Banking

Before selecting a bank it is necessary to decide what services you will need.
There are branches of Costa Rica’s state-owned banks in San José and in other large cities and towns. The headquarters of Costa Rica’s largest banks: El Banco Nacional, El Banco de Costa Rica and El Banco Crédito Agrícola are in downtown San José near the Central Post Office. The government guarantees all monies deposited in these state banks. BISCA or the Banco Internacional de Costa Rica (506) 257-0885 is a special international bank with an office in a Miami bank.

When making deposits in national banks you should consider the following. Checks from outside Costa Rica, including bank cashiers checks, require 30 working days minimum before funds will be usable after they are deposited. Checks issued on Costa Rican private banks will usually take 8 to 9 working days before the funds will be able to be used. Checks deposited from the same bank and branch are usually available the next day. Wire transfers are available as soon as they arrive.

There are also many private banks many of which are affiliated with international banks. In the last few years there has been a trend towards privatization, so now private banks can offer many of the same services the state banks do. When the minimum deposit is not maintained, service charges for account operations at private banks can sometimes be higher that at the national banks. Many private banks pay higher interest than state banks but cannot guarantee your deposits as the government banks do. Remember the higher the interest the more the risk. In the mid-1980’s private finance companies were offering up to 45% interest in colones. Needless to say they all failed within a couple of years and the investors lost everything.

Some of the better private banks are Banco de San José, Banco Elca, Scotia, Banco Interfin, Bancrecen, Cuscatlán and BANEX. Check the yellow pages for more private banks. It is advisable to open an account at one of these banks so you can have a dollar account to protect against unexpected currency devaluations, cash personal checks, obtain a safety deposit box for some of your valuables and facilitate having money sent to you from abroad. Regarding the latter, you should make sure that the bank you choose works with a U.S. correspondent bank to avoid untimely delays in cashing checks.

We have a safety deposit box in the Banco Nacional that is readily accessible during working hours. We also have a dollar account, certificates of deposit, and an ATM card. Our only complaint is that service in state run banks tends to be very slow. You can spend up to an hour in the bank waiting to make a simple transaction.

Other banking services are 24-hour automated tellers that disperse a few hundred dollars at a time from your account, cash advance in colones only, high-yield certificates of deposit in colones, certificates of deposit in dollars on a par with U.S. interest rates and credit card related services.

All banks have different requirements for opening accounts or obtaining credit cards, possibly entailing banking or personal references, identification and most certainly minimum deposits. Requirements will vary slightly from bank to bank, so check with the banking institution of your choice.

Permanent and non-residents may open a savings account in state and private banks. All that is needed is a minimum deposit, in some cases a letter of reference and a passport or cédula. To open a local checking account you have to be a resident and may be asked to to provide a Costa Rican ID card or passport as a means of identification.

You may be asked to show your water, telephone and electric bills in your name to prove you live here. If you can’t provide these documents you’ll need two references from m banks in the U.S. or from two account holders in the same bank where you wish to open your account. If opening a checking account in local currency you’ll need an initial deposit of around $500.00. A local dollar checking account may require an initial deposit of $2000.00. If you have a Costa Rican Corporation you may also opening a local corporate checking account, or Cuenta Corriente Empresarial. You’ll have to provide the following: Passport or cédula (Costa Rican ID), the name of the corporation or Personería Jurídica, proof that it is active, a letter from person who has general power of attorney of your corporation authorizing those people who can sign on the account along with their ID numbers and an initial deposit of around $1,000.00 for an account in local currency or $2,000 for a local dollar account.

International dollar checking accounts are offered through Bicsa and the Banco de San José. Individuals and corporations may open these accounts but their are specific requirements which must be complied with. Check with the bank of your choice.

Another alternative is an international debit card in dollars. Relocation and Retirement Consultants can provide you a card in conjunction with Global International Trust. With one of their cards you have instant access to your funds anywhere in the world. Youmay also use one of these handy cards in conjunction with a Panamanian Corporation. Bank references, application or foreign residency are not required. For more information contact: E-mail: crbooks@racsa.co.cr. Most banks are normally open from 9 a.m. to 4 p.m., Monday through Friday. Some branch offices like the one in Plaza Mayor in Rohrmoser are open until 10:30 p.m. The Banco Nacional in the San Pedro Mall is open on Saturdays.

Warning: Never plan to do any banking on the second or last Friday of the month since it’s payday for most Costa Rican workers and lines sometimes extend outside the bank.

The state banks are also very crowded after holidays and on Monday mornings. It is always best to get to the bank at least a half-hour before they open to get a good place in line. Bring some good reading material since the lines often move at a snail’s pace.