Banking

Local Currency: Costa Rican Colon (Colon)
Symbol: ¢; CR colones
Denominations: 1 colon 100 centimos

Current Exchange Rate:  

U.S. Dollar Exchange as of November 2009

Buy: 569.0 CRC per 1 U.S. dollar
Sell: 578.5 CRC per 1 U.S. dollar

→ Read more about 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. Most stores, taxi drivers and 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 is open daily from 5 a.m. until midnight. If you can avoid it, do not change money at the Global Exchange counters. As of May 2009, they offer only ¢514 colones to the dollar; the current exchange rate is pegged at ¢578 per dollar.

Visitors can change money in one of the government owned or private banks found throughout the country. Bring your passport and patience if changing money at a Banco Nacional, Banco Popular or Banco de Costa Rica. State-run banks are notoriously slow -  something as simple as changing a few dollars into colones might require 30 minutes to an hour of standing in line.

Service at private banks such as Scotiabank, BANEX or Banco Mercantil is much better and faster. Here, your money exchange can be accomplished in a matter of minutes. Most private banks have English speaking tellers as well.

Banking hours for most national banks are Monday through Friday from 9 a.m. to 3:30 p.m. Private banks are usually open from 8 a.m. to 4 p.m., Monday through Friday.  Almost every bank has an ATM machine that will accept foreign debit and credit cards. Some will dispense dollars in addition to colones.  Make sure to check with your banking institution for separate foreign currency exchange fees.

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, Mastercard and American Express are accepted in almost all establishments.

In San Jose, you will discover a thriving black market in trading 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.

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Wiring Money:

If you want to move money fast, you can send or receive cash in these places in San Jose:

- Western Union
- Servicios Internacionales Unigiros S.A. (Avenida 1 between Calle 1 and Calle 13)

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 the transaction is complete.

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 as soon as 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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