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MONEY & CURRENCY:
In 1948 the banking system was nationalized. Recently there has been a nationwide study and implementation of a program for economic liberalization. A loosening of restraints on private banks has permitted the opening of foreign banks like Scotiabank, Banco Banex, Banco Promerica, Banco de San Jose and Banco Interfin.
Costa Rica's monetary unit is the colon, which is divided into 100 centimos. Bank notes are divided into 500, 1,000, 5,000 and 10,000 colones. Coins come in units of 25, 50, 100 and 500 colones. Bank services offer computerized banking, credit cards, and automatic bank tellers where bills can be paid and deposits or withdrawals made during non-banking hours.
In February 2007, US $1 bought 518 colones. The exchange rate floats in relation to the U.S. dollar, and dollars can be exchanged at banks hours are from 9 a.m. to 3 p.m. and at most hotels in San Jose. Major credit cards are accepted in most hotels and restaurants in the cities; it's always wise to check ahead of time.
There are several banks that handle checking accounts in both US dollars and colones in Costa Rica. However, bank accounts cannot be opened under a foreign company's name. Foreign individuals may start accounts in most banks, although they may require clients to have Costa Rican residency status.
With this in mind, if you are interested in opening a checking account in dollars or in colones for business, it is advisable to form a Costa Rican company. You would then be permitted to handle checking accounts and to engage in trade in the name of the company.
Crinet and its associated law firm, Tacsan & Uma, will be glad to provide you further information and advice on these and other legal matters. Please feel free to contact us by phone or by fax at the Following numbers: (506) 223-6140 and fax (506) 233-5804.
PERSONAL & COMMERCIAL BANKING
Since Costa Rican law does not allow for the execution of commercial activities by foreign individuals, the formation of a legally registered company is highly recommended for this purpose. For individuals who want to invest, transact money, or initiate other commercial type activities in Costa Rica forming. a company according to the country's legal guidelines is the best option for doing business and accomplishing money transactions.
The following information describes all the banks that handle checking accounts in dollars: Banco Nacional de Costa Rica. Banco de Costa Rica, Banco Credito Agricola de Cartago and Banco Internacional de Costa Rica.
The first three banks are nationalized State banks. All banks are subject to the policies dictated by the Banco Central de Costa Rica. State owned banks are very stable and safe. It is not likely that a financial crisis in foreign countries would affect the money kept in their accounts, or imply a risk of money deposits being frozen or withheld in any way.
The Banco Internacional de Costa Rica (BICSA) operates under regulations of Florida State law and in terms of interest earned and facilities for money transfers from U.S. banks, is a highly recommendable institution for handling checking accounts in dollars.
Guidelines for buying real estate in Costa Rica
Legal advice in Costa Rica
Guidelines for forming a Costa Rican Corporation
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