Flamingo Beach Marina

Moving to Costa Rica can be an exciting adventure.  However, if you do move, there are plenty of details you will have to attend to.  Sometime between the time you arrive and the time you are settled in, you will need to have a place to deposit your money.  Some tips on banking in Costa Rica will help with that. 

There are two major types of banks in Costa Rica.  The first is the government-run banks.  If you are banking in Costa Rica, you will find these banks to be guaranteed and dependable.  They are also available in every part of the country. 

The downside of banking in Costa Rica at the state-run banks is that lines are long.  This is partly due to the fact that other business besides banking takes place there.  People can pay many of their utility bills at the banks.  They can also pay tickets. 

The other major type of bank for banking in Costa Rica is the privately owned banks.  Under this main heading are many categories of private banks.  Private financial companies and commercial banks fall under this heading.  Cooperatives like savings and loans companies and mutual house building companies also are private banks. 

Private banks for banking in Costa Rica may be local banks or they may be branches of foreign banks.  Citibank is in Costa Rica branching out from its main offices in the US.  The Bank of Nova Scotia from Canada is also there.  Banking in Costa Rica can be like banking at home for many. 

Private banks are generally more competitive and offer more services to those banking in Costa Rica.  One of these services might be bilingual bank personnel.  However, they do have to meet the same banking policies as state-run banks.  Banking in Costa Rica is generally safe.   

Check to see if the bank offers savings accounts in dollars and colones.  It is good if it does.  This is because, if you are a pensionado or a rentista, you will be required to convert a certain amount of dollars in colones every month.  However, you might not want to change all your money if you are banking in Costa Rica. 

The colon is devalued regularly.  This means that, when you are banking in Costa Rica, you will want to keep your dollars as long as you can.  They are generally the stronger currency.  Yet, you will probably want your colones in an account, too.  This is why many people banking in Costa Rica will have two accounts. 

When inquiring into banking in Costa Rica, be sure to ask how long it takes to cash a foreign check.  You may be getting a check from back home and need to deposit it and draw on that deposit without waiting too long.  If you are a pensionado living in Costa Rica, you will also want to be sure your pension is credited in a timely fashion. 

Different banks have different services.  When banking in Costa Rica, don’t assume anything.  The bank may or may not offer ATM cards that can access money after bank hours.  The bank may have debit and/or credit cards, but you will need to know the requirements you must meet. 

Of course, when banking in Costa Rica, you should make sure you know what fees you will be charged.  Then, choose a bank that is convenient to you.  In many ways, banking in Costa Rica is similar to banking in most places.  If you watch your money carefully, the bank will probably take care of it.