... Banking in Costa Rica ...
by Infocostarica Staff
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.
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
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 colón accounts,
there is a monthly devaluation of the colón 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.
The following is a list of state run and private banks:
State Owned Banks
Banco Nacional de Costa Rica
Established in 1914, the Banco Nacional
is the largest state commercial bank in both assets and number
Tel. (506) 212-2000
Fax. (506) 255-2436
Apdo. Postal: 6714-1000 San José
Banco Central de Costa Rica
Regulates Costa Rican banking policies.
Tel. (506) 243-3333
Fax. (506) 243-3011
Banco de Costa Rica
With branches throughout the country,
Banco de Costa Rica is considered the most profitable and probably
best-run state commercial bank.
Tel. (506) 287-9000
Fax. (506) 255-3316
Apdo. Postal: 10035-1000 San José
Banco Crédito Agrícola de Cartago
Is the smallest of the state run
Tel. (506) 223-8855
Fax. (506) 222-1911
Apdo. Postal: 5572-1000 San José
Scotiabank offers a wide range of
personal, commercial and retail, corporate, and trade finance
services. With 13 branches across the country, and 1 more to be
added to the network by the end of 2003, Scotiabank offers an
extensive range of retail and commercial banking services.
Banco San José
The bank is part of the BAC Credomatic
Network, comprised of eight banks in Central America, the Caribbean,
and Panama, and Credomatic, the largest credit and debit card
issuer and processor in the region. BAC Credomatic Network is
the financial branch of Pellas' Group, a corporation with over
125 years of history.
Tel. (506) 256-9911
Tel. (506) 222-8208
Apdo. Postal: 5445-1000 San José
BANEX offers customers advanced on-line
banking services as well as a en línea le ofrece un avanzado
y poderoso sistema de tecnología financiera que lo provee
de información las 24 horas de día los 365 días
del año, permitiéndole de manera ágil y segura,
administrar eficientemente sus fondos, realizar sus transferencias
electrónicas y efectuar, mediante una novedosa plataforma,
diversas consultas sobre sus cuentas, inversiones, créditos
y otros aspectos financieros.
Tel. (506) 257-0522
Fax. (506) 256-0210
Apdo. Postal: 7983-1000 San José
Av. 1, C. Ctrl, Edificio Banex, San José
Corporation UBC International is
the holding company that owns the Cuscatlan Groups in the region.
This Group has duly regulated operations in El Salvador, Guatemala,
Costa Rica, Panama and the United States of America, by means
of family remittances. Corporate shareholders include partners
such as the International Finance Corporation, IFC, in addition
to the Central American partners of the most prestigious business
groups of the region.
Tel. (506) 221-2845
Tel. (506) 220-2140
C. 28 y 30 P. Colón, San José
Established 1979, Corporación
Interfin S.A. is dedicated to providing international financing
and business services for industrial as well as commercial companies.
Offers a wide range of banking services
but relatively few branches throughout the country.
Tel. (506) 290-2233
Tel. (506) 296-5721
Pavas, San José
Established in 1992, Promerica offers
a wide range of financial services. Branches are available only
in the central valley.
Tel. (506) 296-4848
Fax. (506) 232-5727
Pavas, San José