Why It’s Not Enough to Just Have a Passport and Some Money in Your Account
Types of bank accounts in Costa Rica? One of the first things people who move to Costa Rica—or who invest here without relocating permanently—need to figure out is how the local banking system works.
The good news:
Both residents and non-residents can open bank accounts in Costa Rica.
The not-so-good news: The system is strictly regulated due to anti-money laundering (AML) laws and financial transparency rules, so not all banks offer the same options, and the requirements vary quite a bit from one bank to another.
Here is a complete breakdown of the types of accounts available and the criteria you should use to choose one.
State-Owned Banks vs. Private Banks
The first decision doesn’t depend on the type of account, but on the type of bank—and here the reality is much more cut-and-dried than the general guidelines suggest:
Banco Nacional (BNCR) is, in practice, the bank you should go to if you don’t have a DIMEX (residence card). It’s the only one that takes non-residents’ applications seriously without this document.
The rest of the banks — both private ones (BAC Credomatic, Scotiabank, Promerica), and, often, even BCR — basically ignore you the moment they see that you don’t have a DIMEX. It’s not a matter of an official refusal or a list of additional conditions—your application simply doesn’t move forward.
In practice: if you don’t have residency yet, go straight to BNCR—don’t waste time trying other banks first. Once you get your DIMEX, your options open up much more, including at private banks.
Accounts for Individual Customers
This is the standard account for everyday transactions—paying bills, making withdrawals, and transferring funds. It is the equivalent of a regular checking account in Europe.
Note: Having a salary deposited into this type of account requires the account holder to have the legal right to be employed for a salary in Costa Rica—which is only permitted once permanent residency (residencia libre condición) has been obtained. Until then, a foreigner with temporary residency or no residency may, at most, run their own company (as a director/manager), but not be employed by a third-party company.
Designed for funds held over the long term, yet with relatively easy access. Many banks allow you to choose the currency – Costa Rican colón, U.S. dollar, or both, depending on the bank.
For non-residents, there are, in practice, two relevant types of personal accounts—not just one:
1. Checking account (for paying bills and daily expenses) The most accessible type of account for someone without residency. It comes with clear limitations, which are stricter than most general guides suggest:
- a monthly cash deposit limit of $1,000–$2,000, depending on the bank and the local branch’s policy—a limit that can be raised if the account holder is registered as a professional or taxpayer with the Hacienda (tax authority). In this case, the bank typically requires, through a CPA (contador público autorizado), a business plan of sorts that estimates projected cash inflows and outflows;
- SINPE Móvil is restricted at all banks (details in point 4);
- Mandatory justification of the account’s purpose – a passport with an entry stamp is not sufficient. For non-resident individuals with an investor profile, banks often require specific documents such as a pre-sale contract (a preliminary sales agreement for a property) and a “Validación de fondos internacionales” (validation of international funds) confirming the origin of the money transferred from abroad;
- Opening an account does not mean the transfer has been approved – even if the bank agrees to open your account, the actual transfer of funds from abroad undergoes a separate review by SUGEF (Superintendencia General de Entidades Financieras). For significant amounts, an “Informe de Aseguramiento de Origen de Fondos” is required—an official report prepared and signed by a CPA (contador público autorizado), conducted in accordance with the international attestation standard NIEA 3000, which documents the legal source of the funds with concrete evidence (sales contracts, bank statements, donations, etc.). Without this report, a large sum may remain stuck at the approval stage, even if the funds have already been deposited into the account;
- The actual account opening almost always requires a physical visit to the bank – despite what many online guides suggest, the process is rarely completed remotely or in a single visit; often, multiple trips to the branch are necessary before the application is accepted.
2. Account related to the purchase of real estate – Unlike a checking account, this type of account has specific additional conditions – it typically requires a preliminary sales agreement (pre-contract of sale) and, for the actual transfer of funds from abroad, a “Informe de Aseguramiento de Origen de Fondos” prepared by a CPA, since the amounts involved are usually much larger than those in a bill payment account.
Important: The application of these rules varies from bank to bank and sometimes even from branch to branch—but the restrictions mentioned above (SINPE, proof of purpose, repeated in-person visits) are, in practice, universal for non-residents, not merely optional.
Corporate and Merchant Accounts
For those setting up a company in Costa Rica—whether to purchase real estate or to conduct business activities—there are two separate account categories:
- Corporate account (cuenta corporativa) – opened in the company’s name, used for day-to-day business operations.
- Merchant account (cuenta de comercio) — required for businesses that engage in e-commerce or process card payments.
Legally, a corporation (S.A. or S.R.L.) may be 100% foreign-owned, with no Costa Rican partners or residents—the Commercial Code does not require this. What is required by law, if none of the company’s representatives are domiciled in Costa Rica, is the appointment of a Resident Agent – typically a lawyer with an office in the country, whose role is strictly to receive official and judicial notifications on behalf of the company.
In practice, however, the banking aspect is much more difficult to resolve than the legal aspects of incorporation. Banks are significantly more reluctant to open a corporate account for a company wholly owned by foreigners without an active local presence, especially following recent incidents in which foreign-owned companies failed to meet their obligations. In practice, this translates to more thorough checks, repeated requests for documents, and, often, the need for genuine local involvement (an accountant, lawyer, or notary) in the ongoing relationship with the bank—not just at the time of incorporation, but throughout the entire process.
There is also an annual legal requirement that makes this local support practically mandatory, not optional: the RTBF (Registro de Transparencia y Beneficiarios Finales) declaration. Any company registered in Costa Rica—including those 100% foreign-owned—must file this declaration annually through its legal representative, using a digital certificate issued by the Central Bank of Costa Rica (BCCR).
This digital signature is issued exclusively to Costa Rican citizens or permanent residents with a DIMEX—a non-resident foreigner cannot obtain it under any circumstances. The legal solution is a Poder Generalísimo (notarized general power of attorney) granted to a person with a digital signature, who files the declaration on behalf of the company. In practice, any company owned by non-resident foreigners needs a trusted local person to handle this step every year.
Many real estate properties in Costa Rica are purchased through a local company, precisely because of the flexibility it offers regarding transfers, taxation, and inheritance—but this comes with ongoing compliance and reporting obligations, not just the account opening itself.
Please note if your plan is to obtain residency through investment: if the purchase is made in the name of a company, you will no longer be eligible for investor/renter residency. For this type of residency, the investment must be made in your own name, as an individual—not through a company. The decision to “buy through a company or in my own name” must be made at the outset, depending on which goal is more important: the flexibility offered by the company or eligibility for residency.
SINPE Móvil — Instant Payments (for residents only)
The local instant payment system, SINPE Móvil, links a bank account to a phone number and allows you to send and receive money instantly, for free or at virtually no cost, between any Costa Rican banks. It’s widely used for rent, utilities, and daily expenses—basically, it’s the local equivalent of instant payments in European banking apps.
Important to note: Non-residents do not have access to SINPE Móvil — they cannot register their own phone number on the system and, as a result, cannot receive money via SINPE in any way. What they can do is send money from their own bank’s app to a SINPE Móvil number held by someone else (a resident or Costa Rican citizen)—the service works in one direction only. Full access to SINPE Móvil, for both sending and receiving, typically comes with obtaining residency.
Resident vs. Non-Resident: The Real Difference
Types of Bank Accounts in Costa Rica
Residency status affects not only the requirements for opening an account, but also what you can do with the account afterward:
| Non-resident | Legal resident | |
| Account opening | Possible, but limited to simplified accounts | Access to the full range of products |
| Cash deposit limit | Monthly limit (exception: professionals registered with the Hacienda) | Much higher or no limit |
| International transfers | Restricted | Available without issues |
| SINPE Móvil | can send, cannot receive | full access (send and receive) |
| Documentation required upon account opening | rental agreement / pre-sale contract / Report on the Assurance of Funds’ Origin for large amounts | generally not required; ID card is sufficient |
Practical conclusion: if you plan to relocate permanently, the simplified non-resident account is a useful transitional step, not a permanent solution. Once they obtain residency, most people go to the bank and request an upgrade to their existing account.
What Documents Are Generally Required
Regardless of the type of account, Costa Rican banks almost always require:
- a valid passport (with an entry stamp, for non-residents);
- proof of the source of funds;
- sometimes, a letter of reference from a bank in your home country;
- for residents: a residence card (DIMEX);
- for non-residents, additionally: proof of the account’s purpose – a lease agreement for a checking account, or, for investors, a pre-sale contract. Without this type of justification, many banks will reject the application, no matter how complete the rest of the application is;
- for large amounts transferred from abroad: an Informe de Aseguramiento de Origen de Fondos – regardless of whether the account is already open, the transfer itself must be approved by SUGEF, and for this, a report from a CPA is required, prepared in accordance with NIEA 3000, which documents the origin of the funds with concrete evidence (sale of real estate, donations, bank statements from the country of origin, etc.).
One notable exception: if the account holder is registered with the Hacienda as a professional (an individual engaged in a declared economic activity), the usual deposit limits no longer apply. Instead, the bank typically requires, through a CPA (certified public accountant), a kind of simplified business plan that projects the expected inflows and outflows of funds into the account—for both self-employed individuals and businesses.
These checks are not an isolated bureaucratic formality—they are part of the international anti-money laundering rules that Costa Rica adheres to, just like most banking systems in Europe.
Things to Keep in Mind Before Choosing a Bank
- If you don’t have a DIMEX, don’t waste time trying multiple banks – go straight to BNCR, where your application will actually be reviewed.
- If you already own a company or plan to purchase a property, consider from the outset whether you need a personal account, a corporate account, or both – and if your plan is to obtain residency through investment, keep in mind that the purchase must be made in your name, not through the company.
- Automatic reporting requirements for foreign accounts (such as FBAR/FATCA) are, in practice, a matter specific to U.S. citizens or tax residents. Costa Rica is a member of the OECD, and, in theory, there should be an automatic exchange of tax information with Romania as well—but, in practice, there is no active bilateral treaty between the two countries on this matter, and Romania does not appear to be actively pursuing this issue. That doesn’t mean caution isn’t warranted: the rules can change, so for significant amounts, a brief discussion with an accountant or tax advisor in Romania still makes sense—more as a precaution than because of any clear and active obligation at this time.
- A local bank account does not replace the residency process, but it can be the first practical step toward establishing your financial life in Costa Rica.
- Realistically speaking, the process rarely resolves itself. Between the certified translator for documents from the country of origin, the notary, the attorney (where applicable), and the CPA who prepares the reports required by the bank and SUGEF, someone has to coordinate everything and know exactly what each institution requires, in what order, and with which documents. That’s why most people who successfully navigate the process end up working with a consultant who “speaks the bank’s language”—someone who knows when to remain silent, what to explain, and how to prepare the file correctly the first time, rather than through trial and error.
This article is intended for general informational purposes. Banking regulations in Costa Rica may vary from branch to branch and over time, so we recommend confirming the details directly with your chosen bank before beginning the process.
Do you need practical help, not just general information?
Every case is different — and, as we’ve shown above, opening an account or getting a transfer approved usually involves coordinating with several professionals (CPA, notary, lawyer, certified translator). If you want to go through this process without wasting time at the wrong bank or with an incomplete application, we offer dedicated consulting as a paid service – not just free, one-off advice. Contact us to discuss your specific situation.
Behind OpenZone are two people: a Costa Rican native with deep roots in the local history, and an expat who has been settled here for over two decades. Together, we combine native knowledge of the system with firsthand experience of the very process you’re going through right now.
