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Opening a bank account in Costa Rica


#1  2011-09-28 09:43:18

Julien
Founder
Julien
From: Grand Baie
Registered: 2005-03-11
Posts: 27425

Opening a bank account in Costa Rica

Hi all,

is it difficult for expats to open a bank account in Costa Rica ?

Which documents are required to open a bank account in Costa Rica ?

How long does it take to open it ?

Is there any restriction for expats regarding the services (loans for instance)  ?

Which bank would you recommend ?

Thanks in advance for your participation,

Julien



 
 
 
 
 
 
 
 
 
 
 

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#2  2011-09-28 14:09:33

BillA
Active member
BillA
From: Drake
Registered: 2010-03-10
Posts: 76

Re: Opening a bank account in Costa Rica

a friend who spends 3 mos at a time here as a tourist just opened an acct with BNCR
he needed a letter/reference from a local with an acct, and he had a letter from his US bank
then just the normal ID stuff
not difficult at all

I have done the same, they will ask what is the source of the funds
I have a debit card, don't think credit is possible

Bill

Last edited by BillA (2011-09-28 14:11:04)



 

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#3  2011-09-28 14:59:28

Harmonie
ViP
Harmonie
From: Mauritius/Ile Maurice
Registered: 2011-06-13
Posts: 19273

Re: Opening a bank account in Costa Rica

Thanks for helping Bill!wink

Harmonie.smile



 

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#4  2011-10-21 19:36:08

jennthevexer
New member
jennthevexer
From: Playa Jaco
Registered: 2011-08-25
Posts: 8

Re: Opening a bank account in Costa Rica

Hi,

I'm still trying to get the banking situation sorted out. I am moving to CR on November 1st and I'm completely unsure of what I should do about the money thing.

Should I keep my US bank account open and then open a seperate CR bank account once I arrive in CR on November 1st. Also, I have a small regional bank that I'm using in the USA. Would it be best to switch to a bigger, national bank before I leave the US? If so, does anyone have any recommendations?

Thanks,
Jenni



 
 
 

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#5  2011-12-17 14:33:34

gikate
Member
From: Escazu
Registered: 2011-08-14
Posts: 13

Re: Opening a bank account in Costa Rica

Hola,

I went to Scotiabank in San Hose and here is the info you need.
This is verbatim from a printout of the rules. As I walk around, I'll stop at other banks, and get info from them as well and post it. Hope this helps.

Requirements Individuals

*Complete and sign the required forrms.

*Present original current identification document: identification card for citizens, full passport for non-resident, foreigners or resident identification card for foreigners residing in the country (in the case of non-resident customers a second identification must be requested)

*Document for verifying the home address (recent utility bill in the customer's name, lease contract with the physical address of the house, municipal invoices, etc)

*Financial information: pay stub or salary statement, income certification (C.P.A), income tax returns, service contracts etc, justifying the use to which the account will be put.

*If the branch requests it, present two letters of reference (bank, personal or commercial) addressed to Scotiabank de CR.

*Sign the authorization slip for consulting information in SUGEF's Credit Information Center.

*Contracts and other documents related to the product.

Here's the phone number in case you have more questions 8001-726842

Also, you can get a mortgage from Scotiabank in Costa Rica, here's an email I received while looking for information on banking: Vacation Home Buyer's Program



The Mortgage Conditions:

Interest Rate   

• 6.20% fixed rate during the first 3 years
•A variable rate of NYPR + 6% for the remaining term(applicable floor rate: 9.50% for the remaining term)    •    $1.900.00 during the first 3 years
    $2.390.00 NYPR + 6% for the remaining term. (NYPR = 3.25% Today)
•    For a loan of $240.000.00

Front-end fee   
•    1.50%    •$3.601.00
•    Legal Cost 5% Aprox    •$12.500.00

Percentage of Financing
   
•70% maximum over the appraisal value or the purchase price, whichever is less.
   
Amortization Term    

•25 years   

Prepayment Penalty   

•2% of the balance with payments to the principal over $10,000. This penalty applies only during the fixed rate period.


Take care,

g.i. kate



 
 
 

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#6  2011-12-19 07:33:22

Harmonie
ViP
Harmonie
From: Mauritius/Ile Maurice
Registered: 2011-06-13
Posts: 19273

Re: Opening a bank account in Costa Rica

one



 

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#7  2012-01-15 02:34:01

David1946
Active member
David1946
From: Lufkin Texas
Registered: 2010-10-19
Posts: 95

Re: Opening a bank account in Costa Rica

What about Keeping your us account and using your ATM cards there Is that possible.

                                 Thanks:
                                       David1946



 
 
 
 

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#8  2012-01-15 20:50:39

gikate
Member
From: Escazu
Registered: 2011-08-14
Posts: 13

Re: Opening a bank account in Costa Rica

hola,

Using your an atm card seems to be hit and miss at point of purchase as the system is too slow and times out and is rejected, even at Walmart haha.. however, at bank atms there is no problem, and you have a choices of USD or Colones.

Hope this helps.
gikate

Last edited by gikate (2012-01-15 20:52:28)



 
 
 

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#9  2012-01-23 01:50:16

gikate
Member
From: Escazu
Registered: 2011-08-14
Posts: 13

Re: Opening a bank account in Costa Rica

Hi,
The reason I picked Scotiabank (and I`m checking out HSBC as well) is for my own piece of mind. If something does happen in CR (paranoid)like a coup or something, I want the offshore bank so that my money is safe. I`m leary of the CR banks only because if something does happen and we are evacuated, my money is safe, not in a `Costa Rican`bank. Just a thought. I highly doubt anything will happen, however better safe than sorry.

g.i. kate



 
 
 

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#10  2012-01-23 17:23:07

BillA
Active member
BillA
From: Drake
Registered: 2010-03-10
Posts: 76

Re: Opening a bank account in Costa Rica

lol Kate, not to be contentious, but . . . some points you may not have considered:

"a coup" does make me laugh. There is, at this very time, a coup taking place in the USA. Too clearly the clowns in Washington, ALL of them, are doing someone's bidding; and its not the voters'. Kate, many of us (expats informally) are living here to avoid the coup that is occurring in the USA, "we" do not agree with the fascist state that the USA has become.

"offshore bank so that my money is safe", again I'm forced to laugh. The bad guy here (seizing accounts and assets) is the USA. Your money is electronic digits, investigate what happened in Argentina; ALL governments are thieves (sell indebtedness to buy votes).

"`Costa Rican`bank", indeed it is true. The USA can seize your assets at any time, but this is true also in the USA. I would agree with the premise that the USA is a terrifically risky place to hold assets.

peace of mind involves ignoring certain things

Bill



 

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#11  2012-02-16 19:54:30

gikate
Member
From: Escazu
Registered: 2011-08-14
Posts: 13

Re: Opening a bank account in Costa Rica

Bill,

If you have nothing better to do than challenge and make fun of people, I would rather you not respond to my posts. I know this is your hobby, trying to make yourself feel better by putting other people down. I've watched your posts. Maybe you should try to be helpful instead, just not to me.



 
 
 

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#12  2012-03-22 15:43:38

HWL
New member
From: Puerto Viejo, Limon
Registered: 2012-03-22
Posts: 6

Re: Opening a bank account in Costa Rica

bring your passport and some US cash (recommend at least $1200).
Find a great Notary ($75-$100) near your bank of choice (I use BCR).
Get the Notary to do a letter stating how much money you make a month (that will be how much you can deposit max a month) and take it to the bank. (I'm good for $1500 which is way low but so what).
typical Bank paperwork blah bla time wasted.
you have an account.
the end.



 
 
 

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#13  2013-01-20 21:36:36

BryonDavis
Active member
BryonDavis
From: US
Registered: 2012-12-02
Posts: 38

Re: Opening a bank account in Costa Rica

Waaaait a minute.  One of the reasons we are looking at CR, among other countries, is because we agree to some extent with Bill, that the US is out of control.  Is it true that the US can seize funds deposited in Costa Rican banks???  If it is, perhaps banking in the Cayman Islands would be better?

Last edited by BryonDavis (2013-01-20 21:37:30)

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#14  2013-01-25 21:07:31

DDTica
Active member
DDTica
Registered: 2011-03-29
Posts: 78

Re: Opening a bank account in Costa Rica

Hi,

The US cannot seize accounts in CR. Instead, a court in the US can request a Court in Costa Rica to seize the account, and the request cannot be just because, they need to have probable cause. What this means, is that for the average folks, their accounts in Costa Rica are ok as long as they are not engaged in criminal activity.

As far as opening an account is concerned, the requirements vary from bank to bank. While there are banks that require a Costa Rican government photo ID, there are other banks that will do it with only a passport and a letter from your local bank. My suggestion is to shop around, perhaps HSBC, Scotia Bank and Citi Bank. I also recommend talking to an attorney about opening bank accounts in Costa Rica.



 
 
 
 
 
 

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