Managing money in Costa Rica is one of the practical challenges new residents face. Here's everything you need to know about banking, transfers, and managing your finances.
Opening a Bank Account
Requirements To open a bank account in Costa Rica, you'll typically need: - Valid passport - Proof of residency (DIMEX card or residency application receipt) - Proof of income (pension statement, bank statements) - Proof of address in Costa Rica (utility bill or lease) - Reference letter from your home bank
Best Banks for Expats
BAC Credomatic — Best overall for expats - Bilingual service - Good online banking platform - USD and colón accounts - International wire transfers
Banco Nacional (BN) — Largest state bank - Most ATMs in the country - Lower fees - Spanish-only service typically
Scotiabank — Good for Canadians - International network - Familiar interface for Canadian clients - USD accounts available
Currency: Colones vs. Dollars
Costa Rica uses the colón (₡), but US dollars are widely accepted in tourist areas. Current exchange rate fluctuates around ₡510–530 per $1 USD.
Tips: - Keep money in both colones and USD - Pay rent and large expenses in USD - Daily expenses (groceries, gas) are cheaper in colones - ATMs dispense colones; some dispense USD
International Money Transfers
Best Options for Sending Money to Costa Rica
Wise (formerly TransferWise): - Best exchange rates - Low fees (typically 0.5–1%) - Fast (1–2 business days) - Our recommended option
Wire transfers: - More expensive ($25–$50 per transfer) - Slower (3–5 business days) - Necessary for large amounts
PayPal: - Works but expensive exchange rates - Good for small amounts
Our Bank Wire Details
For clients making payments, our banking information: - Intermediary Bank: JP Morgan Chase, New York - Beneficiary Bank: Davibank de Costa Rica - Full details available on our Bank Wire Transfers page
Tax Reporting
Remember: Even though Costa Rica doesn't tax foreign income, your home country may still require reporting of foreign bank accounts:
- US citizens: FBAR filing if foreign accounts exceed $10,000 total at any point
- Canadians: T1135 form for foreign assets over $100,000
- UK citizens: Report to HMRC if you remain UK tax resident
Pro Tips
1. Don't close your home bank accounts — Keep them for pension deposits and backup 2. Get a no-foreign-transaction-fee credit card before you move (Charles Schwab debit card is excellent) 3. Set up automatic transfers from your home bank to your Costa Rica account 4. Keep emergency funds in USD in a US/Canadian/UK bank 5. Use ATMs inside banks to reduce skimming risk
Questions about banking and finances in Costa Rica? Contact us — we help our clients navigate the practical side of relocation.
