Currency Exchange and Banks
The official currency of Costa Rica is the colon (plural colones). There are two types of coin in circulation: the old silver ones, which come in denominations of 1, 2, 5, 10 and 20, and newer gold coins, which come in denominations of 1, 5, 10 and 25. Public payphones do not yet take the new coins, and you will need the silver ones to make a call; otherwise, they're interchangeable. Notes start at 50, proceeding to 100, 500, 1000 and 5000. You'll often hear colones colloquially referred to as "pesos"; in addition, the 1000 is sometimes called the rojo (red). The colon floats freely against the American dollar, which means the exchange rate varies frequently; at the time of writing it hovers at around 300 colones to the US$1. Obtaining colones outside Costa Rica is virtually impossible: wait until you arrive and change some at the airport or border posts. If you miss banking hours then US dollar bills in small denominations will do. When changing US dollars into colones, try to avoid Costa Rica's state banks : the Banco Nacional and Banco de Costa Rica (both with branches throughout the country; in many towns they are the only banks). Slow and bureaucratic, they will consume about an hour of your time. It's best to carry sufficient colones with you, especially in small denominations - going around with stacks of mouldy-smelling notes may not seem safe, but you should be all right if you keep them in a money belt, and it will save hours of time waiting in line. That said, however, if you are doing a lot of travelling, it's comforting to know that many of even the smallest end-of-the-world towns now have a branch of at least one bank. In sharp contrast to the state banks are the efficient and air-conditioned private banks , the majority of which are in downtown San Jose. Private banks can legally charge what commission they like; the norm is about US$3 per transaction. Banking hours vary slightly from branch to branch but tend to be Monday to Friday 8.30am to 3.30pm for state banks and slightly longer for private ones (which are also sometimes open on Saturday mornings). Most Costa Rican banks now have ATMs , though despite the fact that they carry VISA and Plus signs, foreign-issued cards at present only work in the ATMs of private banks such as Banco Popular, not in those of state banks such as Banco de Costa Rica and Banco Nacional. You'll find credit cards especially useful in Costa Rica for making deposits for hotels via fax and for renting a car. In general, Visa and Mastercard are widely accepted, although retailers tend to accept only one or the other. In outlying areas, however, like the Talamanca coast, Quepos and Manuel Antonio and Golfito, some businesses may levy a six percent charge for credit card transactions; you may be better off taking plenty of cash. Undeniably the safest way to carry money is to use travellers' cheques . These should be bought in US dollars only - Costa Rican bank staff will stare blankly at other currencies. However, do not expect to use travellers' cheques as cash except in mid- or upmarket hotels and guesthouses which regularly cater to foreigners.
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