Costa Rica
Costa Rica, a Central American country with a population of approximately 5.2 million people, has developed a stable and resilient economy supported by strong institutions, democratic governance, and growing digital innovation. Known for its tourism, agriculture, technology, and services sectors, Costa Rica is increasingly recognized as a regional hub for e-commerce, fintech, and digital finance.
Costa Rica’s economy is diverse, with key sectors including tourism, agriculture exports (bananas, coffee, pineapples, and sugar), medical device manufacturing, and software development. The services sector, including finance, digital payments, e-commerce, and technology services, drives economic growth and financial inclusion. Costa Rica has made strides in digital payment adoption, with mobile wallets, APMs, and online banking facilitating efficient consumer and business transactions.
As a member of Central American trade agreements and CAFTA-DR (Dominican Republic-Central America Free Trade Agreement), Costa Rica benefits from regional trade, foreign direct investment, and international commerce, while fostering fintech development and digital innovation.
Costa Rica’s economy has shown resilience after the COVID-19 pandemic, with tourism recovery, domestic consumption, and expanding digital payment adoption fueling growth. GDP growth reached 3.5% in 2022 and 3.2% in 2023, with moderate growth of around 2.8% expected in 2024 due to global economic uncertainties and commodity price fluctuations.
Inflation has been moderate, averaging 3.8% in 2023, with the Central Bank of Costa Rica (Banco Central de Costa Rica) implementing monetary policies to stabilize the economy. Unemployment is estimated at 8%, while youth unemployment remains a challenge.
Digital finance is expanding rapidly, with mobile wallets, APMs, QR-code payments, contactless cards, and crypto adoption enhancing e-commerce and cross-border payments. Costa Rica is also investing in renewable energy, including hydro, wind, and solar, strengthening sustainable development, green growth, and clean technology innovation.
When it comes to cash and ATM usage, visitors are advised to withdraw Costa Rican colón from ATMs at banks for the best exchange rates. Debit cards like Wise are recommended for low-fee spending, online purchases, and currency conversion at the real exchange rate.
Top banks
Banco de Costa Rica (BCR)
Banco de Costa Rica (BCR) began as a private commercial bank and later became a currency issuer and manager of public revenues. Following its nationalization in 1948, BCR has played a central role in Costa Rica’s economic development, offering a full range of retail and corporate banking, loans, and financial services.
Banco Nacional de Costa Rica (BNCR)
Banco Nacional de Costa Rica (BNCR), established in 1914, is the largest commercial bank in Costa Rica. Wholly government-owned, BNCR offers a wide range of banking and financial services, including retail and corporate banking, loans, and investment solutions, with over 170 branches and 1,200 affiliated commercial establishments, playing a key role in the country’s economic development.
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Banco Popular y de Desarrollo Comunal
The Popular and Community Development Bank is a non-state public law institution focused on economic protection and well-being for workers. The bank offers savings programs, personal and business credit, and financing for worker-led enterprises and community development projects, supporting both individual financial security and local economic growth.
Banco Central de Costa Rica
Banco Central de Costa Rica is the country’s central bank, responsible for controlling inflation, regulating the financial system, and promoting the efficiency of domestic and international payment systems. Working alongside CONASSIF, it ensures financial stability, economic growth, and smooth operations of Costa Rica’s banking sector.
Banco Improsa
Grupo Financiero Improsa, operating since 1986 and transformed into Banco Improsa in 1995, is a leading financial group in Costa Rica. The bank offers customized financial solutions with a wide range of banking products and services, including retail banking, corporate banking, loans, and investment services, focused on meeting the unique needs of its customers.
BANCO LAFISE
Grupo LAFISE Costa Rica is a leading financial group providing banking, investment banking, brokerage, insurance, and asset management services in Costa Rica. Focused on customer-centric solutions, Grupo LAFISE serves individuals, businesses, and institutions, delivering innovative financial services and supporting economic growth in the country.
Cathay Bank
Cathay Bank, founded in 1998, is a leading bank in Costa Rica specializing in supporting small and medium-sized enterprises (SMEs) and fostering trade with Asian countries. The bank offers a full range of financial products and services, including business banking, loans, and trade finance, with a unique focus on serving the Asian community in Costa Rica.
Crédito Agrícola
Crédito Agrícola Group (GCA) is a leading cooperative financial group in Portugal, comprising Caixa Central and 68 Caixas de Crédito Agrícola Mútuo. With 616 branches, over 1.6 million customers, and 400,000 associates, GCA provides retail and corporate banking, loans, and investment services while supporting local economies across mainland Portugal and the islands.
Banco Davivienda
Banco Davivienda (Costa Rica) S.A., formerly HSBC Costa Rica, offers a wide range of banking and financial services including accounts, credit cards, loans, investments, insurance, and private banking. Acquired by Davivienda Colombia in 2012, it operates with multiple branches and ATMs, providing reliable Costa Rican banking services.
Top payment methods
Littlepay
Littlepay is a national, interoperable payment method that is mostly used in public transportation. While entering the metro or a train station you will see people that have got a machine to charge you contactless for a ride. Just place your card and you will be able to follow your destination.
SafetyPay is a real-time global payment solution that enables customers to securely make online purchases from merchants worldwide and pay online directly through their local bank account in the currency of choice.
Efectivo
Efectivo is a cash payment made via bank bill, an alternative cash based payment method for merchants in Latin America
Visa
Visa is the world’s largest global card network by transaction value, accepted almost everywhere. It’s known for secure, fast, and reliable payments, positioning itself as “the best way to pay and get paid by everyone.”
Mastercard
Mastercard is a global payments leader, dominating the co-branded card market in Europe and key countries like Brazil, Canada, and Germany. Known for secure, contactless, mobile, and digital payment solutions, Mastercard drives e-commerce, fintech, and online banking innovation worldwide.
Concluding remarks
Cash
Physical currency is still widely used in Costa Rica, and cash is commonly accepted in most stores and businesses.
Credit and debit cards
Visa, Mastercard, and American Express are widely accepted credit and debit cards in Costa Rica. However, not all businesses accept cards, and some may have a minimum purchase amount for card transactions. Be aware that some fees may also apply, particularly in smaller businesses or local shops.
Mobile payments
Mobile payments are becoming increasingly popular in Costa Rica, with apps like Paypal, Xoom, and MercadoPago allowing users to pay for goods and services using their smartphones.
Cryptocurrency
While not as widely used as other payment methods, cryptocurrency is becoming an increasingly popular way to pay for goods and services in Costa Rica, particularly Bitcoin.
Debit card
Debit card usage is common in Costa Rica, as they are connected to a bank account, and it is widely used to withdraw cash from ATMs.
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