Offshore Costa Rica

Offshore Costa Rica is a growing hub for business and investing.  There are many factors that promote Costa Rica as a destination for business offshore; Costa Rica enjoys market access to 2.4...

Costa Rica Offshore Banking

Costa Rica offshore banking can safely be regarded as international banking as currently there are no pure ‘offshore banks’ in Costa Rica as one would find in the classic tax haven.  Costa Rica...

Banks in Costa Rica

The first efforts to establish a bank in Costa Rica occurred between 1847-1849 under the leadership of Dr. Jose Maria Castro Madriz.  His ideas were taken to Parliament through a proposition to...

Costa Rica Banks

Exchange – US dollar bills can be converted at all Costa Rica banks, in addition to major currencies like the Euro and Pound Sterling. It is important to ensure that the bills presented are not damaged in any way since they stand the risk of being rejected. Government-owned Costa Rica banks also provide this service. Some Costa Rica banks may be stricter with this service, requiring your passport number for the transaction. As with anywhere else, some Costa Rica banks provider much quicker service than others. International banks in Costa Rica, such as Scotia Bank, for instance, provide teller services in English and may be much swifter in providing these foreign exchange and other offshore services to visitors and other foreign nationals in Costa Rica. The buying and selling exchange rates for the Costa Rica currency, the Colon (CRC), is usually approximately CRC506:1USD and CRC515:1USD. Costa Rica banks generally operate during the hours of 9 a.m. to 3:30 in the afternoon or from 8 a.m. to 4 p.m., every day of the week with the exception of Saturday and Sunday.

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Money Access – Automatic Teller Machines are widely available and can be found in most towns. Costa Rica banks provide ATM services for instant access to cash, allowing for withdrawals using Visa, MasterCard and Cirrus cards. This service is reassuring to most foreigners as it provides a system that is familiar worldwide and avoids having to try speaking Spanish to make a simple withdrawal transaction. Both US dollar and CRC are dispensed at the ATM’s provided by Costa Rica bank but it is necessary that you choose the correct screen options.

International Credit and Debit Cards – International credit and debit cards are accepted at all Costa Rica banks with international services. Credit and debit cards can be used to withdraw cash for use in Costa Rica or otherwise. Credit cards do come in handy when traveling any part of the globe these days; not only are they safer to walk with, they provide instant access to personal funds. Costa Rica banks are adequately equipped to meet these needs. Besides accessing cash with debit and credit cards, international money transfer services such as Western Union and Money Gram are available and provide an alternative avenue for receiving and sending money.

Costa Rica Bank Account Requirements – The requirements for opening accounts at Costa Rica banks vary from bank to bank. Costa Rica is compliant with regard to due diligence standards and as such identification details must be provided when opening a Costa Rica bank account. The basic documents that are normally requested to open an account in Costa Rican banks include passport, bank reference (for foreign nationals), account application form, source of funds (for corporate and personal accounts) and certificate of incorporate (for a company).

Online Banking – This has become an integral part of Costa Rica banking. Online banking sure does come in handy to businesses and nonresidents who open bank account in Costa Rica. Common online banking in Costa Rica makes it possible to check account balances; print statements; transfer cash from one account to another; submit requests for new services, clarifications or additional information on a matter.

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