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PostPosted: Sun Jan 17, 2021 3:47 pm 
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A quick question ....

Does anyone have experience sending USA social security checks directly to a USD Scotia Bank account in CR?

Specifically, 1) is there any charge and 2) is there any delay?

Any other issues - positive or negative?

Thanks in advance!

Woozo


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PostPosted: Sun Jan 17, 2021 8:45 pm 
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Not sure why you are asking, Costa Rica no longer requires ss checks sent to one of their local banks for residency.

I keep my loot in my USA bank acct, have ss send there, then transfer to Schwab or Cap 1 360 for no international fee withdraws at local ATM's plus I get 6 or 7 points higher on crc/usd ratio than people having to use the banks here.

I have had some headaches dealing with Scotia in the past, one time tried to make an atm w draw of $200, their atm machine whirred and made noises for 15 minutes then spit my card back out. No cash dispensed.

Later that night I saw they withdrew my $200.

I went there but they blew me off and said it gets resolved at the end of the month, 2 weeks away, nothing they could do, 2 weeks later it was returned.

Years ago I was in the mortgage biz and an investor client of mine from Florida was trying to buy a home, standard condo here, easy to estimate it's value. He applied for like a 50% loan, he was a resident, he had proveable big assets, fat income, perfect credit 700+++ scores and Scotia said his loan was approved.

Later they denied him for no reason, and explained "approved" meant they initially liked the loan and had to submit it to higher authority, higher authority didn't "approve".

That's my experience with them, no way in Hades would I send my ss deposit to them, just my 2 cents... :x :evil: :!:

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PostPosted: Sun Jan 17, 2021 11:09 pm 
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Netgems wrote:
Not sure why you are asking, Costa Rica no longer requires ss checks sent to one of their local banks for residency.

I keep my loot in my USA bank acct, have ss send there, then transfer to Schwab or Cap 1 360 for no international fee withdraws at local ATM's plus I get 6 or 7 points higher on crc/usd ratio than people having to use the banks here.

I have had some headaches dealing with Scotia in the past, one time tried to make an atm w draw of $200, their atm machine whirred and made noises for 15 minutes then spit my card back out. No cash dispensed.

Later that night I saw they withdrew my $200.

I went there but they blew me off and said it gets resolved at the end of the month, 2 weeks away, nothing they could do, 2 weeks later it was returned.

Years ago I was in the mortgage biz and an investor client of mine from Florida was trying to buy a home, standard condo here, easy to estimate it's value. He applied for like a 50% loan, he was a resident, he had proveable big assets, fat income, perfect credit 700+++ scores and Scotia said his loan was approved.

Later they denied him for no reason, and explained "approved" meant they initially liked the loan and had to submit it to higher authority, higher authority didn't "approve".

That's my experience with them, no way in Hades would I send my ss deposit to them, just my 2 cents... :x :evil: :!:


Hi Netgems,

Thanks for the info!

I have had accounts with Scotia for the 11 years I have been here and never had any issue (I’m sure others have and with other CR banks as well - including those in the USA). I never had to send money directly to a CR bank for residency either - I don’t remember that as a requirement when I first became a resident years ago but it could have been at one time. I did have to deposit an amount every month in my Scotia account to be a pensionado but I don’t remember how much (maybe $1,000 or so). That is no longer required as a permanent resident.

I have always found Scotia to be professional and helpful (I do speak Spanish and I think you do as well). I don’t want a loan so that is not an issue. I just use them for normal business (paying local bills, groceries and etc).

To answer your question, I also currently have my pensions sent to USA bank and then use Schwab to transfer to Scotia to pay rent, electrical, local bills and etc all online. BOA to Schwab takes 5 days before the money is available (no fee) but that’s normally not an issue - just time. Schwab to Scotia costs $35 total ($15 + $20) online but is available the same day. Just tired of transferring money all the time and thought it might make sense to just have the social security sent directly to Scotia. The amount of my SS is about what I use monthly for local bills.

You are correct, I can use Schwab at an ATM for no fee and then go to Scotia to make the deposit but then I have to go to the ATM/bank. Also with the $400 limit on ATM transactions at Scotia, I would have to make several trips. Due to Covid, I am trying to limit, as much as possible, my time outside my house so that is another reason for asking this question - I want to do as much as possible online as I do now but without the delays and costs.

I was just wondering if anyone on the board had any first hand experience with social security going directly to Scotia. Not a major deal as I have been doing it the other for a long time and know it works. Always trying to simplify my life and stay home as much as possible (damn Covid).

Anyway, thanks again for taking the time to write - your opinion is much appreciated!

Woozo


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PostPosted: Mon Jan 18, 2021 10:40 am 
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Woozo wrote:

To answer your question, I also currently have my pensions sent to USA bank and then use Schwab to transfer to Scotia to pay rent, electrical, local bills and etc all online. BOA to Schwab takes 5 days before the money is available (no fee) but that’s normally not an issue - just time. Schwab to Scotia costs $35 total ($15 + $20) online but is available the same day. Just tired of transferring money all the time and thought it might make sense to just have the social security sent directly to Scotia. The amount of my SS is about what I use monthly for local bills.


Woozo


Could you not use Xoom or Remitly to transfer $ from your BOA / Schwab account directly to your CR Scotiabank account on a scheduled basis and save the $35 transfer fee? For example, Remitly costs $4.99 for an immediate (typically a few minutes) bank deposit transfer, and even less if you take the economy option. Not to mention you can schedule these transfers.

mh

P.S. I just looked at Remitly's list of available recipient banks in CR and Scotiabank is on the list. HTH.
P.P.S. Up to 3 grand per month.

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PostPosted: Mon Jan 18, 2021 11:01 am 
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Miamiheller wrote:
Woozo wrote:

To answer your question, I also currently have my pensions sent to USA bank and then use Schwab to transfer to Scotia to pay rent, electrical, local bills and etc all online. BOA to Schwab takes 5 days before the money is available (no fee) but that’s normally not an issue - just time. Schwab to Scotia costs $35 total ($15 + $20) online but is available the same day. Just tired of transferring money all the time and thought it might make sense to just have the social security sent directly to Scotia. The amount of my SS is about what I use monthly for local bills.


Woozo


Could you not use Xoom or Remitly to transfer $ from your BOA / Schwab account directly to your CR Scotiabank account on a scheduled basis and save the $35 transfer fee? For example, Remitly costs $4.99 for an immediate (typically a few minutes) bank deposit transfer, and even less if you take the economy option. Not to mention you can schedule these transfers.

mh

P.S. I just looked at Remitly's list of available recipient banks in CR and Scotiabank is on the list. HTH.
P.P.S. Up to 3 grand per month.


MH,

Thanks a bunch!

I’ll certainly look at Remitly as I have not heard of it. I have used Xoom to send money but found them a bit expensive when using a debit card. I know they do have an option to send from a bank account and that is cheaper. I’ll look at that as well.

Thanks again and I always your posts!

Woozo


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PostPosted: Mon Jan 18, 2021 6:47 pm 
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Woozo wrote:
A quick question ....

Does anyone have experience sending USA social security checks directly to a USD Scotia Bank account in CR?

Specifically, 1) is there any charge and 2) is there any delay?

Any other issues - positive or negative?

Thanks in advance!

Woozo


I leave my SS in the states and withdraw as needed with a zero cost debit card.

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PostPosted: Mon Jan 18, 2021 7:56 pm 
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Whitecat wrote:
Woozo wrote:
A quick question ....

Does anyone have experience sending USA social security checks directly to a USD Scotia Bank account in CR?

Specifically, 1) is there any charge and 2) is there any delay?

Any other issues - positive or negative?

Thanks in advance!

Woozo


I leave my SS in the states and withdraw as needed with a zero cost debit card.


Is that 0 cost including exchange, or do you just move dollars and do the exchange later if you need colones?


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PostPosted: Mon Jan 18, 2021 9:25 pm 
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Zeos wrote:
Is that 0 cost including exchange, or do you just move dollars and do the exchange later if you need colones?


Zeos,

Thanks and great question.

I am looking to go from USD (SS) to my USD account at Scotia. I will then transfer the USD to Colones internal at Scotia when the exchange rate is best and I need colones.

Some bills are in USD (rent and cable) and others are in colones (electricity, water and etc). I try to pay as much as I can online with Scotia either in USD or colones.

So I was hoping for no charge on the SS transfer to USD Scotia account.

Thanks again!

Woozo


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PostPosted: Mon Jan 18, 2021 11:38 pm 
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Woozo wrote:
Zeos wrote:
Is that 0 cost including exchange, or do you just move dollars and do the exchange later if you need colones?


Zeos,

Thanks and great question.

I am looking to go from USD (SS) to my USD account at Scotia. I will then transfer the USD to Colones internal at Scotia when the exchange rate is best and I need colones.

Some bills are in USD (rent and cable) and others are in colones (electricity, water and etc). I try to pay as much as I can online with Scotia either in USD or colones.

So I was hoping for no charge on the SS transfer to USD Scotia account.

Thanks again!

Woozo


Excellent...thanks. I'm not living in CR yet, but considering. I'm Canadian and it seems it costs more to do any sort of transfers from Canada to CR than from US. Even though I have accounts at Scotiabank here in Canada.


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PostPosted: Tue Jan 19, 2021 8:48 am 
PHD From Del Rey University!
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Zeos wrote:
Whitecat wrote:
Woozo wrote:
A quick question ....

Does anyone have experience sending USA social security checks directly to a USD Scotia Bank account in CR?

Specifically, 1) is there any charge and 2) is there any delay?

Any other issues - positive or negative?

Thanks in advance!

Woozo


I leave my SS in the states and withdraw as needed with a zero cost debit card.


Is that 0 cost including exchange, or do you just move dollars and do the exchange later if you need colones?


I can get either dollars or colones via the debit card. I also have an account here with BCR in colones. Easy to open and stock. With that I pay phone, electric, and misc expenses like groceries, lunches. You can also establish online payees for some of these things like phone or electric. The whole secret is to get a no cost debit so that you don't pay a fee for each of your transactions from the States.

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PostPosted: Tue Jan 19, 2021 10:37 am 
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“I leave my SS in the states and withdraw as needed with a zero cost debit card.[/quote]

Is that 0 cost including exchange, or do you just move dollars and do the exchange later if you need colones?[/quote]

I can get either dollars or colones via the debit card. I also have an account here with BCR in colones. Easy to open and stock. With that I pay phone, electric, and misc expenses like groceries, lunches. You can also establish online payees for some of these things like phone or electric. The whole secret is to get a no cost debit so that you don't pay a fee for each of your transactions from the States.[/quote]”



Charles Schwab has a no foreign transaction fee debit card, correct??


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PostPosted: Tue Jan 19, 2021 11:12 am 
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[/quote] I can get either dollars or colones via the debit card. I also have an account here with BCR in colones. Easy to open and stock. With that I pay phone, electric, and misc expenses like groceries, lunches. You can also establish online payees for some of these things like phone or electric. The whole secret is to get a no cost debit so that you don't pay a fee for each of your transactions from the States.[/quote]

Hi Whitecat,

Thanks for the info and the time to offer your advice.

I do the same thing at Scotia now - USD and Colones accounts and have online payees with both. I also use the Scotia debit card (colones) for dining, groceries and etc.

I also have a Schwab debit card (no ATM fee) but the issue for me is that I’m trying to do everything online without leaving my house so much and not take so much time. To deposit $2,000+ in Scotia to cover my monthly expenses, I’d have to do 5+ ATM transactions (Scotia currently allows $400 USD per transaction). Some time ago they allowed 2 transactions for $400 each but that apparently has stopped and now only one transaction for a max of $400.

I do very few cash transactions except for maid, transportation, haircuts and entertainment. That runs about $250 per month and I do I use the Schwab debit card to get the colones for these. So now I usually only have to make only one ATM transaction and the ATM is in my building so I can walk there.

Let me know if I’m missing something here - I certainly could be!! ;-)

Again, appreciate your thoughts!

Woozo


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PostPosted: Tue Jan 19, 2021 11:19 am 
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[quote Charles Schwab has a no foreign transaction fee debit card, correct??[/quote]

Hi,

Honesty I really don’t know if they have a no foreign transaction debit card. I don’t use my Schwab card for that for purchases (only ATMs).

However, I know they have a debit card that covers the ATM fees. You actually pay the ATM fees when you do the transaction but Schwab pays you back for those ATM fees at the end of each month. Automatically deposited into your account. Very nice!

Maybe one of the other guys could address the foreign transaction fees with a Schwab card.

Sorry I couldn’t be more helpful here !

Woozo


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PostPosted: Tue Jan 19, 2021 12:02 pm 
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Zeos wrote:
Excellent...thanks. I'm not living in CR yet, but considering. I'm Canadian and it seems it costs more to do any sort of transfers from Canada to CR than from US. Even though I have accounts at Scotiabank here in Canada.


Zeos,

Wow, nothing surprises me anymore!

If you ever make the decision to move here, let me know as I’m happy to help anyway I can. I’ve made about every mistake known to man in 11 years and hopefully learned from a few.

Many older guys here will remember Irish Drifter (RIP). He was very helpful to me when I moved here and helped me avoid many pitfalls that new guys make. I’m happy to help others as ID helped me.

Woozo


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PostPosted: Tue Jan 19, 2021 3:21 pm 
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bfpsu12 wrote:
“I leave my SS in the states and withdraw as needed with a zero cost debit card.


Is that 0 cost including exchange, or do you just move dollars and do the exchange later if you need colones?[/quote]

I can get either dollars or colones via the debit card. I also have an account here with BCR in colones. Easy to open and stock. With that I pay phone, electric, and misc expenses like groceries, lunches. You can also establish online payees for some of these things like phone or electric. The whole secret is to get a no cost debit so that you don't pay a fee for each of your transactions from the States.[/quote]”



Charles Schwab has a no foreign transaction fee debit card, correct??[/quote]

Yes, so does Cap 1 360. I like to have both here and never carry them together.

If one is stolen or lost, I would just transfer the $ to the good one and wait for a new card from the other one.

There's a lot of people down here with just one card, don't do it, lol. :mrgreen:

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