Costa Rica: Money Transfers Via SMS

The new service SINPE Móvil allows phone line to be connected to a bank account in colones, in order to make transactions to another bank account using text messages.

Friday, May 8, 2015

Banco Central de Costa Rica's application, SINPE Móvil, also allows the use of mobile applications, online banking and mobile banking websites so that you can make any banking transaction and make transfers to any other registered mobile terminal. The service is available to all holders of accounts in colones, either with a commercial bank, mutual savings and loan or credit union company.

Elfinancierocr.com reports that "... For now, Banco Nacional, Banco de Costa Rica, BAC San José, Banco Lafise, Coopenae and Coope Ande are offering the system. However, this year also joining the system will be Banco Improsa, Davivienda, Mutual de Cartago de Ahorro y Préstamos and Grupo Mutual. Some entities such as the National Bank and BAC San José are now offering this service individually, but with the exception that it only works for intrabank transfers. "

"... The system works this way: you send a text message with the word "Pase" (pass), the amount you wish to deposit (full amount) and the phone number of the recipient. Subsequently, a check is carried out on whether the number is associated with an account and the transfer is performed immediately. "

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