The private commercial banks with more assets are: 

•         ScotiaBank

•         HSBC

•         BAC San José: offers a relatively fast service with a large number of branches (including mini branches in supermarkets). They are a part of Grupo San José, owner of Credomatic (one of the largest issuers of credit cards in the country).

•         Citibank 

Advantages of private banking

•         Faster service

•         Shorter lines

•         More English speaking staff

•         Wider range of products and services

Disadvantages

•         Lack of deposit insurance. 

•         You will have to analyze the organization closely, whoever the government regulations do offer a measure of protection and your funds will be safe with any large private bank. 

Internet Banking in Costa Rica

The internet banking service is now available in most of the state banks as well as private banks. The online services include:  

•         Account balances

•         Account statements

•         Requests for new checks and savings books

•         Transfers between accounts within the bank

•         Third party transfer (Interbank transfers)

•         Payment of utilities and other services

Banking Secrecy

Costa Rica collaborates with most Latin American banks and with the Federal Reserve of the United States.  Your bank records will be disclosed to foreign governments.

Checking and Savings Accounts

First you have to decide whether to open an account with a private or a state bank.  Private Banks, like Scotiabank are aware of the value of their customer and are more organized, more likely to speak English and less crowded. 

Documents needed to open a bank account in Costa Rica

Whether you chose a state bank or private bank to open your savings account (checking accounts usually require more steps) you will have to present the following documentation: 

 •         Personal ID: if you don’t have a Costa Rican Residency Card you must present your passport and an additional ID like your Driver’s License. Some banks like Banco Popular require a 6 month consecutive stay in the country. Citibank and Banco Nacional don’t have this requirement. 

•         Utility Bill: you must present an electricity or water bill from your current residence. The bill doesn’t necessarily have to be on your name. The purpose is to provide the bank with your official address. 

•         Purpose of your stay in the country: Students must bring proof of admission in a Costa Rican institution. Retirees should bring their residency card, or a document from their lawyer stating that they are in the process of obtaining one. Workers need an orden patronal (document from your employer demonstrating a fixed income)

•         Initial Deposit: The amount depends on the bank. The amount can go from USD$10.00 to USD$500.00

•         Banking references: some banks will require one or two letters of reference from the previous banks that you had accounts with.  Recommendations may also come from friends or relatives with active accounts at the bank to which you are applying.

***Make sure you sign the papers the same way you sign your passport. The account application process takes about an hour. After three days you have to go back to the bank with your passport to pick up your ATM card***