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Dear Friends: We are headed back to lovely Costa Rica for four weeks. The last time we were there I seem to remember that colones bills over a certain size were suspect because of counterfeiting issues. Does this issue also crop up when using dollar denominations and what is that threshold? Also, what is the (approximate) current exchange rate to the dollar? Thanks SO much! Pura Vida, Sue
You can see the current rate of exchange at the Banco Nacional website at [ http://www.bncr.fi.cr/BN/index.asp?c=home ]
Banco Nacional is a state bank and one of the largest banks in Central America.
I have never had problems using colones anywhere, I will NOT use any US dollar bills over $50 because few places will accept them. I would suggest US$20 bills and under and don’t forget most places will accept credit cards anyway so you do not need to carry lots of cash if you do not want to …
Scott Oliver – Founder
WeLoveCostaRica.comScott is right that most places will accept your charge card. I would recommend, however, that you only deal in colones while you are here. Many places will not accept larger denomination U.S. dollars, and even if they do you and they will have to wrestle with the exchange rate.
It’s much simpler to arrive in Costa Rica with just a few dollars in cash and immediately go to an ATM and withdraw cash in colones from your U.S. bank account. There’s an ATM on the upper level of the airport in San Jose. If you use local ATMs, you’ll automatically get the current exchange rate, too.
Your ATM/debit card will work in any ATM in Costa Rica and they all have English-language interfaces. If your card has the Plus or Cirrus logo on the back, you’re in. Just be certain to advise your bank and credit card companies of your travel plans so you don’t get snagged up in their security systems.
I regularly exchange dollars for Colones at a local CR bank while visiting and they often give me 10,000 Colones notes (about or exactly $20 today) and I have never had trouble using them. When you consider that a tank of gas may cost you nearly twice that much they are not that large a note. Think of them like a $20 US bill. The 1,000 (1 mil) Colone note is the most common in use.
I usually give US 100’s to the bank and have never had any trouble with them. In the few places that we have used US currency it has been nothing larger than twenties.
The only bad experience I have had exchanging dollars to Colones was through my local US bank. I thought it would be convenient to make the exchange prior to leaving the US. So I ordered some Colones through my bank. They used a Canadian company and the notes I received were all old very worn 1 mil notes and many were defaced. These were all notes that most central banks would send to be destroyed. So on top of paying a high exchange rate PLUS a currier charge, I got old nasty bills.
Since then I have just made it a point to keep a few Colones when I come home. Yes they devalue somewhat (actually gained since last year) but it is very convenient to not have to make the exchange at the airport and have a few for those first few stops.
Note that in the US there has been a problem with people getting bogus $100 notes FROM THEIR BANK! To make it worse the government policy is whoever has it last gets stuck with it. . . So be sure those hundreds you bring from home are legit!
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