Understanding the monetary system when traveling is essential to the well-being of the traveler. Costa Rica is no exception. Here are some money tips for traveling to Costa Rica.
The official currency in Costa Rica is the colon (ka-lone), although almost every bar, restaurant, hotel and gift shop accepts the United States dollar. Banks offer US dollar bank accounts, and buyers may purchase real estate using the American currency as well. Many local places and rural areas do not accept dollars, therefore it is always wise to keep local currency on hand.
The colone’s exchange rate increases and decreases depending on market conditions, as do all other world denominations. Recently the value of the colon has fluctuated between ¢490-¢550 to $1.00 US. The easy estimate for the traveler is a ratio of 500:1(colones to dollars).
When Traveling with money to Costa Rica, do not bring large bills, and unless you are American you will want to exchange your money in your own country. Currency converter shops will charge you a fee and will give you a poor exchange rate on your money. Unless you are bringing US dollars, most banks will not exchange your homeland’s currency.
Despite popular belief, traveler’s checks are ok to bring. American express traveler’s checks can be cashed at any Banco Costa Rica (BCR); however other types of traveler’s checks may be difficult to cash.
Every travel guide recommends, if possible, having at least two credit cards and one debit card on the trip.
One Visa and one MasterCard are ideal, especially in Costa Rica, because they are the two most widely accepted cards in the world. In addition, some places only accept one and not the other; therefore having both will prevent embarrassing situations. Make sure to contact the customer service department of the credit card company and have them put a note on the account saying where and when the card will be used, in order to prevent them from freezing the account. It is also important to carry the card’s emergency contact number so you can report the card if it is lost or stolen. Another helpful hint is to keep each card in a separate location, that way if one card is missing, the other is still available.
Debit cards work at almost any ATM in Costa Rica, however failing to call the bank before the trip will result in a frozen account. Most banks have a large fee for international withdrawals, usually around $5 per use. Using debit for every purchase will become very expensive and it is extremely unwise. Most Costa Rican banks will allow draws of funds up to 90% of the available balance off debit cards, so this is the best way to withdrawal a large sum of money if needed.
