Planning a trip to Costa Rica? Understanding the local currency, Costa Rica Money, and how to manage your finances is key to a smooth and enjoyable experience. This guide will walk you through everything you need to know about Costa Rican currency, exchange rates, using US dollars, and practical tips for handling money during your visit.
Understanding the Costa Rican Colón
The official currency of Costa Rica is the Colón (CRC), named after Christopher Columbus, or Cristóbal Colón in Spanish. Costa Rican banknotes are known for their vibrant colors and depictions of the country’s diverse wildlife, including monkeys, sloths, sharks, and butterflies. These colorful banknotes come in denominations of 1,000, 2,000, 5,000, 10,000, 20,000, and 50,000 colones. You’ll also encounter coins in denominations of 5, 10, 25, 50, 100, and 500 colones.
A unique feature of Costa Rican banknotes is their varying sizes, designed to help visually impaired individuals differentiate between denominations. The banknotes were updated between 2012 and 2014 with new, waterproof designs for enhanced durability.
For a quick conversion reference, approximately 500 colones is equivalent to one US dollar. However, it’s crucial to check the most current exchange rate before your trip, as it fluctuates. You can find the most up-to-date exchange rates on the website of the Central Bank of Costa Rica. While daily fluctuations might occur, they generally won’t significantly impact everyday purchases. As a simple trick, you can often drop the last three zeros from the colones amount and divide by 5 (or multiply the first digit by 2 for larger amounts) to get a rough estimate in US dollars. For example, 1,000 colones is approximately $2 USD, 5,000 colones is about $10 USD, and 10,000 colones is roughly $20 USD.
Colorful Costa Rican 1000 Colones banknote featuring Braulio Carrillo Colina and a white-tailed deer.
Costa Rican 2000 Colones bill showcasing Mauro Fernández Acuña and a bull shark.
Using US Dollars in Costa Rica
One of the convenient aspects of traveling to Costa Rica is the widespread acceptance of US dollars. You can often use US cash, especially in tourist areas, hotels, and larger establishments. It’s advisable to bring smaller denominations like $1, $5, $10, and $20 bills for everyday transactions.
When using US dollars, ensure your bills are in good condition. Ripped, torn, or heavily worn bills may not be accepted. The condition scrutiny tends to increase with the bill’s denomination, so larger bills need to be in near-perfect condition. Bills larger than $20 USD might be harder to use for smaller purchases and may require exchanging at a bank.
Keep in mind that while US dollars are accepted, you will typically receive your change in Costa Rican colones. Euros, however, are not widely accepted in Costa Rica, so it’s best to stick to US dollars or colones.
Exchanging US Dollars for Costa Rican Money
Upon arrival, you might want to exchange some US dollars for local currency. The most favorable exchange rates are generally found at local banks throughout Costa Rica. Banks like BCR (Bank of Costa Rica), BN (Banco Nacional), and BAC (a private bank) are common and offer currency exchange services. Some upscale hotels also provide currency exchange for their guests, but often at less competitive rates than banks.
It is strongly recommended to avoid exchanging money at airport kiosks. While you’ll find currency exchange kiosks immediately after exiting baggage claim at Costa Rican airports, they are notorious for offering significantly less favorable exchange rates.
Another option for exchanging currency is to order colones from your bank in your home country before traveling. This can often provide a good exchange rate, but it requires planning ahead, as banks typically need to order foreign currency a few weeks in advance.
Travel Tip: When making small purchases at local convenience stores or “sodas” (small, traditional Costa Rican eateries), try to avoid paying with very large colones bills (like 20,000 CRC) if your purchase is small (e.g., a 2,500 CRC Casado). Local vendors may get inconvenienced by having to break large bills for small transactions, although they will usually accommodate you if necessary.
ATM Machines in Costa Rica: Accessing Cash
ATM machines are readily available throughout Costa Rica, especially in populated areas and tourist destinations. Using your ATM card is a convenient way to withdraw local colones directly. Before using ATMs in Costa Rica, it’s important to:
- Know the current exchange rate: Be aware of the Colón to USD exchange rate to understand how much you’re withdrawing.
- Check with your bank: Inquire about foreign ATM usage policies, including potential fees, daily withdrawal limits, and if you need to notify them of your travel plans to avoid card blocks.
- Be mindful of ATM fees: Local ATM fees can vary, similar to fees at home.
- Prioritize safety: Use ATMs in safe, well-lit areas, especially at night.
Some ATMs in Costa Rica may offer the option to withdraw US dollars, but this is not universally available. Colones are generally more widely dispensed.
Credit and Debit Cards in Costa Rica
Credit cards are widely accepted in Costa Rica, particularly in hotels, restaurants, shops, and tourist establishments. Visa and Mastercard are the most commonly accepted credit cards. Debit cards are also accepted at many locations.
Before traveling, inform your credit card and debit card providers about your travel dates to Costa Rica. This helps prevent potential fraud alerts and card blocks when you use your cards abroad. Also, inquire about any foreign transaction fees that your bank or credit card company may charge for international transactions. These fees can add a small percentage to each purchase.
While credit cards are convenient, it’s worth noting that you might sometimes get a slightly better price when paying in cash, especially when negotiating prices in markets or smaller establishments.
Travel Tip: Leave traveler’s checks at home. They are not widely accepted in Costa Rica compared to cash or credit cards, making them less practical for your trip.
Cost of Travel and Daily Expenses in Costa Rica
Costa Rica is known for its high quality of life and eco-tourism, which means it’s not the cheapest travel destination in Central America, but it offers incredible value for the experiences it provides. The daily cost of traveling in Costa Rica can vary significantly based on your travel style and preferences.
Budget travelers can manage on around $50 USD per day by staying in hostels, eating at local “sodas,” using public transportation, and focusing on free or low-cost activities. Mid-range travel, with comfortable hotels, tours, and dining, can range from $100 to $200+ per day. Luxury travel, with high-end hotels and exclusive experiences, can easily exceed $500 per day.
Prices for luxury hotels, tours, and activities are often quoted and charged in US dollars. While dollars are widely accepted for these larger expenses, having colones on hand is very useful for smaller daily expenses, local transportation, meals at sodas, and shopping at local markets.
Shopping for clothing and imported goods in Costa Rica can be surprisingly similar in price to the US or UK, or even more expensive. However, local markets and “ferias” (farmer’s markets) offer more affordable options for fresh produce, local foods, and souvenirs. “Sodas” are excellent for budget-friendly and authentic Costa Rican meals like the “casado,” a traditional plate with rice, beans, plantains, salad, and your choice of meat or fish.
Tipping in Costa Rica: A Guideline
Tipping in Costa Rica is appreciated but not always mandatory, and there isn’t a strict, definitive rule. Here’s a general guide to tipping etiquette:
Drivers and Guides:
For tour guides and drivers, especially those providing good service for extended periods, tipping is customary. An appreciated tip can range from $10 to $40 USD per day, depending on the length and quality of service. Consider the effort and time they invested in your experience.
Taxis:
Tipping taxi drivers is not a standard practice in Costa Rica, but a small tip for exceptional service will be well-received.
Restaurants:
Restaurants in Costa Rica typically add a mandatory 10% service charge to your bill. This “servicio” covers the basic service. If you receive exceptional service beyond this, it’s customary to leave an additional tip of around 5% to 10% of the bill.
Hotels:
For hotel porters who assist with luggage, a tip of 500 colones (approximately $1 USD) per bag is a reasonable gratuity.
We hope this guide helps you navigate Costa Rica money with confidence during your trip. Being informed about currency and costs will allow you to relax, enjoy your adventure, and make the most of your time in beautiful Costa Rica!
