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Who is eligible to establish a banking account in Costa Rica? Can a tourist, non resident–someone not yet permanent but with an address? Can you have a checking account? Savings account? Safety deposit box? Are they truly private? Any limitations?
Are their advantages in having both $$ and Colon acct?
Are some banks better than others for expats?Many thanks
We have known a number of tourists (not legal residents) who have successfully opened accounts at both national and private banks. Generally, they’ll need proof of your identity (your passport), some indication of where you live (like an electricity bill which need not be in your name), some proof of the source of your income (Social Security award letter, pay stub, etc) and probably a letter of reference from a legal resident or citizen. It would likely be better if the letter were from one of the bank’s customers.
It seems that few people have or use checking accounts. Mostly, expats have a dollar account and a colon account. The dollar account is good to deposit wire transfers and U.S. bank checks into. Especially when the exchange rate is advantageous, it’s good to be able to convert dollars to colones and deposit them in your colon account.
In Grecia, at least, there don’t seem to be what we normally think of as safety deposit boxes. Last time I checked, Banco Nacional would rent you a locked metal box which they would keep in a locked file cabinet in a locked room.
We have a mortgage at HSBC where their service has been superb. We do our online banking there, too. It’s much easier to pay bills online than to go to the teller.
Recently, we opened accounts (one for Marcia and one for me) at Banco Nacional. There, and at Banco de Costa Rica, you can have your U.S. Social Security check electronically deposited each month for a monthly fee of $6.00. We’re changing ours over.
i use HSBC and Banco Nacional, where i have dollar/colones accounts and a debit card. i’ve had great service from both institutions.
BN and BCR have the most locations, even the little beach towns. BN customer service was challenging until I got a hold of the right person and I now use this individual for everything I need assistance with like a personal banker. Of course, fluent Spanish was very helpful in this endeavor.
If you have an LLC or S.A. and a helpful attorney, you can open an account without any financial or credit history; cash works just fine. Keep in mind if a deposit is over $10,000, there is a lot of SUGEF and government paperwork to fill out and your passport # is your ID without a cedula.[quote=”DavidCMurray”]We have known a number of tourists (not legal residents) who have successfully opened accounts at both national and private banks. Generally, they’ll need proof of your identity (your passport), some indication of where you live (like an electricity bill which need not be in your name), some proof of the source of your income (Social Security award letter, pay stub, etc) and probably a letter of reference from a legal resident or citizen. It would likely be better if the letter were from one of the bank’s customers.
It seems that few people have or use checking accounts. Mostly, expats have a dollar account and a colon account. The dollar account is good to deposit wire transfers and U.S. bank checks into. Especially when the exchange rate is advantageous, it’s good to be able to convert dollars to colones and deposit them in your colon account.
In Grecia, at least, there don’t seem to be what we normally think of as safety deposit boxes. Last time I checked, Banco Nacional would rent you a locked metal box which they would keep in a locked file cabinet in a locked room.
We have a mortgage at HSBC where their service has been superb. We do our online banking there, too. It’s much easier to pay bills online than to go to the teller.
Recently, we opened accounts (one for Marcia and one for me) at Banco Nacional. There, and at Banco de Costa Rica, you can have your U.S. Social Security check electronically deposited each month for a monthly fee of $6.00. We’re changing ours over.[/quote]
Hi, Just curious did you close your US Bank Account? do you need/have to open a bank account in CR? How many ATM machines are there? Can you not use your US debit? and go into a bank if you need cash? Just curious….Thanks!
We’re full-time permanent residents of Costa Rica. When we left the U.S., we did not close our U.S. bank accounts and we continue to use them. Our pension payments are deposited to our U.S. credit union. Right now, we’re in transition to having our Social Security payments deposited in Banco Nacional de Costa Rica via Mellon Bank in New York. We have accounts at BNCR and also at HSBC, both in Costa Rica.
There are ATMs all over Costa Rica. If your card has the Plus or Cirrus logo on the back, it’ll work in both the ATMs and for charging things with merchants and at hotels and restaurants.
The only drawback to using your U.S. ATM card may be the bank fees. Some Costa Rican banks charge a minimal fee (less than $2.00US) for withdrawals. And your U.S. bank may charge for foreign transactions. Check with them.
Too, if you’re headed here tell your bank so you don’t get tangled up in their security system.
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