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The subject article at: http://insidecostarica.com/2013/03/08/dollar-bottoms-out-again-forcing-central-bank-to-act/
makes me question how I handle my finances.We have never opened a bank account in Costa RIca because we have never had a problem in obtaining the colones we need through the ATM system.
I am now questioning exactly where tre exchange from dollars to colones actually happens. I have always assumed that when I ask for colones my U.S. bank delivers colones to the ATM in Costa Rica.
I do know that if I have my SS and retirement funds delivered to a Costa Rican bank they will be in dollars and the exchange would, of necessity, be made here exacerbating this problem.
Can anyone enlighten me?
If you have your SS deposited directly to a bank here in Costa Rica, it must be deposited to an account denominated in dollars, not in colones. And that account may not be jointly held with anyone else, not even your spouse. Once those dollars are here, you’re free to do with them as you please including converting them to colones.
Banco Nacional, Banco de Costa Rica, and maybe ScotiaBank can receive SS deposits for a monthly fee of $6.00.
I can’t speak to your pension, but many government pensions must deposited to a U.S. bank or credit union rather than an offshore one.
Con una transacción de $500 millones, GE adquirió el 49% de las acciones del grupo BAC el 11 de mayo del 2005.
En cuestión de un año, le sucedieron la venta de Interfín a Scotiabank por $293,5 millones, de Banistmo a HSBC en $1.770 millones, y de Cuscatlán y Banco Uno a Citigroup.
Big banks are buying the little ones in CR to the tune of close to 1 billion dollars, NOW these outside banks make the RULES.
SURPRISE, SURPRISE
Big money makes money
Small money is spent away
Which big banks have bought which little banks in Costa Rica lately? Yes, Banco Davivienda (Columbian) bought Banco HSBC, but the latter was owned by what is one of the largest banks in the world. Which small banks have been bought up?
WAKE UP:
Billions are invested in CR and that is not a TYPO.
do some homework on how $$$ is being transfed to CR and by WHOM
[quote=”DavidCMurray”]If you have your SS deposited directly to a bank here in Costa Rica, it must be deposited to an account denominated in dollars, not in colones. And that account may not be jointly held with anyone else, not even your spouse. Once those dollars are here, you’re free to do with them as you please including converting them to colones.
Banco Nacional, Banco de Costa Rica, and maybe ScotiaBank can receive SS deposits for a monthly fee of $6.00.
I can’t speak to your pension, but many government pensions must deposited to a U.S. bank or credit union rather than an offshore one.[/quote]
My question is: If I request colones at the ATM in Costa Rica is that request presented as a request for colones at my U.S. bank?
If yes then the exchange occurs in the U.S. and I am not adding to the issue of too many dollars in Costa Rica.
If no then the exchange is made in Costa Rica thereby requiring the government to purchase my dollars and adding to the problem.
Assuming the worst, Les, that the exchange is made here in Costa Rica, neither your pittance nor mine constitutes a full drop in the bucket. The problem is far greter than anything either of us can affect.
Citi Bank bought up Banco Cuscatlan within the last 3 years. Banco Cuscatlan used to be a small friendly bank with short lines, tellers who knew your face and great customer service here in San Isidro. Once Citi got their hands on it, staff was reduced, customer service went out the window, and within a year and a half the bank was closed. The building now sits boarded up and empty with its small parking lot chained off. Sad
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