A Boom Market For Remesas
The holiday season is for giving. However, for hundreds of thousands of foreigners living and working in Costa Rica, sending money home for the holidays is most importance, helping out loved one left behind at home, in some cases children, as mothers look to Costa Rica for a better life for their families.

Nicaraguans head the list of "remeseras" - companies specializing in sending money to the home country. However, growing on the list of "remesas" (remittances) are Colombians who are quickly becoming a force in the market.

Many put aside a little of every paycheck or sale to send home, to help out families.

The business of remesas has been largely handled by private companies who for a small fee handle the transaction of receiving the money in Costa Rica and paying out in the home country.

However, banks are now entering the market in a big way.

Leading the private banks is BAC San José who has seen their remesas market jump some 200% over last year. BAC officials say the average transaction is between us$200 and us$300.

State bank Banco de Costa Rica (BCR), in their efforts to capture this large market, has partnered with Banpro in Nicaragua. BCR has 120 branches in Costa Rica that will accept money to be sent to Nicaragua for only a us$2 fee for any amount up to us$500. Banpro has 43 branches in Nicaragua where the money can be picked up, charging a fee of us$3, making the total commission us$5 for any amount up to us$500.

The fee charged for the transactions can vary depending on the institution, anywhere from us$1 dollar up to 3% of the amount being sent. The lowest rate to Colombia is found at a small "remesa" in the Galeria shopping mall in downtown San José, while for remesas to Nicaragua, the area around the Parque Mercedes (across from the Hospital San Juan de Dios on Avenida Segunda), Nicaraguans have a number of companies ready to serve them.

Unlike the remeseras, the banks offer instant money transfer. The BCR says on its website that money deposited at any of its branches is available at any Banpro branch in Nicaragua in minutes.

BAC San José is part of the BAC financial network, of which General Electric has a 49.99% of the shares, with branches in México, Guatemala, El Salvador, Honduras, Nicaragua, Panama and Costa Rica,

While foreigners are busy sending money home, a number of Costa Ricans are on the receiving end as family members in the united States, Canada and Europe are sending money home to Costa Rica, some to help out family members here, while others sending it straight to a savings account.