Costa Rica money

Costa Rica's national currency is the colón (plural: colones), but US dollars are widely accepted in tourist areas and some other locations. This raises several important questions: Should you pay in dollars or colones? Where can you find the best exchange rates? Where should you avoid changing money? Will your ATM card work in Costa Rica? What about your credit cards? Read on for practical, factual answers that will help make your vacation hassle-free. A very cool thing I love about the colones... It's plastic money. No worries if you take it into the ocean with you, or it gets put through the washing machine.

 

Banks & ATMs

You can usually find an ATM to withdraw money from the US (Or Canada) to get easy cash. You may need to inform your bank of the fact that you are traveling so your card doesn't get frozen. Be careful when taking money that is torn, taped, or written on. You can only take it to the bank to exchange. Merchants are quick to turn that kind of US dollars away. Large bills are hard to accept in Costa Rica as well. Make 20's your largest. Bill.

 

Using the US Dollar

Many visitors find it convenient to carry US dollars because they are accepted virtually everywhere. This means you won't have to waste time converting your cash into Costa Rican colones before you can start shopping. 

Most of the time, the cashier will convert at the store and give you back change in colones. So don't expect spending $10 and getting 10 back in colones. It will be converted. 

 

Carry some Cash—but Only What You Need

Some remote areas don't have credit card readers or accept credit cards.  If you do use a credit card, either stand at the machine while they charge, or have them bring the reader to the table.  So be ready to pay for lodging or meals in cash if you are going somewhere remote, but as a safety factor, don't carry wads of cash or make it known you have a lot of cash.

 

Use ATMs

1. Make sure you have a four-digit PIN; without it, you won’t be able to withdraw money.

2. Check with your card issuer about any international transaction fees; some banks may be more lenient than others. You will also be charged a fee for using the ATM. There are few and far between banks that don't charge fees.

3. Notify your bank and credit card issuer of your travel plans to prevent your card from being flagged for suspicious activity and possibly suspended.

 

Once you're in Costa Rica, follow these tips to avoid issues:

 

Colones

The colón is the official currency of Costa Rica. The coin is named after Christopher Columbus, who discovered Costa Rica in 1502, and was established in the early decades of the 20th century. Before the colón, cacao seeds were used as currency during colonial times, and in the 1840s, coffee plantation workers used “coffee tickets” to exchange goods in shops.

 

The design of the first colón coins appeared in 1935 and remained unchanged until 1978, featuring national symbols like the coat of arms. Since 2012, the bills have featured a colorful design inspired by Costa Rica's wildlife, introducing new patterns featuring the sloth, hummingbird, morpho butterfly, and white-headed capuchin monkey. This innovative design includes materials that help visually impaired individuals distinguish between the bills.

 

Exchange Rate

The Central Bank of Costa Rica determines and manages the value of the colón using the Exchange Rate Band System, which consists of a floor and a ceiling. This means all financial entities in Costa Rica cannot exceed the specified amounts when buying or selling dollars. For example, the minimum rate for buying (floor) might be $1 = ¢529, while the maximum rate for selling (ceiling) could be $1 = ¢542.

 

The airport has exchange booths throughout. Not necessary to go there right away. I never use colones; I only use them when given to me as change. Just a habit, I suppose.

 

When you have a bank account in Costa Rica, you can pay any bill online with either colones or USD.