Setting Up a Costa Rican Bank Account

Information you need to know about how to set up a Costa Rican bank account including documents you must provide.

Bank Accounts

  1. Costa Rica has Government Owned Banks and Private Banks, government banks are bonded by the Government and more cumbersome to work with, private banks are not insured and more versatile/user-friendly. Government banks are: Banco Nacional ( ), Banco de Costa Rica or BCR ( ) and Bancredito . CR Law has a nine-year working relationship with BCR, they have branches nationwide. Private banks are Scotia Bank, Citibank, Banex (affiliated with Stewart Title) and BAC San José.
  2. Most banks have checking/savings accounts, international ATMs cards, Certificate Deposits, international wiring services, functional websites and lending operations: both residential, commercial and personal loans. Loan application procedures are similar and more cumbersome/slow than in the US banks.
  3. Bank accounts set up generally require:
    • a) Account Holder's personal attendance to sign documents.
    • b) one or two letters of introduction from bank's account holders.
    • c) utility receipt with local address as proof of domicile.
    • d) some banks may require foreign individuals to have legal residency.
    • e) alternatively it’s possible for a foreign non-resident to set up the account under a juridical entity like an LLC.
    • f) LLC: a certificate of incorporation (Personeria Jurídica), copies of the entity’s juridical identity card, articles of incorporation, Controlling Directors´ passport and one or two letters of introduction.
    • g) CR Law will generate the documents for the LLC to set up the bank account for USD150 dollars.