Clarification of pension income requirements

[hodgewd]

I’ve learned that my pension account manager, State Street, does not electronically transfer funds to banks outside of the US. They tell me they will mail the check to a bank in CR if I request it but then potential for human error increases dramatically.

Have other individuals run into problems like this and how have you gotten around the problem so you could satisfy the Pensionado status requirement?

[wmaes47]

Your best bet would be to transfer funds to another bank institution in the States. Find one that will transfer to Costa Rica.

I transfer funds to Costa Rica via Chase Bank.

There… Problem solved…

[hodgewd]

Does Chase Bank have an affiliation with a bank in CR?

Are your funds transfers; automated, personally initiated, ATM card, checks mailed, or????

Do you have to pay wire transfer or other fees to accomplish the transfer of funds?

Thanks for your response and the information!

[wmaes47]

Howdy

Chase Bank has no affiliation with any bank in Costa Rica, other than wire transfers.

My wire transfers are manually initiated at this time. I go into the bank or initiate online.

Fees are charged on both ends. Chase charges US$20 for the transfer, then there is a US$15 amount that either goes to an interim party or Banco de Costa Rica. Whether I send a small amount or a chunk of change, the fees are always the same, about US$35.

In Costa Rica I use Banco de Costa Rica for their many branches, teller machine and that I have the ability to make online debit payments for water, electricity and cell phone. I am not aware of any of the other banks offering these online services.

I was moving an amount at the teller window from one BCR account to another BCR account and the bank wanted to charge me US$40 to move the money. Knotheads… So I used a little ingenuity and asked them for the US$ in my hand and told them I would hand it right back for deposit into my other account… Every bank in CR tries to charge a fee for anything.

It didn’t take long, as she disappeared around the corner, and came back with a smile and told me they would “Wave the Transaction Fee”…

You must be smarter than the average bank teller and manager.

I don’t see a need for a bank affiliation in the US with one in Costa Rica, other than when using checks for immediate payment.

Ask away. I’m full of it…

Pura Vida
Bill Maes

[wmaes47]

Another item I have learned. When you exchange the $US monthly amount to Colones, they will give you a receipt for the exchange as proof of funds.

If you have enough colones laying around without needing the monthly exchange… Turn right around and exchange right back into dollars. This will keep inflation at bay and you will have a receipt for pensionado satisfaction. You will only loose about three colones for every dollar or 1,800 colones (US$3.52) You will have to calculate if this is worth oit to you, keeping an inflation rate of about 13% per year.

Pura Vida
Bill Maes

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