www.CostaRicaTicas.com

I'm planning on a 6-month stay in CR and need to find a way to deposit a rental check from a US property on a monthly basis. The company that is renting my unit, claims they have no way to setup direct deposit with my US routing # and account #. I find this hard to believe, because it is sooo simple to setup a recurring payment online with any bank these days.

So, if I'm stuck with receiving a monthly rent check in the US mail, what are my options???? I have to believe that I'm not the first person in CR with this problem. Please help!

The company says they can mail it to me in CR. Well thats great! It might take 2 weeks to get here, if it ever does. Then another two weeks to clear. This sounds like my worst option.

All advice is appreciated.

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http://TipsCostaRica.com for pratical advice on living in Costa Rica.
In order to write about life, first you must live it! - E. Hemingway.

get another property manager

I definitely agree. Find another property manager !!! They're (most likely) getting 10 percent from you already. Setting up a direct deposit to wire funds to your account is a no-brainer. If your property manager says it can't be done, give someone else 10 percent of your rental income, and I'm sure they can get it done! That's ph*cking ridiculous.....

As with chica's, the same goes for Real Estate Property Managers.............NEXT !!!!

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You ALWAYS have an option ....... "NEXT" !!!

I have no property manager. Its a small storefront, underneath some condos. So, I guess I'm the manager which is the problem. I might be able to bribe the HOA president on the top floor to make deposits for me. Unfortunately, she is a gringa psychotic bitch and may refuse. BTW... maybe I can tell her I'll stop paying assessments if she doesn't.
This might light a fire under her gringa ass.

Any other advice is appreciated.

_________________
http://TipsCostaRica.com for pratical advice on living in Costa Rica.
In order to write about life, first you must live it! - E. Hemingway.

I have deposited checks from the United States in my account at Banco De Costa Rica and had no problem. They did take a while to clear but that was about it.

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pacatelo

Chi_trekker,

Okay now I understand with the extra info. Here's what you do:

1) Open an additional account at your local Chicago bank.
2) Give the tenant enough deposit slips.
3) The tenant deposits the rent in the account. Endorsing their rent check as: "For Deposit Only" with the account number on the back.
4) You then transfer the money from the additional account to your personal account via your online banking from CR.

Your tenant only has the account# for the rent deposit account. Since you transfer the money each month, there is no $ for them to screw with.

If your bank wants to charge a lot for this additional account, get another bank.

RHM

Another option is to set up an account with jet box or aero casillos . Then you will have a miami address and they will air mail your mail securely to san jose. They charge around 1$ per letter plus a small monthly fee. It only adds around 3-4 days to the delivery time and they are reliable IMO.


The banks here wait around 10-15 business days to credit your account.

I just have my tenants mail their checks to MY COMPANY, c/o MY BANK ADDRESS.

The bank knows that any check that arrives that's addressed to me, goes into my account.

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You can check out any time you like,
But you can never leave.

RHM,

I originally thought about your idea. The problem is that the tenants that work in the place are about as reliable as your average tica. The company that they work that cuts the check is who I am after. I just called and their AP department is "researching" direct deposit transaction. My guess is their AP system is so old its nearly impossible. Here's my idea:

I mail the payors a bunch of deposit slips. Instead of mailing the check to me, they mail it to Citibank. Then they have to either change the payee on the check to either themselves and endorse it or the use "cash" as the payee. I'm not sure which is a better way to go.

Thoughts???

_________________
http://TipsCostaRica.com for pratical advice on living in Costa Rica.
In order to write about life, first you must live it! - E. Hemingway.

What about endorsing it??? Don't they need a signature???

_________________
http://TipsCostaRica.com for pratical advice on living in Costa Rica.
In order to write about life, first you must live it! - E. Hemingway.

A check that is deposited to your account does not have to be endorsed.

I deposit U.S. checks into my account at Banco Cuscatlan all the time. It takes an average of 7 business days to clear, but I haven't had a problem yet.

But if you open a new account at Banco Cuscatlan, they'll make you wait 6 months before you can deposit checks drawn on U.S. banks into your account. During the 1st 6 months, you can deposit cash into your account, or you can wire funds from your U.S. account to your Cuscatlan account, or deposit checks drawn on a CR bank. I guess they don't want you to open a new account, and then start laundering money right away. Go figure!!!

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You ALWAYS have an option ....... "NEXT" !!!

I use Banco Interfin here in CR and haven't had a problem with them.They take US checks immediately upon opening an account.As others have said,it takes about 7 business days for US checks to clear. You could cut that time by having the US checks deposited into your account in the states. Then a couple of days later,write a check to your account down here. Your check won't bounce because of the time lag for it to reach your back in the States. Then 7 days later you have the cash.

You also might think about joining the assoc. of residents of Costa Rica so you can get a Miami PO Box which should expidite your mail.
Also, Scotia Bank takes 3 weeks for clearance when I deposit a US check - thanks to VB, I may be switching to Interfin.
LVSteve

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Just an old horney, fat gambler.

I would really be suprised if any bank in CR would clear a check from the states in 7 business days. 10-15 business days is more realistic.