Easier Bank Transfers in Costa Rica

The SINPE payment system now allows for transfers to third parties to be credited on the same day that they are made.

Friday, January 10, 2014

The Central Bank of Costa Rica has modified the SINPE system so that the transfers made to others by direct debit are credited before 7 pm the same day they are made.

"According to the explanation by Carlos Melegatti, director of the Payment Systems Division, the change is an improvement to the system, its greatest benefit being that payroll payments are credited on the day of the transaction and not until the next day as is done in some institutions.

The Sinpe also allows the option to apply a real-time transfer, but this is more expensive for the customer and rates may vary depending on the bank. While direct debit can cost a maximum 750 colones per transaction, the real-time transfer costs 2,500 colones."

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