- This topic has 1 reply, 9 voices, and was last updated 17 years, 8 months ago by
.
-
Posts
-
I would like to move money from Canada to Costa Rica. How can I set up a bank account in CR? Do I have to do it in person, or can this be done electronically? Thanks
I have never seen a way to setup an account electronically.
With the international banking community on the lookout for drug and terrorist funds being moved around the world, I don’t believe you will make this happen. This new eye on the money is getting stronger after meetings last week.
Banco de Costa Rica was a bank choice I made and a CR friend had to be with me to open a personal savings account. They said after six months of history they would allow a checking account. A checking account is not needed as a debit card can be used extensively. across the country.
With a Costa Rican Corporation, in person you can open any account that you require for your funds.
Yes. In person is the only way that I know to open an account.
In person is best…
We’ve been told that the “international banking community” is on the “lookout for drugs and terrorist funds” but that’s just a tired old excuse to find out exactly where YOU are keeping and sending YOUR money…
Heck! Yesterday – July 4th of all days, the Guardian reported that the “Nearly five years after George Bush vowed to bring Osama bin Laden to justice “dead or alive”, it’s the end of the line for the CIA’s Alec Station, the unit dedicated to the hunt for the al-Qaida leader.” “CIA disbands BinLaden unit”
They’re that keen on finding him and his money….
Scott
You can only open up a bank account in person. I checked on that before I opened up an account last month. I actually found it to be easier than everyone portrayed. I opened up an account with Banco Nacional, the banker was helpful, and the process took about an hour. Buena suerte! 🙂
I understand that you need to open an account in person. Although we have accounts (both personal and business) in Scotiabank in Canada, that connection does not allow for opening an account in Costa Rica although there are several branches of Scotiabank C.R. Transferring money is also not done directly as the Costa Rica branches are ruled by CR laws (naturally) However, tellers and managers all speak English and are as helpful as all other Costa Ricans.
Banco Nacional has also been very helpful, and has branches all over the country.Unless the rules have changed in the last 2 years, in addition to opening the account in person, you must prove residency as well. This is normally done by presenting a recent utility bill with your name and address on it.
I don’t know if the rules have changed recently, but a year ago we opened dollar and colon accounts at Banco Nacional when we did not live in Costa Rica and had not yet applied for our residency.
If the “rules” seem to present a problem, one might consider applying for an account at one of the private banks. They are not 100% secure in the “FDIC” sense of the term (although neither are the nationally-chartered ones), but if you’re not keeping enormous amounts of money in your account, the exposure is minimal.
I think that you wil find that the private banks are ten times more difficult to open an account with than the state banks.
Scott Oliver
WeLoveCostaRica.comYou do not have to have your residency to open an account at Banco Nacional. I can’t speak for the rest of the public/private banks. I showed my aunts utility bill (since my house didn’t have the electric or water hooked up yet). They accepted that. So, you could use a copy of your landlord’s bill, friends bill, etc. They were flexible with me on that. I also am not a resident until October and had no problem opening an account as a tourist. You need two letters of recommendation (which came from my attorney and his assistant), a letter of recommendation from my bank in the states, a copy of my passport, $30.00 USD to open the account, and my aunts utility bill. All in all, not too bad!
That’s an understatement! When I opened my corporate account at Banex last year, I had to provide them with my corporate papers and cedula, the electric bill, a notarized letter of reference from my bank in the US, a copy of my apostilled police report, my tax returns for three years, and a letter from me stating my intended use for the account and the appoximate amount of money I would be running through it in any given year. I gave them all this paperwork and they took my bank account application under advisement for 5 days. Then I had to have two other acount holders go with me to talk to the Gerente — and they hammered him into opening my account. Every time I ever went into that bank after that, I made sure that I always said hello to the Don and exchanged pleasantries, but when I approached him about opening a personal account so I could have a debit card, again he took my application and sat on it for a few weeks and finally told me that they would open an account the second I got my residency, even though I had given them copies of my stamped application showing I was in the process. At the top of the account application, I noticed written in English this little warning: “This application is in compliance with the Know Your Customer program.” And if any of you do not know the Know Your Customer program I suggest you bone up on it — it is part of our anti-drug anti-terrorism program to track money worldwide. UGH!
By “residency” I meant that you live there, not that you have residency status. Poor choice of words. From the thread it sounds like even if you don’t actually live there, it’s possible to bend the rules to open one, although I think it is part of the national banking regulations that you do live there, as evidenced by a utility bill in your name, or other such proof.
The regs apply to both public and private banks. The national banks do have FDIC-like guarantees, but the private banks don’t.
I had to provide proof of residency (not resident status) to open accounts at Banco Nacional, and Banco Anglo (before it imploded – and paid off its account holders), both national banks, as well as Cuzcatlán, a private bank.
Again, for the perseverant, there’s a way around everything.
That’s an incredible story, Maravilla. We got our mortgage through Banex. The day they issued the first draw (we’re building), they opened an account in about four minutes flat. Maybe that’s because they already knew us from our mortgage application, but that was processed by an bank in Texas through Stewart Title Co.
So what your saying is that if I am a drug runner or a terrorist, I shouldn’t open an account at Banex? Thanks for the warning. If you ask me, that’s the only good thing they did concerning your application.
- You must be logged in to reply to this topic.
