all about banking in costa rica

When you move to Costa Rica, a major decision you will need to make is "What Bank Should I Use?" and you will probably find that this decision is not as easy as it sounds. Before deciding on a bank, it is important to decide what services you will need, and then find the most convenient bank depending on where you want to live. This series is desingned to give you more information to help you cut down on the time you need to spend looking.

Firstly it is important to know that there are two types of banks, Government and Private, both of which have their advantages and disadvantages.

The banks operated by the Costa Rican Government include Banco Nacional, Banco Costa Rica, and Banco Credito Agricola. All money in these banks is guaranteed. These banks also have locations all over the country from which you can access your funds, however line-ups can be long.

There are also now many private banks, many affiliated with international banks. These banks are overseen by the government, and often provide better service, however they may have less branches available out of the central valley. Some may even have only a few locations in the valley as well.

Most Banks now offer savings and checking accounts in Dollars or Colones, however some of the differences may include time to cash foreign checks, whether your account is foreign or national (national checks are no good outside Costa Rica) or even whether they have Automated Tellers to access your account outside office hours. Many also offer Credit or Debit cards, if you meet the requirements (but not all are internationally accepted either.) All banks will also have different requirements for opening accounts or obtaining credit cards, possibly including banking or personal references, identification, and most likely minimum deposits.

It is also very important to note that while interest is much higher on colone accounts, there is a monthly devaluation of the colone to the dollar, so you won't be earning as much as you think. It is better to have your money primarily in dollars to avoid the devaluation, and change money when you need it. Interest can vary greatly between different banks as well, which is another reason why it may pay to shop around. Some offer different types of accounts, so if you watch where your money is, you can really make it work for you.