Send or receive money for free using SINPE Móvil
Did you know how easy it is? pay, send either receive money using SINPE Mobile
What is SINPE Mobile?
The SINPE Móvil payment system offers the possibility of making money transfers "from one cell phone to another" very quickly and easily, in most cases free and instantaneously 24 hours a day, 365 days a year.
Benefits of SINPE Mobile
- Free service (up to ¢100 thousand for shipments and ¢2 million for receipts). Check with your bank or financial institution for commissions greater than these amounts.
- immediate procedure
- very easy to use
- Accessible to anyone with a bank account and a mobile number with a smartphone (smartphone)
- Electronic payment without the need for a dataphone
- Sending money without having to enter the bank account via the Web
- Check balances and account movements
- Less use of cash
Who is SINPE Mobile for?
It is a service offered by the Central Bank of Costa Rica for clients who have a bank account in colones in any of the Banks and entities of the entire National Financial System of Costa Rica.
Tip for merchants about SINPE Móvil
Has it happened to you that many times you stopped selling because the client did not have cash to pay you? This service can be a great ally for informal sellers, micro and small businesses that do not have a dataphone, and -even if they already have one-, they could save the bank commission for each transaction through that dataphone (regularly it is a 4% or further). Of course, generating better profitability.
How does SINPE Mobile work?
The service is not really phone to phone, but the money goes from one account to another account to which the respective phone number is linked.
Most banks offer an application (app) that is used on the phone for the transaction. But first you must register or register your phone to your bank account in colones, the process will depend on your Bank, if you can do it through your app, your online portal or process in person.
For the procedure in the app, you should normally only include:
- the phone number to receive the deposit
- the amount to transfer
- a detail or reason for the shipment
The payment is confirmed immediately both to the person who sends the money, as well as the person who receives the money, by SMS and/or via email or notification in the app.
In some cases, the app will require a security code or verification through the email associated with the bank account or an SMS message from the phone.
What banks or institutions offer the SINPE Móvil service?
The SINPE Móvil service is generally offered by all the banks and financial institutions of the National Financial System of Costa Rica.
The Banks and financial institutions that offer the SINPE Móvil service are:
National Banks:
cooperatives
Private Banks
Other Institutions
You can also see a summary in the Central Bank of Costa Rica by clicking click here.
Disadvantages and Limitations of the SINPE Mobile service
There are few disadvantages and limitations that the SINPE Móvil service presents, however, we can cite:
- The phone number can only be linked to a single account in a single bank o Financial Institution, that is, if you have two or more accounts in different Banks, you can only link the same number with a single account
- The amounts to transfer allowed are low. This could also be seen as an advantage in case of fraud. It can be limited by each transaction and by daily amount
- After ¢100 thousand for remittances and ¢2 Million for receipts, the Banks charge a commission
- Also some Banks or Financial Institutions charge or have a limit for reception (check with your Bank)
- It is only for use in colons
What to do in case of theft or loss of the phone if I use SINPE Móvil?
Whether or not you use SINPE Móvil, we recommend that you use security to access your smartphone, be it with a numerical code, a pattern of dots, or fingerprint or facial recognition.
In case you lose your phone and have the SINPE Móvil service enabled, contact your Bank or Financial Institution immediately and request that they disable the service. You can also do it by entering the virtual platform of your Bank via the Web and do it yourself.
And you already use SINPE Mobile? What did you think of this article? Did you find this information useful? Share on your social networks and your WhatsApp friends!
