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Banking in Costa Rica
https://forum.costaricaticas.com/viewtopic.php?f=1&t=35333		 Page 1 of 3
Author:  VegasBob [ Wed Sep 22, 2010 9:38 am ]
Post subject:  Banking in Costa Rica
One day this week I was making a deposit and a withdrawal from my account at Scotia Bank. After they asked me to sit with one of the managers to "update" the info in my account. If I didn't cooperated they would freeze my account and I wouldn't be able to access my money.
They wanted
1. A copy of my passport (already gave it to them 6 years ago)
2. A copy of my utilities bills (I pay my utilities along with my rent so everything is in my landlord's name. ( they allowed my to bring in a copy of my lease instead.)
3.Copies of any paystubs that I have. Since I am retired all I could give them was a copy of my Soc. Sec annual statement. That would allow me to transact with the bank an amount annually equal to my total. I also showed them an account in the U.S.
They told me that all this was required due to the US regulations to stop money laundering
Author:  Bktuna [ Wed Sep 22, 2010 3:14 pm ]
Post subject:  Re: Banking in Costa Rica
VB, I am suprised they took this long to hassle you. Most of us got bothered two years ago. Some people had their accounts frozen, without even being told to produce any documents.
Author:  Californicationdude [ Wed Sep 22, 2010 3:42 pm ]
Post subject:  Re: Banking in Costa Rica
"ticos are basically....."



ahahahahahahahahahahahahahahahahahahahahahahaha



and don't forget to link your bank accounts in beautiful, downtown SoFla!
Author:  Irish Drifter [ Wed Sep 22, 2010 6:48 pm ]
Post subject:  Re: Banking in Costa Rica
Californicationdude wrote:
"ticos are basically....."



Being bullied by Uncle Sam. Want some of our dollars then you must do this and this and this or we will cut you off. Part of this is making banks gather all kinds of data on their customers under the guise of combating drugs and money laundering.
Author:  Bilko [ Wed Sep 22, 2010 11:04 pm ]
Post subject:  Re: Banking in Costa Rica
They say money laundering, but you can bet it's the IRS/Treasury Dept. They want their cut.
Author:  VegasBob [ Thu Sep 23, 2010 10:01 am ]
Post subject:  Re: Banking in Costa Rica
The chubby little desk sitter told me that the bank doesn't automatically send the information to the grand Ole USA,but has an agreement that if asked they will respond. I keep enough money here in CR to last for a few months,and the rest is still in the US. If the money grubbing Ticos are waiting for me to die to pillage my assets..... my K*ds will be all over it before the Ticos can steal enough to have lunch.
Author:  Puravida29 [ Thu Sep 23, 2010 12:46 pm ]
Post subject:  Re: Banking in Costa Rica
I had to go through the same experience this week at Scotia. I went to make a withdrawal, and I had to update my information as well. Since I obviously don't carry around copies of documents with me (I just take my passport into the bank), I had to come back the next day, because I needed an earnings statement from a local CPA. So I went back the next day with this earnings statement to update my info, which took about 90 minutes for them to do. So much information they wanted to know. How many deposits/withdrawals will you be making per month. What percentage of your deposits will be in cash, check, local bank transfer, exterior wire transfer. What methods do you plan on using to withdraw funds. What will you be using the account for (pay bills, etc).

I asked the lady if all of this information is just required for U.S. citizens, or everybody, and she said it was everybody; that it was some regulation that they were requiring of all account holders at all banks in CR. Compare this to opening a bank account in the states, and wow. At least the girl was rather nice with me. I found it funny the amount of papers she had to fill out. Would've made more sense to type it once into a computer, then print out copies for me to sign. Instead, I had to fill out the paper once. She input that info into the computer. Then she had to get out about 3-4 more forms and fill those out with all the same information and had me sign them. What a nightmare it was.

Then on top of that, once I was good to go, and I went to the teller to get my withdrawal, he went through my entry/exit stamps, studying each one. I have no idea why. The account manager that updated my account never looked at stamps.
Author:  50strokes [ Thu Sep 23, 2010 2:59 pm ]
Post subject:  Re: Banking in Costa Rica
Its a good thing. Dont sweat it. With all the ID theft and fraud just one more form of protection. Once a year Banco Improssa sends me an email requesting basically the same info. When I show up in CR I go by and make a withdraw or deposit. All good. Update info. No harm no foul. Dont want to be confrused with FARC, Cartels, Moneylaunderers, etc. depositing dineros en Costa Rica bancos. Also don't want them to think you are deceased! Just checkin.

Scotiabank asks for a lot of shit just to open basic checking account in CR. They lost my business years ago. Logo and branch buildings look nice though?

fiddy
:shock:
Author:  Thirdworld [ Thu Sep 23, 2010 3:05 pm ]
Post subject:  Re: Banking in Costa Rica
For this very reason, more and more gringos are having well hidden safes and holding large amounts of cash... Middle finger to da man.. 8)
Author:  DiegoC [ Sun Sep 26, 2010 9:51 pm ]
Post subject:  Re: Banking in Costa Rica
Just make sure the safe is embedded in concrete. If it is portable it will be taken. Even if it is in concrete it can still be taken so you need to hide it too. Really hidden and not behind a picture on the wall. Mine was buried in the floor under flooring.
Author:  VegasBob [ Wed Sep 29, 2010 10:41 am ]
Post subject:  Re: Banking in Costa Rica
So after 3 trips to Scotia Bank to bring them everything they asked for,I went in there the day before yesterday to sign a couple of forms. I was assured that it would be my last inconvenience. Well the chubbly little desk sitter had another problem. When I brought them my passport,they "forgot" to make copies of ALL my immigration stamps. Another member had the same requirement so I was not too surprised. I will return today with my passport (third time) and sign a couple of documents. If I had more time I would start a poll here as to whether I am done or not.
Author:  Puravida29 [ Wed Sep 29, 2010 12:21 pm ]
Post subject:  Re: Banking in Costa Rica
Vegas Bob wrote:
So after 3 trips to Scotia Bank to bring them everything they asked for,I went in there the day before yesterday to sign a couple of forms. I was assured that it would be my last inconvenience. Well the chubbly little desk sitter had another problem. When I brought them my passport,they "forgot" to make copies of ALL my immigration stamps. Another member had the same requirement so I was not too surprised. I will return today with my passport (third time) and sign a couple of documents. If I had more time I would start a poll here as to whether I am done or not.


They never made photocopies of my stamps. The 2 different account managers that I dealt with (because I had to come back the next day) never looked at my stamps at all. It was just weird to me that a teller studied my stamps from the first time I entered CR until I most current one, before he would process my transaction and give me my money.
Author:  JazzboCR [ Wed Sep 29, 2010 12:22 pm ]
Post subject:  Re: Banking in Costa Rica
Vegas Bob wrote:
If I had more time I would start a poll here as to whether I am done or not.

I'd vote "NO !" based on all I've read here through the years. These folks seem to need to justify their work existence with inefficiency and downright incompetence. And of course you have little/no recourse by complaining up the ladder, because the bosses were drawn from the same pool, and besides, you may be complaining about their son/daughter or niece/nephew, and family loyalty trumps everything.
Author:  CVCap [ Wed Sep 29, 2010 3:37 pm ]
Post subject:  Re: Banking in Costa Rica
This is normal and has been happening for years. This is not Costa Rica's fault, and has to do with pressure from the IRS.

From lowtax.net:

Quote:
Costa Rica has traditionally not been a party to any double taxation treaties. However it has signed an exchange of information treaty with the United States with a view to promoting the necessary interchange of tax information and to ensure that the correct level of taxation is levied in both countries as well as to eradicate tax evasion.
Author:  Icantstayaway [ Wed Sep 29, 2010 7:40 pm ]
Post subject:  Re: Banking in Costa Rica
Vegas Bob wrote:
So after 3 trips to Scotia Bank to bring them everything they asked for,I went in there the day before yesterday to sign a couple of forms. I was assured that it would be my last inconvenience. Well the chubbly little desk sitter had another problem. When I brought them my passport,they "forgot" to make copies of ALL my immigration stamps. Another member had the same requirement so I was not too surprised. I will return today with my passport (third time) and sign a couple of documents. If I had more time I would start a poll here as to whether I am done or not.


Don't buy a home in Costa Rica . Rent !

Don't open a bank account in Costa Rica unless you have a reason why you choose NOT to have one in the USA.
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