Costa Rica’s banking system consists of the central bank; three state-owned banks, which account for nearly half of total banking assets; a state-owned mortgage bank; 18 commercial banks; four mutual house-building companies; 12 private finance companies; and 27 savings and loans cooperatives. In addition, there are 30 investment and retirement funds or trusts run by both state and private commercial banks and the state insurance company.

The Central Bank of Costa Rica is in charge of establishing banking policy. It is then up to the SUGEF (the General Supervisory Agency of Finance) to enforce compliance with Central Bank policies. All banks (both public and private) are subject to the policies dictated by the Banco Central de Costa Rica.

Most banks in Costa Rica now offer savings and checking accounts in Dollars and Colones. Banks do differ, however, on the amount of time it takes to cash foreign checks and the availability of ATMS.

Note that while interest is much higher on colón accounts, there is a monthly devaluation of the colón to the dollar, so you might not be earning as much as you expect. Many also offer Credit or Debit cards, if you meet the requirements (but not all are internationally accepted).

State run banks are backed by the Costa Rican government and are therefore usually considered safer. They are also located in practically every town in Costa Rica. On the down side, long lines are frequent and bilingual staff is not always available (especially outside the central valley).

On the other hand, private banks usually offer quicker and more personalized service, shorter lines and English speaking staff. However, they may have fewer branches available outside of the central valley. The great majority of private banks are connected with banks outside the country so that transfers can be done relatively quickly.

The following is a list of state run and private banks:

State Owned Banks

Banco Nacional de Costa Rica

Established in 1914, the Banco Nacional is the largest state commercial bank in both assets and number of branches.

www.bncr.fi.cr/BN/Index.html
Tel. (506) 212-2000
Fax. (506) 255-2436
Apdo. Postal: 6714-1000 San José
San José

Banco Central de Costa Rica

Regulates Costa Rican banking policies.

www.bccr.fi.cr/flat/bccr_flat.htm
Tel. (506) 243-3333
Fax. (506) 243-3011
San José

Banco de Costa Rica

With branches throughout the country, Banco de Costa Rica is considered the most profitable and probably best-run state commercial bank.

www.bancobcr.com
Tel. (506) 287-9000
Fax. (506) 255-3316
Apdo. Postal: 10035-1000 San José
San José

Banco Crédito Agrícola de Cartago

Is the smallest of the state run banks.

www.bancreditocr.com
Tel. (506) 223-8855
Fax. (506) 222-1911
Apdo. Postal: 5572-1000 San José
San José.

Private Banks

Scotia bank

Scotiabank offers a wide range of personal, commercial and retail, corporate, and trade finance services. With 13 branches across the country, and 1 more to be added to the network by the end of 2003, Scotiabank offers an extensive range of retail and commercial banking services.

www.scotiabank.com

Banco San José - BAC San José

The bank is part of the BAC Credomatic Network, comprised of eight banks in Central America, the Caribbean, and Panama, and Credomatic, the largest credit and debit card issuer and processor in the region. BAC Credomatic Network is the financial branch of Pellas' Group, a corporation with over 125 years of history.

www.bancodesanjose.fi.cr
Tel. (506) 256-9911
Tel. (506) 222-8208
Apdo. Postal: 5445-1000 San José
San José

Banco Cuscatlan

Corporation UBC International is the holding company that owns the Cuscatlan Groups in the region. This Group has duly regulated operations in El Salvador, Guatemala, Costa Rica, Panama and the United States of America, by means of family remittances. Corporate shareholders include partners such as the International Finance Corporation, IFC, in addition to the Central American partners of the most prestigious business groups of the region.

www.bancocuscatlan.com/costarica/index.html
Tel. (506) 221-2845
Tel. (506) 220-2140
C. 28 y 30 P. Colón, San José
San José

Banco Cathay

Offers a wide range of banking services but relatively few branches throughout the country.

www.cathaybank.com
Tel. (506) 290-2233
Tel. (506) 296-5721
Pavas, San José

Banco Promerica

Established in 1992, Promerica offers a wide range of financial services. Branches are available only in the central valley.

www.promerica.fi.cr
Tel. (506) 296-4848
Fax. (506) 232-5727
Pavas, San José