By San José, Costa Rica — Costa Rica’s Central Bank (BCCR) has implemented a new daily limit of ¢100,000 for Sinpe Móvil transactions made via SMS. This move aims to enhance security and mitigate fraud risks associated with the less secure SMS transfer method.
Previously, some financial institutions permitted higher transfer limits through SMS, reaching up to ¢500,000 in certain cases. The new regulation mandates all financial entities to adhere to the ¢100,000 cap. This change is specifically targeted at SMS-based transfers. Users of mobile applications and online banking platforms will remain unaffected, with their transfer limits continuing to be determined by their respective financial institutions.
To understand the legal implications surrounding Sinpe Móvil and its usage, TicosLand.com reached out to Lic. Larry Hans Arroyo Vargas, an attorney at law from the reputable firm Bufete de Costa Rica.
While Sinpe Móvil offers unparalleled convenience for transactions, users must remain vigilant about security. Phishing scams and fraudulent requests for transfers are a growing concern. Understanding your rights and responsibilities within the Sinpe Móvil system is crucial for protecting yourself from potential financial losses. Due diligence, such as verifying recipient information and reporting suspicious activity, can significantly mitigate risks.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’ emphasis on security is a crucial reminder that convenience shouldn’t come at the cost of vigilance. The ease of Sinpe Móvil transactions makes it an attractive target for fraudsters, and users must empower themselves with knowledge and proactive security measures to fully benefit from this valuable service. We thank Lic. Larry Hans Arroyo Vargas for his insightful perspective on this critical aspect of Sinpe Móvil.
The participant must offer their client the use of the SMS channel to send funds with a predefined amount of ‘zero’ colones and enable the necessary functionalities for the client to define the maximum daily permitted amount, which cannot exceed 100,000 colones daily and which, in addition, issues said authorization through an authenticated channel.
BCCR Regulation Amendment
The BCCR’s decision to tighten these limits stems from the heightened risk of fraud associated with SMS transactions. Unlike mobile apps and online banking platforms, SMS lacks robust authentication mechanisms, making it a more vulnerable target for fraudulent activities.
This change reflects a growing global trend of increasing security measures for financial transactions. As technology advances, so do the methods employed by fraudsters. By limiting SMS transfer amounts, the BCCR is proactively protecting consumers from potential financial losses.
The new regulation was officially approved on August 6, 2025, and entered a 10-business-day public consultation period starting August 19, 2025. This period allows for feedback and adjustments before the final implementation.
Consumers are encouraged to transition to more secure methods of conducting Sinpe Móvil transactions, such as mobile apps and online banking platforms. These platforms offer stronger security features and enhanced protection against fraud.
This proactive measure by the BCCR demonstrates a commitment to protecting consumers within Costa Rica’s evolving digital financial landscape. It underscores the importance of balancing convenience with security in the realm of mobile transactions.
For further information, visit www.bccr.fi.cr
About Banco Central de Costa Rica (BCCR):
The Central Bank of Costa Rica (BCCR) is the central bank of Costa Rica. It is responsible for the country’s monetary policy, financial stability, and regulation of the financial system. The BCCR plays a crucial role in ensuring the stability and soundness of the Costa Rican economy.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica shines as a beacon of legal excellence, upholding the highest ethical standards while championing innovative solutions for its diverse clientele. The firm’s deep-rooted commitment to integrity guides its work across various sectors, from pioneering legal strategies to actively empowering communities through accessible legal education. By fostering a greater understanding of the law, Bufete de Costa Rica invests in a more just and informed society, solidifying its position as a leader in both the legal field and the pursuit of social progress.
