All financial institutions in Costa Rica will officially incorporate, as of today, Thursday, August 1, the new International Bank Account (IBAN) code, which will replace the previous customer account number.

With the change, the 17 digit bank account and client account disappear, to give way to a new 22-digit alphanumeric format whose initial initials will be the acronym of the country, CR in the case of Costa Rica.

Carlos Melegatti, director of the Central Bank’s Payment Division, explained that the IBAN account is a standardized structure that identifies bank accounts, both nationally and internationally.

Melegatti explained that the main beneficiaries will be bank customers as payments and transfers are simplified.

For example, to transfer money befor sending you needed the know the bank you were going to send to, in addtion to the client number; to reeive you had to give the sender the bank name in addition to your account number.

  • CR is the country code
  • 05 is bank code
  • 0 before the account number
  • The 17 digit bank account number

With the IBAN, you can now send and/or receive with only the 22 digit number. This is especially useful when sending or receiving funds from abroad.

 

Users of online banking will also see the change in their account(s), the old bank account number has been replaced by the IBAN.

The IBAN number will also be included in debit and credit cards when they are replaced.

Don’t be scammed. Melegatti warned users that no official from financial institutions or the Central Bank will contact users to provide the IBAN account.