Costa Rica Currency Exchange
by: ShawannaMarvin210
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After you arrive in Costa Rica and are all set to exchange funds, resist the temptation to do so at the San Jose or Liberia airports. It is very unlikely you'll get the best exchange rate there.
Preferably, exchange cash at local banking institutions. The best thing to do is visit the state banks, most notably Banco Nacional or Banco de Costa Rica, which will provide you with the best rates of exchange. (Remember banks are open for business Monday to Friday.) Most hotels exchange funds too however the rate will be lower and they may charge a fee (around 1%).
Costa Ricans will usually take American cash if you have no colones on you. You're at the mercy of their "exchange rate", however, and you will probably get your change back in colones.
Most places take credit cards so it's recommended to charge your purchases and let the credit card company take care of the currency conversion for you.
Costa Rican coins come in 5, 10, 25, 50, 100, and 500 denominations. Bear in mind a 500 colones coin is around $1 in American dollars, so a 100 colones coin is approximately 20 cents US.
Paper money comes in 1000, 2000, 5000, 10000, and 20000 denominations. The 5000 colones note matches an US$10 bill, and 10000 colones is US$20. Having these mental conversions handy will help you judge relative prices for things when you're in the country.
Do have some cash on hand for incidentals such as bottled water, snacks, taxis, and tips. Don't carry large amounts of colones on you, rather, only withdraw small amounts as you think you'll need them.
It's always a good idea to check with your bank before you go regarding ATM withdrawals abroad. Check on fees, surcharges, and the exchange rate. The rate may be competitive and an ATM card is certainly more convenient than getting to the bank during business hours.
ATM usage is nearly universal these days, and providing the ATM is on the PLUS or CIRRUS system, you should have no difficulties withdrawing funds. You can usually get US dollars or Costa Rica colones through ATMs.
It's a good idea to have a spare ATM card just in case your main card gets stolen. Do keep it in a separate location, if possible.
If you're staying in the tourist areas, having colones on you will be less important as credit cards are widely accepted
If you plan to travel outside of the typical tourist areas, make sure you have some cash on you. The small villages we passed through just weren't equipped to handle credit cards. If gas in your car is running low as you pass through, you'll be glad you have money on you. Just remember to conceal larger bills and keep coins and small bills handy.
If you're going to need to cash travelers checks, likely there will be a 1% fee plus an additional flat fee (< $5 USD). Again a state bank is your best bet.
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And finally, if you happen to be wondering about enjoying a fun Costa Rica vacation, check out the different regions of Costa Rica.
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