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Can anyone give me addition insight into Costa Rican bank debit cards? We merely need a debit card for expenses, as opposed to paying cash for everything; each time we return to Costa Rica, and once we live there full time. Our current bank offers insurance for the debit card they issue, would this be essential for debit cards in Costa Rica? I currently have a U.S. credit card, with 0% foreign transaction fees. Would my use of this card, trump having a CR bank debit card? Any insight would greatly be appreciated.
[quote=”Disabled Veteran”]Can anyone give me addition insight into Costa Rican bank debit cards? We merely need a debit card for expenses, as opposed to paying cash for everything; each time we return to Costa Rica, and once we live there full time. Our current bank offers insurance for the debit card they issue, would this be essential for debit cards in Costa Rica? I currently have a U.S. credit card, with 0% foreign transaction fees. Would my use of this card, trump having a CR bank debit card? Any insight would greatly be appreciated.[/quote]
We still use our U.S. bank and their debit card but we draw local colons to pay cash for all transactions.
Our U.S. bank has a limit of $1,000 per day and charges a better exchange rate than the CR banks.
We have the convernience we had in the States and don’t have to worry about our bank deciding to lock our account because they suddenly see a need for additional documentation.The local banks are requiring two current account holders to vouch for you rather than checking you out in the States so they appear not to want our business very badly.
waggoner41,
Thanks. We have been with our CR bank for two years, under a corporate account. In order to obtain only a debit card, we now have to provide a copy of our last federal tax return, and have our CR attorney provide the bank with our corporate paperwork. We have to pay our attorney, to provide the bank the same paperwork that was already provided, to open the account. You are correct, they do not appear to want our business badly,or they actually believe that every American is trying to launder money, from pensions![quote=”Disabled Veteran”]waggoner41,
Thanks. We have been with our CR bank for two years, under a corporate account. In order to obtain only a debit card, we now have to provide a copy of our last federal tax return, and have our CR attorney provide the bank with our corporate paperwork. We have to pay our attorney, to provide the bank the same paperwork that was already provided, to open the account. You are correct, they do not appear to want our business badly,or they actually believe that every American is trying to launder money, from pensions![/quote]I just try to find the least hassle way to get things done and our bank has no problem with our location.
One day CR is going to require us to have a CR bank account but I will deal with that when it happens. They just put up too many road blocks.
We are lucky enough to have an attorney/notary who does what she has to do legally and lets me do the footwork. I learn more about how to deal with living here and share information with her regarding the hassles that I deal with in getting things done. It’s different when an attorney handles everything but her attitude is “learn how to live here”.
She is very aware that my ultimate goal is CR citizenship.It;s not the CR banks fault for all this stupid flaming hoops of fire you have to jump through to get a bank account. it is the US putting the thumb on the banking system here and requiring all applicants for an account to comply with the Know Your Customer program that started in the US. when i applied for my first bank account i had to give them notarized letters from my bank, police background check, tax returns, and have two personal references fron bank customers. when i threw a tantrum over the hassle they were causing me, the gerente smiled and said, “Don’t blame us, it’s your George Bush who is making us do this to you!”
[quote=”Disabled Veteran”]Can anyone give me addition insight into Costa Rican bank debit cards? We merely need a debit card for expenses, as opposed to paying cash for everything; each time we return to Costa Rica, and once we live there full time. Our current bank offers insurance for the debit card they issue, would this be essential for debit cards in Costa Rica? I currently have a U.S. credit card, with 0% foreign transaction fees. Would my use of this card, trump having a CR bank debit card? Any insight would greatly be appreciated.[/quote]
Thanks to the US you have to put up your first born to open a CR bank account. They did not appreciate we only had a canine kid. It is a nightmare to open a CR bank account so keep your US bank account. You can pull cash out with a cap of $600 but you can work around it and can charge your groceries. You will need to pull money from an actual bank office ATM otherwise you can only withdraw $100 at a time with additional bank fees from a remote ATM. You can get your US card recharged from SS and a bunch of other sources but forget about wire transfers down here. The US makes sure that you prove the source of every transfer. So the .005% of the illegal total transfers create havock on the rest of 99.095 legal transfers. A good Visa bank card rocks down here.
[quote=”maravilla”]It;s not the CR banks fault for all this stupid flaming hoops of fire you have to jump through to get a bank account.[/quote]
It isn’t the faxct that it has to be done it’s the way that I’ve heard that it is done.
Freezing your account without notification, forcing you to go to the bank to find out what is needed (calling the bank gets no information) and getting documentation together can take a matter of weeks.
In the meantime you are without access to your money. Depending on your situation you may be without food, rent or mortgage, means of transportation (gasoline for your car or bus fare), bills to be paid could end up getting your electric, phone or water service cut off. Even if they know that the only funds going into your CR bank account come from SS and a pension they will shut you down.
If I have a problem with my U.S. bank they notify me by email and give me an opportunity to correct any issue before freezing my funds and there is no problem in getting the needed information by phone.
There’s no denying that banking in Costa Rica is a bureaucratic maze, but we’ve known a couple (or more) couples who have recently had no problem opening bank accounts at Banco Nacional de Costa Rica. They’ve had the advantage of an introduction from ARCR (the Association of Residents of Costa Rica) which has made the whole thing pretty simple.
We bank primarily at Banco HSBC due to the fact that they were the best deal our mortgage broker could turn up for us. Since we have to pay there, we mostly bank there except that we have our Social Security directly deposited to Banco Nacional because only they and Banco de Costa Rica are able to accept it. HSBC in Grecia is a much easier and more pleasant experience than Banco Nacional in Grecia.
I have been living in CR for eight years. I have used and still use my US Bank issued “Visa Cebit Card”. It is the standard debit card that all US banks give out. It can be used at most CR ATMs and in businesses. I can get dollars or colones with no problem. I bank I use in the US is TDBank and they allow me to get $1000 per day with maximum of $500 per transction. I have both my pension and SS check direct deposited into them. For me, this works perfect.
tico437,
Thanks for your banking experience. A couple of days after reading your post, CapitalOne mailed me an offer for a Master Card, Debit Card, linked to a checking account. The MasterCard Debit Card offers, 0% foreign transaction fees, 0% debit liability, you only pay for what you have debited, and $25.00 monthly reimbursement, for other bank ATM fees. This appears to meet our needs. I requested a debit card from our BCT bank in Costa Rica, we have had the account for three years, yet they still want federal tax statements, and my Costa Rican attorney to provide all our original corporate paperwork. Think I will go with CapitalOne!Glad to find you found a card. Maybe the CR banks have changed policies in the last eight years (thanks to BIG BROTHER) but I have two company and two personal accounts with BCR with debit cards and have never had to show any tax returns or letters from accountants. Guess I got “grand-fathered” somehow.
[quote=”tico437″]Glad to find you found a card. Maybe the CR banks have changed policies in the last eight years (thanks to BIG BROTHER) but I have two company and two personal accounts with BCR with debit cards and have never had to show any tax returns or letters from accountants. Guess I got “grand-fathered” somehow.[/quote]Me niether ?
I opened mine in late 2004.the oppressive bank rules started in early 2005 — i had to provide notarized statements from my bank, tax returns, criminal report, and have two local references. don’t blame CR for this banking nightmare — it’s more devil’s work by the US gov’t to track money that may support terrorism.
Everyone’s points are well taken. My BCT Costa Rican bank also wants me to purchase debit card insurance against fraud. Mom did not raise a fool, why pay for the insurance, when CapitalOne offers 0% debit liability.
Is anyone using a mail forwarding service in Florida to get new ATM Cards from the stateside bank. My federal credit union has promised the name and email of a banker to help me once I moved to Costa Rica. But the only way I can put cash directly from the credit union to my BNCR branch is by wire transfer. At the time I setup the account they BNCR branch did take my stateside check which surprising cleared my credit union in about 8 days times. I have been giving some thought to just showing up at my BNCR branch monthly and depositing a stateside check and watch the account on the Internet to see when it clears. The main thing I missed which is probably the worst mistake of my adult life was saying no a “ficha” when the bank offered in Orosi. Don’t make that mistake because I can’t setup accounts to pay out of my BNCR account from outside Costa Rica without it. So I have been sending the salary of my gardener to his account at $30 a pop for each electronic transfer.
I wish Scotiabank would come to Orosi, they always seems to have lot of cash in the branch in Cartago I go to for large withdraws from my federal credit union. Maybe on this trip I will go to the back and put in a stateside check to see what they do about since I have the account for two years now.
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