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The exchange rate for the CR Colon and the US Dollar has increased during the last week. From 525.79 to 528.84 colones per dollar on July 14 and to 551 colones on the July 15. The increase started on July 11, when the demand for dollars increased. The trend has been attributed to losses in exports and increases in imports resulting from the economic crisis in the United States as well as growing concern about the stagnant global economic. The Costa Rican Central Bank has stated that if the Colon reaches 555, it will intervene in order to prevent a local currency crisis
The San Jose city council has decided to establish a Chinese Quarter on 11th street, between 2nd and 14th avenues. The planned concept is to build a 600-meter long boulevard with Chinese stores, cultural centers, and restaurants. To add authenticity to the project, the Chinese province of Canton will donate two traditional Chinese arches to be placed at both entrances.
During the next few years, Costa Rica will invest $90 million to protect its forests. The World Bank is providing a $30-Million dollar loan and the Global Environment Fund is donating $10-million dollars. The Costa Rican government will add $50-million dollars and the National Forest Financing Fund (FONAFIFO in Spanish) will manage the funds. According to the Minister of the Environment, Roberto Dobles, 51.4% of Costa Rica is covered with lush tropical forests and the Costa Rican government currently protects 25% of these areas.
So if I have a $20 and I exchange it for colones, how many will that be, I’ll be flying in to Liberia on Saturday?
Have a look at the site of the Central Bank, they show you the fluctuation band:
http://www.bccr.fi.cr/flat/bccr_flat.htmOn the site of the Banco Nacional (example) you can see the actual exchange rate:
http://www.bncr.fi.cr/BN/index.asp?c=home10,000 colon bills here are like $20 dollar bills. And if you are vacationing in Guanacaste, you’ll probably need plenty of them. Have fun!
Just one thing…. DON’T exchange your dollars at the airport…. they give you a VERY poor exchange! You can use your dollars until you get to a bank… if you’re arriving on a Saturday you may have to wait until Monday to do so. Just bring your passport and dollars in and mention “Cambio”.
Here is a link to the latest exchange rates. http://www.bccr.fi.cr/flat/bccr_flat.htm
Were I coming into Costa Rica, I’d bring $100US or less in small U.S. currency, nothing more.
In the airports and everywhere else, there are ATMs that have English-language interfaces, connect directly to your U.S. bank, and give you the bank’s official exchange rate. And Costa Rican ATMs do not impose an ATM fee. If your ATM/debit card has the Cirrus or Plus logo, it’ll work anyplace where there’s an ATM and they’re all over.
When prompted by the ATM specify that you want colones. Withdraw c100,000 (about $200US), spend that, and see how far it takes you. When you’re running low, find another ATM and get c100,000 more.
Due to the long time it takes for them to clear, Traveler’s Cheques are not widely accepted in Costa Rica. It’s even a bureaucratic hassle to cash one at a bank. Skip ’em and depend on the ATMs. It’s much easier.
Thanks for all the tips, I think i read on here too, to use my credit card when I can and my bank deals with the exchange. Is Tamarindo the closet town with an atm machine? I’m staying at Sugar Beach hotel.
Flamingo Beach is much closer and has a Banco de Costa Rica branch with an enclosed ATM. Sugar Beach is a great spot! It’s very quiet out there, so if you plan on going out to have fun, it would be wise to rent a newer model, preferably a 4×4 vehicle, for the trips you will make to and from Sugar Beach. The road from there to Potrero Beach is full of back breaking potholes and narrow bridges. Have fun!
you guys kindda scared me about renting a car, either my stuff would get stolen out of it or the other drivers were nuts and roads were horrible or a scam with poking holes in the tires, so I was planning on getting around by cab. I am traveling alone, so I am trying to be cautious. I did not realize Flamingo Beach had much in the way of banks etc
In the central valley cabs are plentiful with competitive fares. However, in GTE, cabs are not as convenient. I would check with your hotel. Sugar Beach is far enough away from everything else that you may feel stranded without a your own vehicle. If you are planning on a quiet vacation, Sugar Beach is a great place to chill out. But if you envision going out frequently, you will need to plan for round trip transportation. If you enjoy staying out late, a cab ride back to Sugar Beach, late at night, may be difficult to find and expensive. To find out more about the area where you will be staying, Google, Flamingo Beach, Costa Rica. Have fun!
I’ve always exchanged funds at a local bank in CR without problems. I’ve always had hundreds in good condition and the exchange went smoothly. Just smile and say “ColonES por fav vor.”
The WORST experience I had was with my U.S. bank. I thought I would get a head start on my trip and exchange a couple hundred through my bank, a service they advertised on their on-line page. The exchange went through a Canadian company at a high rate and the bills were ALL 1000c notes in terrible condition including some that were defaced. They looked like bills that a central bank takes out of circulation and destroys.
Since I travel at least once a year to CR I keep an envelope with about $100US in Colones including some coins for the next trip.
I spend both dollars and Colones in CR. I’ll use dollars when prices are in dollars and Colones when prices are in Colones. Note that you will almost always get change back in Colones.
One thing to get used to is that many countries with devalued currencies do not use fractions of a unit like we do in the U.S. In these places the prices are all in whole units and when cash registers and fuel pumps return fractions of a unit everyone knows to round the amount. In CR the smallest current coin is 5 Colones (about 1 cent so that not only do you round off decimals but also to the nearest 5 whole numbers.
Coins run, 5, 10, 20, 25, 50, 100, 500.
I think they are phasing out the 20C coin. They used to have smaller coins and kept them only because the pay phones used them.
Bills run 1000 (1 mil), 5000 (a beautiful note). 10,000 and I think 20,000
As mentioned it is good to get a feel for what the money is worth. A 500C coin is about $1, a 1 mil note like $2, the 5 mil like $10 and 10 mil is $20. A few years ago these were exact amounts and it made exchange easy, even a gringo could do it. . .
While touristas DO get charged special prices at times I’ve never been cheated on making change.
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