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Hello All-
I currently reside here in CR (Heredia), I’m having the WORST time getting money here from my US Bank accounts. I’m buying property and building little casitas slowly. I have a Banco National account as well as two US Bank accounts. The problem is if/when I need more than the allotted 300USD per day…I can’t get it. Does anyone know of a bank that crosses borders? Or how I can get more than 5k per month from my US Account to my Banco National account.:D
I don’t know about their policies, but you may want to do some research on ScotiaBank, though, there are some things (paying corporation taxes, etc.) that you can only do through one or more of the national banks.
I don’t know what it costs you to send/receive a wire, but I wouldn’t be surprised if it is over $60 total. You could simply write yourself a check and deposit it into your BN account. BN now charges about $40 to process a foreign check (when it costs them virtually nothing now that it is only an image moving electronically). It will clear your US account in 48 hours but not be available to you in CR for 3-4 weeks. (Electrons seem to move much slower there)
The problem is quantifying the money. Did it come from your wages? Did it come from your savings ? How are you going to be able to prove that ?
The $300 daily limit is CR’s fault. They need large dollar deposits to be able to manipulate their currency. The $5000 daily limit for a wire is likely a product of someones interpretation of FATCA.
I currently reside here in CR (Heredia), I’m having the WORST time getting money here from my US Bank accounts. I’m buying property and building little casitas slowly. I have a Banco National account as well as two US Bank accounts. The problem is if/when I need more than the allotted 300USD per day…I can’t get it. Does anyone know of a bank that crosses borders? Or how I can get more than 5k per month from my US Account to my Banco National account.:D[/quote]
I don’t understand the “allotted $300USD per day”. What is that exactly? Also, when we were building our house, we went to the bank and requested permission to transfer over $5000 four separate times. We had no problem getting permission for this. I was surprised they didn’t ask to see where we came up with the money. In our case, we had sold our house in the U.S., and I had the documents to prove it. I will say that our builder is well known at Banco Nacional. He also has an account there, so maybe that’s why we had no problems with transferring the money. On the other hand, knowing how Costa Rica is so procedure oriented, maybe that had nothing to do with it. I just don’t know.
I have no problem wiring 25K+ from my US bank to my builder’s BN account in CR. In the wire I just put “Payment for Construction Services” though once per year, he is required to sit down with a bank official and be interrogated about his finances. Are you using SWIFT or IBAN ?
I should probably add that it is coming from a corporate platform not as an individual wire.
Yes, I even filed my contract as well as my blueprints with the bank so they know why I need the money. And its, personal not business account. What I may do is open a business banking account in the US and try sending that way. Thanks for your reply.
300 per day..Meaning, I can only take 300USD per day per account out from the ATM. From the US Banks
[quote=”davskiss”]300 per day..Meaning, I can only take 300USD per day per account out from the ATM. From the US Banks[/quote]
Maybe not from the US banks … you need to check their policies.
The CR govt needs the dollar reserves to manipulate their currency … thus limiting your access to your own money.
You may want to check out this thread …
Take care,
Bill
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