Doin' Costa Rica: Do I need to Exchange Money in Costa Rica?

Friday, December 21, 2012

Do I need to Exchange Money in Costa Rica?

This is a VIDEO about the exchange rate and currency in Costa Rica.

First off, I know a LOT of travel books and resource information websites on the internet recommend you exchange your money when you first fly into Costa Rica. *This post(video) applies mainly to folks coming from the US, the rest of you really do need to exchange your money. That may have been true at one time but not so much now. Almost anyplace YOU go in Costa Rica accepts American money although it is true you will most likely receive change back in 'colones', which is part of the reason you don't have to exchange, you'll receive plenty of change in the local currency.

Actually, just CHECK this video out, it explains it all and is definitely a MUST SEE if you're coming to Costa Rica and don't know much about their money. ENjoY and hope it helps.

TONS of Costa Rica Travel Info and VIDEOS on our website: Travel Costa Rica NOW and if you want to visit our YouTube Channel: iCostaRica24 ENjoY!

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Lisa · 642 weeks ago

True story (in La Fortuna no less): I paid for my restaurant meal in colones last month and got my change back in dollars. Okay, that usually doesn't happen but having just spent Oct/Nov in CR, I can confirm that you don't really need to fret over converting your dollars (kind of amazing considering QE to infinity, but ... oh well that's a discussion for another day).

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Doc · 641 weeks ago

Great news ! You guys have worked very hard and helped a lot of people. I have always enjoyed your YouTube videos a lot.
If I ever have the colones to actually do any tours, I will make sure to contact you guys.
Is that a real 50 mil bill? I have never seen one of those.

1 reply · active 641 weeks ago

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Allen · 641 weeks ago

Yes, it's a real 50 mil bill. There no sense in making them, you can hardly get change for a 10 mil bill in a store here. Lets say you go into a store for a pack of smokes, 1500 colonies. The store clerk gets mad, gives you a funny look, or just won't take it or asks for something smaller! If I had something smaller I'd give it to him before i would give a 10 mil. I guess you could pay your rent with it or a weeks worth of shopping. The Costa Rican people don't like getting paid with 40 or 50 mil bills. Not to happy about the new bills.

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Lesley · 641 weeks ago

The comment about not using traveler's cheques is very important! People don't want them! It takes a very long time for the people you pay to using them to get their money from the bank, and they may also be charged a small percentage of the amount. Also, in some places (not necessarily tourist shops, suppose you need to buy something from the farmacia/pharmacy that you forgot to bring, etc.) you will get a discount if you say you are paying cash, and say "pago effectivo discuento por favor". ATMs are everywhere, pretty much and just alert your bank where you are traveling and you can use your card. Several banks will give the option to receive colones or dollars.

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Allen · 641 weeks ago

You are better off using colones over the dollar. It just seems to me every business has their own exchange rate and it doesn't favor the dollar. Yes, there is supposed to be a set exchange rate, but good luck finding a business that actually follows it. No big deal exchanging money. Just go to an ATM machine and pull out colonies. Most machines have the option of Spanish or English language that makes it easy. Most ATM only change a dollar 50 per transaction. Stay away from the bank of San Jose, they charge over 5 dollars a transaction. Avoid the money exchange booth at the airport, they rip you off as well.

2 replies · active 641 weeks ago

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michael alan · 641 weeks ago

Good info.... but that's the reason we say 'know' the exchange rate if you're using dollars, then you can act accordingly... haggle, walk away, whatever. But most businesses, even if they don't give you the exact rate,,it's usually only 'cents'...and tourists don't seem to mind that.... Living here is another story. Thanx for the comments.

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Allen · 641 weeks ago

That's true. The business owner doesn't even have to be Costa Rican to take advantage of the situation. For instance, my gym membership is advertised at $95 per month, it's not even quoted in colonies. If you pay with your visa or ATM visa checking, they right you hand receipt for one month saying you paid 95 dollars, you show that to the receptionist to get in each time you visit the gym.. But, when you look at your statement, they charge you in colonies that adds up to be $105 dollars, because of their own exchange rate. Why didn't they just charge me 95 dollars? They ask for dollars. They can get dollars from my account. It's because they found away to rip people off and we can't say much about it. Even if you go in with 100 dollar bill they get you, they'll give you your change in colonies, about two dollars worth, instead of 5 dollars. Now, if you go in with 95 dollars, your golden! It's the principle of it all, not so much the money!