www.CostaRicaTicas.com

I did quite a bit of searching on opening a bank account in CR and still have some unanswered questions. I'm hoping the many CRT businessmen will be able to help.

I just opened an LTDA in order to handle import/export business in CR. I will be using the LTDA more as a pass-through company. I will probably be making several deposits per month (cash, wire transfer, bank check) of amounts ranging from $5000 to $20,000. About 1/2 of this money would be paid right back out to various business relations in CR. The remainder of the funds would then flow back to the US to purchase inventory.

While I appreciate any advice and welcome anyone to point out something I missed, I have the following specific questions:

1. Would I be better off working with a national bank for the deposit insurance (even though I won't carry a huge balance in the account) or should I look to a private bank?

2. I will need to pay the customs folks in CR as well as a few brokers and transportation services. I need to be able to do this from the US. Are there banks with low-cost and reliable methods to do this over the internet?

3. I will have a bonded agent (no she's not a BM chica) depsoit any cash we receive into the account. I can't have her waiting in line for hours and hours. Is there a bank or two that is more efficient that those you typically hear about?

4. So far it looks like Scotia Bank might be my best choice. They need two refrence letters from banks in the USA. Is there a standard format for this letter that I can take to my banks in the US to have it signed?

5. I don't want to keep any more money in CR than I have to. What would be the easiest and lowest cost method to transfer funds from CR to the US - preferably on-line?

Thanks in advance.

CCR

I opened my account at Cuscatlan with my passport and SA paperwork. They have excellent online banking and are relatively efficient by CR standards. I have no complaints other than my aforementioned Muy Tico moment when I opened the account.

BKTUNA
I am never going home

I have a paypal account but it costs me something like 3% when I send money to someone. How did you pull that off.

In my experience I have found that all banks hold checks for 40-45 days, you may have a problem if you're trying to access your funds quickly

The government banks (BCR, BN, etc.) hold checks for up to 45 days. Private banks such as Scotia, BAC San Jose, Cuscatlan, HKBS have much shorter hold times. They usually start at about 15 days but once they have experience and know you it shrinks to about 5 to 7.

I have accounts at both Scotia and BAC San Jose and that has been my experience.

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Pura Vida
Only Irish coffee provides in a single glass all four
essential food groups:
alcohol, caffeine, sugar and fat.
Alex Levine

Paypal is the easiest way to get money to an individual... You can leave your ATM card with them or request an extra card in their name. Then you deposit the amount you want them to have into your paypal account and in 3 business days they can acess it at an ATM in San Jose. You can control the amount they can take out and also change PIN number if you have a problem.

One of the most effecient ways to wire money to the States is Bank of C.R. The cost depends on how much you send...$17 for a thousand or so....and I don't know if there is a maximum. Some of the private banks charge a flat fee(55$ or so) no matter how much you send. The wait is minimal at BCR to do this(3rd floor). Other transactions can mean a long line at BCR. Even opening an account means a wait...it is really hopeless.

The fastest line is at Banc San Jose...regarded by many as THE most professional bank in Costa Rica. In San Jose...you take a number when you walk in and SIT DOWN...the wait is very very short. For transactions at a window......I would choose Banc San Jose for everyday service. Easily the least frustrating.

BCR and the private banks offer Internet service. I would have accounts at both BCR and a private bank if I were you.

P.S......the line at Cuscatlan in S.J. Central is the slowest in C.R. It is really bad....too many messengers.

The money machines that access BCR also accesses the private banks so it is even on that score.....if you have an ATM problem you want to be with one of the private banks.....for sure.

There is an even amount of attractive girls at the private banks vs the public banks.

A lot more people at the pirvate banks speak English than at the public banks.

Forget that Banco Popular exists. It doesn't.

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There ain't no romance without finance. ¡Se trata de la PLATA! (It's all about the MONEY!)

My new ebook, "Living La Vida Loca in Costa Rica", is available at http://costaricamongering.com/

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