — why would it be better if the Tico owned property?
Richard,
Thanks for your reply.
Do you have to have one of the resident status to open an account? We’ll arrive on a tourist visa and I understand that it takes a while to establish residenct.
Thanks,
Ben Jackson
Again I must say I’m no expert. I assume that a property owner is a better witness ,as his credibility is established. I have a friend that used a lawyer to help him establish an account at the bank. He has been in Costa Rica over six months. He has an account at the BancPopular, which he has money wired to. Still can’t get direct deposit though. It;s not easy to open an account here. You can’t just put money in and have asn open account. It has worked vrery smoothly for me, as I’ve used a property owner as a witness.
Regards
DickThanks to the Patriot Act who’s true unwritten, unspoken mandate is to find out EXACTLY how much money every American has in every country in the entire universe – opening up bank accounts in Costa Rica is now more difficult than ever.
Yes! You should be a fully legal resident of Costa Rica to open a bank account however, some banks will open an account if you can prove that you have applied for residency.
Some banks will open a Costa Rican corporation account for you much quicker than a personal account and forming a corporation is easy…
Scott
I’m not sure, as in my case I did. Once you apply at immigration in Costa Rica. They issue a receipt for the application. That receipt is as good as residency. You don’t have to leave the country every 90 days. With the tourist visa. you must leave within 90 days. I know some people who did it that way. Panama is a short trip away.
To answer your question. I don’t know for sure.
Regards
DickI’m not sure things have changed that much in just a year Scott, but we had no trouble opening two seperate bank accounts in our personal names. I might disagree with you Scott on the Patriot Act issue. The IRS has had that mandate for years, so it’s nothing new. Perhaps parts of the Patriot Act make things more difficult for law abiding citizens, but those are the times we live in.
I’m assuming that you are a legal resident of Costa Rica though dkt2u – For non-legal residents, I can assure you that opening bank accounts is not easy, especially for US citizens…
It might be important to note that although I love this website, it is free and as such, does not contribute too much to the bottom line.
My profession is that of a Wall Street trained and qualified investment advisor and in that capacity for 20 years, I have helped my clients to invest about $750 million in securities and offshore funds alone (quite a bit in real estate too…) so along with battalions of attorneys and accountants, we have helped MANY very wealthy people open bank accounts in quite a few countries.
It is not easy now and it’s not getting any easier!
Scott Oliver – Founder, WeLoveCostaRica.com
Author of Costa Rica’s Guide To Making Money Offshore in Bull & Bear Markets which you can see atOkay — so, for the $64,000 question. How do people function without bank accounts? Can you cash checks drawn on American banks? Can you get a credit card issued in Costa Rica?
I opened a corporate account last year and it was a nightmare. First I had to make the application and that had to be reviewed by their “board,” which took more than a week — then I had to supply them with a copy of my FBI fingerprints, apostilled police report, notarized letters of reference from my bank in the States, tax returns, and a letter from me stating how much I would be depositing into their account on a monthly/yearly basis. I was told by the bank manager that these new regulations are part of OUR Homeland Insecurity department and had very little to do with their banking rules. And they would only take a $500 cash deposit from me and the rest had to be wire-transferred from my bank in the States. Then I was told that all of these new regs were to prove that I am not a terrorist, nor am I funding a terrorist operation, and that my money is clean. Go figure.
Marilyn;
I hope all this negative talk about banking in Costa Rica hasn’t dampened your dreams. I for one had no trouble opening an account, and establishing direct deposit of Social Security benefits…. I made one appearance at the Banco Costa Rica. I had with me, my landlord, who speaks English. My Pass Port, my reciept of application for residency. A Visa Debit card was issued, which took about a week to arrive. This is by no means a cridit card. However it will let you draw money from your account at any ATM, US Dallars or Colones, or use as cash for purchases. Don’t give up hope, however this has to be done in Cosdta Rica. You can’t open an account until you get here. Oh, and you can’t fight the tico system….
Regards
Dick
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