Costa rica Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in costa rica, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
Select Country Guide
Trade Financing
Last published date:

Methods of Payment

Bank letters of credit are the most common and secure method of payment in international trade, including in Costa Rica. Letters of credit are strongly recommended for Costa Rica, particularly in situations where the business relationship between the U.S. exporter and the local importer are still developing. Small transactions are often handled through advance payment via bank transfers or sight drafts. The free convertibility of the colon and the absence of controls on remittances encourage open account relationships in cases where credit risk is deemed minimal. Credit rating agencies in Costa Rica include the private company, Equifax and the government entity SUGEF.  Both are primarily responsible for personal credit records. Major credit/debit cards used in the market are: Master Card, Visa and American Express.

Banking SystemsAnchor

AnchorThe Costa Rican financial system is composed of two state-owned commercial banks, 11 private commercial banks, one workers’ bank, one state-owned mortgage bank, two mutual housing finance companies, five non-bank finance companies, 22 savings and loans, two entities engaged in money exchange and transfer, and five Solidarity Associations (beginning January 1, 2022), all under supervision of the Superintendency of Financial Entities SUGEF, which reports to the Council of Financial Regulators CONASSIF, which is in turn a semi-autonomous unit of the Central Bank.  In addition, both state and private financial entities run a number of investment and retirement funds or trusts.

U.S. Banks and Local Correspondent Banks Anchor

AnchorAll commercial banks in Costa Rica have correspondent relationships with major U.S. banks.  For a full list, please go to: https://www.sugef.fi.cr/servicios/reportes/EntidadesSujetasFiscalizacionGeneral.aspx  

State-owned Commercial Banks: 

Private Commercial Banks: 

  • Banco BAC San Jose 
  • Banco BCT 
  • Banco Cathay de Costa Rica 
  • Banco CMB (Costa Rica) 
  • Banco Davivienda (Costa Rica)
  • Banco General (Costa Rica)  
  • Banco Improsa 
  • Banco Lafise 
  • Banco Promérica de Costa Rica 
  • Prival Bank (Costa Rica) 
  • Scotiabank de Costa Rica 

×

Global Business Navigator Chatbot Beta

Welcome to the Global Business Navigator, an artificial intelligence (AI) Chatbot from the International Trade Administration (ITA). This tool, currently in beta version testing, is designed to provide general information on the exporting process and the resources available to assist new and experienced U.S. exporters. The Chatbot, developed using Microsoft’s Azure AI services, is trained on ITA’s export-related content and aims to quickly get users the information they need. The Chatbot is intended to make the benefits of exporting more accessible by understanding non-expert language, idiomatic expressions, and foreign languages.

Limitations

As a beta product, the Chatbot is currently being tested and its responses may occasionally produce inaccurate or incomplete information. The Chatbot is trained to decline out of scope or inappropriate requests. The Chatbot’s knowledge is limited to the public information on the Export Solutions web pages of Trade.gov, which covers a wide range of topics on exporting. While it cannot provide responses specific to a company’s product or a specific foreign market, its reference pages will guide you to other relevant government resources and market research. Always double-check the Chatbot’s responses using the provided references or by visiting the Export Solutions web pages on Trade.gov. Do not use its responses as legal or professional advice. Inaccurate advice from the Chatbot would not be a defense to violating any export rules or regulations.

Privacy

The Chatbot does not collect information about users and does not use the contents of users’ chat history to learn new information. All feedback is anonymous. Please do not enter personally identifiable information (PII), sensitive, or proprietary information into the Chatbot. Your conversations will not be connected to other interactions or accounts with ITA. Conversations with the Chatbot may be reviewed to help ITA improve the tool and address harmful, illegal, or otherwise inappropriate questions.

Translation

The Chatbot supports a wide range of languages. Because the Chatbot is trained in English and responses are translated, you should verify the translation. For example, the Chatbot may have difficulty with acronyms, abbreviations, and nuances in a language other than English.

Privacy Program | Information Quality Guidelines | Accessibility