Banks in Costa Rica: Opening an Account as an American

Americans can open a bank account in Costa Rica, and a full account is much easier to get once you hold a resident card (DIMEX). Until then, most people live on a US account and debit card, and some open a limited local account with a passport.

Your options at each stage

Your status	What banks usually offer	What you need
Tourist, or residency pending	A simplified account with low monthly limits, at banks that offer it	Passport; sometimes proof of address
Digital nomad visa	A regular account; the visa includes the right to open one	Passport, visa approval, proof of income
Resident with a DIMEX	Full accounts in colones and dollars, cards, online banking, SINPE Móvil	DIMEX, proof of address, proof of income or source of funds
Rentista applicant	An account opened to hold the $60,000 deposit	Passport and documents showing where the money came from

Each bank sets its own practice, and branches of the same bank can differ. Ask before you go what that branch wants to see.

The banks

State-owned banks. Banco Nacional de Costa Rica and Banco de Costa Rica have the most branches and ATMs, including in small towns. Deposits in state banks carry a government guarantee. Lines can be long.
Banco Popular. A public bank with a wide branch network.
Private banks. BAC is the largest. Others include Davivienda, which has been taking over Scotiabank’s Costa Rican business, and Promerica. Private banks tend to be faster, with better apps and more English spoken, and are concentrated in the Central Valley and larger towns. Deposits in private banks are covered by a deposit guarantee fund up to a modest limit.

Banks and other financial firms are supervised by the regulator SUGEF, which publishes the list of supervised entities.

Pick a bank with a branch near where you will live. Some things still have to be done in person.

Are there American banks in Costa Rica?

Not for everyday personal banking. The large US retail banks don’t run branches for individuals in Costa Rica, and Scotiabank’s personal business is passing to Davivienda. In practice Americans keep two accounts:

A US account for Social Security, pensions, investments and US bills, with a debit card for cash and a card without foreign transaction fees.
A Costa Rican account for rent, utilities, SINPE Móvil and paying local people.

Before you move, ask your US bank whether it will keep an account open for a customer living abroad, and whether it needs a US address. Some banks and brokers restrict accounts for non-US residents.

Opening an account

Expect a meeting at a branch and a form about who you are and where your money comes from. Costa Rican banks apply “know your customer” rules strictly, and they repeat the questions every year or two.

Commonly requested:

Identification. Your DIMEX, or your passport if you don’t have one yet.
Proof of address in Costa Rica, such as a utility bill or a lease.
Proof of income or source of funds. A Social Security or pension letter, bank statements, tax returns or an accountant’s letter. Some banks ask for a translation.
US tax form W-9, because you are a US person. Costa Rican banks report US-held accounts to the IRS under FATCA.
A local phone number, which also makes SINPE Móvil possible.
Sometimes a reference letter from your US bank or an opening deposit.

Many people open one account in colones for daily spending and one in dollars for savings and rent. Everything takes longer in Spanish, which is one of the things a relocation planner helps with.

Paying for things

SINPE Móvil. The everyday way to pay people and small businesses. You send colones to a phone number, and the money arrives in seconds. Small daily amounts are usually free. Farmers markets, plumbers and landlords often prefer it.
Bank transfers. Transfers between Costa Rican banks use the recipient’s IBAN account number and run through the Central Bank’s SINPE system, in colones or dollars.
Cards. Debit and credit cards are accepted in supermarkets, gas stations and most restaurants. Small shops and markets are cash or SINPE.
Cash. ATMs dispense colones, and many dispense dollars. Dollars are accepted in tourist areas, with change given in colones at the shop’s rate.
Bills. Electricity, water, phone and the annual vehicle marchamo can be paid in your banking app.

Moving money from the US

Keep a US bank account and a US mailing address for it. Social Security, pensions and investments are simplest left in the US.
ATM withdrawals on a US debit card work everywhere and suit small amounts. Check your bank’s foreign fees and tell it you have moved.
International wires suit rent deposits and large purchases. Costa Rican banks ask for documents showing the origin of large incoming transfers, so have the paperwork ready before you send money for a house or a deposit.
Transfer services are often cheaper than a bank wire for regular amounts. Compare the exchange rate as well as the fee.
Property purchases normally go through a registered escrow company, which has its own source-of-funds forms. See buying property in Costa Rica.

Colones and dollars

The colón floats against the dollar and has strengthened in recent years, which raises costs for anyone with a dollar income. Rent, cars and property are often priced in dollars; groceries, utilities and wages are in colones. Banks post separate buy and sell rates, and the gap between them is a real cost, so change money in larger amounts less often. See the cost of living in Costa Rica.

What to tell the IRS

FBAR. If your non-US accounts together exceed $10,000 at any time in the year, you file a foreign account report with FinCEN. A rentista’s $60,000 deposit crosses the threshold immediately. See rentista residency.
Form 8938. Larger balances are also reported with your tax return. The thresholds are higher for Americans who live abroad.
Interest. Interest paid by a Costa Rican bank generally has Costa Rican tax withheld and is also reported on your US return.
Signature authority. An account you can sign on, such as one held by a Costa Rican corporation, counts too.

Penalties for missing these reports are large even when no tax is due. See taxes in Costa Rica and US expat taxes in Costa Rica.

Practical tips

Bring your passport or DIMEX to every bank visit.
Take a number at the door. People aged 65 and over, pregnant women and people with disabilities have a priority line.
Keep your address, phone number and income documents up to date with the bank. Accounts with outdated information can be restricted.
Use the account. Dormant accounts can be closed.
Never share the codes your bank sends by text. Phone scams that imitate bank staff are common.

Common questions

Can a US citizen open a bank account in Costa Rica?

Yes. A US citizen can open a bank account in Costa Rica, and it is far easier with a resident card (DIMEX). Without residency, banks may offer a simplified account with low monthly limits, opened with a passport. A full account needs proof of address and of where your money comes from, and US citizens also sign a US tax form.

What are the main banks in Costa Rica?

Costa Rica's largest banks are the two state-owned commercial banks, Banco Nacional and Banco de Costa Rica, and the private bank BAC. Banco Popular, Davivienda, Promerica and several smaller private banks also serve individuals. State banks have the most branches; private banks are often quicker and have more English-speaking staff.

Are there American banks in Costa Rica?

Not for everyday personal banking. Major US retail banks don't run branches for individuals in Costa Rica, so Americans use a Costa Rican bank, such as Banco Nacional, Banco de Costa Rica or BAC, alongside the US account they keep at home. Check this when you move, since banks enter and leave markets.

What is SINPE Móvil?

SINPE Móvil is Costa Rica's phone-based payment system, run by the Central Bank. It lets you send colones instantly to another person's cell phone number from your banking app or by text message. Markets, taxis and small shops commonly take it. You need a Costa Rican bank account and a local phone number to use it.

Do I have to report a Costa Rican bank account to the IRS?

Yes, once your accounts outside the US together exceed $10,000 at any point in the year. You then file a foreign account report (FBAR) with FinCEN, separately from your tax return. Larger balances also require Form 8938 with the return. Costa Rican banks report accounts held by US persons under FATCA.

Sources

This page is general information, not professional advice. Rules and amounts change, and officials apply them differently. Confirm the details with the relevant authority or a qualified professional before you act on them.