Paying monthly through a Costa Rica Bank for house

Hey John and Tina;
There are no real estate agents per say in Costa Rica as they are not registered as in Canada.  Pretty much anyone can call themselves an agent so be cautious.  There are some larger "companies" that have reputable people working for them but there can be bad ones as well.  An in country mortgage can be extremely difficult to come by.  We knew a couple that literally gave up and financed the package from Canada.  Even opening a bank account can be difficult here if one is not a resident.  We opened our account with Banco Nacional about seven months ago (we are not yet residents) and there is another couple in our community that tried at the same bank two months ago and were denied (no reason given).  They did go to another Banco Nacional bank in San Jose and they were able to get it opened.  Things are TOTALLY different in Costa Rica and there is no standard way of doing anything!

Hi guys where in Canada were you from?  We are on PEI. We went to Costa Rica a couple of years ago, and drove the country for 2 weeks. We loved it. Just looking for warm places to settle one day. What area are you in? The Arenal area seems nice and pretty affordable. Any thoughts..thank you. We are both so tired of our winters and the 15ft of snow fall this winter. Its still here..lol,  John and Tina

Highly unlikely you would be able to get a mortgage.

Many of us advise you to visit a few times then rent for a while, to be sure the area is for you. It is said that between 50-60 % return to their home country within 2-3 years.

You may want to check Canadian services website regarding fundsleaving the country.
Residency information

We were both born in B.C. but have been in Alberta since '86.  We looked in various countries over the years and hit Costa Rica in 2010.  We spent three weeks touring except for the Nicoya Peninsula and the Caribbean side.  We came with the idea of having an ocean view and soon found that to be too warm.  We ended up 17 km south west of Santiago de Puriscal where we built our home and retired here permanently in September of last year.  There is a map on this link that shows where we are at.  We love it here and don't miss Canada at all !!!  If we can be of any help just let us know.
Cheers .... Terry & Viv

Beware of Scotiabank here in Costa Rica, they are not like Scotiabank in Canada, although they look the same.
Scotiabank in Costa Rica are only franchises, not Scotiabank branches as you know them in Canada.  If you apply for a mortgage at Scotiabank in Costa Rica be prepared to take a blood test and anal exam (no joking), and the interest rates and service fees are insane.  If you must borrow money to build a home in Costa Rica "get the money in Canada".  Best bet is to rent here for at least a year, as this country is not the paradise some Canadian's think it is.  Almost 75% of Canadian's who move down here return to Canada.  If you need more information or advice, feel free to ask.

There are people with property - like myself - who will finance a purchase in Costa Rica but the banks there generally will not. I have heard that sometimes there are condo sellers who will finance but it is rare to here of houses being financed.

Most property is bought with cash down. If you do find someone who will finance a purchase of land they will generally require a high non-refundable down payment and financing over no more than 2-5 years, not like 20-30 year mortgages in the USA.

Hope this helps.

Hey terrynviv,
How does one go about paying rent, obtaining cash etc. if we are not allowed to open an account? I'm with Bank of America up here. Is everything done via ATM? Don't want to be walking around anywhere with much cash. What if your stay is months long? There must be a way of direct depositing rent or obtaining cash in the area.
Is Visa, MC or American Express taken at grocery stores or gas stations in the central valley. Can it all be done through our home town bank.Man, I'm beginning to feel clueless! I've travelled a bit outside of No. America and had no problem getting cash at the ATM but I've never thought about how hard it would be for an extended visit.

Helo dominic135. How much is too much cash to you? Most ATMs will give you up to $1000 in two withdraws. You can pay on most stores and gas stations with your MC or Visa. AE is not widely accepted.If you have to pay for rent or services, withdraw from an ATM in the bank and deposit right away. Try to open a bank account, you may get lucky if you try.

Thank you MauroN,
It's good to hear from you again. I guess it will take a bit more time than hitting the PAY IT NOW button, but at least it seems simple enough. Some of these questions must sound foolish. To some of us ready to change our lives, it means learning everything over again.
Thank you again!

Thank you MauroN,
It's good to hear from you again. I guess it will take a bit more time than hitting the PAY IT NOW button, but at least it seems simple enough. Some of these questions must sound foolish. To some of us ready to change our lives, it means learning everything over again.
Thank you again!

Dominic;
We use MasterCard for just about everything although once you get to know where cash gets you a discount it changes.  While not all banks will allow you to open an account without residency if you are polite and persevere you will easily find one.  We opened ours with Banco Nacional and although we had to jump through a few hoops (statement of where our money originated and by what means, a legal Spanish translation of the same document, written reference from a resident of Costa Rica, utility bill, and various versions of our ID) it was done.  We cannot transfer money on line (other than bills) until we become residents and are eligible for "the token", basically a random number generator.  Friends of ours went to the same bank and were told no for no reason so they went to Santa Ana and opened an account with the same bank, different branch.  I carry little money on my person although a stash of 100,000 colones is a good idea if you drive down here.  In case of a vehicle altercation cash often trumps calling the Transitos.

Thank you for the info. Sounds simple enough. It's just gotten so, that we never carry cash at all. Not even the proverbial quarter in the shoe for an emergency phone call! I've gotten very used to plastic money.

I forgot to mention that once you have an account you can go into your bank and transfer money easily to an others account.  We purchased a bedroom suite in Sarchi and easily transferred the money to the owner's account. We have a lady in our community that pays her rent monthly in this fashion.

HI.....we are considering purchasing a home in the Altos De Antigua development where you folks live and wonder if you can share your current impressions and any recommendations you would make for us in considering this move.

Thank you !

Jeff and Scheyenne

I spent two weeks in Costa Rica too and really liked it. Bought a lot in an up and coming gated community in Playa Lagarto from a Canadian Developer. Looking forward to when I can spend most of my time living there.

You could also use phone apps like western union or a variety of others.  They can transfer straight into anyone bank account long as you have the info. I use this in mexico and the exchange rate is pretty close to the actual rate and fees are as low as zero if you connect your “home” bank account.

Go to Go Dutch Realty's blog, they have a great article about just this topic!