Costa Rica’s official currency is the colón, or colónes in plural. Costa Rican coins range from 5c to 500c and Costa Rican notes come in 1000c, 2000c, 5000c and 10,000c bills.
Although U.S. dollars are widely accepted by the travel trades, visitors are advised to always carry some colones when traveling outside the main tourism destinations. If you have to pay someone with dollars, be prepared to accept the change in colones.
Travelers Checks from American Express, Citibank and Thomas Cook are widely recognized and can be exchanged for local currency at all major banks, or at large international hotels. At the bank, you must present your original passport rather than a photocopy to conduct any form of transactions.
Visa and MasterCard are invaluable when it comes to fast, easy cash, since they are usable at all 24-hour Automated Teller Machines (ATMs) all over the country; in banks, supermarkets, shopping malls and other convenient locations. In addition to dispensing colones, some ATMs in touristy locations offer the dollars as well.
When using your Credit or Debit card for deposit or guarantee for accommodation or car rentals, be aware of the difference - while credit cards can be pre-authorized for a certain amount without being actually charged, debit card charges are immediately withdrawn from your bank account, and in some cases it can be a hassle to get the charges reversed or refunded.
Be aware too that in Costa Rica it is customary for businesses to automatically levy a fee of 3 to 4 percent for credit card payments; at the same time, some small business owners offer cash discounts to customers as an incentive to pay with cash.
CHANGING MONEY
The two largest state banks, Banco Nacional (BN) and Banco de Costa Rica (BCR) are everywhere and they offer the best exchange rate for foreign currencies. Private Banks like BAC, Scotia, Banex and Cuscatlan have fewer branch offices around the country. For convenience, you can get some money changed immediately after arrival at the Airport, although the buying rate there may be slightly lower than the banks outside.
State Banks open Monday-Friday, 9am to 3pm; private banks, Monday- Friday, 8am to 3:30 or 4pm. Banks are closed on weekends, but most hotels can handle a small amount of exchange if you cannot wait until Monday. Remember, you must show your original passport to exchange money at any bank.
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