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Wire Transfer of money from my account with BANK OF AMERICA to BCR account, savings-JACO OFFICE. What is the wait time for money to be available to me when in BCR account. Please answer how long?
The answer to your question depends on several variables. U.S. financial institutions have a cutoff each day at which time all pending outgoing wire transfers are processed. So you must first beat that deadline.
My understanding is that wire transfers are transmitted overnight, so assuming you meet the first deadline, the transfer should appear at BCR the following day. Then it’s a matter of how long their central office takes to process it and credit it to your account. I don’t think the fact that your account is based in Jaco has anything to do with it.
When we bought our property in 2005, my wife, then in the U.S., had Wachovia Bank initiate a wire transfer to our Banco Nacional account around noon on a Thursday. It arrived and was credited to our BN account by 10AM the following morning.
How your U.S. bank and BCR will perform is anybody’s guess. New bureaucracy, imposed since our transfer, could make the process much more cumbersome.
In the ordinary course, with no errors in the wire transfer instructions, the transfer of funds will usually take about two business days.
Once the money has been deposited in the BCR account, the money is available immediately. There is no wait time for wire transfers as there is if you deposit a check or travelers checks.
The couple or three times we’ve negotiated traveler’s checks in Costa Rica, we’ve cashed them via the bank teller and then deposited the cash. It takes a while for the teller to get clearance from American Express, but the money’s available immediately. There’s been no delay as there would be with any U.S. bank check.
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