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Friday, January 29th, 2016  |  USD: Buy 531.29 / Sell 543.92
20 years

BCR imposes $100 limit on ATM withdrawals

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October 21st, 2015 (ICR News) Banco de Costa Rica (BCR) has imposed a US $100 withdrawal limit, or the equivalent amount in colones, for any card not issued by BCR or Banco Nacional at the bank’s ATMs.

 

A BCR representative told ICR News that non-BCR customers can make up to two $100 withdrawals per day, and the limit applies to any cards both domestic or foreign not affiliated with BCR or its sister bank, Banco Nacional.

 

The representative told ICR News that the measure was a “security policy” but would not elaborate on why the policy only applies to non-BCR cards.

 

Meanwhile, several customers who say that their card is, in fact, issued by BCR have told ICR News in recent days that they have also faced the $100 limit, though BCR representatives told ICR News that this should not be the case.

 

Representatives told ICR News that those requiring a larger amount of cash can request a cash advance inside of any BCR branch, though many issuing banks charge a significant fee for such transactions.

 

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  • Gary Gary

    Time to close my BCR account

    • disgusted

      WHY close your account? It says only for those WHO do not have a BCR ATM card. My take is your not limited except for your funds. Now for us with another ATM card from USA bank yes this is very inconvenient.
      Now I wonder, Has there been a major hacking of the money from fraudulent ATM cards using their machines, or something else?? I wonder what is the back story on this move.
      Just a thought the Chinese Yen, Canadian, Ruble to name a few all depreciated in the 25-30% bracket some more and yet the Costa Rica Colon remains strong at 528/540 to the dollar something just not quite right here.

  • Ben

    So in other words the goverment is running out of US dollars. I guess soon the truth will come out that the US dollar is getting hard to find in Costa Rica. Also this makes is harder for the Cartel to get money in through the banking system BAC San jose is now putting limit of this aswell and Banco Lafisa is doing the same. Expect harder laws to come in with US dollar soon in Costa Rica.
    TIM
    Can some tell me is it against the law for a landlord in Costa Rica to ask for rent payment in Dollars and not colons? This issue of Costa Rican always asking for dollars for rent is strange and always made wonder what the law says. The vast amount of people in Costa Rica are payed in Colons so why should they give dollars to the landlords.

    • http://insidecostarica.com/ Timothy Williams

      It is legal to charge for rent in dollars, yes, but under current law governing rentals, landlords can only adjust the rent of properties rented in dollars every three years, whereas colon rents can be adjusted for inflation annually.

      Disclaimer: This is not legal advice, always consult a qualified attorney.

      • Ben

        Thank You is heard this before from my lawyer.

    • Ken Morris

      It is not illegal for landlords to ask for rent in dollars, but it is the tenant’s right to pay in colones at the current exchange rate if he or she prefers. This is in the law, I read it.

      • http://insidecostarica.com/ Timothy Williams

        Good point, Ken. The colon is the national currency and exactly as in the US, the law says that colones are legal tender for all payments (debts) both public and private, regardless if the rent/debt is pegged to the dollar. If your rent is priced in dollars you have the right to pay the rent in colones at the central bank exchange rate published on the day the rent is due.

  • Frank

    You can imagine the impact this has on tourists. If a family wants to do an activity: rafting, kayaking, dinner for 6, -all of these items are taboo if you don’t have enough money from the machine. Since BCR would not let me take money out of the machine, I went in and had them withdraw from my debit card. They took out $400 and my bank charged me $10 for the transaction. BN’s machine would give me $400 but only in Colones, so my bank would charge me a conversion fee. My BCR account is in dollars so withdrawing my monthly $800 from my card only used to cost me $2.50 for the one transaction. Anybody know if Scotia ATM’s do this?

    • Ben

      I have a Scotia Account in dollars they do not use the same policy but they have many hidden fee´s and i asked the other day at the branch if they will follow BCR they said most likely because they will have a run on there ATM machines also private banks do not hold as much dollars on hand i have been told. I advise everyone to watch out when using ATM now because Costa Rica goverment is being told to watch where money is going by the wonderful US goverment. This is going to hurt tourism and people that need dollars.

    • Ken Morris

      Scotiabank charges a flat $3 for an ATM withdraw using a non-Scotiabank card. It limits each withdraw to $400 USD or slightly more in colones. Of course, you also need to pay whatever fees your card-issuing bank charges as well as the fees the third party that actually issues the card charges. Basically, a $400 withdraw at Scotiabank costs $5.20 in their and middleman fees, plus whatever fees (if any) your bank charges.

  • Jimmy Kirk

    This is not a good sign for the banks of Costa Rica. It actually tells me that there is trouble brewing in the industry of banking and to make sure I have enough on hand to make a getaway back to the US when it crumbles.
    Surely they will realize the error of this move before there is a scare in the tourism sector. With crime on the rise, it is not safe to carry a large amount of cash and now the banks are refusing to advance more than $100.00 to customers. Not a good move on the part of the banks.
    The excuse of a “security measure” is a false flag.

    • SarongGoddess

      &/OR – is it a “sign” that something is brewing with the U.S. banks/$$$$??

  • Bolero Guitars

    Just one
    more incredibly stupid action taken by
    the Costa Rican government to further isolate themselves from any chance at
    prosperity or even survival. You do not need to be an economist or even a landlord
    or entrepreneur in the tourist industry
    to realize that your government is unable to understand that hanging out
    the “Tourists are not Welcome” sign will destroy every sector of your crumbling
    infrastructure. Are you people on Crack? I cannot understand the logic or telling
    the same people that bring much needed revenue into this country to “go f***
    yourself”.

    If I have
    missed something in the creativity displayed by the latest actions to solve
    your dismal outlook, consider the old saying “kill the goose that lays the
    golden egg”. Keep digging deeper, I’m
    sure there are many more ways to self destruct.

    • Daniel Bizier

      I agree 100% ; without the foreigners here with their investments in businesses,homes, cars, bank accounts and general living expenses where would this country be?
      Costa Rica is already discouraging new businesses from coming here and those here are leaving because of the very negative business climate here.

  • Ana

    Ridiculous. This will leave tourists with a very bad experience after travelling to CR. As a tourist, one often needs more than $200 a day to get around CR. unfortunately food, purchases, tours, services etc. are TOO HIGH in CR and $200 just doesn’t make it especially when travelling with family. Many hotels & restaurants offer discounts to those who pay cash, and now that discount may be unattainable if one cannot easily go to the ATM for cash.

  • Daniel Bizier

    I am wondering if the US has anything to do with this.
    They are trying to limit money being taken out of the US.
    The old way you could bring in $500.00 a day without them knowing or saying anything.

  • John

    Typical bizarro shyte, not thought though at all. Can only hope for the almost equally typical backtracking.

  • J. Ross Gould

    Had we stayed in Costa Rica (we left in March 22015) this certainly would have been added to our list of “Why we left Costa Rica!” Sadly, I see another Greece scenario on the horizon for CR. We often used the BCR ATM to make large cash withdrawals for purchases of costly items, large grocery purchases, buying tour packages PAYING local contractors for services rendered, etc. Using an ATM certainly beats cooling ones heels for 45 mins to 1 1/2 hours inside the bank to make a simple cash withdrawal. Now the long waits will even be longer. What a crazy banking system. Their business model seems to incorporate too much administrivia and too many non-bank related services. Now this latest silly example of “NEW RULE MONDAY” is going to only make matters worse for residents and tourists….

    • Karen Mata

      Having first arrived CR in 1991, I beat the rush and departed in 2011.

      I enjoy the life just south of the border, and have saved well into 6 figures at this stage. I watch and wait for a possible Argentine scenario, although I don’t expect any change in CR’s fascist tendencies.

      • duke ster

        I also got the heck out Karen. Too many reasons to list here. You know the stupid thing is that I really didn’t give the USA a chance. I retired and should have traveled all around this big beautiful SAFE, did I mention SAFE? country. I mean we have way prettier beaches, way more beautiful and majestic mountains, both the Rockies and the old Blue Ridge Mountains–not to forget the Ozark’s. The USA is sooo much prettier and interesting and you don’t have to worry about leaving stuff in your car –even for 1 minute==because it will be gone in 1 minute in CR. I mean how can you relax in a country where you will be robbed if you let your guard down –even for 1 second? CR sucks!!!!!

  • richard schlinder

    Folks,banking restrictions are on the horizon. Jimmy,the same thing will happen in the States.Actual currencies are decreasing and banks do not have enough cash to do normal business.Again,it is not just C.R.
    Did you hear about the guy who won the Illinois Lotto for 360 million dollars and the state does not have the money to pay him.The culprit is DEBT.The same will happen with pensions,private and public.
    My daughter expects to retire in five years and get her state pension,it won’t be there. I fully expect that my Social Security will be cut off in a couple of years. The culprit? DEBT.
    Costa Rica has already been warned by the IMF and the World Bank about their credit rating.This is happening around the world.It is a trend that can only end in collapse. Sorry,I am not exaggerating or trying to alarm you. Think about it.
    If you keep spending more than you earn and borrow to pay the bills. What will happen?

  • Ken Morris

    The everyday risk of this, as I see it, is that other banks will follow suit.

    In free market theory, other banks will allow, or continue to allow, higher and cheaper withdraws in order to gain a competitive advantage against BCR. However, in that same free market theory, other banks may take this as an opportunity to jack up their fees and lower their withdraw amounts too.

    Which theory is right probably depends upon whether the banking sector in Costa Rica is competitive or oligopolistic. I fear that I may know which it is.

    • SDPUS

      A very realistic analysis, Ken. Dollars are tight, as worldwide debt has been on the rise. Make no doubt, this is “fee driven” by the Oligopolies. There is no such thing as a free market in current world, only crony casino type capitalism. Governments have become mafia’s and the oligarchs are the crime bosses. They are creating a very dangerous scenario for this planet.

      • SDPUS

        Eventually the masses will go after them with pitch forks in hand. We see it happening in the Israeli–Palestinian conflict. These inequities are sprouting up everywhere. Soon the Oligarchs will have no choice, it has become inevitable that this crony casino type capitalism must change. There needs to be a huge tax on the billionaires of the world. I mean a really really big one. Multi-Nationals need to be tamed. Too few have too much, while too many have no hope or possibilities of a future. That simply is not sustainable for the world and I actually feel sorry for the greedy oligarchs who don’t see it coming.

        • Ken Morris

          I find the relative deprivation theory of revolutions, revolts, protests, etc. generally persuasive. According to it, oppression alone isn’t enough to get people riled to the point of grabbing pitch forks, and in fact some who do grab their pitch forks aren’t even oppressed. What stimulates an uprising is a gap between what people expect to receive and what they do receive. Unfortunately, as long as “the masses” don’t have any reason to expect a fairer shake than they receive, they may leave their pitch forks in the barn. We’re in agreement that they should rise up, but I’m not convinced that they will.

  • zzzzz

    can you still go inside the bank to extract more?

    • Ana

      Yes, but a fee is charged for withdrawls using a teller.

      • zzzzz

        but there is also a fee for non client withdrawals at the ATM, no?
        At BN, i don’t get charged for withdrawal at the teller, as far as i know…

        • Ana

          I use my Citicard at BCR ATM machines & don’t get charged a fee, but if I use the same debit card with a teller, BCR charges a fee. Don’t know about BN.
          And yes, BCR is limiting ATM withdrawls to $100 twice a day.

  • http://www.1dreamgetaway.com aj seaman

    …..one more example of Government vs. the people

  • Biz Duck

    The bank has no motivation to make this move, it hurts banks and small Tico businesses. I suspect these are marching orders from the states who control the value of the colone.

  • Captmhd

    Wow, I really try to give Costa Rica the benefit of the doubt, try to be fair minded and rational, I really want to love her. But every time I turn around they do something unfathomable like this. It really does not seem like Costa Rica wants us here. Not only is this going to hurt the tourist sector but also everyone that is not a tico, from expats to business owners. My property manager has a debit card from my us bank to pay salaries and also general petty cash. At least 50% of small tico business do not accept credit cards and your forced to paying cash. I was getting ready to buy property to build a small Eco lodge but policy’s like this really turn my stomach. Panama is looking better and better all of the time. Very sad

    • duke ster

      I am sorry Sir but you seem well heeled if you are thinking of buying property to build an Eco lodge. How in the world do you expect to make money in an economy which is crumbling and which will soon collapse? Tourism is suffering–everybody seems to be suffering financially and believe what everyone is saying about the dollar soon crashing and the certainty that the greatest depression the world has ever seen is right around the corner and you want to do this?
      I myself did something similar and lost my life’s savings. I want to warn you to really think and think again.
      Who knows the best way to preserve your fortune because everything that we thought to be a solid thing has or is turning out to be a non event. I mean WHO would think that Switzerland’s banks would turn away all US citizens in our lifetime? Yet it is so. The dollar doesn’t return anything on banking investments–who knows how to get a return on your money these days?
      I mean Silver/Gold might come back up but since I have finally realized that the elites control precious metals also–what is profitable?
      Who thought gasoline/oil would ever go down? yet it is way down. What is going up? Even a savings account is not keeping up with inflation. Your money in a bank is losing every day. Rentals are a great method–but in USA not CR. Too many ways to get beat out of your money in CR. I say do NOT NOT NOT invest 1 penny in CR.. I KNEW BETTER than to do it yet I did it, now I am in shock at what happened to my fortune.
      Do something else with your money Sir.
      I did do 1 thing which paid off incredibly–I went back to USA and bought alot of stuffed toys from thrift stores, returned to CR and took boxes full to the church where they had a children’s program on Saturdays.At this program the kids learned about God,what is right and what is wrong, sang hymns, had a nice healthy hot lunch, played and then we lined them up and instructed that each child could have 1 toy apiece and I stood there with a huge smile which I simply could NOT wipe off my face–and I mean for a really long time I just smiled and smiled. True joy.
      That small amount of investment paid the highest dividend of all the money I invested in years and years. I heartily suggest it as a way to have true happiness every day. You could plan how to do something similar every week for the rest of your life and I guarantee that you will be the happiest man on earth until you pass on.

  • Captmhd

    I just withdrew 500,000 from Banco National. So is this just effecting BCR and not their sister bank, Banco National?

    • http://insidecostarica.com/ Timothy Williams

      Correct, this only applies to BCR ATMs, though both Banco Nacional and BCR customers should not face the limit (e.g., a Banco Nacional customer should be able to make regular sized withdrawals at BCR ATMs, as should BCR customers themselves). But yes, you are correct, the limit only applies at BCR ATM machines, and does not affect Banco Nacional machines.

  • umpire9

    This is a really bad move on Costa Rica’s part but I am willing to bet it was strongly “suggested” to them by those who control the world now (corporations and banksters in the US and UK etc). I have been saying for years that Costa Rica has been “killing the goose that lays the golden egg”. One thing is the burglary that they turn a blind eye to, which discourages expats from coming here. The other is the super high import taxes which are not at all necessary and hurt Ticos and gringos alike.

    For those who want to get around it I think this might work:
    Get a Capitol One 360 account – free with no fees and no atm fees if you use the right atm . I’m told that they work at various ones in Costa Rica. So then go to a non BCR/BancoNacional bank and get your money fee free. Last time I was in Costa Rica, a couple months ago I was able to draw $500 at Scotia but I don’t know if they work with CapOne 360 because I didn’t have it then. Worth checking out though.

  • Richard Hennessy

    Anyone else beginning to get the message that they want their country back and don’t care for us or our Gringo $$$ anymore???

    • Norcal666

      I think this has very little to do with alienating the gringos. It will however be a secondary effect by default. It is just not about $ currency but the equivalent amount in colones is the core issue. many ticos will be affected, not just expats or tourists with foreign atm cards. If I am tico and have an account with BAC I will still face the same inconvenience. Ironically enough this news was followed the next day by announced layoffs at BCR. They have lost millions within the last year.

  • SarongGoddess

    So tourists are supposed to come ahead of time with LOTS of CASH? Making them even MORE susceptible to being ripped off & going home & spreading the word on how DANGEROUS Costa Rica is??

  • Suzanne L. Noel

    The banks make a lot of money when we use their Debit Cards. A lot.
    When I had a store, I lost 7% to credit/debit cards. Some of it goes to Visa/Mastercard, I’m sure, but the rest goes to the bank. They don’t make any money off your purchases if you pay cash.

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