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I am currently in the process of purchasing a B&B here in CR. I am obtaining a loan from a bank in the US. Is there any easy way that anybody knows of that I can transfer money back and forth between the US and CR? I know that I can wire and I have done this before, but I am wondering if there are any banks or any way to avoid the transfer cost.
The sending and receiving banks will each charge you. The charges vary, of course.
The only other way we’ve found to move money from the U.S. to Costa Rica is to write a check on our U.S. checking account, deposit it into our Costa Rican dollar account, and wait ten working days until it clears and is credited.
I’ve tried to figure out how to do this using two PayPal accounts but cannot make it happen. If you figure something else out, please let us know.
Citibank does not charge to transfer money from your citibank accout in the US to any citibank account in the world. I think you can open an account here. Not sure but check it out.
Correct. It’s Banco CMB.
Le informamos que Citibank (Costa Rica), S.A. es ahora Banco CMB (Costa Rica), S.A.
y nos puede encontrar en la siguiente dirección:
Citi bank is in Costa Rica. We have an account in San Isidro. They bought Banco Cuscatlan and changed the name last year. Citi also has a huge corporate office in San Jose. I see their sign high in the air off the Pan American highway on the left on the way to the airport. However, I am not able to transfer money between my Citibank account in Costa Rica and my Citibank online account from the US. So far we still have to use wire transfer to add money to our Costa Rican account from the states. At the bank they tell me the reason is that the Citibank in Costa Rica is part of Global Citi and that Citibank in the US is a somewhat separate corporation. They may be sub corporations of a larger corporation.
Here is the web page for the Citibank, formerly Banco Cuscatlan, in Costa Rica.
https://www.latinamerica.citibank.com/costarica/index.html
I am not sure if this is the same company mentioned in the previous post.Okay, you may have to use a wire transfer but does Citi charge you for it? My Chase account in the US does not charge me for wire transfers. I have a prefered account though. Are we trying to skirt the wire transfer cost or exactly what is the goal here. If you are trasfering money all the time I get it, but if it is just a one or two time thing I don’t see the point.
Citibank in the US does charge for wire transfers. The last I checked it was $40. Anyone who gets this for free as a perk for a high balance accoount is very lucky especially if transfers need to be done frequently. Many US banks have reduced perks such as this with the onset of the economic crash. I kept my online Citi account expressly to be able to transfer money online back and forth between our US and Costa Rican accounts only to find out that this was not possible even after Citi took over Banco Cuscatlan and I have online access to both accounts. Citi in San Isidro has implied that this could change in the future with no details as to when this might happen.
I’ve had the same results when I asked HSBC about transferring money from an HSBC account in the U.S. to our HSBC account here in Costa Rica. Actually, they said it could be done easily if I opened a “Premier” account in the U.S. And to keep that account in good standing, all I have to do is maintain a balance of at least $100,000US.
Yeah, like that’ll happen in my lifetime!
So instead I write checks.
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