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Banking Questions
https://forum.costaricaticas.com/viewtopic.php?f=1&t=39061		 Page 1 of 2
Author:  Bookie [ Wed Oct 12, 2011 3:40 pm ]
Post subject:  Banking Questions
I want to open an account at BCR or Banco Nacional. I want to be able to send and receive wires, preferably online. I have a utility bill, but I'm told that I need a letter of introduction from my bank. My bank says that they don't know what that is. They do have a form that's called an "Account Certification Letter"--but it's just a form. Is that what I need?

Also if anybody "has a guy" or would recommend a good bank other than BN or BCR I'd appreciate. Or please tell me if there are snags out there that I should know about.
Author:  Dr.Mario [ Wed Oct 12, 2011 4:07 pm ]
Post subject:  Re: Banking Questions
Bookie wrote:
I want to open an account at BCR or Banco Nacional. I want to be able to send and receive wires, preferably online. I have a utility bill, but I'm told that I need a letter of introduction from my bank. My bank says that they don't know what that is. They do have a form that's called an "Account Certification Letter"--but it's just a form. Is that what I need?

Also if anybody "has a guy" or would recommend a good bank other than BN or BCR I'd appreciate. Or please tell me if there are snags out there that I should know about.


Are you starting a corp? I know that I opened my account and I needed references and a letter from a CPA that says approximately the amount of money I will be putting in the account monthly. That is if you do not have a letter from a "job". You do need the utility bill. I did not open mine under a corp. My account is through BCR. I am sure there are a lot of guys who can help you with this better than me........ If you have a lawyer down here use him to help you if no one else can steer you properly in the right direction.


the DR


<-----OG tired of the line at the bank..... 8)
Author:  Irish Drifter [ Wed Oct 12, 2011 5:06 pm ]
Post subject:  Re: Banking Questions
You might try the Association of Residents of Costa Rica (ARCR). I understand they have a deal with Banco National to get an account open for their members. You would have to join ARCR, cost $100.00 per year for non residents, so confirm that with them and what paperwork you would need before handing over any money for membership.
Author:  Bookie [ Wed Oct 12, 2011 7:20 pm ]
Post subject:  Re: Banking Questions
Dr. Mario...Not a corp,..just a personal account...but one from which I want to be able to send bank wires.

ID...Good suggestion...as usual.
Author:  Bariomarca [ Wed Oct 12, 2011 8:36 pm ]
Post subject:  Re: Banking Questions
I had my banker in the states type up a letter just saying I have been doing business there for many years and I handle my accounts well. Did not need it because I used ARCR instead.

I do belong to ARCR and they have an agreement with Banco National. They give you a form letter and you take to Banco National close to their office and you open an account on the spot. I have two debit cards, one in Colones and the other in Dollars. I wire transfer money to my Dollar account.
Author:  Bookie [ Wed Oct 12, 2011 11:10 pm ]
Post subject:  Re: Banking Questions
Bariomarca wrote:
I had my banker in the states type up a letter just saying I have been doing business there for many years and I handle my accounts well. Did not need it because I used ARCR instead.

I do belong to ARCR and they have an agreement with Banco National. They give you a form letter and you take to Banco National close to their office and you open an account on the spot. I have two debit cards, one in Colones and the other in Dollars. I wire transfer money to my Dollar account.


Thanks Bariomarca for the additional details. Three questions:

1) Are you also able to do your bank wires (wire transfers) online?

2) I assume you wire transfer to your dollar account from a U.S. bank, but are you also able to transfer to your U.S. bank?

3) When you used the ARCR form, did you still have to show a utility bill and letter from your home bank?
Author:  Bariomarca [ Wed Oct 12, 2011 11:49 pm ]
Post subject:  Re: Banking Questions
Quote:
1) Are you also able to do your bank wires (wire transfers) online?

I set up my chase account online to wire money to my Banco National Account
Quote:
2) I assume you wire transfer to your dollar account from a U.S. bank, but are you also able to transfer to your U.S. bank?

I have not tried this, but should not be a problem. Banco National has a web site and your have a passwork and user ID
Quote:
3) When you used the ARCR form, did you still have to show a utility bill and letter from your home bank?

I don't remember about the utility bill, did not have to show letter from bank at home. ARCR creates a letter of recommendation for you. They have an agreement with the bank for their members.
Author:  JazzboCR [ Thu Oct 13, 2011 11:03 am ]
Post subject:  Re: Banking Questions
Here's how you get started with ARCR: http://www.arcr.net/
Author:  VegasBob [ Thu Oct 13, 2011 11:40 am ]
Post subject:  Re: Banking Questions
Try Scotia Bank. I went with them 8 years ago after encountering some of the same problems you are having. As one of the largest banks internationally I would think they could handle wire transfers.
Author:  Bookie [ Fri Oct 14, 2011 10:50 am ]
Post subject:  Re: Banking Questions
Thanks for all comments.
Author:  Dan D Dick [ Fri Oct 14, 2011 11:33 am ]
Post subject:  Re: Banking Questions
Set up two personal accounts in my Tica wife's name at Scotia Bank. Overall not much of a problem beyond the normal CR Banking BS. No problem to wire money, HOWEVER, you must then e-mail a copy of your wire instructions to a representative of the bank. Similarly, when I deposited $10k in cash over a few weeks' period I had to "prove" where the money came from. I simply printed to pdf a copy of my "cash" check from my US account & e-mailed it to them & all was good.

Opened two company accounts at Banco National. More of a pain in the ass, less professional, more headaches, more BS (if that's possible). If I had it to do over again I would skip BN & BCR and go straight to Scotia.

/dddick ("short timer" to Mr. thirdworld)
Author:  Bookie [ Fri Oct 14, 2011 3:55 pm ]
Post subject:  Re: Banking Questions
Dan D Dick wrote:
No problem to wire money, HOWEVER, you must then e-mail a copy of your wire instructions to a representative of the bank.


I don't quite understand this. You did the wire online, and then sent the instructions to a bank rep whose address had been previously given to you? Or what? How exactly did this go down?

Thanks for info!
Author:  Whitecat [ Fri Oct 14, 2011 4:34 pm ]
Post subject:  Re: Banking Questions
You do not need a utility bill. With ARCR's letter I was able to open up a colon account, a dollar account, and get an ATM card in about an hour. One thing you are told is that they do expect you to update your address since they assume you are moving there. How long you have is not clear. I am told I can transfer money but have not tried as yet. I think their charge for this is $40.00. You do have online access but all in Spanish.
Author:  Dasher [ Fri Oct 14, 2011 10:36 pm ]
Post subject:  Re: Banking Questions
Has anyone used CitiBank?
I'm told there are fewer problems than Costa Rican local banks and that their EFT fee is $30, which is lower than the $40 quoted above.
Author:  Dan D Dick [ Sat Oct 15, 2011 9:45 am ]
Post subject:  Re: Banking Questions
Mr. Bookie:

yup. From a US-perspective it doesn't make a bit of sense but they won't release your money or they'll suspend your account if you don't follow through with a copy of the wiring instructions. This is so you can "prove" you're not a narco. (so they told me) And you need to prove where you got any large deposits. They wouldn't say what was large but $10k over the course of a week & a half flagged our account.

BTW - when I wired $20 to Agencia Datsun, there were no issues. Seems just to be a banking thing.

/dddick
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