Which banks in Costa Rica do U recommend and why?

[robsoilman]

Thanks for the excellent info on Cuscatlan from mediatica and others: Could someone provide a link to that bank? It sounds like having a Cuscatlan account and a BNCR account would serve us well. Is there a branch in Quepos or Jaco? Even if I have to use a branch in the Central Valley I think it could work out although not the most convenient.

Another question: What will I need to present to set up an account with Cuscatlan? Since I already have several BNCR accounts will that make it easier?

Also is it best to set use a saving account or checking at Cuscatlan?

Thanks,
Robert

[mediatica]

Banco Cuscatlan: http://www.bancocuscatlan.com
I don’t know if there is a Cuscatlan in Jaco or Quepos. I doubt they are in Quepos. They just came to Tamarindo last year, which is great! I am sure if they are not in Jaco, it’s just a matter of time before they are. Cuscatlan is expanding quickly.

Depending on whether you want to open a personal account or a Business account, you will need different information. Also, if you are a resident, you are have different requirements. Also, something to think about, which may or may not matter to you: Cuscatlan got bought by Citibank and is now requiring US Citizens who have personal accounts only at Cuscatlan to sign a 1099 to report to the IRS. I was ok with signing this (I have a personal and corporate account) because I have nothing to hide. The clients who have an issue with this can simply open a Corporate account, as they do not require a 1099 to be signed. You’ll need the following for both accounts:

1. Copy of passport or cedula.
2. Copy of a utility bill of place of residence in CR (does not have to be in your name).
3. Proof of income (local) or source of funds (if foreigner).
4. Fill out paperwork to open an account.
5. Deposit to open account $100

If corporate bank account:

1. Copy of Passport or Cedula
2. Copy of Articles of Incorporation
3. Recent financial statements (if new corporation, your attorney can write a letter to explain).
3. Personeria Juridica (proof of who is the legal representative) no older than 90 days.
4. Copy of Cedula Juridica (corporate ID number).
5. Utility bill of the business office.

I have all checking accounts, because I use checks occasionally for my accounts. I would recommend a checking account even if you don’t want to use checks. It won’t make a difference that you have other accounts in CR. They don’t require you to bring letters of recommendation as BN does.

Good luck.

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