Money in Costa Rica
Costa Rica's currency, the colón (colones plural) currently exchanges at around ¢520 per US dollar. If you think of a ¢5,000 note as ten, and ¢10,000 as twenty-dollar bills is a good way to do a mental calculation.
The Costa Rica currency is called the colon, and its value is about 1/500th of a U.S. dollar. The colon is named after the Spanish explorer Christopher Columbus (Colon is Spanish for Columbus), and was until recently regularly devalued by the Costa Rican government. The colon is primarily carried in bill form as 50, 100, 500, 1,000, 2,000, 5,000 (referred to as toucans), and 10,000 denominations. In coin form, the colon is carried as 1, 2, 5, 10, 20, and 100 denominations.
For colon exchange rates, go to The Central Bank of Costa Rica’s website (http://www.bccr.fi.cr/) and check the banner at the top of the site. It is about 500 colons to the dollar and about 720 colons to the Euro.
Or, call 212-2000 extension 1 for the latest exchange rate.
If you bring $100 dollar bills to Costa Rica expect to only be able to use them at banks. Hotels will often exchange money and cash traveler's checks as well. They will generally give you a reasonable rate. Do not change money on the street.
The 100 colón coin is called a teja in daily usage. A 1,000 colón bill is called a rojo because it is colored red, and a 5,000 colón bills is called a tucán (you guessed it, it has a toucan on it). Coins come in a bewildering array that can be separated out in two kinds: nickel-alloy denominations of 1, 5, 10 and 20 colon and a newer yellowish alloy in 5, 10, 25, 50, 100 and 500 colon coins. The bills come in denominations of 1000, 2000, 5000, and 10.000 colons. For some reason you always end up with way too many smaller coins and not enough 1000 and 2000 colon bills.
The Costa Rican currency is the colón (plural colones, ₡), named after Cristóbal Colón (Christopher Columbus). Bills come in 500, 1000, 5000 and 10,000 notes, while coins come in denominations of 5, 10, 20, 25, 50 and 100. Note that older coins are larger and silver, while newer ones are smaller and gold-colored – this is often a source of confusion for travelers fresh off the plane.
| COSTA RICA BANKNOTES CURRENTLY IN CIRCULATION |
| 1000 Colones bank note (Front / Back) |
 |
 |
| 2000 colones bank note (Front / Back) |
 |
 |
| 5000 colones bank note (Front / Back) |
 |
 |
| 10000 colones bank note (Front / Back) |
 |
 |
Throughout Costa Rica, you can pay for tours, park fees, hotel rooms, midrange to expensive meals and large-ticket items with US dollars. However, local meals, bus fares and small items should generally be paid with colones.
Paying for things in US dollars should be free of hassle, and at times is encouraged since the currency is viewed as being more stable than colones. Newer US dollars (eg big heads) are preferred throughout Costa Rica.
Changing 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 U.S. dollars, as long as they do not have to give you too much change back. You can pay for park entrance fees, hotel rooms, tours and meals at tourist restaurants with dollars as well. Public bus fares, meals in local markets, and small ticket items are best paid with colones.The Global Exchange office located in San Jose's 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 their rates are much lower than banks.
All banks will exchange U.S. dollars, and some will exchange British pounds and Euros; make sure your bills are free of any tears or marks, or the banks may refuse them. You can change money in one of the government-owned or private banks found throughout Costa Rica. 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 state 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.
ATMs
It’s increasingly easy to find cajeros automáticos (ATMs) in Costa Rica, even in the smallest towns. The Visa Plus network is the standard, but machines on the Cirrus network, whichaccepts most foreign ATM cards, can be found in larger cities and tourist towns. In these areas, ATMs also dispense US dollars, whichis convenient for payments at top-end hotels and tour agencies. Note that some machines will only accept cards held by theirown customers.
You will find Cirrus and PLUS networks in Costa Rica. Check to see if you know your PIN before you leave home. A fee of 3% applies to money withdrawn from US accounts on top of the usual bank fee if you are using an ATM that is not owned by your own bank. You can also get a cash advance on your credit card. It is unlikely that you know the PIN of your credit card so make sure you find out what it is before you travel. The Cirrus (tel. 800/424-7787; www.mastercard.com) and PLUS (tel. 800/843-7587; www.visa.com) networks span the globe.
If your ATM card doesn't work and you need cash in a hurry, Western Union (tel. 800/777-7777 in Costa Rica or 2283-6336; www.westernunion.com) has numerous offices around San José and in several major towns and cities around the country. It offers a secure and rapid, although pricey, money-wire service. A $100 (£50) wire costs around $20 (£10), and a $1,000 (£500) wire costs around $80 (£40).
Credit Cards
You can expect a transaction fee on all international credit-card purchases. Holders of credit and debit cards can buy colones and sometimes US dollars in some banks, though you can expect to pay a high transaction fee. Cards are widely accepted at some midrange and most top-end hotels, as well as top-end restaurants and some travel agencies. All car rental agencies accept credit cards.
At the higher end businesses credit cards are widely accepted in Costa Rica. You will generally pay 3% or more when you pay by credit card compared with paying cash. This is because the businesses may have to pay up to 10% in fees when they let a customer use a credit card. Many small businesses do not accept credit cards. To report lost or stolen credit cards call Credomatic at 295-9898. They represent all companies.
Exchanging Money
All banks will exchange US dollars, and some will exchange euros and British pounds; other currencies are more difficult. Most banks have excruciatingly long lines, especially at the state-run institutions (Banco Nacional, Banco de Costa Rica, Banco Popular), though they don’t charge commissions on cash exchanges. Private banks (Banex, Banco Interfin, Scotiabank) tend to be faster. Make sure the dollar bills you want to exchange are in good condition or they may be refused.
Taxes
Travelers will notice a 13.39% sales tax at midrange and top-end hotels and restaurants, while hotels also charge an additional 3% tourist surcharge. Everybody must pay a US$26 airport tax upon leaving the country. It is payable in US dollars or in colones, and credit cards are accepted. Note that some travellers have reported that this fee was charged on their cards as a cash advance, which resulted in a hefty fee.
Tipping
It is customary to tip the bellhop/porter (US$1 to US$3 per service) and the housekeeper (US$1 to US$2 per day) in top-end hotels, less in budget places. On guided tours, tip the guide US$1 to US$10 per person per day. Tip the tour driver about half of what you tip the guide. Naturally, tips depend upon quality of service. Taxi drivers are not normally tipped, unless some special service is provided. Top-end restaurants may add a 10% service charge onto the bill. If not, you might leave a small tip to show your appreciation, but it is not required.
Traveler’s Checks
Most banks and exchange bureaus will cash traveler’s checks at a commission of 1% to 3%. Some hotels will accept them as payment, but check policies carefully as many hotels do not. US dollar traveler’s checks are preferred. It may be difficult or impossible to change checks of other currencies.
The most popular traveler's checks are offered by American Express (tel. 800/807-6233 or tel. 800/221-7282 for cardholders -- this number accepts collect calls, offers service in several foreign languages, and exempts AmEx gold and platinum cardholders from the 1% fee); Visa (tel. 800/732-1322) -- AAA members can obtain Visa checks for a $9.95 fee (for checks up to $1,500) at most AAA offices or by calling tel. 866/339-3378; and MasterCard (tel. 800/223-9920).
Be sure to keep a record of the traveler's checks serial numbers separate from your checks in the event that they are stolen or lost. You'll get a refund faster if you know the numbers.
No comments:
Post a Comment