Costa Rica Currency

 Costa Rica currency is the colón which is named after Christopher Columbus known is Spanish as Cristóbal Colón and sometimes called the peso. The colón was initiated in the year 1896 which replaced the peso at par. The Costa Rica currency is divided into one hundred céntimos, although between 1917 and 1920 coins were issued denominated in centavos.

Costa Rica currency coins in circulation are one, two, five, ten, twenty, twenty-five, fifty, one-hundred, and five hundred colónes. The government issued new five, ten, twenty-five, fifty, and one-hundred colón coins to reinstate the older ones. The twenty colón is being phased out. Costa Rica currency of banknotes in circulation are one-hundred, five hundred, one-thousand, two-thousand, five-thousand, and ten-thousand colónes. In today’s times, Costa Rica currency has experienced short periods of instability.  At present, the colón has a yearly devaluation rate of about eight percent and is about 350 colónes with US $1.

Banks in San Jose Costa Rica are normally open from nine in the morning till three in the afternoon, but some branches open as late as five in the afternoon.  Public banks are generally crowded, so if you’re looking for a faster alternative, Private Banks are where you should head to.  Expect to see longer lines on weekdays and days following holidays.

Changing money in Costa Rica can be a less than pleasant experience depending on different factors.  Don’t forget to bring your passport and personal identification.  Money exchange is best done at the airport money counters where the service is fast and efficient and you’ll be ready with the currency when you get into the streets.  If it’s not possible for you to change at the airports, San Jose’s Airport Bank offers good rates.  Always remember that it is harder to change dollars to colónes in the countryside.

Many hotels in the urban and rural areas are also able to change traveler’s checks and money for guests but their rates are sometimes less approving than the bank rates, but only by a several cents per dollar that is.  Smaller hotels though may not be able to exchange big amounts of money so always carry smaller bills or twenty dollars traveler’s checks for convenience in exchanging.  Be extra careful when changing money with moneychangers on the streets who give great rates because cons are plenty in the money-changing type.

Credit cards are also practical methods of payment in Costa Rica. The Master Card and Visa are widely accepted, American Express is also accepted but not readily.  Credit cards should be accepted in big hotels and restaurants, but the smaller establishments which are family-run may not have the facility to do so.  The rate of exchange of the bank on that date will apply and an additional six percent surcharge is common for each credit card transaction. There are also a lot of ATM’s in the city but can also be found all throughout Costa Rica.

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