Money Market Accounts
MONEY MARKET ACCOUNTS
Now your checkbook earns interest!
The Corporate Money Market Account is a tiered rate interest bearing checking account designed for clients with high account balances payable monthly at competitive rates. Rates are paid based on the level of funds maintained.
Conditions
Panama Office
- Minimum Opening Amount: US $ 10,000.00
- Allows 4 debits and transfers monthly
Miami Office
- Minimum Opening Amount: US $ 50,000.00
- Allows 6 debits and transfers monthly
Benefits
- Interest paid on account balances maintained
- Online Banking services with access to your account 24/7 from anywhere in the world – account balances, inquiries and funds transfers.
- Certified Checks and Official Checks
- We have an extensive list of intermediary banks to facilitate your wire transfers and payment orders
Requirements
- Articles of incorporation of the company and all the amendments made
- Current legal status
- Power of Attorney (if applicable)
- A valid identification of each of the dignitaries, owners and * signatories. * Miami Office two (2) valid identifications (required)
- Two bank references addressed to Banco Internacional de Costa Rica S.A
- Financial statements
- Last electrical or telephone bill
- Bank forms
For Private Investment Company, the following requirements should be considered additional:
- Company Regulations and amendments if aplicable
- Legible copy of one (1) valid identification of the founders and beneficiaries of the Private Investment Company: Foreigners – passports / Panamanians – identity card
- Declaration of income or assets
Further information
To obtain further information on Money Market Accounts – Corporate Banking, write us at this email and one of our executives will communicate with you.
Capital Goods Financing
CAPITAL GOODS FINANCING
We offer the financing of fixed assets related to the productive activity typical of the company’s normal course of business.
Benefits
- Financing from:
- Construction and expansion of facilities
- Buildings and commercial premises
- Machinery and equipment
- Vehicles
- Terms up to 12 years.
Requirements
- Audited Financial Statements (last 3 years)
- Internal Financial Statements issued less than 3 months ago
- Financial projections
- Certification of Legal Status of the respective commercial registry
- Copy of Identity Cards and/or Passports of the Representatives
- Bank references
- Appraisals
- Others at the request of the Bank
Further information
To obtain further information on Capital Goods Financing – Corporate Banking, write us at this email and one of our executives will communicate with you.
Foreign Trade Financing
FOREIGN TRADE FINANCING
BICSA has developed short and long term financial products and services, aimed at companies that carry out the production and exportation of goods and services, allowing them in that way to complete and to position their products in the markets of the region.
Types of Financing
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Purchase of shipping documents. Loans with foreign resources for your exportation operations, whether they are pre or post shipping.
-
Financing of importation. Loans to importing clients in order to finance their importation operations once the shipping documents have been negotiated and once the financing terms of the provider has lapsed.
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Financing pre-shipping exportation. Loans to exporting clients for the purchase of supplies and/or for the manufacturing of the products that they are going to export.
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Financing of post-shipping exportation. Loans to exporting clients once the merchandise to be exported has been shipped.
Benefits
- Flexibility in financing terms that minimize the impact on the company’s cash flow.
Requeriments
- Audited financial statements (2 years).
- Copy of the Articles of Incorporation or Legal Certificate and its latest changes.
- Bank references.
Further information
To obtain further information on Financing of Foreign Trade Activities – Corporate Banking, write us at this email and one of our executives will communicate with you.
Documentary Credit
DOCUMENTARY CREDIT
The Documentary Credit Service is a method of payment by means of which one can cover the purchase of good and services. In this type of service, the bank acts on behalf of the purchaser, guaranteeing the seller the payment of a sum of money in an established period in the commercial operation, against the reception of shipping or service documents, which comply with the terms and conditions established by the buyer.
Modes
-
On Demand: When the shipping documents, as well as any other document
requested by the importer, have been presented. The confirming bank
pays immediately, provided the documents comply with the terms of
the credit. -
On terms: Against the delivery of shipping documents which the exporter
sends to the bank, the bank delivers a document which obliges the payment
of the value of the letter of credit in a pre-determined period, provided the
documents comply with the credit terms. -
Stand-By: At the request of the purchaser, the bank guarantees compliance
of obligations contracted by the purchaser to the favor of a beneficiary. In
case of non-compliance, the payment will be made upon the presentation of
the documents required by the purchaser. This mode is more versatile and
can guarantee any type of transaction such as a purchase or sale of products
and services. In addition, it can guarantee several transactions in a determined period with less costs in relation to the letters of credit and exportation and importation.
Benefits
-
Our operations are carried using the SWIFT system.
-
Flexibility, for its great diversity of types of commercial operations
and services, as much local as international. -
Additional financing that BICSA offers if such is necessary for the
specific operation, which allows your company to minimize cash flow. -
Peace of mind, because of the guarantee that the participation of
BICSA lends to the transaction. -
The Letter of Credit gives a guarantee to the seller, because a bank is involved in the commercial operation.
-
This is a completely flexible instrument, which adapts itself to the conditions of the commercial operation or services.
Requirements
-
A qualified credit line in order to open Letters of Credit.
-
A request to open a Letter of Credit which can be obtained on the Internet.
-
To request International if it is complete and if it can provide a copy
of the requesting form.
Further information
To obtain further information on Documentary Credit – Corporate Banking, write us at this email and one of our executives will communicate with you.
Emission of Banking Guarantees
EMISSION OF BANKING GUARANTEES
In BICSA we offer Banking Guarantees to assure compliance of an obligation by a third party, but only when the agreed upon conditions made at the moment of writing up the document are complied with. A banking guarantee for the most part is used with Government Institutions to warrant specific projects.
Benefits
- To request the information from the respective department for Corporate Banking.
Requirements
- To request the information from the respective department for Corporate Banking.
Further information
To obtain further information on Emission of Banking Guarantees – Corporate Banking, write us at this email and one of our executives will communicate with you.
Collections
COLLECTIONS
The Collection Service is a method of payment used by many exporters by means of the presentation of financial documents (bills of exchange, promissory notes, checks and other similar instruments) or commercial documents (invoices, shipping documents, title documents and other similar documents) in order for such documents to be paid or accepted by the issuer or importer.
At BICSA we offer the following collection modalities:
- Import Collection: through this process, BICSA makes the presentation of the shipping documents for imports made by our customers, which are received from banks and suppliers from anywhere in the world, offering the following commissions for this service:
| Tariff: | 0.25% of the amount Minimum: US$50.00 Plus other applicable charges. |
- Exportation Collection: for this method of payment, BICSA has a great network of Correspondent Banks around the world, which facilitates the processing of documents with speed and security.
| Tariff: | 0.25% of the amount Minimum: US$50.00 Plus other applicable charges. |
- Clean Collection: is the process of obtaining payment on a check drawn against another bank. In this process there is no delivery of any representative document of merchandise.
Tariff:
| Tariff: | Minimum: US$30.00 Plus other applicable charges. |
Benefits
- Wide experience in the handling of foreign trade operations
- Security and confidentiality.
- Prompt and personal attention.
- Low handling costs.
- Additional financing in the case of obtaining a Line of Credit
- Possibility discount of drafts.
Requirements
- Legal status with no more than one month issued and authenticated by a lawyer.
- Original Public Registry Certification valid for no more than 6 months.
Further Information
To obtain further information on Clean and Documentary Collection – Corporate Banking, write us at this email and one of our executives will communicate with you.
Forex
FOREX
As a complement to the traditional foreign trade service (trade finance) and with the aim of offering additional value to our clients’ commercial chain, BICSA incorporates into its portfolio of services the negotiation of the purchase and sale of foreign currency through its trading desk. FOREX. Through this service, our clients not only execute their foreign trade operations with the opening of a letter of credit or collection, but at the same time BICSA provides them with the necessary currency for payment or reimbursement. Likewise, BICSA offers a series of products in foreign currency, such as: purchase and sale of spot or term currencies (forward), management of current accounts, international transfers, receipt of remittances and term deposits.
Benefits
- Trust
- Security
- Efficiency
- Amiability
- Timely and personalized attention
- Minimum waiting time
- Low costs
Requirements
- Foreign Currency Purchase and Sale Request Agreement.
- Opening of current account in USD
Further information
To obtain further information on Forex, write us at this email and one of our exectutives will communicate with you.
Collections
COLLECTIONS
CLEAN OR DOCUMENTARY COLLECTION
The Collection Service is a method of payment that uses the presentation of any obligation, promissory note, bills of exchange, shipping documents or other title of values, in order that said document be paid or accepted. All commissions and expenses are paid by the client.
In this area, the service of sale of any type of European currency is given (Yens, Euros, pound sterling, etc.).
Modalities
- Exportation collections: Through this method, BICSA carries out collection procedures with the shipping documents for the exports made.
- Importation collections: Through this method, BICSA carries out the presentation of shipping documents for importations done to local purchasers, receiving them from banks and suppliers of any part of the world.
| Rate: | 0.50% of the amount Minimum: US$25.00, Maximum: US$100.00 |
| payment by Telex: | US$20.00 |
| Rate: | 0.50% of the amount Minimum: US$25.00, Maximum: US$100.00 |
| Payment by telex: | US$15.00 |
| Notification of Overpayment: | US$10.00 |
Benefits
- Wide experience in the handling of foreign trade operations
- Security.
- Prompt and personal attention.
- Low costs.
- Additional financing in the case of obtaining a Line of Credit
Requirements
- Legal capacity that was issued not more than one month ago and is authenticated by a Notary.
Further information
To obtain further information on Clean and Documentary Collection – Private Banking, write us at this email and one of our executives will communicate with you.
Fund Transfers
FUND TRANSFERS
Practically since its founding, BICSA has established and maintained a strong relationship with the international banking community, which has allowed us to have the capacity to offer international financial services in any part of the world.
BICSA offers service of banking transfer abroad through the SWIFT System, an efficient, secure and trustworthy electronic private communication system that connects to more than 5,000 financial institution in more than 120 countries. For transactions within Costa Rica, BICSA offers the SINPE System (Interbank System for Negotiations and Electronic Payments ) of the Central Bank of Costa Rica.
BICSA has an extensive network of correspondent banks, which permits us to go directly to the bank of the beneficiary, thus minimizing the cost to our clients.
- Internal Transfers. You can transfer funds from one account to another account in your own name within BICSA.
- External Transfers. Those transfers of money that must be paid to beneficiaries within and outside the country.
- Transfers to Third Parties. Those transfers which must be paid to beneficiaries that have an account at BICSA.
Benefits
- Access to your account to make inquiries and transfers via our Online Banking 24 hours a day and from anywhere in the world.
Requirements
- Be a bank customer.
Further information
To obtain further information on Fund Transfers – Private Banking, write us at this email and one of our executives will communicate with you.
Documentary Credit
DOCUMENTARY CREDIT
The Documentary Credit Service is a method of payment by means of which one can cover the purchase of good and services. In this type of service, the bank acts on behalf of the purchaser, guaranteeing the seller the payment of a sum of money in an established period in the commercial operation, against the reception of shipping or service documents, which comply with the terms and conditions established by the buyer.
Benefits
- Our operations are carried using the SWIFT system.
- Flexibility, for its great diversity of types of commercial operations and services, as much local as international.
- Additional financing that BICSA offers if such is necessary for the specific operation, which allows your company to minimize cash flow.
- Peace of mind, because of the guarantee that the participation of BICSA lends to the transaction.
- The Documentary Credit gives a guarantee to the seller, because a bank is involved in the commercial operation.
- This is a completely flexible instrument, which adapts itself to the conditions of the commercial operation or services.
Requirements
- A qualified credit line in order to open Documents of Credit.
- A request to open a Letter of Credit which can be obtained on the Internet.
Further information
To obtain further information on Letters of Credit – Private Banking, write us at this email and one of our executives will communicate with you.
