Costa Rica banking requires a good knowledge about that country’s financial system. Costa Rica has several types of banks -- international banks with Costa Rican offices, private banks and public banks, to name a few. These different banks cover a wide range of banking needs, but a detailed knowledge of Costa Rica banks is necessary to successfully take advantage of the system.
Costa Rican banks can be easy to use, but there are a variety of special issues that you need to address when dealing with them. Keep in mind that foreigners involved in international banking in Costa Rica are subject to government restrictions. It is not difficult for a foreigner to open a bank account in Costa Rica, with banks accepting accounts in US dollars and in Costa Rican colones, but you need to choose between public and private banks. Public banks are more secure, but private banks can offer better rates and are more likely to have English-speaking staff.
Keep the following in mind when looking for a bank of Costa Rica:
1. Focus on Costa Rican banks that will meet your specific needs.
2. Make sure you know the rules for international investing before you open a Costa Rica bank account.
3. Most banking information in Costa Rica is only available in Spanish, so make as much use as you can of English-language sites if your Spanish isn’t sufficient.
Action Steps
The best contacts and resources to help you get it done
Gather general information about Costa Rica banks
Information about banks in Costa Rica can be found from the Costa Rican government and from private sources.
I recommend: Although only available in Spanish,
Banco Central de Costa Rica, the central bank of Costa Rica, offers a wide range of economic information about the country. The
American European Real Estate Group offers an article on Costa Rican banking with details about the differences between public and private banks. They also offer an article on
internet banking in Costa Rica.
InfoCostaRica offers an article with general banking information.
Use a list of banks in Costa Rica in order to know which banks will best suit your needs
With banks of many different types, Costa Rica banking requires a knowledgeable choice before starting to bank.
I recommend: Costa Rican banks are listed by
Costaricareisen.com. Remember that most banks’ websites are in Spanish, even if the list is in English.
Find out about regulations on foreign banking and investing in Costa Rica
Foreigners can bank in Costa Rica but need residency for a checking account and must meet other requirements for savings or business accounts.
I recommend: CupoTico.com gives details about the regulations concerning the opening of a bank account.
Costarica.com gives detailed instructions for any type of bank account in Costa Rica.
Use Costa Rica foreign banks or other private banks
Public, government banks in Costa Rica are secure but often frustratingly slow and generally only offer service in Spanish. Private banks tend to be more efficient and are more likely to have English-speaking employees and services.
I recommend: One of the largest foreign banks in Costa Rica is Scotiabank. They offer online banking information for both
business and
personal banking.
Tips & Tactics
Helpful advice for making the most of this Guide
- Since banks allow accounts in both US dollars and in local currency, make sure you know which currency will be most beneficial for you and your business.
The official source of Banks in Costa Rica is the Banks in Costa Rica page at Business.com
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