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Does any one know what is the best way to transfer money to Costa Rica. This has to be legal and less expensive way possible.
What “illegal” ways are there? Just as a matter of interest….
Scott Oliver – Founder
WeLoveCostaRica.comwould agree completely, using a wire transfer is the simplist and safest way of transfering money. As to the expense, it typically is no more than $40 to $50 for a wire transfer fee. If that is out of your budget then I might suggest you rethink a lot of things.
If you’re talking about a significant amount of money (to you), there’s no question that a bank-to-bank wire transfer is the fastest and safest way to move money to Costa Rica. This assumes, of course, that you have an account in Costa Rica to which to make the transfer.
If you’re talking about spending money to use during your trip, use an ATM or debit card with the Plus or Cirrus logo to get cash from the local ATMS which are everywhere. It works just as if you were in the U.S.
CitiBank
You can open an account over the internet. It is one of the largest banks with many services. You can do wires over the internet for $30.
There are cheaper ways to transfer. Find a bank that is common to CR and the USA. Banco Popular. Check and see if they have links.
The beauty of Citibank is you can wire anyplace there is a computer.
http://www.citibank.com/us/d.htmStanley Putra
Edited on Jun 02, 2007 15:34
Edited on Jun 02, 2007 15:35
actually any bank will receive a wire transfer for you without having an account…a little known fact.
It is illegal for U.S. citizens to carry $10,000 or more in cash or financial instruments out of the country without reporting it to the IRS. Otherwise you can physically carry the cash (up to $9,999) without reporting it. Taking it out of the bank is another thing.
The Cash Transaction Report, CTR, (IRS Form 4789 / FinCEN Form 104) is required to be filed for any amounts withdrawn cumulatively from a US bank exceeding $10,000 for a single day. IF you ASK what the limit is then withdraw slightly less (say $9,000) then the bank MAY file a “suspicious transaction report” if you have made them suspicious. They can file this report for ANY amount that seems suspicious on your account.
So, if over a period of time you accumulate over $10,000 and carry it out of the country AND do not report it you have broken U.S. law. But people do it. . . I’ve heard of people carrying gold coins sewn in their clothing (back in the days before metal detectors).
You can wire transfer, or even write checks in far greater amounts. Since there are lots of computer records of these transfers the government does not worry about it.
I have taken $60K cash out of the bank and filled out a form. It is my money. Unless a country like Venezuela prohibits US dollars in any amount what is the problem? The US the last time I looked is still a free country. People have died fighting for freedom. Our men and women are dieing in Iraq as I write this. US Gold Eagles are legal tender. Ther are $100 dollar coins. The coin is legal tender whatever the price of gold is. If gold drops to $50 an oz what is the coin worth? $100. Same for $20 gold pieces.
Stanley PutraThe least expensive way possible is absolutely free. Therefore the quickest I know of in that regard would be 1) using a no-fee ATM card such as NetBank (they give excellent exchange rates) or 2) writing a personal check to a Costa Rican bank account. The quickest way for number 2 that I know of is Banco Cuscatlan. I have been writing 2 checks a month with them for the last 4+ years and they clear in 8 working days or 10 normal days just like clockwork. That is if your bank is in the US. If your bank is also in southern Florida, the waiting time is even less, 5 working days.
Jon
Hi guru…not to say that I am right, But I understand that the amount was reduced from $10,000 to $5,000 or to be safe $4,999., after 911. You can get $4,999 or less one day for say travelers checks and do the same the next day 24 hours and be off the target list of the U.S. Government. Sorry or if you choose believe another letter after this one, yes You are NOT free to just take money out of the country of the U.S. because “Big Brother” is watching out for US” They SAY they want to check any unusual cash movements as they may be related to Terriorist activity. I.E the Just announced attempt to distroy J.F.K. Airport and the gas lines that run through much of New Yorks city areas. At any rate they are checking on money transfers watching out for big brother.
Terry From TexasHey Terry
I am not sure, it would be a shame if it was lowered? These laws never hit the criminals, they hurt the law abiding citizen. It is like the gun questionairre questions. Are you a convicted felon?
In CR it is almost impossible to own a gun, however look at their crime rate? In Texas do you have the right to carry a gun?. I respect your right. I respect your right to do whatever you want with your money. This is starting to sound like preaching but I will say this. Why did our forefathers put these rights in the Constitution? The right to bear arms. only make gold and silver money. the right to property and most sadly today the power to declare war. You can see what is happening.
Thanks
Stanley PutraStanley, I will research this topic and let you know. About the gun carrying….You can get a permit if the police will allow you to do so. You need a doctor’s letter. I asked my doctor to send one and little did I know that he did not believe in gun carrying and recommended that I Not be allowed to have a permit. The Police rejected my application…I took them to court and had 6 personal witnesses (including a man from their own department, a city policeman and others with good credentials and Won the case. The police then stated they did not care what the courts ruled they would not give me a license….and That was the end of that! They said they would expend any amount of money to stop me..Government agency wins every time in the U.S.
Terry From TexasStanley, I did some research and basically you are correct in all ways. The $10,000 is the magic number for reporting money deposits or withdrawals….Of course when you fill out the “form” you are doing the necessary paperwork to satisfy Big Brother. However there is also a rule of $5,000 as you said IF they suspect something is wrong. I guess the only question is who decides what is “wrong”? Again I would agree with you, if you ask what is the limit without reporting they could well report your transactions if over $5,000.
I just moved $90,000 from one bank to another by cashiers check and I was not told of any reporting that would happen…..By the way Capitol One bank is offering 5% return on their checking accounts for one year then it returns to the (now regular) 3% …no min. balance free checking, debit card and NO strings attached. That is a deal we all should look into. I did!
Terry From TexasTry http://www.everbank.com
6 per cent interest and you can buy CD’s or switch into any currency like the Euro that I did. You see what happens to the colone? The same is happening to the dollar. Do you believe the exchange ratio was 40 to 1. It was illegal for Costa Ricans to own dollars. Here is a killer I think if you sold your property you couldn’t take US$s out of the country. That was a short 20 tears ago. Yes FDIC insured.
Thanks a heap.
StanEdited on Jun 03, 2007 18:26
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