Banking in Costa Rica
Banking has improved significantly for expats, with both public and private banks now serving foreigners. The Digital Nomad Visa specifically includes banking access as a benefit.
Opening a Bank Account
Requirements Vary by Bank and Status:
| Status | Typical Requirements |
|---|---|
| Resident (DIMEX) | DIMEX card, utility bill, income proof |
| Digital Nomad | DN visa, passport, income proof |
| Tourist (limited) | Passport, proof of income, home country bank reference |
Since 2016, Banco Nacional and Banco de Costa Rica allow non-resident foreigners to open accounts—a significant change from earlier years.
Recommended Banks
For Expats with Residency:
- BAC Credomatic: Best English support, good mobile app, "Expat Package" available
- Banco Nacional: State-owned, extensive branch network
- Scotiabank: Good international transfers
For Non-Residents/Tourists:
- Banco de Costa Rica (BCR): Allows non-resident accounts since 2016
- Scotiabank: "Visitor Account" option with passport
- Note: $1,000 monthly deposit cap for non-residents at BCR
For Digital Nomads:
- BAC Credomatic: "Digital Professional" account package
- Designed for remote workers with international income
Account Types
Currency Options:
- Colones (CRC) - local currency
- US Dollars (USD) - widely available
- Dual currency accounts - convenient for exchanging
Account Features:
- Debit cards work internationally
- Online banking available (quality varies)
- Mobile apps improving
- International wire transfers possible (fees apply)
Practical Considerations
International Transfers:
- Wire transfers take 3-5 business days typically
- Fees: $25-50 outgoing, $15-25 incoming
- Better option: Wise (TransferWise) for personal transfers
- PayPal works but has limitations in Costa Rica
Cash Culture:
- Costa Rica is more cash-based than the US/Europe
- Small businesses often cash-only
- ATMs widely available (fees apply for foreign cards)
- Always carry some cash
Credit Cards:
- Building local credit takes time
- Secured cards available initially
- Local credit cards have high interest rates (30%+ typical)
Tax Reporting
Costa Rica participates in automatic information exchange (CRS). Your account info is shared with your home country's tax authorities. US citizens: FBAR reporting requirements apply.
Tips for Banking Success
- Open account early in residency process
- Keep US/home country account active for international needs
- Use Wise for moving money internationally
- Carry cash for small purchases
- Get debit card that works internationally before arriving
Pro Tips
- •BAC Credomatic offers the best English-language banking services
- •Keep your home country bank account—you'll need it
- •Use Wise (TransferWise) for international transfers—much cheaper
- •Costa Rica is cash-based—always carry some colones
- •Digital Nomad Visa includes right to open bank accounts
Have questions about banking in Costa Rica?