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How to Open Bank Account in Costa Rica

Banking in Paradise – A Survival Guide for Expats

Picture this: You’ve just arrived in Costa Rica, ready to start your dream life amid lush rainforests and pristine beaches. You head to the bank to open an account so you can buy that perfect ocean-view property. But what should be a simple transaction turns into weeks of frustration – missing documents, language barriers, and endless lines under the tropical sun. Unfortunately, this scenario is all too common for unprepared expats.

At Broker Costa Rica, we’ve helped hundreds of clients like you navigate the banking system since 2014. Tony and I (Anna) learned these lessons the hard way when we first moved here ourselves. That’s why we’ve created this definitive guide to help you avoid the pitfalls we encountered.

Why This Matters Now More Than Ever:

What You’ll Learn in This Guide:

✅ The little-known bank that lets tourists open accounts in under 48 hours

✅ How to avoid the #1 mistake that gets 70% of applications rejected

✅ Insider strategies from our network of Costa Rican bankers and attorneys

✅ Digital banking hacks to manage your money from anywhere

Whether you’re a retiree needing to access your pension, an investor purchasing property, or a remote worker establishing roots, this guide will help you:

The process has changed dramatically since 2020, and most online guides are outdated. We’ve personally tested every step with our clients to bring you the most current information for 2025.

2. Costa Rica’s Banking System: Key Facts

Costa Rica’s banking landscape is unique, blending traditional Latin American financial practices with modern digital services. Understanding how the system works will help you choose the right bank and avoid common frustrations.

Types of Banks in Costa Rica

1. State-Owned (Public) Banks

Costa Rica’s public banks are government-backed and considered the most stable, making them popular among locals and long-term expats.

Top Public Banks:

Pros of Public Banks:

✅ 100% deposit guarantee by the government

✅ Lower fees than private banks

✅ Extensive ATM/branch networks (even in rural areas)

Cons of Public Banks:

❌ Slow service (avoid Fridays and month-end)

❌ Bureaucratic processes

❌ Limited digital banking features

2. Private Banks

Private banks cater more to expats and businesses, offering better customer service and digital tools.

Top Private Banks:

Pros of Private Banks:

✅ Faster service

✅ English support

✅ Better online/mobile banking

Cons of Private Banks:

❌ Higher fees

❌ Fewer ATMs outside cities

Key Regulations Expats Should Know

  1. Anti-Money Laundering (AML) Rules:
    • Banks require proof of income sources (e.g., pay stubs, pension letters).
    • Large deposits may trigger additional verification.
  2. Non-Resident Restrictions:
    • Monthly deposit limits on personal accounts (e.g., $1,000–$1,500 at BCR).
    • Some services (like SINPE Mobile) may require residency.

C. Digital Banking in Costa Rica

Step 3: Visit the Bank – What to Expect & How to Prepare

Opening a bank account in Costa Rica requires an in-person visit—no fully online option exists yet. Here’s how to make your appointment as smooth as possible.

Scheduling Your Appointment

1. Book Ahead (Don’t Walk In!)

How to Book:

Pro Tip:

“Request an English-speaking representative when booking—some BAC and Scotiabank branches guarantee this service.”
– Carlos R., Expat Banking Consultant

Best Times to Visit

Documents to Bring (Original + Copies)

Even if you submitted documents online, bring:

  1. Passport (with entry stamp if you’re a tourist)
  2. Proof of Address (lease agreement or utility bill)
  3. Income Verification (e.g., 3 months of bank statements; pension income; employment contract)
  4. Minimum Deposit ($25–$500, depending on the bank)
  5. Residency Card (DIMEX) if applicable
  6. Corporate papers if opening a business account – in many banks it is simpler to open a business account then personal; have your accountant on stand by to prepare the needed documents by the bank.

Pro Tip:

“Print two copies of everything. Some banks keep one copy and stamp the other as ‘received.’”
– María G., Former Bank Teller at BCR

The Appointment: Step-by-Step

1. Initial Screening

2. Meeting with a Bank Representative
Expect:

3. Biometrics & Signatures

4. Account Activation

Overcoming Common Hurdles

IssueSolution
“Your documents aren’t accepted”Ask for a supervisor—some employees misinterpret rules for foreigners.
“We don’t open accounts for tourists”Politely cite Banco de Costa Rica’s non-resident policy (or switch to BAC).
Language barrierBring a Spanish-speaking friend or use Google Translate’s conversation mode.
“Come back tomorrow”Request a signed checklist of missing items to avoid repeat trips.

Post-Appointment Checklist

  1. Set up online banking before leaving the branch.
  2. Verify your debit card’s arrival date (follow up if it’s late).
  3. Test a small ATM withdrawal to confirm access.
  4. Activity every 6 months (avoid dormancy fees and disactivation)

Red Flag:

If your account isn’t active within 10 business days, visit the branch—your application may be stuck in compliance.

Advice: We recommend clients to give yourself at least a week to open an account in Costa Rica, so plan accordingly. It’s really worth it though as bill payments then become an ease with online banking.

Costa Rica Banking Fees, Restrictions & Pitfalls (2025 Update)

Opening a bank account in Costa Rica is just the first step—understanding the fine print on fees, transaction limits, and hidden restrictions will save you money and frustration. Here’s what expats wish they knew sooner.

Fee Breakdown: What You’ll Really Pay

Fee TypePublic Banks (BCR/BNCR)Private Banks (BAC/Scotiabank)
Monthly Maintenance$2–$5$5–$15
ATM Withdrawal (Same Bank)FreeFree
ATM Withdrawal (Other Bank)$2–$3$3–$5
International Wire Transfer$25–$50 + 1–3% exchange fee$15–$40 + 0.5–2% exchange fee
Inactivity Fee (6+ months)$10$20
Account ClosureFree$25–$50

Key Insights:

Pro Tip:

“At Banco Nacional, deposit ₡300,000 (~$500) to waive monthly fees. At BAC, maintain $1,000 to avoid charges.”

Non-Resident Restrictions (Critical to Know!)

  1. Deposit Limits
    • Tourists/Non-Residents: $1,000–$1,500/month (BCR/BAC)
    • Digital Nomad Visa Holders: $3,000–$5,000/month (with visa proof)
    • Residents: No limits
    • Business: Limits are set depending on your income documentation presented. Discuss with your advisor and accountant to avoid future deposit limits.
  2. Transaction Blocks
    • Non-residents often can’t use:
      • SINPE Mobile (Costa Rica’s Venmo)
      • Automatic bill payments (like utilities)
      • Investment products (CDs, mutual funds)
  3. Withdrawal Limits
    • Daily ATM limit: ₡150,000–₡300,000 (~$250–$500)
    • Over-the-counter limit: ₡1,000,000 (~$1,800) with ID

Workaround:

“Get a ‘certificación de ingresos’ from a Costa Rican employer or your own corporation to lift limits”

“As most foreigners buy real estate via a corporation in Costa Rica, this corporation can be used for opening a business account which is simpler in most cases and has less restrictions.”

Hidden Pitfalls & How to Avoid Them

1. The “Dormant Account” Freeze

2. Currency Exchange Traps

3. Debit Card Surprises

Insider Cost-Saving Strategies

  1. The “Two-Account Trick”
    • Use a public bank for ATM withdrawals (low fees)
    • Use a private bank for daily transactions (better app)
  2. Fee Negotiation
    • At private banks, ask:
      • “¿Pueden exonerar las comisiones?” (Can you waive fees?)
      • Often approved for balances >$5,000
  3. SINPE Mobile Alternatives
    • Non-residents can use:
      • PayPal (linked to Costa Rican account)
      • Cash at “Pago Electrónico” kiosks
      • Pay your utility bills at any grocery store or use a Property Manager to take care of these

Alternatives If You Can’t Open a Bank Account in Costa Rica

Even if you can’t (or don’t want to) open a Costa Rican bank account, you still have options for managing finances, paying bills, and even buying property. Here are the best workarounds used by expats and investors.

For Real Estate Purchases: Escrow & Trusted Third Parties

1. Escrow Services (Common for Property Transactions)

Costa Rica has a well-established escrow system (fideicomiso) for real estate purchases, especially for buyers without local bank accounts. Escrow agents are overseen by the SUGEF of Cost Rica – General Superintendence of Financial Entities.

How It Works:

Top Escrow Providers in Costa Rica:

Pro Tip:

“Ask your agent which Escrow firm/agent they work with.”

Using a Lawyer’s Trust Account

For Paying Bills & Daily Expenses

Property Management Companies

If you own a home but lack a bank account, a property manager can handle:

✅ Utility payments (water, electricity, internet) and property tax

✅ HOA fees (for condos/gated communities)

✅ Contractor payments (repairs, landscaping)

✅ Rental income management (if leasing your property)

Average Cost:

Best For:

Authorized Representatives

Warning:

“Never give blanket POA—limit it to specific transactions and set expiration dates.”

International Payment Workarounds

For Receiving Rental Income or Business Revenue

1. International Bank Accounts

2. Property Management Collection

3. Cryptocurrency Payments

Temporary Solutions While Waiting for Residency

If you’re in the process of getting residency but need banking now:

  1. Digital Nomad Visa Holders:
    • Some private banks (BAC, Scotiabank) offer temporary accounts with visa approval.
  2. Corporate Accounts:
    • Easier to open if you have a Costa Rican corporation (even as a non-resident).
  3. Property Managers:
    • Transfer a lump sum to your property manager to pay ongoing bills

Key Takeaways:

Need a Trusted Property Manager?

“We partner with vetted, bilingual managers and are happy to make recommendations —contact us* for referrals.”*

Opening a bank account in Costa Rica is a critical step for expats, investors, and retirees—but it doesn’t have to be a headache.

But here’s the reality: Even with this guide, you might hit snags. Costa Rican banking rules change often, and some bank employees enforce policies inconsistently. That’s where we come in.

💡 Remember:

Pura vida banking starts here!

Anna and Tony Velez
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