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Banking in Costa Rica and What You Need to Know
Banking in Costa Rica and What You Need to Know
by Jeanne in Costa Rica
If you're considering opening a bank account in Costa Rica, it's essential to fully understand your options and the requirements for setting up an account. Costa Rica has several major banks offering services to locals and foreigners.
Before deciding which bank is right for you, take some time to research each one to determine which offers the best features for your needs. It's also essential to understand the process of opening a bank account in Costa Rica, including any paperwork or documentation you must provide.
Costa Rica is considered a developing nation, and we’ve learned this means that they have much of the same banking services we’re used to. However, the processes and time required to get something done differ from what we’re used to.
Most Important — What’s Your Purpose for Opening a Bank Account?
You will choose different banking options depending on why you’re getting a bank account. Costa Rica has banks for every purpose. For example:
• Commercial banks typically offer various services, from depositing to getting a loan or credit card. Their purpose is to work with the everyday needs of the people.
• Savings banks help people save money over time and offer special savings accounts at higher interest rates.
• Investment banks are designed to help people invest in stocks, bonds, and other investment vehicles.
Our ex-pat experience —
We found property in the Guanacaste region that we wanted to buy, so our first job was to open a corporate account. To buy property in Costa Rica, you must have a corporate account. To do this, we recommend working with a lawyer.
Of course, some will tell you it’s unnecessary if you look at social media. Still, if you don’t speak Spanish, which we don’t, or understand the Costa Rican way of doing business, a lawyer can be beneficial. Our lawyer set up our LLC, and his paralegal came to the bank with us to ensure everything was set up correctly. As it turns out, it was a good thing.
Of course, some will tell you it’s unnecessary if you look at social media. Still, if you don’t speak Spanish, which we don’t, or understand the Costa Rican way of doing business, a lawyer can be beneficial. Our lawyer set up our LLC, and his paralegal came to the bank with us to ensure everything was set up correctly. As it turns out, it was a good thing.
We were in the bank for three hours working with a banker who didn’t speak English. While we probably could’ve nuked our way through the transaction, we believe it went more smoothly with no mistakes because we had a local representative who knew the law.
The bank accounts we set up —
We set up two accounts, one in dollars and one in colones, the national currency. Most banks in Costa Rica will allow you to do this. The local account, in colones, allows us to pay our bills, i.e., water, electricity, and internet, and our account in dollars is primarily used for our daily spending.
We’ve kept our U.S. bank account because we still have interests in the U.S., and it’s easier to pay using a U.S. bank. We do a wire transfer from our U.S. bank for large expenditures, such as payments to our contractor for building our home.
*NOTE — All national banks in Costa Rica guarantee all our funds 100%.
What Documents Are Required for Opening a Bank Account?
Opening a bank account in Costa Rica is relatively straightforward. It can vary depending on the bank, but the following are some of the different necessary things that you may need:
• Identification (either a passport or a DIMEX ID card, which the immigration department will issue)
• A minimum deposit (usually around $25, although this will vary)
• Proof of address (such as a utility bill or rental agreement)
• Proof of income from your local employer or, if you work freelance, a letter from an accountant (alternatively, some banks will give you the option of providing proof of assets from your foreign bank)
• Three months of bank statements from your current bank (although this is not always required)
*Remember, the detailed documentation required will vary depending on what your bank account is for.
Our ex-pat experience —
When we opened our account, we were also buying property. Because we were starting an LLC, our attorney put together a proforma showing what we would be transferring into our account over the year, which included the money to build. We didn’t end up running the building money through this account, but the bank wanted to know the amount they could expect and where it was coming from.
*NOTE — Costa Rica is hypervigilant about money laundering and wants to ensure that all money coming into the country comes from a reliable source.
What Are the Banks in Costa Rica?
When considering which bank to work with, it’s good to go to their site (choose English from the dropdown menu if they have that as an option 😊) and see what they provide, i.e., types of accounts, necessary documents to open the account, fees associated with transactions, etc.
Another good way to listen to advice from other ex-pats. If you don’t know anyone yet, you can find Facebook groups and YouTube channels about moving to Costa Rica — Moving to Costa Rica is our favorite! So that you can start your research, here are the major Costa Rican banks:
State-run banks—
Banco Nacional de Costa Rica (our bank)
Private banks —
A Final Thought
Regarding banking in Costa Rica, it is important to research and determine which bank is the best fit for you. Be clear about your purpose in having a bank account.
For example, are you starting a corporation to buy a property? Do you want the convenience of a local checking and savings account to pay bills and get cash? Do you plan to invest in a business here?
For example, are you starting a corporation to buy a property? Do you want the convenience of a local checking and savings account to pay bills and get cash? Do you plan to invest in a business here?
In addition, understand what documents are required by the bank you choose. Not all banks are the same.
We also used an attorney to help us, but we understand if you don’t want to do that or if the cost is prohibitive. In this case, be sure to get some good advice from other ex-pats who have done what you want to do.
*NOTE—Be careful not to listen to hysteria. Some people like to complain and overreact to situations. Speak to calm people who have gone through the banking experience, who may have run into some issues but were able to make it all work. And they do it with a smile! 😁
And finally, know and trust that many, like us, have come before, and we worked it out. You can too!
Pura Vida! 🌺
About The Author
Jeanne and her husband, James, live in Costa Rica.
They moved from the USA to enjoy a slower and more relaxed pace of life, and soon after had found their new home.
If you'd like to meet fellow expats who've made the move successfully, consider attending the 7-Day 'Moving To Costa Rica' Relocation Retreat.
