Financial Matters

Currency Exchange:

Costa Rica's unit of currency is known as the Colon...named after Christopher Columbus. As of May, 2008
1 US Dollar = ¢503. Costa Rican Colons.

It is recommended that you make your currency exchange in Costa Rica, rather than your country of origin, because you will get a much better exchange rate. It is suggested, however, that you stay away from "street" exchanges because not only are they illegal, but you are subject to being ripped off.

To exchange your money you must show your passport or a certificated photocopy. There is a fee for exchanging dollars in a private bank, usually about $3.1 or 2% The Banking hours for the National Banks are Monday through Friday from 9 am to 3 pm, in San José city until 5 pm; for private banks, Monday through Friday from 8 a.m. to 5:30 pm or 6:00 p.m. All banks are usually closed on weekends.

Be sure to bring bills that are not marked or ripped; banks in Costa Rica are reluctant to accept damaged bills.

Some hotels or establishments will exchange currency for you, but the best rates will be found at the banks, if you can tolerate waiting in line. Government banks typically have long lines, privately owned banks are usually more efficient in this respect and are air conditioned with friendlier service.

To exchange your money you must show your passport. There is a fee for exchanging dollars in a private bank, usually about $3. The Banking hours for the National Banks are Monday through Friday from 9 am to 3 pm; for private banks, Monday through Friday from 8 a.m. to 3:30 or 4:00 p.m. All banks are usually closed on weekends.

Credit Cards & ATMS:

ATM’s (Cirrus, Star, Plus, etc.) are available in major cities with some accepting Visa and others only Master Card and some accept both. Amex is also fairly well accepted, but not as much as Visa & MC. Don't forget to bring your PIN number!

AMEX, VISA and Master Card credit/debit cards are widely accepted in retail establishments, restaurants, hotels and gas stations etc., with VISA being the most widely accepted. A few ATMs accept foreign credit cards. If you use one of these, count your money; make sure the machine gave you what you paid for. You can use credit cards to get cash from a bank. However, your credit card company might charge you a hefty fee (sometimes 1%) for the favor.

Traveler's Checks - Personal Checks

Do not expect to use personal checks; most places will not accept them. US dollar traveler's checks are accepted at some establishments if they can verify your identity to their satisfaction, but it is typically not preferred.

Tax

There is a 13% sales tax on most services and goods. There is also an extra 3% tourist tax on hotel bills. There is a departure tax of U.S. $17.