Sending business payments from the US to Costa Rica
A US company pays a Costa Rican supplier, contractor or subsidiary by SWIFT wire, in US dollars or colones, to the recipient's account identified by its 22-character IBAN. Costa Rica has a convertible colón and no controls on remittances, so the main decisions are the account currency and the charge code.
- Every Costa Rican bank account is identified by a 22-character IBAN: CR, two check digits, a zero and the 17-digit SINPE client account number.
- The IBAN is used for payments within Costa Rica and to and from banks abroad, according to the Banco Central de Costa Rica.
- The US Country Commercial Guide for Costa Rica, last published on 30 June 2026, cites the free convertibility of the colón and the absence of controls on remittances.
- Since 2015 the Banco Central de Costa Rica has kept a managed float, under which the exchange rate responds to supply and demand.
- All commercial banks in Costa Rica have correspondent relationships with major US banks.
Details to collect from a Costa Rican recipient
Costa Rica uses the IBAN for domestic and international payments. The Banco Central de Costa Rica (BCCR) describes it as a 22-character structure built by adding the country code CR, two check digits and a zero in front of the 17-digit cuenta cliente, the client account number used in SINPE, the BCCR's national electronic payment system. Because a supplier's colón and dollar accounts have different IBANs, ask which IBAN belongs to the account in the currency you will send.
| Detail | Format | Why it matters |
|---|---|---|
| IBAN | 22 characters starting CR | Identifies one account, in one currency |
| Beneficiary name | Legal name of the sociedad anónima or SRL | Must match the account holder |
| Bank and SWIFT code | 8 or 11 characters | Routes the wire |
| Account currency | USD or CRC | Decides whether the bank converts |
| Correspondent bank | The bank's US correspondent | Every commercial bank has one |
| Reference | Invoice and goods or service | Supports the bank's due diligence |
Sources: Banco Central de Costa Rica, IBAN; International Trade Administration, Costa Rica. As published on 29 October 2026.
Pay in colones or in US dollars?
The US Country Commercial Guide for Costa Rica, last published on 30 June 2026, cites the free convertibility of the colón and the absence of controls on remittances. Since 2015 the BCCR has run a managed float: the rate responds to supply and demand, and the central bank may intervene to limit volatility.
If the supplier invoices in dollars, pay the dollar IBAN. Dollars sent to a colón IBAN are converted by the supplier's bank at its rate on the day. If the supplier invoices in colones, you convert before sending and carry the exchange risk.
| Invoice | IBAN you pay | Who converts |
|---|---|---|
| USD | Dollar account IBAN | Nobody |
| USD | Colón account IBAN | The supplier's bank |
| CRC | Colón account IBAN | You or your provider |
Sources: International Trade Administration; La Nación, 3 July 2026. As published on 29 October 2026.
For colón values, see the USD to CRC currency page, and for the Costa Rican side, USD business accounts in Costa Rica.
Rails and arrival times
Payments from the United States reach Costa Rica by SWIFT. The International Trade Administration states that all commercial banks in Costa Rica have correspondent relationships with major US banks, which keeps the chain short. Swift reports that almost 100% of gpi payments are credited within 24 hours. Once funds are in Costa Rica, SINPE moves them between local banks using the same IBAN.
| Stage | What controls timing |
|---|---|
| SWIFT transit through the US correspondent | Almost 100% of gpi payments within 24 hours |
| Credit to the IBAN | Costa Rican business day, complete details, due diligence |
| Onward local transfer | SINPE, using the IBAN |
Sources: Swift gpi; BCCR; International Trade Administration. As published on 29 October 2026.
Documents and checks
Free movement of money does not mean light checks. Banks are supervised by SUGEF (Superintendencia General de Entidades Financieras) and apply anti-money laundering rules that expect clear evidence of who owns a company and where its money comes from. For your payment, that means a beneficiary name that matches the IBAN holder, a reference naming the invoice and the goods or service, and a payer that is the company named as buyer. Keep the purchase order and shipping documents ready for large payments.
For a Costa Rican subsidiary, set out in the intercompany agreement which currency each kind of payment uses, and pay the matching IBAN every time. Mixing colón and dollar receipts for the same service makes the subsidiary's bank ask why, and makes its accounts harder to reconcile. For an individual contractor, use the contractor's own name exactly as on the account and the IBAN of the account in the invoice currency.
On the US side, every payment to a Costa Rican company must pass sanctions screening: OFAC states that all US persons, including all US incorporated entities and their foreign branches, must comply with US sanctions, so the payer, the recipient and the recipient's bank are checked before the money moves.
Costs: Helm fees, intermediary deductions, SHA and OUR
Each Costa Rican bank publishes its own charge for receiving an international transfer; ask the supplier what its bank deducts. On SHA wires, the US correspondent may also deduct a fee in transit. Every SWIFT wire carries a charge code. OUR means the sender pays all charges, so the full amount should arrive. SHA means charges are shared: the sender pays its own provider, and intermediary banks may deduct their fees in transit. BEN means every charge comes out of the amount sent. Paying colones moves the main cost into the conversion rate. Helm international payments show the rate, the fee and the expected arrival before you confirm, and the account manager confirms the route for each corridor.
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. See how Helm pricing works.
Why payments to Costa Rica are delayed or returned
| Cause | Prevention |
|---|---|
| IBAN of the colón account used for a dollar payment | Ask which IBAN belongs to the dollar account |
| IBAN mistyped | Check it is 22 characters and starts CR |
| Name differs from the account holder | Use the legal company name |
| Unclear purpose | Quote invoice and goods or service |
| SHA deductions | Send OUR |
Source: Banco Central de Costa Rica, IBAN; Helm Editorial Team. As published on 29 October 2026.
Checklist before you send
- Ask for the 22-character IBAN of the account in the invoice currency.
- Check the IBAN starts with CR and has 22 characters.
- Use the legal company name exactly as on the account.
- Quote the invoice and goods or service.
- Send OUR for full-value invoices.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
What account number do I need to pay a company in Costa Rica?
The IBAN: 22 characters starting with CR, made of two check digits, a zero and the 17-digit SINPE client account number. Ask for the IBAN of the account in the currency you will send.
Can I send US dollars to Costa Rica?
Yes. The colón is freely convertible and there are no controls on remittances. Pay the supplier's dollar account IBAN to avoid conversion.
How long does a wire to Costa Rica take?
Swift reports almost 100% of gpi payments credited within 24 hours, and all Costa Rican commercial banks have US correspondent relationships.
What is SINPE?
SINPE is the Banco Central de Costa Rica's national electronic payment system. The 17-digit client account number inside the IBAN is the SINPE account number.
Who pays fees on a wire to Costa Rica?
It depends on the charge code: OUR puts all charges on the sender, SHA lets intermediaries deduct in transit, and the Costa Rican bank may charge to receive.
References
- Banco Central de Costa Rica: IBAN
- International Trade Administration: Costa Rica Country Commercial Guide, Trade Financing
- La Nación: Cómo funciona el régimen cambiario que tiene Costa Rica (3 July 2026)
- Swift: Fast, transparent and trackable payments (gpi)
- U.S. Department of the Treasury, OFAC: Who must comply with OFAC sanctions? (FAQ 11)
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.