Opening a Bank Account in Costa Rica: The Complete Guide
Foreigners allowed
to open a bank account
to open a bank account
ID + Proof of Income
Required for individuals & companies
Required for individuals & companies
The Costa Rican banking system is robust and modern, offering services for both residents and foreigners. Opening a bank account is essential for receiving payments, paying bills, and securing your funds against theft or loss.
Requirements for Opening a Bank Account
| Profile | Main Requirements |
|---|---|
| Individual (Resident) |
– Costa Rican ID (cédula) – For foreign residents: valid DIMEX card – “Know Your Client” form – Proof of income |
| Individual (Non-Resident) |
– Valid passport + entry visa/stamp – “Know Your Client” form – Proof of income – (Some banks may also request address or additional references) |
| Corporate |
– Certificate of good standing – Company’s shareholder certificate – Documentation for corporate reps – Proof and explanation of origin of funds – Last fiscal financial statements (audited or certified) or projected cash flow if new |
Note: Requirements and procedures may vary between banks; it’s best to check directly. For non-residents, banks increasingly accept passports and select bills/contracts for address verification.
Typical Step-by-Step Process
- Choose a reputable bank (public or private, see summary table below).
- Gather all documentation required by the institution.
- Fill and sign the “Know Your Client” form (anti-money-laundering compliance).
- Make the initial deposit (amounts vary by bank/account type).
- Wait for compliance approval to activate your account.
- Start using online and branch services once approved.
Tip:
If you’re denied an account at one institution, don’t be discouraged—requirements and flexibility differ from bank to bank. Try another bank or consult a legal specialist.
If you’re denied an account at one institution, don’t be discouraged—requirements and flexibility differ from bank to bank. Try another bank or consult a legal specialist.
Main Banks in Costa Rica: Public v. Private
| Bank | Type | Features |
|---|---|---|
| Banco Nacional | Public | Largest, high stability, best for secure holdings and broad reach |
| Banco de Costa Rica | Public | Solid reputation, strong government backing |
| BAC Credomatic | Private | Excellent online services, streamlined for foreigners |
| Scotiabank (Costa Rica) | Private | Flexible requirements, competitive digital platforms |
| Promerica | Private | Modern branches, strong online experience |
AML (Anti-Money Laundering) & Ongoing Compliance
- All banks must comply with Law 8204 (anti-money-laundering); account holders must periodically update their “Know Your Client” info (at least once a year).
- Proof of income or source of funds is mandatory for all individual and corporate accounts.
- If you fail to update your profile or answer compliance requests, the bank can close your account.
Important:
Be transparent with your income sources and respond quickly to bank compliance updates to keep your account active.
Be transparent with your income sources and respond quickly to bank compliance updates to keep your account active.
Frequently Asked Questions
Can I open a bank account as a non-resident foreigner?
Yes. Most banks will allow foreign nationals to open an account with a passport (often requiring a tourist visa stamp), proof of address, and proof of income, but the process is easier with a residency card.
Is there a minimum deposit?
This varies by bank, but usually starts as low as $20 USD. Check with each bank for specific requirements.
What if my application is rejected?
This is common—simply apply at a different bank. Requirements and policies vary, so persistence pays off.
Contact AG Legal — We’ll Help You Open Your Account in Costa Rica
Expert banking guidance: info@aglegal.com