There are two types of banks in Costa Rica, public banks, or Government owned, and private banks, with different ups and downs, advantages and disadvantages existing in all of them.
The public banks, operated by the national government are Banco de Costa Rica, Banco Credito Agrícola, Banco Popular and Banco Nacional. Of course, all the money handled by these banks is guaranteed and they are the ones that have the most locations around the country from where you can have access to your money, whether it is at a branch or at an ATM, but they are also famous for longer lines and waiting times that the private banks.
There are also many private banks usually affiliated or recently bought by international banks, like HSBC, Citi Group or Scotiabank. Unlike the public banks, they have the reputation for fast and efficient service but are also lacking on the branch department compared to the Government owned.
There should be no problem at all in finding the option for savings and checking accounts in both dollars and the local colones, but there are definitely differences in time between banks when it comes to cashing foreign checks, whether you have a national or foreign account. Credit and Debit cards are found in every bank if you meet the requirements, but not every card is accepted internationally. Also, every bank has different requirements for opening the accounts, like identification, references and minimum deposits.
What people should have very clear is that the interests are much higher on accounts that are set to the national money, the colon, but this has to be compared to the gradual devaluation that the colon has to the dollar. Interest will vary considerably between banks, so it is important to have all the options well studied and learned before making your choice. Different banks have different types of accounts, so knowing all the facts will allow you to make the best out of your money.
When it comes to opening business accounts in national (public) banks, you will need to ask for legal help from an attorney. Among other things, you will need certification of the company's legal representatives, the original letters of incorporation of the company and two recommendation letters from individuals with checking accounts in that bank. The attorney of your choice should be able to supply you with these letters and the legal charges for this procedure should be minimal.
