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Banking in Costa Rica
There are positives and negatives
with Banking
in Costa Rica. The more you know,
the better
off you are. Costa Rica offers
two choices
in banking, government, and private.
Contact
us today for a current list of
banks and
we will give you our personal
recommendations
based on our experiences.
Money held in Costa Rican government
banks
is guaranteed. One advantage
to banking with
an institution backed by the
government is
that there are many locations
nationwide.
On the downside, you will find
long lines.
Private Banks are also abundant
across Costa
Rica, but are far less in number
when compared
to the government banks.
Usually you have the option to
keep your
account in Dollars or Colones.
Not all banks
respond like banks in the rest
of the world
in respect to crediting wire
transfers and
depositing foreign checks. This
can be a
hassle when it’s time to access
cash and
you find the banks telling you
“the check
hasn’t cleared.” However, if
you plan ahead,
this isn’t a problem of great
concern. Knowing
the practices in advance and
understanding
how the banks operate can ease
your pain,
so to speak. Debit and credit
cards are also
linked to accounts and can provide
safe ways
to make purchases throughout
the country
so you do not always have to
carry currency.
Also, ATM’s, or (ATH’s for “a
todas horas)
are readily available throughout
most cities
in Costa Rica, but are fewer
and farther
between once you venture to the
more rural
areas.
Some things to keep in mind when opening
a bank account in Costa Rica:
· The Colone depreciates, so
try to keep
your account in U.S. funds if
given the option
· International bank wires often
times take
a longer time to credit to your
account
· Checks drawn and deposited
from a foreign
bank take longer to credit
· Banks generally do not carry the amount
of currency they do in other countries.
·
If you require a large withdrawal
of cash,
this can be frustrating
Business accounts can be arranged
by contacting
a local attorney. The term “S.A.”
goes hand
in hand with business accounts.
It’s like
having an “LLC” or “Inc.” in
the United States.
Business accounts are much easier
to open
that personal accounts if you
are foreign,
but with the right help you can
be set up
with either one in a matter of
days.
Check out the guide to buying
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