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 The Costa Rica Forum
 Living in Costa Rica
 Banking
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| Author | Topic: Banking |
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hodges34 Recent Member Posts: 4 |
posted 07-21-2008 10:50 AM
  
Is it possible to transfer money from a US bank to a CR bank via the Internet by using an ABA routing number? Do anyone know a CR bank that uses the ABA routing number system? Thanks, |
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jdocop Full Member Posts: 454 |
posted 07-22-2008 01:34 AM
the ABA routing system is unique to the U. S. Europe has a different system, and that is why banks perform wire transfers. The only way to move money (other than your person, or to deposit a U. S. check into your CR bank) from your U. S. Bank to a CR bank is via wire transfer, and you will have to pay for the privilege. |
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hodges34 Recent Member Posts: 4 |
posted 07-22-2008 05:57 AM
I was afraid that was the case. Thanks for the reply. I wonder if you can link PayPal to a CR bank account? Any idea? |
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caribbean_hatch Full Member Posts: 11 |
posted 07-22-2008 07:09 AM
You can't connect PayPal directly to a Costa Rican bank because PayPal only works with US Banks. You can, however do it through an offshore Cayman account which shuttles a back door to a CR bank. BAC can set this up, but you will need a lot of paperwork in order to meet security/fraud requirements. The easiest way is through a CR S.A. corp. You will need a CR attorney to set up the corp and a list of security requirements from BAC, including a specialized version of a Personal Juridica. |
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caribbean_hatch Full Member Posts: 11 |
posted 07-22-2008 07:11 AM
sorry - Persona Juridica (not personaL) |
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hodges34 Recent Member Posts: 4 |
posted 07-22-2008 09:02 AM
Thanks Caribbean. But what is a BAC? And any idea what the legal fees are for such a situation? |
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Purvis101 Recent Member Posts: 1 |
posted 07-22-2008 09:44 AM
It is the name of a private bank: Banco BAC San José Short Name: BAC Address: Avda. 3 y 5, Calle 0, Edificio Banco San José Phone: 506-2959797 Fax: 506-2231900 City: San José Zip Code: 5445-1000 Country: Costa Rica Website: https://www.bac.net/bacsanjose/esp/banco/index.html General Email: info@bancosanjose.fi.cr Regional Presence: Costa Rica |
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caribbean_hatch Full Member Posts: 11 |
posted 07-22-2008 11:25 AM
shouldn't cost more than $300 to set up a Costa Rican Sociedad Anonima corp. It also gives you some other benefits (the cedula allows you to purchase multiple phones lines, etc.). You will want to first get the list of required paperwork from BAC to take to the attorney so he knows which references to include on the Persona Juridica from your corp actions book... |
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caribbean_hatch Full Member Posts: 11 |
posted 07-22-2008 11:37 AM
I should clarify - it's not that it takes a LOT of paperwork - I don't mean to make it sound more complex than it is - it's just that there are a few more requirements than are normally necessary in setting up a bank account, and the paperwork has to be perfect. You'll find that in Costa Rica, a grain of sand will clog the beaureacracy for days. You don't want your cogs stuck while others are getting greased. So it's best to make sure every duck is in a row before you get in line. |
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hodges34 Recent Member Posts: 4 |
posted 07-22-2008 04:15 PM
Thanks very much for all this information. I do have a Sociedad Anonima and a cedula, so that makes it a little less cumbersome I guess. Much obliged to all who responded to my questions. |
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