Thursday, 22 October 2020

Sinpe Móvil transfers grow by leaps and bounds in 2020

As of July, the platform moved ¢79 billion colones in some 4.5 million transactions; 3.6 times compared to March

(QCOSTARICA) Money transfers in Costa Rica through the SINPE Móvil by the Central Bank accelerated the growth rate in 2020. As of July, a new record figure of some 4.5 million transfers was reached.

The option of transferring money between accounts within each bank and towards others by using the telephone number and without the need to ask for the account number is increasingly used by consumers as a means of payment for small amounts.

Between March and July of this year, the number of transactions grew 3.6 times. As of July, almost 3.3 million more transfers were made than in March, when the COVID-19 pandemic arrived and, with it, sanitary restrictions.

- paying the bills -

SINPE Móvil registered in the seventh month of the year, a total of ¢79 billion colones.

The average amount for each transfer is ¢17,400.

Unlike the full SINPE, the mobile version is a free service whereby money is transferred from one account to another by assigning a cell phone number.

The total amount allowed to transfer per day is ¢100,000 and the total amount received is a maximum of ¢2 million per month.

In addition to making payments, SINPE Móvil allows users to check their bank account balance through text messaging, by sending the word “BALANCE” to the code indicated by each financial institution.

- paying the bills -

The Sistema Nacional de Pagos Electrónicos (SINPE), accessed through each bank’s website, has and costs between US$0.50 and US$5 dollars for a delayed transfer (usually the next day) or immediate. Each bank sets the commission rate and transfer limits and conditions for the use of the SINPE.



Q Costa Rica
Q Costa Rica
Reports by QCR staff

Related Articles

Fiscal uncertainty and seasonality influence an increase in the dollar exchange

(QCOSTARICA) The dollar exchange rate has maintained an upward trend for...

Ruta 27 tolls will increase starting Thursday

(QCOSTARICA) While the economic crisis felt by one and all due...


COVID-19 in Costa Rica: 1,166 new cases for Oct 17

QCOSTARICA - As of October 17, Costa Rica registers 1,166 new cases of COVID-19, of which 299 are by epidemiological link and 867 by...

Despite the failure, Alvarado and Cruickshank insist: “The dialogue is still on”

Q COSTARICA - In a meeting with the Bloque Unitario Sindical y Social (Bussco), President Carlos Alvarado, said that "it is urgent to make...

Costa Rica opens air borders to ALL countries in November

QCOSTARICA -  As of November 1, Costa Rica will open its air border to all countries. To date, tourists from only a select number...

Global Ideas ‘Climate change is making us stronger’ — Resilient Bolivian women adapt to global warming

Nestled in Bolivia's Cochabamba valley is the village of Tiraque. One of dozens of indigenous farming communities in the traditionally fertile local region, it...

Blockade promoter says they are going to face riot police ‘armed’

QCOSTARICA - Former legislator Oscar Campos Chavarría, leader of the self-styled National Rescue Movement, assured this Friday that they are going to organize in...

#DEBUNKED: False tweet circulates in which Donald Trump relates Carlos Alvarado to Nicolás Maduro

#DEBUNKED: NOT TRUE that the president of the United States, Donald Trump, published a message on Twitter in which he relates the president of...

Let's Keep This Going!

To be updated with all the latest news and information about Costa Rica and Latin America.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.