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Wire Transfer Question

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  • suesba2002
    Looking for information about doing a wire transfer as I ve never done one internationally. My CR bank is Banco Nacional and the US bank is Discover. I want
    Message 1 of 8 , Jan 27, 2014
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      Looking for information about doing a wire transfer as I've never done one internationally. My CR bank is Banco Nacional and the US bank is Discover.  I want to transfter between $9,000 to $10,000.  


      Of course I want to keep expenses to a minimum.  Discover charges $35 per transfer regardless of the amount and I've read that CR banks charge commissions and service fees.

      The other thing is the paperwork involved on the CR side as I don't speak espanol very well.  I understand I should keep the amount under $10,000 but don't know how much under is better.

      I know many of you have done this before and hope you can fill me in on the details and the best way to go.  Thanks  Sue
    • jckincy
      The important thing you did not say is are you sending it to or from Costa Rica? I am assuming from the US to CR. I have made transfers to both BNCR and BCR.
      Message 2 of 8 , Jan 27, 2014
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        The important thing you did not say is are you sending it to or from Costa Rica?  I am assuming from the US to CR.

        I have made transfers to both BNCR and BCR.  At that time they charged a fee to receive the transfer but I don't remember how much except BCR was more.  The $10,000 is not a limit, only that if you have a total of more than $10k in all of your foreign bank accounts you have to fill a US Treasury form.  You have to fill IRS forms reporting all of your bank accounts.  BNCR told me to not transfer more than $5,000 per month to my dollar account without notifing them as to the source and the purpose of the funds (like buying a car, a house,etc).

        For BNCR you will need your international account number which is not the same as your regular account number.  It is a 17 digit number startin with 151... and perhaps ending in the last 5 digits of your regular account number.  Banco Nacional's SWIFT code is BNCRCRSJ.

        You will to give your bank or their wire room if they are a corresponding bank your name as it is on your account, your 151 number and the SWIFT code.

        So, first you need to talk to BN to the get and confirm the above and they will tell the fee amount.  You will also have to have a chat with your US bank.  If you are in CR that may be a problem as you will probably have to have a PIN and/or TOKEN which will probably only be sent to a US street address.  And that may have to be the address on your account.

        Although I know many people who do not, I touched bases with all the banks I deal with including credit cards and told them I was going to be Costa Rica for an extended period and what I should do to facilitate transfers from their end.

        Bottom line talk to your banks and ask questions.  Also I was told by a jefe at BN in Grecia that "they all knew English" their and I found a few who are even willing to speak it also.  Ask someone who at the "platforma" speaks English, show that person your ticket and say you want to talk to them and then sit and wait.
      • Robert Williams
        ... $10,000 IS A LIMIT. By law if one makes either a deposit or withdrawal with a US bank of $10,000 or more, the BANK is required to report said deposit or
        Message 3 of 8 , Jan 27, 2014
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          JCKincy said:

          > The $10,000 is not a limit, only that if you have a total of more than $10k

          > in all of your foreign bank accounts you have to fill a US Treasury form. 

           

          $10,000 IS A LIMIT. By law if one makes either a deposit or withdrawal with a US bank of $10,000 or more, the BANK is required to report said deposit or withdrawal to the US Department of Treasury. US banks make these reports to the Treasury Department daily as a matter of procedure.

          Furthermore, if a US banks suspects something suspicious, they may report a deposits or withdrawals in amounts less than $10,000. If one withdraws, say $9,500 from a bank account today, and then goes back next week and withdraws another $9,500, then more than likely the bank will report such withdrawals to the US Department of Treasury as well. 

          Banks a very conservative, whether in Costa Rica or the US, and do not wish to be a party in anything that might be construed to be illicit. They leave a paper trail to protect themselves

          Robert
        • Kathleen
          Less expensive is a cash advance (if those dollars are accessible through your debit/credit card. The charge @ BNCR is around ₡500 for $1k, and my bank
          Message 4 of 8 , Jan 27, 2014
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            Less expensive is a cash advance (if those dollars are accessible through your debit/credit card.  The charge @ BNCR is around ₡500 for $1k, and my bank charges nada.  You do have to sit in the bank for a bit, but get there early and it is worth the savings.  
          • Kathleen
            This is probably very true. When I worked in a bank in the US, we were required to watch any suspicious activity ... ie relatively large sums on a regular
            Message 5 of 8 , Jan 27, 2014
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              This is probably very true.  When I worked in a bank in the US, we were required to watch any "suspicious" activity ... ie relatively large sums on a regular basis.  Now, if you are working on "rentista" status and you need to wire your $60K, you probably already know that you need to pay taxes, or already have ... just sayin!

            • jckincy
              They leave a paper trail to protect themselves -Robert What info the banks and their governments (and other governments) wish to share with each other is
              Message 6 of 8 , Jan 28, 2014
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                "They leave a paper trail to protect themselves"
                -Robert

                What info the banks and their governments (and other governments) wish to share with each other is their business not mine.  The $10k "limit" has never been a limit for me and that is what counts for me.
                I have made numerous deposits, transfers and withdrawals in excess of $10k and have never had a hassle.  The only limits have been how much money I had and any limits the banks might impose and as long as those limits are reasonable I will continue to use banks and if they become unreasonable at that point I will go to cash, gold, silver and barter and to the devil with them.  My US bank limited me to $50k per day for international transfers so I just made multiple transfers on consecutive days.  BNCR says I can only transfer $5k per month without their permission so I ask for permission if needed.

                Oh, and I keep track of my "paper trail" so if the banks or the IRS screws up I will be able to prove that all my transactions are righteous.
              • costacoffee2
                You may well be asked by your bank here, to prove where the funds were derived from..... Are you a resident with a cedula/DIMEX card? It could make a
                Message 7 of 8 , Jan 28, 2014
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                  You may well be asked by your bank here, to prove where the funds were derived from.....

                  Are you a resident with a cedula/DIMEX card?  It could make a difference.






                • jckincy
                  I forgot to mention that there might be a misunderstanding about this $10k limit thing. In the USA banks are required to make Currency Transaction Reports
                  Message 8 of 8 , Jan 28, 2014
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                    I forgot to mention that there might be a misunderstanding about this $10k limit thing.  In the USA banks are required to make Currency Transaction Reports (CTR) for CASH transactions (deposits or withdrawals) in excess of $10k per day.

                    The banks may make Suspicious Activity Reports (SAR) for any currency transaction over $3000.  These are CYA's for banks and you might not be aware of these although if the copy or scan your ID it probably will happen.

                    There is no reporting requirement for checks and other "paper" including electronic transactions because the "paper trail"  is created in the process.

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