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It’s not so hard
to find a good bank account in Costa Rica. In fact banking in Costa Rica is
easier and safer than ever before now that the General Supervisory Agency of
Finance (SUGEF) is keeping an eye on private banking practices around the
country.
In addition it is
a good idea to keep one’s money in a Costa Rican bank if he or she is planning
on moving or staying in the country long term because the government is trying
to discourage the use of the American dollar. The unit of currency in Costa
Rica is the colón. Currently it’s trading at about 518 colónes to a dollar and
675 colóns to the Euro. Inflation is high in the country but buying power of
the dollar is still much greater than in other tropical countries and the
Central Bank is working to tackle inflation problems.
Those planning on
banking in Costa Rica will find that there are plenty of banks to choose from.
The financial sector boasts the Central Bank, which is in charge of all the
other banks, 3 state owned banks, 19 private banks, 1 worker’s bank, 15 private
finance companies, and 27 savings and loans companies. Also you’ll find that
there are 30 investment and retirement funds or trusts, some run by the state
and some by private banks.
A person’s money
will be safer in one of the three state owned banks rather than a private bank
since the state doesn’t cover the deposit on private banks. If the bank folds
you’ll lose your money. However the government does back the three state owned
banks called, Banco Nacional de Costa Rica, Banco de Costa Rica, BanCredito
(formerly Banco Credito Agricola de Cartago). Of the three banks the most
profitable is Banco de Costa Rica, while Banco Nacional is the largest and is
most likely to have a branch near where you are staying, but the former also has
nationwide coverage. Knowing that your bank has branches all over the country
is a great asset when playing tourist in Costa Rica. The smallest bank is
BanCredito.
There are a
couple of disadvantages to banking in Costa Rica with a state owned bank. Since
they are nationwide and government backed they are also very popular and you’ll
end up waiting in long lines during peak hours. Peak banking hours are often
Monday mornings, Friday afternoons and on paydays usually on the first, the
fifteenth and the thirtieth of the month. If you are banking in a rural area
of Costa Rica be prepared to speak some Spanish. Larger bank branches will
often have an English speaker on staff, but not the smaller ones.
Banks are found
in the many vacation areas of Costa Rica. BCR can found in the heart of
Flamingo Beach, just steps away from your
Costa Rica vacation rental.
Private banking
in Costa Rica didn’t get started until 1995 when the government changed the laws
allowing other companies to offer checking and savings accounts. The largest
private banks in Costa Rica are Banco Interfin, Banco San José, Banco Banex and
BanCrecen. Banco San José exists primarily in and around San Jose and offers
lots of little branches inside grocery stores. Private Banks will offer more
English speaking employees and they’ll be able to bring new products and
services to market faster than the government owned banks. Remember though that
none of these banks has government backed deposit insurance, so you’ll need to
research a private bank closely before deciding to do your banking with them.
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