Traveling to Costa Rica is an exciting adventure, whether you are heading to the lush rainforests, pristine beaches, or the vibrant city of San Jose. One of the most important things to consider before your trip is how to handling money safely and efficiently while in Costa Rica. Understanding the local currency, exchange rates, banking options, and common practices can save you time, frustration, and even money during your stay.
In this article, we provide detailed tips on handling money in Costa Rica, based on practical travel experience and advice from seasoned travelers.
Understanding Costa Rica’s Currency
The official currency of Costa Rica is the colón (plural: colones), abbreviated as CRC or simply “₡.” While U.S. dollars are widely accepted in tourist areas, it’s helpful to understand local money to avoid overpaying or confusion.
- Exchange Rate Tips:
Don’t exchange your dollars for colones before leaving your home country. The rates offered by banks or currency exchange services abroad are usually poor. Instead, wait until you arrive in Costa Rica. Avoid exchanging money at the airport, because airport exchange counters often give unfavorable rates. Taxi drivers from the airport will accept U.S. dollars for your ride to your hotel, but they will give change in colones, so it’s important to have small denominations to avoid confusion. - Quick Reference Card:
A practical tip is to write the approximate exchange rates on a 3×5 card for easy reference. For example:- $1 = ₡XXX
- $5 = ₡XXX
- $10 = ₡XXX
- $20 = ₡XXX
- $50 = ₡XXX
- $100 = ₡XXX
Exchanging Money in Costa Rica
When you arrive in Costa Rica, there are multiple ways to exchange your U.S. dollars for colones:
- Hotel Front Desk:
Many hotels will exchange a small amount of cash for you at a rate close to the official bank rate. A good rule of thumb is to exchange around $50 at first. This is usually enough to cover initial expenses such as taxi fare, tips, or a snack while you get your bearings. - Banks:
Once you are settled, ask the hotel for directions to the nearest bank. If it’s within walking distance, go there to exchange more money at the official bank rate. Bank tellers often provide the best rates compared to small exchange shops. - Currency Exchange Offices (Casas de Cambio):
These offices exist in cities and tourist areas and usually offer rates comparable to banks. Always ask for the total amount in colones before exchanging so you know exactly what you are getting.
Carrying Cash Safely
While Costa Rica is generally safe for tourists, always take precautions with cash:
- Money Pouch:
Carry cash in a money pouch under your clothes for added security. This reduces the risk of pickpocketing, especially in crowded markets or on public transportation. - Avoid Large Amounts:
Don’t carry large sums of money at once. Only take what you need for the day or a short trip. - Cash for Discounts:
In central markets, small shops, or craft stores, paying in colones in cash can sometimes get you a 10% discount. Vendors prefer cash, and it saves both you and the seller from credit card processing fees.
Using Credit and Debit Cards
Credit and debit cards are widely accepted in Costa Rica, but there are some important things to keep in mind:
- Credit Cards:
- Visa and Mastercard are the most widely accepted.
- American Express is not accepted everywhere, especially in smaller establishments, markets, or rural areas.
- Some small hotels and restaurants add a surcharge up to 6% for credit card payments. Always ask in advance if there is a fee.
- Debit Cards:
- Many tourists successfully use debit cards in stores or banks.
- Some smaller shops or remote areas may not accept debit cards, so always have some cash in colones as a backup.
- Tips:
- Keep all receipts when paying with cards. This helps you verify charges when you return home.
- Check the exchange rate and fees charged by your card provider for international transactions.
ATMs in Costa Rica
ATMs are available in cities, tourist areas, and near major banks. However, there are a few important considerations:
- Bank-Adjacent ATMs:
ATMs located directly next to banks almost always work reliably. They also tend to have security cameras and guards, which adds safety. - Operational Hours:
Many ATMs are closed at night for security reasons. Plan your withdrawals during the day. - ATM Issues:
Some machines may malfunction or run out of cash. If one ATM doesn’t work, try a bank-adjacent ATM nearby. - Withdrawal Fees:
Check your bank’s fees for international withdrawals. Some banks charge a flat fee per transaction, while others take a percentage of the withdrawn amount.
Traveler’s Checks
Traveler’s checks are less common in Costa Rica:
- Major banks will exchange them, but there is usually a fee involved.
- Some hotels will accept traveler’s checks but also charge a service fee.
- Many smaller hotels and businesses will not accept them, so always confirm before leaving home.
Overall, traveler’s checks are less convenient than cash or cards, especially in smaller towns and rural areas.
Tips for Managing Money While Traveling
Here are additional tips to make handling money easier and safer while traveling in Costa Rica:
- Use Small Bills:
Always carry smaller bills ($1, $5, $10) for taxis, small purchases, and tips. Larger bills are sometimes difficult to break. - Know the Official Exchange Rate:
Understanding the official rate helps you avoid overpaying when exchanging money or buying souvenirs. - Ask for Fees in Advance:
Whether paying with cash, card, or traveler’s checks, always confirm if fees or surcharges apply. - Plan Your Withdrawals:
Avoid relying solely on ATMs in remote areas. Withdraw what you need for several days when in a city. - Keep Money Separate:
Divide cash among pockets, money pouches, and wallets. This way, losing one portion doesn’t leave you stranded. - Emergency Backup:
Keep a small amount of U.S. dollars hidden separately as an emergency backup.
Conclusion
Handling money wisely is an essential part of traveling to Costa Rica. By understanding the local currency, avoiding poor exchange rates at airports, using banks or hotel exchanges, and being cautious with cash, travelers can navigate Costa Rica safely and cost-effectively.
- Carry small denominations for taxis and markets.
- Use credit/debit cards where accepted, but always have cash as a backup.
- Prefer bank-adjacent ATMs for security and reliability.
- Avoid exchanging large amounts at airports or on the street.
With these tips, your focus can remain on enjoying Costa Rica’s natural beauty, culture, and cuisine rather than worrying about money management. Proper planning ensures that your trip is smooth, safe, and stress-free.
Costa Rica is a beautiful, welcoming country, and handling money correctly is just one step toward making your visit enjoyable and memorable.