QCOSTARICA — People who use SINPE Móvil, the system for electronic money transfers to accounts linked to mobile phone numbers, operated by the Central Bank of Costa Rica (BCCR) to transfer their money regularly, should be very careful when changing their phone number.
The Central Bank warns that although financial institutions are required to offer mechanisms for customers to limit the use of the SMS channel, ie establishing maximum amounts and requiring express authorization, the ultimate responsibility lies with the user.
Therefore, when changing phone numbers, users SINPE Móvil should first alert the bank so that the discarded phone number is disconnected from the banking system.
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According to the Central Bank, when changing a phone number it is vital to deactivate the old number and register the new one with your bank. This can be done online or at the counter at the nearest branch.
The simple oversight of not doing so could put the funds in your bank accounts at risk, that is you could lose your money if and when your old number is assigned to another person, that is, if you haven’t deactivated, the new owner of the number could carry out SMS transactions, withdrawing your funds from your bank account without any major obstacles.
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, the Central Bank reported 62.7 million SINPE Móvil transactions moving (sending and receiving) money instantly using only a mobile phone number.
If you are new to Sinpe Movil, here’s how it works:
- Registration. The user must link their mobile phone number to a bank account at a financial institution that offers the SINPE Móvil service.
- Sending money. Once registered, the user can send money to other users linked to the service using their mobile phone number.
- Receiving money. Users can also receive money through SINPE Móvil by entering the phone number associated with their bank account.
Advantages to using SINPE Móvil:
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- Ease. Allows transfers without needing to know the recipient’s bank details, only their phone number.
- Speed. Transfers are processed in real-time, allowing for a fast and efficient exchange of money.
- Accessibility. The service can be accessed from any online banking channel, including SMS banking, mobile web banking, and app banking.
- Security. SINPE Móvil uses a secure and reliable platform for transactions.
SINPE Móvil on in Costa Rica
SINPE Móvil, a mobile payment system in Costa Rica, doesn’t have a direct equivalent in Canada, the United States, or the European Union. However, similar services exist in those countries.
In Canada, Interac e-Transfers, available through major banks, allow users to transfer money to other Interac-enabled accounts using email or mobile number.
In the United States, systems like Zelle (available through participating banks) and Venmo (a payment app owned by PayPal) offer similar functionality for transferring money via email or phone.
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While the European Union has various mobile payment systems, they don’t specifically focus on transferring funds between accounts linked to mobile phone numbers in the same way SINPE Móvil does.
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