Once a Costa Rica purchase is actually under contract, the question I get almost immediately is a practical one: how do I actually get the money there? Not the financing question, the plumbing question, deposit, balance of funds, closing costs, all in USD, all needing to land in the right account at the right time.
Bank Wire
The most familiar option is a standard international wire from your Canadian bank. It's simple and reliable, but banks typically apply a wider exchange-rate spread than a dedicated FX service, and often tack on a flat wire fee on top of that. On a $400,000 purchase, a 1.5–2% spread alone can quietly cost several thousand dollars more than a competitive FX rate would.
FX Broker
A currency broker that specializes in international property purchases will usually beat a bank's exchange rate by a meaningful margin, sometimes enough to cover a good chunk of your closing costs on its own. The tradeoff is an extra step, setting up an account and giving them a day or two of lead time, rather than just wiring from an account you already use daily. For anything beyond a modest deposit, it's worth the extra step.
Escrow, Not Direct to the Seller
However you move the money, it should never go directly to the seller. Costa Rica purchases run through a licensed escrow agent, typically tied to your attorney's firm, who holds funds until the agreed closing conditions, due diligence, title, documents, are satisfied. This is standard local practice, not a sign of distrust, and it protects you as much as it protects the seller.
Timing It Right
A bank wire usually clears in one to three business days; an FX broker transfer can take a little longer because the conversion happens before the funds are sent. Either way, initiate the transfer several business days ahead of your closing deadline, not the morning of. A delayed wire is one of the most avoidable ways to stress out an otherwise smooth closing.
Frequently Asked Questions
What's the cheapest way to send a large sum to Costa Rica for a house purchase?
A dedicated FX broker usually beats a standard bank wire on exchange rate, often saving hundreds to a few thousand dollars on a typical purchase, though the bank wire is simpler if the amount is small enough that the rate spread doesn't matter much.
Is it safe to wire a house deposit directly to a seller in Costa Rica?
No, funds for a purchase should go through your attorney's escrow account, not directly to the seller. Escrow is standard practice here specifically to protect the buyer's deposit until closing conditions are met.
How long does an international transfer to a Costa Rica escrow account take?
A standard bank wire typically clears in one to three business days, while an FX broker transfer can take slightly longer since the funds convert before being sent. Either way, it's worth initiating a few days before your closing deadline, not the same day.
