How to Open a Bank Account in Costa Rica as an Expat
There are several reasons why foreigners may need to open a bank account in Costa Rica, whether they are residents or tourists. Having a card to pay without high fees and exchange rates, automatically pay bills, or receive a salary are just some of those reasons. If you’re in a similar situation, you should know that it is possible for a foreigner to open a bank account in Costa Rica indifferent of the migratory legal status.
Costa Rica has both public and private banks, and in both fields there are entities that issue accounts to foreigners. Their policies vary depending on the bank, but most of them allow expats with legal residency status to open accounts, and their requisites usually include identification, proof of residency and income, and a minimum first deposit. Foreigners must report their income to local federal authorities.
Here’s a simple guide of how to open a bank account in Costa Rica.
Public banks
The two main Costa Rican public banks, Banco Nacional and Banco de Costa Rica, offer bank accounts to foreigners, independently of their migratory legal status. The requisites for expats to open a bank account in Banco Nacional and in Banco de Costa Rica are the DIMEX identification for residents and a valid passport with a migratory stamp for tourists or non-residents; and proof of the origin of funds greater than $5,000 per month.
Public banks offer the advantage of being more reliable since they are state funded and they insure all your money and guarantee all the deposits. They also have more offices and ATMs around the country and their fees are usually cheaper than those of private banks. On the negative side, they are more bureaucratic than private banks and they tend to have more lines and to be slower in their processes. Their schedule is another bad side, since most branches don’t work on weekends, open at 9:00 am, and are usually closed by 4:00 pm.
These banks have accounts in colones and in dollars. Banco Nacional also has an euro account.
Private banks
This is the list of the operational private banks of Costa Rica as of February 2022:
1. BAC San José
2. BCT
3. Banco Cathay
4. Banco CMB
5. Banco Davivienda
6. Banco General
7. Banco Improsa
8. Banco Lafise
9. Banco Promérica
10. Prival Bank
11. Scotiabank
Most of these banks will let a resident have an account, but will not do so for tourists or non-residents. The requisites to open a bank account as a foreigner in these banks vary, but the basic ones are usually the same as with public banks: identification, proof of residency, proof of income, and a first deposit that ranges from $25 to $100.
For many locals and foreigners, private banks offer better service, have shorter lines and are more prone to having bilingual employees, which can certainly make the process of opening a bank account easier for expats. On the bad side, their fees are higher and for more motives than that of public banks.
Further details
If you know foreigners that have opened bank accounts in Costa Rica, we advise that you ask them about their experience in order to decide in which bank you’ll open yours. Every bank in Costa Rica has a digital platform that not only provides the standard electronic banking tools of the moment but also has information about their accounts and their requisites.
It’s better that you are clear regarding what is required to open an account before you go to a branch, especially if it is a public bank. Remember that public banks in Costa Rica are safer options to secure your money but they are slow and their timing is tedious, so if you go to an office to open a bank account and you don’t have all of the documentation required you’ll have to go back again and probably do another long line before you can have your account.
Stay tuned for more important information concerning banking procedures. We are at your disposal to help you with any of your inquiries.
