English
Español
Français
עברית
Português
To wire money to Costa Rica for a property purchase, you’ll send funds from your US or Canadian bank to a local escrow account held at a Costa Rican bank or licensed escrow company, in either US dollars or colones. The wire typically clears in two to five business days, though first-time international transfers to Costa Rica often trigger compliance reviews that can add time. Getting the account details exactly right, understanding SUGEF (Costa Rica’s banking regulator) reporting rules, and timing your transfer to land before the closing date are the three things that trip buyers up most. This guide walks you through every step so your money arrives clean, on time, and without a last-minute scramble.
- Always wire to a licensed escrow account, not directly to a seller’s personal bank account.
- Costa Rican banks are required to document the source of funds for large transfers. Prepare your paperwork early.
- US dollars are widely accepted and usually preferred for property transactions; you don’t have to convert to colones.
- Budget at least five to seven business days before closing for the wire to clear and be verified.
Why do buyers wire money to Costa Rica instead of using other payment methods?
Wire transfers are the standard for real estate closings in Costa Rica because they create a clear, traceable paper trail that both the buyer and the notary público (the attorney who handles closings here) can document for the Registro Nacional. Certified checks from foreign banks are rarely accepted. Cash is a serious red flag. Crypto is not recognized as legal tender for real estate transactions. Wires are simply what works.
Where does your wire actually go? Understanding Costa Rica escrow
The wire doesn’t go to the seller. It goes to an escrow account held either at a Costa Rican bank (Banco Nacional, BAC, Scotiabank, and others are common) or at a private escrow company licensed by SUGEF, Costa Rica’s financial supervisory authority. The escrow agent holds the funds until all conditions in the purchase agreement are met, then releases payment at closing.
This matters enormously. Never accept wiring instructions that point to a personal account, even if the seller explains it as “simpler.” That’s the most common mistake we see from first-time buyers in Guanacaste, the Central Valley, and the Southern Zone alike. A legitimate seller will always have a licensed escrow arrangement ready.
What information do you need to wire money to Costa Rica for a property purchase?
Your sending bank will ask for a standard set of details. Make sure you get every field confirmed in writing from the escrow company before you initiate anything.
- Beneficiary name: The legal name of the escrow company or bank trust account, exactly as it appears on the account.
- Account number: The escrow account number (not the escrow officer’s personal account).
- IBAN or SWIFT/BIC code: Costa Rican banks use IBAN-format account numbers. Your US or Canadian bank will need the SWIFT code of the receiving Costa Rican bank.
- Correspondent bank details: Many Costa Rican banks route incoming USD wires through a US correspondent bank (often in New York or Miami). Your escrow agent will give you these.
- Reference or memo field: Include the property address or your escrow file number so the funds are matched to your transaction immediately.
One small error in the IBAN or the beneficiary name can cause the wire to be returned or held for days. Always read the details back to your escrow contact before hitting send.
How do source-of-funds requirements work in Costa Rica?
Costa Rica’s anti-money-laundering laws require banks and escrow companies to document where large sums of money come from. This is governed by SUGEF and applies to every buyer, including US and Canadian citizens. You’re not being singled out. It’s standard practice.
You’ll typically be asked to provide bank statements showing the funds have been in your account for a certain period, a letter explaining the source (savings, sale of a property, retirement account distribution, business income), and sometimes supporting documents like a previous closing statement if the funds came from the sale of a home. The cleaner and more organized your documentation, the faster the compliance review moves. Prepare this file before your wire leaves.
How long does an international wire to Costa Rica take?
A wire sent on a Monday morning from a major US bank to a Costa Rican escrow account will usually show up credited in two to four business days under normal conditions. Canadian banks sometimes run a day slower. That said, “normal conditions” isn’t guaranteed for first-time international transfers. Your sending bank may flag the transaction for a compliance review on their end, and the receiving Costa Rican bank will run its own review when the funds arrive.
The safest approach is to send the wire at least seven business days before your scheduled closing. If everything moves quickly, the funds just sit safely in escrow. If there’s a hold, you have time to resolve it without blowing the closing date.
What does a wire transfer to Costa Rica actually cost?
Expect to pay a wire fee from your sending bank, typically in the range that most US and Canadian banks charge for international wires. On the receiving end, Costa Rican banks often charge an incoming wire fee as well. Currency conversion fees apply if you’re sending USD from a USD account to a USD escrow account at a Costa Rican bank, these are usually small, but ask your escrow agent to confirm whether any conversion happens on arrival.
For the full picture of what closing a property in Costa Rica costs beyond the wire itself, use the REG closing cost calculator. Transfer taxes, notary fees, and registration stamps add up, and buyers are often surprised if they haven’t mapped these out in advance.
Does it matter whether you wire USD or Canadian dollars?
| Currency | Accepted for CR real estate? | Notes |
|---|---|---|
| US Dollars (USD) | Yes, universally | Most escrow accounts are USD-denominated. Properties are typically priced in USD. |
| Canadian Dollars (CAD) | Sometimes, with conversion | Most escrow companies ask you to convert to USD before wiring. Your Canadian bank can do this, or you use a currency broker. |
| Costa Rican Colones (CRC) | Rarely needed | Some transactions involving local buyers or agricultural land use colones, but for foreign buyers, USD is the norm. |
Canadian buyers: convert your CAD to USD before sending if possible. Sending CAD directly often means the receiving bank converts at a rate that isn’t favorable to you, and it can complicate the escrow documentation.
Should you use a currency broker instead of your bank?
For large transfers, some buyers use a specialized currency broker like Wise (formerly TransferWise) or a dedicated FX service rather than their bank. The exchange rate and fee structure can be meaningfully better on significant sums. The catch is that some Costa Rican escrow companies require wires to come from a bank account in your own name, not from a payment platform. Check with your escrow agent before using a third-party service.
If your transaction involves seller financing rather than a full cash purchase, explore your numbers with the owner financing calculator to understand what your monthly obligations look like before you finalize the deal structure.
What happens after the wire lands in escrow?
Once your escrow agent confirms receipt of the cleared funds, the closing process moves forward. The notary público drafts the escritura (the deed of transfer), both parties sign, and the deed gets filed at the Registro Nacional to record ownership in your name. The seller receives payment from escrow after the deed is filed and accepted. You are now on record as the property owner in Costa Rica.
Before that day comes, make sure you’ve already done a full title and lien search. You can run a property check through Folio to verify the finca number, then order its $29 report to confirm there are no encumbrances or liens and to check whether the plano catastrado (cadastral survey map) matches what you’re buying. Do this before you wire, not after.
Frequently Asked Questions
Can I wire money directly to the seller’s bank account in Costa Rica?
You should not. Wiring directly to a seller’s personal account bypasses the escrow protections that exist for your benefit. If the deal falls through after a direct wire, recovering funds is extremely difficult. Always insist on a licensed escrow arrangement.
Do I need a Costa Rican bank account to buy property there?
No. You do not need a personal Costa Rican bank account to complete a real estate purchase. The wire goes to the escrow account, not to your own account. Some buyers open a local account later for paying property taxes and utilities, but it’s not required at closing.
Will my US bank flag an international wire to Costa Rica?
It’s possible, especially for large amounts or if you haven’t wired internationally before. Your bank may call to verify the transfer. Be ready to explain it’s a real estate purchase and provide the escrow company’s name and contact information. This is routine compliance, not a problem specific to Costa Rica.
Are there taxes on money I bring into Costa Rica for a property purchase?
Costa Rica does not impose a specific tax on incoming wire transfers for property purchases. However, the transfer taxes associated with the property transaction itself are paid at closing. For a full breakdown of what you’ll owe at closing, the closing cost calculator gives you a clear estimate. Costa Rica’s tax authority, Ministerio de Hacienda, governs property transfer taxes, and your notary público will handle filing.
How do I know if the escrow company is legitimate?
Ask for the company’s SUGEF registration number and verify it. Your buyer’s agent or real estate attorney can confirm this quickly. Reputable escrow companies in Costa Rica operate openly and are comfortable providing their licensing documentation on request. If an escrow agent is evasive about credentials, that’s a signal to walk away.
Want a straight answer from a local team? Message Leo on WhatsApp at +506 8798 6122.
Browse current Costa Rica listings
These are properties we are working with right now. New ones get added often, so check back, or message us for off-market options that never hit the public site.
5 bedrooms / 5 bathrooms
Puntarenas Province, Santa Teresa, Costa Rica
CASA CEDRO | MAL PAIS
Puntarenas Province, Santa Teresa, Costa Rica
CASA MAREA with $400,000 down
Malpais, Puntarenas Province, Costa Rica
San Isidro Cóbano
Puntarenas Province, Santa Teresa, Costa Rica
Beachfront Villa in Playa Mal País
Puntarenas Province, Santa Teresa, Costa Rica
heart of Santa Teresa
Puntarenas Province, Santa Teresa, Costa RicaOn the ground in Costa Rica, helping US and Canadian buyers find and safely close the right property. Questions? Message Leo on WhatsApp at +506 8798 6122.
Join The Discussion