Q COSTARICA — “Contrary to messages spread on social media and other platforms, the Sistema Nacional de Pagos Electrónicos (SINPE) service is not prohibited or limited in any way for any type of transaction, whether personal or commercial,” the Banco Central de Costa Rica (BCCR) – Central Bank – stated in a statement.
The Central Bank reiterated that the only change is the incorporation of a specific code in the electronic receipts of commercial entities, by order of the Ministry of Finance, in order to identify payments made.
The measure responds to the obligation of businesses to report tax information to the Ministerio de Hacienda (Treasury) – Ministry of Finance, as they already do with other payment methods such as cash, transfers, or debit and credit cards.
In its statement, the Central Bank reiterated that users will be able to continue using the platform as they have until now; that is, the change is not in the use of SINPE Móvil, but in the tax area. That is, SINPE Movil transfers by users aren’t taxed.
Last August, the Central Bank approved a reform to the SINPE that limits transfers made through SINPE Movil via text messages (SMS) to ¢100,000 colones per day.
Until then, some banks allowed larger transfers through this channel. With the reform, all financial institutions must comply with the new limit.
SINPE Móvil is a popular mobile money transfer service in Costa Rica that allows users to send and receive money instantly through their smartphones.
Linked to the national electronic payment system, SINPE Móvil enables secure, fast, and convenient transfers between individuals and businesses without the need for cash or physical bank visits.
Users can register their mobile phone numbers with participating banks to send funds directly to another person’s phone number, making everyday transactions like splitting bills, paying for services, or sending remittances straightforward.
The service operates 24/7, providing real-time confirmation of transfers and enhancing financial inclusion by offering an easy way for those without traditional bank accounts to participate in digital payments.
SINPE Móvil has become a key part of Costa Rica’s move toward a cashless economy, supported by widespread adoption across banks and a government push for digital financial solutions. It offers a low-cost, secure alternative to traditional money transfer methods, helping to streamline payments in both urban and rural areas.
You can make SINPE Móvil transfers without any fees for up to ¢100,000 colones in total each day. If you want to send more than that, check with your bank about any fees. For example, BAC doesn’t charge for SINPE transfers between your own accounts or to other BAC customers. But, transfers to accounts at different banks of any amount, the fee usually falls between US$0.75 and US$3 per transaction.
Previously, some banks allowed larger transfers. With the reform, all financial institutions must comply with the new limit.