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I will loose my US bank checking account when I move down at the end of the year and will have to open a new account somewhere else.
Is it fairly safe to keep money in Costa Rican banks? (about 6 months of living expenses)
I have read advise that it is easier to keep them in a US bank, and use an ATM card down there. As I will loose my US residency that is not an option for me, but I could open an account in Europe if that would be ‘safer’ than using a Costa Rican bank.Also which Costa Rican bank would you recommend? Can I open an account quickly even though I have no residence there yet?
Thanks
I have had bank accounts with practically every major banking organization in this country and to be blunt – they’re all bloody useless.
There is simply no appreciation for the time value of money and mo sense of urgency that sometimes money MUST move quickly from one place to another.
Having said that, if someone put a gun to my head and forced me to choose one private bank that was not as bad as the others, I would probably choose BAC San Jose…
And yes! I have said many times on this site, that you need to keep six months worth of living expenses in the bank and no more. The rest could be held in Switzerland.
The problem with Zurich is that typically they’ll need to see that you are a legal resident of Costa Rica, no longer living in the USA and they will probably want $100K minimum accounts.
The bank I work with in Zurich has around 10 million customers, there are about 32,000 employees working in approximately 1,300 branch offices with assets under management of EUR146 billion which is about US$207 billion and … They have ZERO exposure to the investment problems that the major banks are experiencing at the moment.
Scott Oliver – Founder
WeLoveCostaRica.comThe banks in CR a relatively safe. Where in the US do you see two armed guards and controlled entry, yet robberies happen in the US daily. However, I would have to agree with Scott that the banks in CR are completely lacking in customer service and expediency. A simple transfer of funds from one account to the other at th “national” bank took one fax, one e-mail and finally a heated long distance phone call, in Spanish of course, asking why my request is being ignored, especially conidering the sum? I appreciate the Switzerland angle Scott. Can you open a Swiss account without being physically present?
So how do you pay your monthly bills if you can’t rely on them being there on time?
Rent, phone, electricity, insurance etc…Some of the banks have internet access and a bill pay feature. Once you set-up the 1st time it should not be a problem.
Depending on where you’re located you might try one of the credit unions in the country. I use CoopeMex and have found them to be quite good! Much better service than the big banks and reliable service when paying my bills…. two years of paying Electric/Phone/Water on two homes without a glitch! They know my name when I walk in and always do their best to help. This might no be a option for everyone depending on where you are but it’s something to consider!
Credit Union sounds good, do you know if I need referral of an existing customer to get an account there? I’ll be in Cartago.
I didn’t need one at my CoopeMex… nor am I a BIG $$$ customer… check into the local branch and see what you need to open an account. A package of cookies goes a long way!
Really? I’m not that familiar with the Tico ways yet… You can bring cookies to the bank? How sweet!! I love it. I’ll bake some of my own!
Kindness NEVER goes out of style… I drop off cookies at CoopeMex and hardware store…. and NEVER have a problem getting quality help at either place… even with the broken spanish I speak! I’m not sure if it’s a Tico thing yet…. but it’s a big hit with the folks I deal with. Perhaps it even gives them hope that not all Americans are pushy and selfish.
I think it depends on where you are.
Up here on the lake I have had fantastic service from BCR. Ummm Plus the girl runnung the branch is a GUUUUUUAPA !
When I was building this shack I needed tons of cash on a daily basis and they quickly removed the maximum amount I could withdraw daily. I can send money from overseas tomorrow, before noon, and have it accessable here in 24 hours.
This is small town life so may not apply down in Mexi…. I mean San Jose :-)~I am not sure why this person needs to give up their US bank account. I understand that I can keep my account open here for my Military Pension and also open an account in CR for my Social Security. And I can use the ATM to get cash out of my US account or even have a wire transfer if I need more then the $400 a day limit on ATM’s.
Ron USCG Ret
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