1.         National Banks 

The government owns these banks.  Costa Rican laws governing banking secrecy apply to them.  These were the only banks that were permitted under law to operate chequing and savings accounts in Costa Rica until 1996 when private banks were permitted to compete in this area. 

            Accounts can be operated in US dollars or colones. 

The government of Costa Rica guarantees without limit all deposits in government owned banks of the National Banking System of Costa Rica. 

The national banks can be slow and bureaucratic, but are trying to become more competitive.  If you need to open an account, it is wise to go with a friend who has an account already in the bank you wish to deal with - it will speed the process considerably.  The Association of Residents of Costa Rica can also assist in the establishment of a bank account.  It usually requires $US500 to open a chequing account.  Savings accounts can require less money to open an account, but require personal attendance to do transactions - no cheques can be issued.  They have no minimum balance for the account, and cheque and deposit charges are minimal.  Most banks have cash machines and issue debit cards. 

When making deposits consider the following. 

Cheques from outside Costa Rica, including bank cashiers cheques and traveller’s cheques, usually require 30 working days before the funds will be usable after they are deposited.  Cheques issued on these funds prior to that date would be returned, "Funds not available".  Talk to the Casa Canada Group about speeding out of country cheque processing - it can be reduced to about 8 days.  Foreign currencies, other than US dollars, will likely not be accepted for deposit except at some banks operating foreign exchange facilities.  US dollar postal money orders are not accepted in Costa Rica. 

Cheques issued on Costa Rican private banks and deposited at a different bank will take 8 or 9 working days before the funds will be able to be used.  Cheques deposited from the same bank are usually available the next day. 

Bank wire transfers are available as soon as they arrive.  If you are expecting a wire transfer, allow 4-5 working days from the date of transfer then start asking the “tranferencias” department of the bank to which funds are being transferred if your funds have arrived.  If you are not diligent, the bank may not deposit the funds in your account for some time. 

Expect a service charge of $15-22 to receive wire transfers. 

To be able to use some cashiers cheques and traveller’s cheques, right away, the bank will charge a commission to permit immediate use of the funds. 

Mortgages and loans from Costa Rican Banks take a very long time for approval.  The procedure can take many months.  After waiting months it is not unusually to be turned down for any one of a number of reasons, or to be told statements and other documents are out of date and must be updated. 

The State Commercial Banks are: 

            Banco Nacional de Costa Rica

            Banco de Costa Rica

            Banco Credito Agricola de Cartago

            2.         Private Banks 

Private Banks offer full service banking, including foreign exchange, loans, transfers, letters of credit, mortgages and collections.  Service charges for account operation at private banks can be higher than at the national banks when the minimum deposit balance is not maintained.  The deposit required to open a chequing account varies, but is usually around $1,000-$1,500. 

The private banks are: 

Banca Promérica S.A.                            Citibank (Costa Rica) S.A.

Banco Cuscatlan S.A.                             Banco Banex S.A.

Banco Uno S.A.                                     Banco Interfin S.A.

Banco de San Jose S.A.                         Scotiabank de Costa Rica S.A.

Banco Cathay de C.R. S.A.                  Banco Lafise S.A  

Banco Improsa S.A.

Many private banks have “payable through” chequing and savings accounts that are administered by banks outside of Costa Rica.  This can sometimes be an advantage as it is possible to transfer funds to, and write cheques on, banks in the US or other jurisdictions. 

Casa Canada Group strongly recommends foreign residents in Costa Rica do not open accounts with Banco Banex.  Their procedures discriminate against foreign residents in that they require a police or interpol report, a letter from the embassy of the country of citizenship and other fairly onerous documentation - and even then they may well refuse to open an account with no reason given.  Talk to Casa Canada Group or the Association of Residents of Costa Rica for suggested banks that will be appreciative of your patronage.

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