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 checking and savings accounts in Costa Rica until 1996 when private banks were permitted to compete.  Accounts can be operated in US dollars or colons, and some banks have Euro accounts as well.

The government of Costa Rica guarantees without limit all deposits in government owned banks. 

Banks in Costa Rica can be slow and bureaucratic.  Opening an account can be very difficult, or even impossible for a tourist or foreign resident.  Casa Canada can open bank accounts on behalf of clients, or the ARCR can be of assistance.  It usually requires $US500 to open a checking account.  Savings accounts can require less money, but require personal attendance to do transactions - no cheques can be issued.  On line banking is available for electronic accounts.  Most banks have cash machines and issue debit or credit cards to clients.

When making deposits consider the following. 

Cheques from outside Costa Rica, including bank cashiers cheques and traveller’s cheques, can require up to 45 days before the funds will be available after they are deposited.  Cheques issued on these funds prior to that date would be returned, "Funds not available".  Talk to Casa Canada Group about speeding out of country cheque processing - it can be reduced to about 8 days.  Post office 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 to clear.  Cheques deposited from the same bank are usually available the next day. 

Bank wire transfers are available as soon as they arrive.  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 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

Banco Popular

            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 checking account varies, but is usually around $1,000-$1,500. 

The private banks are: 

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

Banco Improsa S.A.               Banco HSBC Costa Rica.

Banco Lafise S.A                    Banco Interfin S.A.

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

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