Cross-Border Payments
This system will enable customers from institutions affiliated with SINPE to send and receive transfers securely and efficiently among Central American countries and the Dominican Republic, with the support of the central banks of each country.
Services
The system will allow operations such as:
• Sending and receiving family remittances.
• Commercial payments.
• Securities settlement.
Currency
Transactions will be conducted exclusively in U.S. dollars (USD).
Required Account
• To carry out transactions using this service, an IBAN (International Bank Account Number) is required.
• IBAN is the standard internationally used account number for the transfer of funds between bank accounts.
Operating Cycle
The Cross-Border Payments service will be carried out in accordance with the following stages:
• Transfer request: The source client requests the source financial institution to execute a transaction using the client’s account to another account in the region.
• Transfer by a local financial institution: The source financial institution issues through SINPE, and on behalf of its client or independently, an instruction to transfer funds to an account located in Central America or the Dominican Republic
• Transfer by the Central Bank: The Central Bank of Costa Rica sends the payment order to the destination commercial bank abroad.
• Transfer receipt by local commercial bank: The destination commercial bank receives the payment order and either accepts or rejects it.
Credit of the transfer to the destination IBAN account: If the transfer is accepted by the destination commercial bank, the full amount of the transfer must be credited to the respective account not later than two (2) hours after receipt.
Operating Hours
Transactions may be processed from 9:00 a.m. to 2:30 p.m. local time and be received from 9:00 a.m. to 3:00 p.m. on all national business days, except for non-business days in Central America and the United States.
Transaction Costs
The fee for each transaction will be determined by the institution providing the service. The fees charged by the different institutions can be reviewed in the
Fees Charged by Financial Institutions website section.
Information Required to Complete a Transfer
Any customer wishing to complete a transfer to one of the countries participating in this agreement must provide their institution with the following information:
• Source client data—natural person:
• Recipient account number under the IBAN system.
• Full name.
• Date of birth: yyyy/mm/dd (example: 1950/12/02).
• ISO country code/Place of birth (example: CR/San José).
• ISO country code/identification number (example: CR/1-0615-0800).
• Source client data—legal person:
• Recipient account number under the IBAN system.
• Full name of the company.
• Company address.
• ISO country code/state or province (example: CR/San José).
• ISO country code/company identification number (example: CR/1-0615-0800).
• Beneficiary client data:
• Account number under the IBAN system.
• Client name.
• Address (country + address).
• City.
• Identification number.
• Details of the transaction, purpose.
Advantages
This new service offers the following advantages:
• Security and efficiency in regional payments, both sent and received.
• Central bank backing in payment processing.
• Defined operating hours for all participants.
• A regulatory framework that governs the service and establishes sanctions for non-compliance, such as delays in crediting funds.
Site of Interest
