Banking in Costa Rica

Whether you’re planning to settle in Costa Rica for the long term or simply looking for a safe place to exchange a few dollars, an important decision you will need to make is "What Bank Should I Use?"

Costa Rica offers a wide range of banking and financial services catering to personal as well as business banking. Recent government reforms and the introduction of private banking have also made Costa Rica an attractive choice for investing.

Costa Rica’s banking system consists of the central bank; three state-owned banks, which account for nearly half of total banking assets; a state-owned mortgage bank; 18 commercial banks; four mutual house-building companies; 12 private finance companies; and 27 savings and loans cooperatives. In addition, there are 30 investment and retirement funds or trusts run by both state and private commercial banks and the state insurance company.

The Central Bank of Costa Rica is in charge of establishing banking policy. It is then up to the SUGEF (the General Supervisory Agency of Finance) to enforce compliance with Central Bank policies. All banks (both public and private) are subject to the policies dictated by the Banco Central de Costa Rica.

When choosing a bank, take into consideration both personal convenience and what fees the bank charges. Get information on the types of accounts available and their associated fees from several banks. Internet services offered by both state run and private banks have improved in leaps and bounds over the past couple of years.

Most banks in Costa Rica now offer savings and checking accounts in Dollars and Colones. Banks do differ, however, on the amount of time it takes to cash foreign checks and the availability of ATMS. It is also very important to note that while interest is much higher on colon accounts, there is a monthly devaluation of the colon to the dollar, so you might not be earning as much as you expect. Many also offer Credit or Debit cards, if you meet the requirements (but not all are internationally accepted). All banks will also have different requirements for opening accounts or obtaining credit cards, possibly including banking or personal references, identification, and most likely minimum deposits. Opening hours for most banks are from 9 am to 3 pm.

State run banks are backed by the Costa Rican government and are therefore usually considered safer. They are also located in practically every town in Costa Rica. On the down side, long lines are frequent and bilingual staff is not always available (especially outside the central valley).

Private banks usually offer quicker and more personalized service, shorter lines and English speaking staff. However, they may have fewer branches available outside of the central valley. The great majority of private banks are connected with banks outside the country so that transfers can be done relatively quickly.