Banking in Costa Rica
Costa Rica has a well-developed banking system with both state-owned (public) and private banks. Opening a bank account as a foreigner is possible but can be bureaucratic. Public banks (Banco Nacional, BCR, Banco Popular) are government-backed and have the widest branch/ATM networks. Private banks (BAC Credomatic, Scotiabank, Promerica) tend to have better customer service and are often more foreigner-friendly. A cedula de residencia (residency card) is typically required to open a full bank account, though some banks offer simplified accounts for tourists or non-residents.
Can I open a bank account in Costa Rica as a foreigner?
Yes, but it requires residency in most cases. You will need a cedula de residencia (residency card) or DIMEX to open a full bank account. Private banks like BAC Credomatic are the most foreigner-friendly. For short-term visitors, international fintech options like Wise or Charles Schwab are recommended.
Public Banks
Government-owned banks with the widest branch and ATM networks. Deposits are government-backed.
| Bank | Foreigner-Friendly | Key Pros | Key Cons |
|---|---|---|---|
| Banco Nacional de Costa Rica | Limited | Largest branch and ATM network in the country; Government-backed (deposits guaranteed) | Long wait times at branches; Bureaucratic processes |
| Banco de Costa Rica (BCR) | Limited | Large branch and ATM network; Government-backed | Similar bureaucracy to Banco Nacional; Limited English support |
| Banco Popular y de Desarrollo Comunal | Limited | Low fees; Government-backed | Primarily for Costa Rican workers; Very difficult for foreigners |
Private Banks
Private banks tend to have better customer service and are generally more accommodating to foreign residents.
| Bank | Foreigner-Friendly | Key Pros | Key Cons |
|---|---|---|---|
| BAC Credomatic | Yes | Most foreigner-friendly bank in Costa Rica; Excellent mobile app and online banking | Higher fees than public banks; Requires residency for most accounts |
| Scotiabank Costa Rica | Yes | International bank with global standards; Good for Canadian expats | Smaller branch/ATM network than public banks or BAC; Standard residency requirements |
| Banco Promerica | Yes | Growing branch network; Competitive fees | Smaller network than BAC or public banks; Online banking less polished |
| Banco Davivienda (formerly HSBC Costa Rica) | Yes | International banking experience; Decent digital banking | Smaller branch network; Less well-known among expats |
Expat Recommendation
BAC Credomatic is the most commonly recommended bank for expats and foreign residents. It has the best mobile app, English-speaking staff at many branches, and the most reliable ATM network with higher withdrawal limits.
ATM Information
Networks
Most ATMs in Costa Rica are connected to international networks including Visa/Plus, Mastercard/Cirrus, and some to American Express. Virtually all ATMs accept foreign debit and credit cards from these networks.
Fees
ATM fees have two components: (1) the Costa Rican bank's fee for using their ATM (typically $2-5 USD equivalent), and (2) your home bank's international ATM fee (varies, often $3-5 USD plus 1-3% foreign transaction fee). Use a bank like Charles Schwab or Wise that refunds ATM fees to minimize costs.
Withdrawal Limits
Typical withdrawal limits are 200,000-500,000 colones per transaction ($400-$1,000 USD). Daily limits depend on both the ATM's bank and your home bank's limits. BAC Credomatic ATMs generally allow the highest withdrawal amounts.
Currency Dispensed
Most ATMs dispense colones. Some ATMs in tourist areas and airports also offer USD withdrawal, but the rate is usually less favorable.
ATM Safety Tips
- Use ATMs inside banks, malls, or well-lit areas for security.
- Avoid ATMs that look tampered with -- card skimming does occur.
- Cover the keypad when entering your PIN.
- Withdraw larger amounts less frequently to reduce per-transaction fees.
- Always choose to be charged in colones, not USD (avoid Dynamic Currency Conversion).
- BAC Credomatic ATMs are widely recommended by expats for reliability and higher limits.
- Keep your ATM receipts for your records.
- Have a backup card from a different bank in case one is blocked or the ATM retains it.
Alternative Banking (Fintech)
Many expats and digital nomads use international fintech services alongside or instead of local Costa Rican bank accounts.
Wise (formerly TransferWise)
Multi-currency account with excellent exchange rates. Wise debit card works at Costa Rican ATMs and merchants. Great for receiving payments in multiple currencies and converting to colones at mid-market rates.
Charles Schwab Investor Checking
US bank account with no foreign transaction fees and unlimited worldwide ATM fee reimbursement. Very popular among American expats in Costa Rica.
Payoneer
Popular for freelancers and remote workers who need to receive international payments. Can withdraw from ATMs in Costa Rica.
Related Pages
Source: Bank websites and expat community sources; verify requirements directly with each bank