The Central Bank announced it will end the SINPE (Sistema Nacional de Pagos Electrónicos) transfers format by the end of the year, when all financial entities must apply the International Bank Account Number (IBAN).
Starting on January 1, 2019, the 17 digit SINPE client account number currently used to receive or send money between financial institutions, will no longer be used.
The IBAN is an internationally agreed system of identifying bank accounts across national borders to facilitate the communication and processing of cross-border transactions with a reduced risk of transcription errors.
The IBAN is currently used by financial institutions in Costa Rica for international transfers. The IBAN uniquely identify a customer’s bank account, consisting of an alphabetical country code, followed by two digits, and then up to thirty