Caution! If You Change Your Phone Number in Costa Rica and Don’t Report it to the Bank, Your Accounts Could be Closed through Sinpe Móvil

People who use Sinpe Móvil in Costa Rica to transfer their money regularly should be very careful if they decide to change their phone number. The Central Bank of Costa Rica (BCCR) warns that, although financial institutions are required to offer mechanisms for customers to limit the use of the SMS channel—establishing maximum amounts and requiring express authorization—the ultimate responsibility rests with the user. Therefore, when changing phone numbers, bank users must first notify the bank so that the discarded phone number is disconnected from the Sinpe system. Otherwise, you could lose your money.

Deactivate the old number

“It is vital that, when changing your number, you deactivate the old one and register the new one with your bank (…) This is because Sinpe Móvil directly links your phone number to your bank account. If your old number is assigned to another person and you don’t deactivate it first, the new owner could carry out SMS transactions, withdrawing funds without any major obstacles,” the Central Bank stated. A simple oversight could put the funds in your bank accounts at risk.

On the rise

The use of Sinpe Móvil continues to boom in Costa Rica. According to official data, by the end of 2024, more than 648 million transactions were made using this system, and more than 3.5 million users are now subscribed.

In December of last year alone, 62.7 million transactions were recorded using this method, which allows you to send and receive money instantly using only a mobile phone number.

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