Discusses the most common methods of payment, such as open account, letter of credit, cash in advance, documentary collections, factoring, etc. Includes credit-rating and collection agencies in this country. Includes primary credit or charge cards used in this country.
Last Published: 10/28/2019
Bank letters of credit are the most common and secure method of payment in international trade, including in Costa Rica. Letters of credit are strongly recommended for Costa Rica, particularly in situations where the business relationship between the U.S. exporter and the local importer is still developing. Small transactions are often handled through advance payment via bank transfers or sight drafts. The free convertibility of the colon and the absence of controls on remittances encourage open account relationships in cases where credit risk is deemed minimal. Credit rating agencies in Costa Rica include the private company, Equifax and the government entity SUGEF.  Both are primarily for personal credit records. Major credit/debit cards used in the market are: Master Card, Visa and American Express.

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