General Information:
Name: Costa Rican Colon (Colon)
Symbol: ¢; CR colones
Denominations: 1 colon 100 centimos
Current Exchange Rate:
U.S. Dollar Exchange as of August 2008
Buy: 547.5 CRC per 1 U.S. dollar
Sell: 557.5 CRC per 1 U.S. dollar
→ Costa Rican Currency
Changing Your Money:
You can exchange money just about anywhere in Costa Rica. Many small stores, known as pulperias, will allow you to purchase a pack of gum or a soda with a $5, $10 or $20 bill, giving you colones in return. Stores, taxi drivers, street corner money-changers will also accept dollars, as long as they do not have to give you too much change back.
The Global Exchange office located in the Juan Santamaria international airport gives a poor exchange rate, but is very convenient. They are open daily from 5 a.m. until midnight.
Is this better than going to the bank? You bet. Banks in Costa Rica are notoriously, maddeningly slow. Going to Banco de Costa Rica for something as simple as changing a few dollars into colones might require hours of standing in one line and then another.
Service at private banks, such as Scotiabank, BANEX, Banco Mercantil, is much better. Here, your money changing can be accomplished in a matter of minutes and most of these places are air-conditioned and the tellers friendlier and more helpful. To exchange your money you must show your passport.
You can exchange money at the airport upon arrival, but their exchange rate is not the best. Many grocery stores, restaurants and hotels will accept dollars ($20 or smaller). Traveler's Checks are widely accepted.
The Banking hours for the National Banks are Monday through Friday from 9am to 3pm; for private banks, Monday through Friday from 8am to 3:30 or 4pm.
Most ATMs accept foreign bank and credit cards. If you use one of these, count your money to make sure the machine gave you what you paid for. Check with your banking institution for separate exchange fees.
In San Jose, you will discover a thriving black market trading in foreign currencies. The exchange is located at the western end of Avenida Central, right on the pedestrian mall. You will know this place by the shouts of "Dolares!" or " Cambio". Theoretically, this is illegal and it's possible to be scammed.
You can use credit cards to get cash from a bank. However, your credit card company might charge you a hefty fee (sometimes 10%) for the favor. Visa and Mastercards are accepted in almost all establishments. American Express is accepted at high class hotels, car rental companies and to pay for airline tickets.
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Wiring Money:
If you want to move money fast, you can send or receive cash at many places in Costa Rica.
Western Union in San Jose, and Servicios Internacionales Unigiros S.A. on Avenida 1 between Calle 1 and Calle 13 in San José. You will have to pay a transaction fee depending on the destination and the amount of money that is being transferred. The funds will be available to you as soon as a the transaction is done.
MoneyGram has more than 40 agent locations (22 agents in San Jose) where you can send and/or receive money. Fees apply only if you send money. The funds will be available to you as soon as a the transaction is done.
Important: If someone is wiring money to you, the person must know the telex number of the bank they are wiring the money to.
See Also:
Business Hours
Colon Exchange Rates Over Time
Major Banks in Costa Rica
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