Emilio L. Says:
How do I open a bank account in Costa Rica?
IL Executive Editor Jennifer Stevens Says:
Hi Emilio,
With a handful of state-owned banks and around 20 private commercial banks, there’s no lack of options if you’re looking to open a bank account in Costa Rica. All of these banks offer services to foreigners.
To open a personal bank account, you must be a legal resident, under any of the temporary or permanent residence categories available. In the past, non-residents were eligible to open bank accounts with only a passport. But in an effort to crack down on money laundering, this rule was changed in mid-2012. Non-resident expats can still open bank accounts in the name of a corporation, which anybody can form.
An identification card, called the DIMEX, will also be required to open a personal account. It will allow the government to track money transfers and other transactions.
Expats who gained residence after 2008 should already have a DIMEX, which is kind of like a “green card” in the U.S. It is issued to permanent and temporary residents, not those on tourist visas.
And by the way, this crackdown is aimed at drug traffickers and other miscreants trying to park funds in the country, not retirees and other expats.
Aside from the DIMEX, you’ll also need a utility bill for your current home. The bill does not need to have your name on it, as it just provides the bank with an official address. Some, but not all, institutions require one or two letters of recommendation from past banks that you have held accounts with.
Hundreds of ATM locations exist nationwide enabling quick access to funds, including from your bank back home with a check or debit card. And most shops, restaurants, and hotels take cards as well. Smaller businesses or those in more rural areas might be cash only.
You can learn more about the process in Chapter 9 —Insider Tips for Living in Costa Rica of our Escape to Costa Rica guidebook, available on the IL Bookstore.
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