The Banking system in Costa Rica

If you are going to spend a fair amount of time in Costa Rica, get involved in multiple business transactions, or manage an investment property, you find it useful to open a bank account in Costa Rica. Below is a short overview of the banking system in Costa Rica.

The Financial Sector 

Costa Rica’s financial sector includes the Central Bank, 3 state-owned commercial banks, 19 private commercial banks and more.

The Central Bank

The Central Bank of Costa Rica makes banking policy in Costa Rica. The SUGEF (the General Supervisory Agency of Finance) enforces compliance with Central Bank policies. The legal reserve requirement on sight deposits is 15 percent. Total assets may not exceed 11 times a bank's equity, and the legal lending limit is 20 percent of total capital per customer.

State Owned Banks

There are 3 state owned banks:
- Banco Nacional de Costa Rica
- Banco de Costa Rica
- BanCredito.

Banco de Costa Rica is the most profitable and possibly best-run state commercial bank. Banco Nacional is the largest state commercial bank in both assets and number of location, although Banco de Costa Rica has nationwide coverage also.

These banks offer you the advantages of being safer for your money, since the Costa Rican government backs them. They also have better coverage; practically any town in Costa Rica has a Banco Nacional and/or a Banco de Costa Rica too. They have a wide range of services. The disadvantages are mostly the long lines that occur in busy locations and on peak days (Monday morning, Friday afternoon, 1, 15, & 30 of each month, etc.) Although they may have an English speaker on the staff in the larger branches, smaller branches are not as likely to.

Commercial Banks

The main private commercial banks are:
- Banco Interfin
- Banco San José
- Banco Banex
- Banco Cuscatlan
- Scotiabank

The private banks offer you several advantages over the state banks, shorter lines, faster service, more English speaking staff and more agility in bringing new products and services into the market. The greatest disadvantage is the lack of deposit insurance. You will have to look closely at the corporation and its behavior when you use a private bank. That said, the government regulations do offer a measure of protection and your funds are safe under normal circumstances with any of the larger private banks.

Banking Transactions 

Banking transactions are not as efficient in Costa Rica as in North America, so be prepared for things to take longer. You may be required to provide more documentation to set up an account (like a copy of your electric bill). It will take a week or more to get your check book and debit cards delivered to the branch for you to pick up. Clearing funds from a foreign source could take 4-5 days, or more. There are almost always long lines for the bank tellers at every bank. The most efficient way to do your banking is to use the online banking systems offered by the larger banks.