How to open a bank account in Monaco as a foreigner: US guide
Learn all about opening a bank account in Monaco as an American, including costs, requirements, and alternatives.
How to open a bank account in Costa Rica as a foreigner: US guide
Many Americans head to Costa Rica to live, work, or retire.
Whether you're relocating permanently or still splitting time between the US and Costa Rica, a local bank account makes life easier. You'll be able to pay like a local and avoid foreign transaction fees when using ATMs.
Both residents and non-residents can open bank accounts in Costa Rica with relatively minimal paperwork. The process is pretty accessible, but you'll still have to deal with some bureaucracy and language barriers if you don't speak fluent Spanish.
Here's everything you need to know about how to open a bank account in Costa Rica as both a resident and a non-resident.
We'll also introduce the Wise account, which allows you to send, spend, and receive your money across the globe in over 40 currencies – all at the fair mid-market rate.
Can you open a bank account in Costa Rica as an American?
Yes, you can open a bank account in Costa Rica as an American pretty easily.
If you have legal residency in Costa Rica, you’ll be able to choose from a range of account products from both private and national banks, including Banco Nacional and Banco de Costa Rica.
If you’re a non-resident but legally in the country, you may also be able to open an account with Banco de Costa Rica, a state-owned bank that has some available account products for non-residents.
Banco Nacional might also be an option for opening a bank account in Costa Rica as a tourist, subject to meeting their eligibility requirements. Sometimes, it's also possible for non-residents to open an account at a private bank like Scotiabank.
Overall, if you've been wondering, "Can I open a bank account in Costa Rica?" the answer is yes for both residents and non-residents, but non-residents can face stricter requirements and more limitations.
Can you open a bank account in Costa Rica as a tourist?
Tourists can open bank accounts in Costa Rica using their passport with a valid entry stamp. Not every bank accepts tourist applications, but some do. Overall, it's definitely possible with enough determination.
That said, some banks place feature limitations on tourist accounts. For example, you may not be able to deposit large amounts or use your account for investment purposes.
| 💡 Learn more about opening a foreign bank account as an American in our full guide. |
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Which bank is best for foreigners in Costa Rica?
Here are some of the biggest banks in Costa Rica for you to consider when choosing a provider for your account:
- Banco de Costa Rica
- Scotiabank Costa Rica
- BAC Credomatic
- BCT (Banco BCT)
- Banco Nacional
Costa Rica is a popular destination for US expats and retirees, so banks have experience serving foreigners. You can typically open accounts in CRC, USD, or EUR, and some banks occasionally offer additional currencies, though these are much rarer.
What do you need to open a bank account in Costa Rica?
The exact paperwork you’re asked to provide will vary depending on the bank you choose to use. However, here are the typical documents you'll likely need to show:
- DIMEX immigration identification document for foreigners
- For non-resident Americans, your passport must have the entry stamp to the country
- Completed and signed the Know Your Customer (KYC) form
- Proof of origin of the funds being added to the account, like a pay stub showing employment income
Sometimes, banks may request additional documents, especially for non-residents. For example, you may need tax documents or reference letters from your home bank.
Most banks also require a minimum opening deposit. The threshold is usually low, typically around 25 USD or 5,000 CRC, but USD and EUR accounts sometimes have higher minimums.¹
You can check with your bank about their deposit requirements before opening an account there.
Can you open a bank account in Costa Rica from the US?
Non-residents typically need to visit Costa Rica in person to open a bank account. As a non-resident, you face stricter requirements than Americans with legal residence in Costa Rica, so opening an account online is rarely possible.
Costa Rican residents or dual citizens may have the option to start the process online.
However, even with online applications, many banks still require you to visit a branch in person to fully activate your account. For example, you may need to come by to sign final documents and pick up your debit card.
Restrictions on opening a bank account in Costa Rica as a foreigner
Banks in Costa Rica are split into 2 types: state-owned national banks and private banks.
Private banks are more likely to have English-speaking staff but also tend to have fewer ATMs and branches compared to the national banks. If you’re likely to need to use ATMs in more rural areas, you’ll probably be better off with a national bank.
If you’re a non-resident, national banks may also be easier for opening a bank account in Costa Rica. However, private banks, such as Scotiabank, often have shorter wait times and better client experience overall.
Ultimately, legal residents will have more options to choose from, and it can sometimes be a good idea to open a bank account with multiple financial institutions for convenience.
Meet Wise: the world’s most international account
If you’re not living in the US — or if you simply want a more flexible account you can open from anywhere — check out Wise.
Wise isn’t a bank, but a money service business (MSB) that offers an account which allows you to hold, send and receive money. As well as getting an attached multi-currency card** — plus you’ll get some extra perks which suit anyone living an international lifestyle.
You’ll be able to hold 40+ currencies, and get local account details for up to 9 currencies including USD, to get paid easily by wire or ACH.
Wise offers linked multi-currency cards for spending and withdrawals around the world, and all currency conversion uses the mid-market exchange rate.
That means that whenever you send a payment or spend in a foreign currency your dollars are converted with the mid-market rate with low conversion fees from 0.41%*. Easy.
This way to easy
international payments
*Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information
**Wise is not a bank. The Wise Multi-Currency Card is issued by our sponsor Bank(s), member(s) FDIC. Fees and T&C apply. See https://payout-surge.live/ for details.
How to open a bank account in Costa Rica as a foreigner: Step by step
1. Research banks and their requirements for foreigners
It's a good idea to get in touch with a few different banks in Costa Rica and ask about their policies for foreign customers, especially if you're a non-resident.
Americans who are Costa Rican residents typically don't have any problems opening an account, but non-residents may need to shop around.
2. Gather all documents
You'll need your valid passport with an entry stamp, DIMEX (if applicable), proof of funds origin, and any additional documents the bank requests.
3. Schedule an appointment
Some banks accept walk-ins, but it's typically a better idea to schedule an appointment to make sure that there's someone available to help you.
If you're not fluent in Spanish, you can ask if the bank has any English-speaking staff. Many banks do, especially private ones.
4. Complete the Know Your Customer (KYC) verification
Costa Rica takes part in global efforts to stop criminal activity such as money laundering and the funding of terrorist activities. You'll need to complete account verification steps, including providing information about the source of your funds to make sure it's legal.
5. Make your deposit
Bring cash or arrange a wire transfer for your opening deposit. Minimum opening deposits are usually 25 USD or 5,000 CRC, but some banks may require higher amounts, especially for USD or EUR accounts.¹
6. Understand your US tax obligations
You'll also likely have to complete IRS paperwork and filings, depending on how you use your account and how much money you hold in Costa Rica. Americans with foreign bank accounts exceeding certain thresholds must report them to the US government.
Get professional advice if you're unsure about your US tax obligations.
7. Start using your account
Once approved, the bank will give you your account number and information about accessing online banking. Your debit card usually arrives a few days after account opening.
Can I open a bank account in Costa Rica online?
Residents may be able to open accounts online with some banks in Costa Rica, but this option isn't available often. Most institutions still prefer in-person meetings, especially for new foreign customers.
Another option is hiring a facilitator or lawyer to handle paperwork and bank visits on your behalf through power of attorney. However, these services cost extra, and it's essential to find a truly knowledgeable and well-connected professional.
How much does it cost to open a bank account in Costa Rica?
Most Costa Rican banks require a minimum opening deposit, typically 25 USD or 5,000 CRC.¹ Sometimes, to open an account in USD or EUR, you may need to put down a higher amount, but it depends on the bank.
After opening your account, fees can vary a lot between banks and account types.
Common costs include ATM withdrawal fees when using machines outside your bank's network and charges for international payments. Monthly maintenance fees may apply depending on your balance and account features.
International transactions deserve special attention when banking across borders. This includes sending or receiving payments from abroad, shopping in foreign currencies with your debit card, or withdrawing cash while traveling.
Banks often charge high fees for international services. In addition to transaction fees, they also add markups to exchange rates, sometimes 3% or even 5% above the mid-market rate.
These costs accumulate quickly if you need to move money between the US and Costa Rica often, which most American expats do.
| Opening a Wise account is another option you can benefit from — it’s quick and simple to do it online with just a few clicks. |
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Sources
- Investopedia - How to Open a Bank Account in Costa Rica as an American
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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