Where We Put Our Money!!

Where We Put Our Money!!

Another very common question we get here in Grecia is about where we deposit our income, and this is a simple one for us. We use Banco Nacional, which is right in the heart of downtown Grecia, and the biggest reason we use Banco Nacional is that it is a government bank with deposit guarantees similar to those we have in the States by the FDIC. We do not keep large amounts there, but rather a monthly amount to cover a month’s living expenses in Grecia. Certainly we wired some fairly large amounts while we were building the house and to purchase the car and for a few other large purchases, but for the most part, especially now that we are done, we rarely have more than a few thousand in the bank. And that is dollars by the way.

You might ask why we transfer dollars and maintain a U.S. dollar account, and the answer is simple. The residency requirements state that since we are Rentistas, we must convert $1,000 dollars per month to cover both our requirements for residency. Those who are Pensionados and their Social Security checks are less than that amount can qualify on amounts as low as $600 dollars per couple (see Residency Requirements and Classifications in Costa Rica for more details).

We have many more reasons for using Banco Nacional, and certainly one is that it is a nationwide bank, not just here in Grecia. And finding a branch or ATM is a very easy thing to do.

It is also a fairly large bank with full-range services, including payment of utility bills and user-friendly electronic transfers. Cheryl handles all our bank stuff and if she has a problem, she can call the customer service and get all the help she needs and in English.

As we have taken quite a few folks there and helped them open personal and corporate accounts (for purchase of property), we are well-known at the bank and get very friendly service, and Mariela, pictured here, is VERY friendly and yes, she speaks enough English to help non-Spanish speakers through any transaction.

I tried to take a picture of the inside of the bank, but they asked me to focus on Mariela and the outside of the bank for security reasons. So unfortunately, I could not illustrate that all the conveniences you are used to in the States are right here in Banco Nacional in downtown Grecia!!