Opening a Bank Account in Costa Rica as a Foreigner

The short answer

Which banks operate in Costa Rica

Before opening an account anywhere, check that the institution appears on SUGEF's list of supervised entities. The list updated to 3 July 2026 includes:

State commercial banks

• Banco Nacional de Costa Rica
• Banco de Costa Rica (BCR)

Banks created by special laws

• Banco Popular y de Desarrollo Comunal
• Banco Hipotecario de la Vivienda

Private banks

• Banco BAC San José (BAC)
• Davibank (Costa Rica), formerly Scotiabank de Costa Rica (Davibank)
• Banco Davivienda (Costa Rica)
• Banco Promerica de Costa Rica
• Banco Lafise
• Banco Improsa
• Banco BCT
• Banco Cathay de Costa Rica
• Banco CMB (Costa Rica)
• Banco General (Costa Rica)

One change matters to anyone reading older guides. Scotiabank's Costa Rican bank now operates as Davibank (Costa Rica) S.A., following the integration of Scotiabank's operations in Costa Rica, Colombia and Panama with Davivienda. SUGEF's list records the name change, and Davibank's own notice states that it is the holder of, and solely responsible for, the products and services formerly offered under the Scotiabank name.

Beyond banks, SUGEF also supervises non-bank financial companies, savings and credit cooperatives and mutual savings associations. This page focuses on banks.

The rules every bank applies: know your customer

Costa Rican banks are required to know who their customers are and where their money comes from. The governing regulation is Acuerdo CONASSIF 12-21 (formerly SUGEF 12-21), in force since 1 January 2022, which implements Costa Rica's anti-money-laundering law, Law 7786.

Article 27 of that regulation requires a bank's customer due diligence to include, at minimum:

• the identity of the customer, of any beneficial owners and of any representative;
• verification of address, where applicable;
• economic activity, profession or occupation;
• origin of funds, including monthly income;
• the monthly transaction profile the customer declares.

That information goes into the bank's know-your-customer form and into the Centro de Información Conozca a su Cliente (CICAC), an electronic file SUGEF describes as collecting and storing customer information as the basic input for the know-your-customer policy.

Two consequences for a foreigner:

• Requirements differ by bank. The regulation sets what a bank must know, not a single national checklist of documents. One bank may accept a document another will not.
• Expect questions about your money. Pension letters, brokerage statements and proof of the sale of a home are normal requests, not signs of a problem. A bank that asks for more when you move a large sum is applying the rules it is supervised under.

What documents banks ask for: one bank's published list

Because each bank sets its own list, a practical reference is the list a bank publishes itself. BAC publishes its minimum requirements for opening personal accounts, and notes that additional requirements may apply case by case. In summary:

Documents showing a tie to Costa Rica (documento de arraigo) in BAC's list include commercial activity in or with the country, ownership of real estate, an employment contract with a company operating in Costa Rica, and personal or family ties.

Evidence of income depends on your situation. For pensioners, BAC asks for a pension certification or equivalent document from the paying entity, issued within the last three months. Self-employed people and business owners can use, among other options, a certification of the last 12 months' income issued within the last six months by a Costa Rican CPA, and BAC states that certifications issued abroad are accepted. Dividend income can be supported by a statement from the paying entity. For non-residents who are not in the country, BAC requires public documents issued abroad to be apostilled.

This is one bank's list, reproduced here as an example. Banco Nacional, BCR, Davibank and the others publish or provide their own; ask the bank you intend to use before you gather documents.

Residents have the simpler path

Once you hold a DIMEX card, you open the account as a foreign resident, and under BAC's published list the separate document showing a tie to Costa Rica is no longer required for residents identified with a DIMEX. If you open an account before approval, ask the bank how to update your identification once the card is issued.

Colón and dollar accounts

Banks in Costa Rica offer accounts in colones and in U.S. dollars. BAC, for example, publishes minimum balances in both currencies and offers a package that combines a colón master account with a dollar master account. Check the currencies offered by the bank you choose.

How the two can be used:

• A colón account for local life: SINPE Móvil works only with colón accounts, and it is the currency of Costa Rica's everyday local payments.
• A dollar account to receive transfers from the United States, pension deposits and rentista income without converting each one on arrival, and to hold funds for dollar-priced expenses such as rent or property.

Currency conversion between the two happens at the bank's own buy and sell rates, which differ between banks and from the Central Bank's reference rate. Compare them if you move significant sums.

SINPE Móvil

SINPE Móvil is run by the Banco Central de Costa Rica (BCCR) as part of its national payment system. The Central Bank describes it as a service for low-value retail payments that lets users of the national financial system make electronic transfers to accounts linked to mobile phone numbers, from online banking, mobile apps, SMS banking or ATMs.

What the BCCR publishes about it:

You sign up through your own bank, not the Central Bank: the BCCR directs customers to contact the financial entity that holds the account they want to link to their phone.

Your IBAN and wiring money from the United States

Every Costa Rican account has an IBAN. The Central Bank describes it as a single account number with a 22-character alphanumeric structure, beginning with CR, used for operations both within Costa Rica and across borders. You can find it in your bank's online banking, app or statements, and the BCCR warns that no bank employee will contact you to ask for it; treat such a request as likely fraud.

To wire money from a U.S. bank, you will normally provide:

• your name exactly as it appears on the Costa Rican account;
• your IBAN;
• the receiving bank's name and its international identification code, which the bank gives you;
• any intermediary bank details the receiving bank specifies for dollar transfers.

Three practical points:

• Send a small test transfer first before moving a large sum, and confirm with the receiving bank that it arrived correctly.
• Expect origin-of-funds questions on large incoming transfers. Under the know-your-customer rules above, the bank may ask for documents showing where the money came from, such as the closing statement of a home sale or a brokerage statement. Having them ready avoids delays.
• Fees can apply on both ends. The sending bank, any intermediary bank and the receiving bank can each charge. Ask both banks for their current fees.

Rentistas: route the income through Costa Rica

If you hold or plan to apply for rentista residency, your account matters beyond convenience. At renewal the Reglamento (art. 227) requires a Costa Rican bank certification showing that the monthly $2,500 actually entered the country by transfer, month after month, when the income comes from abroad. Setting up a regular monthly transfer into a Costa Rican account from the start creates that record. Pensionado applicants prove a pension rather than transfers, but a local account still simplifies CAJA and daily payments.

The U.S. reporting side: FBAR and Form 8938

A Costa Rican bank account is a foreign financial account for U.S. purposes. FinCEN requires a U.S. person to file an FBAR (FinCEN Form 114) if the aggregate value of their foreign financial accounts exceeds $10,000 at any time during the calendar year. The FBAR is filed electronically with FinCEN, not with your tax return, and is due April 15 with an automatic extension to October 15.

Larger holdings may also require Form 8938 with your federal return, at higher thresholds for people who live abroad. Both are explained, with the thresholds, in our guide to U.S. taxes for Americans in Costa Rica.

A short checklist

• Confirm the bank appears on SUGEF's list of supervised entities.
• Ask that bank for its current requirements for your status: resident, non-resident in the country, or non-resident abroad.
• Gather identification, income evidence and, if you are not a resident, a document showing a tie to Costa Rica.
• Apostille and translate documents issued abroad if the bank requires it.
• Open a colón account for SINPE Móvil and local bills, and a dollar account if you will receive U.S. transfers.
• Record your IBAN and test a small wire before a large one.
• Keep track of your combined balances for the FBAR.
• Once your DIMEX is issued, update your identification with the bank.

If you are still deciding which residency to apply for, the eligibility assessment takes a few minutes, and the cost guide shows what each path costs.

Sources and legal basis

1. SUGEF, Lista de entidades supervisadas, list updated to 3 July 2026.
2. Acuerdo CONASSIF 12-21 (formerly SUGEF 12-21), Reglamento para la prevención del riesgo de legitimación de capitales, arts. 3(c), 3(k) and 27; in force 1 January 2022; Alcance 17 to La Gaceta 19, 28 January 2021. Official text.
3. SUGEF, Preguntas frecuentes, Centro de Información Conozca a su Cliente.
4. BAC Costa Rica, Apertura de cuentas, personas físicas: requisitos mínimos (June 2024) and Cuentas.
5. Davibank (Costa Rica), Comunicado importante on the change of name from Scotiabank de Costa Rica.
6. Banco Central de Costa Rica, Servicios SINPE dirigidos a personas: SINPE Móvil.
7. Banco Central de Costa Rica, IBAN.
8. Reglamento de Extranjería, Decreto 37112-GOB, art. 227. Official text.
9. Financial Crimes Enforcement Network, Report Foreign Bank and Financial Accounts; Internal Revenue Service, Report of Foreign Bank and Financial Accounts (FBAR) and Comparison of Form 8938 and FBAR requirements.