Banking in Costa Rica

[MarilynSunshine]

This sounds much better, although certainly not perfect, Dicbobcr! While I hate debit cards, at least it’s a way to buy whatever I need without having to pay the exchange rate with a U.S. card.

And, no — one way or another, no matter what the problems that need to be overcome, I’m moving. It would just be nice to have as few problems as possible. 🙂

[maravilla]

The problems in the banking system are instigated by King George who wants to keep tabs on all the people fleeing his regime. Yes,it was a week of jumping through hoops at the bank but I did get a corporate account, and this last time around when I went in to open a personal account at the same bank and filled out an application, what do you think I saw at the top of the application in teeny weeny letters (in English)? “This application is in compliance with the Know Your Customer program.” This happens to be a program that was instituted long before 9-11 to track a bank customer’s money going in and out of an account and requires that the bank report to the appropriate governmental authority any unusual or suspicious activity in the way of big deposits, big withdrawals. This program supposedly started in response to all the dirty drug money that got laundered through our banks in the 80s. So don’t blame Costa Rica; Big Brother is keeping tabs on all of us and knowing where our money is at all times is one of they ways they do this. And then there is the Treasury Department form that must be filed every year by June 30 that requires you to list every single account with an aggregate sum of $10,000 to which you are a beneficiary or signatory. Sure, you can NOT file this form, but if they catch you the penalty is $500,000 in fines or 5 years in a federal slammer. As a US citizen, you are not exempt from these laws, rules, punishments just because you left the country.

[Ken]

I was curious if the money held in a CR Bank has any protection as it does in the USA with FDIC insurance?

[maravilla]

With a private CR bank, you are on your own if they go belly-up. With State banks, you are protected much in the same way you are here with FDIC. I don’t know what the limits are, however, but Scott will probably know.

[Author]

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