Parent: » Template: article-simple. But should you pay in dollars or colones? Where can you get the best exchange rates? Where should you definitely not change money? How about your credit cards? Read on for the practical, factual answers. US dollars are generally accepted by merchants in Costa Rica. During this time, the colon traded between and per dollar.
In the aftermath of government reforms, which strengthened tax laws, raised taxes, and lowered government debt, the exchange rate settled back under crc to the dollar. According to the Costa Rican Department of Treasury and Central Bank, investors are expecting that the dollar will trade at approximately colones by August of It is best to pay for goods and services in the currency in which the price is quoted.
For goods and services that are marketed to North American tourists, prices are often quoted in dollars. Pay for those in dollars. You will save money by paying for these things in colones.
After all, dollars are widely accepted and it is easier to not fuss with the trouble of mentally converting values in order to understand how much money you are spending. And, that is fine if you are limiting your trip to explicitly tourist-oriented areas. When you buy something with dollars that has a price quote in colones, then the seller has to make an on-the-spot currency conversion calculation.
You, as the buyer, and the visitor will never end up on the good end of this calculation. Assuming that the conversion rate on the day that you are making the transaction is colones to the dollar, there are good odds that the seller is going to convert your dollar to colones, as is often the case.
Avoid the currency exchange kiosks in the airports. They offer rates that are unfavorable to you. There are banks all over the place in Costa Rica. Even most small, isolated towns have at least one bank location.
These three banks are required to offer money-changing services to the public including travelers. The private banks, including BAC, Scotiabank, and Citibank; as well as the Costa Rican equivalent of credit unions called cooperativos , may restrict services to only account holders. The security guard at the front door may ask to look inside of any bags that you are carrying. Upon entering, you will need to tell the security guard the purpose of the visit.
The guard will either direct you to a line for the cajeros tellers or, he or she will direct you to take a number from the machine that dispenses them. To avoid exchange costs, pay for things priced in U. Pay for things priced in colones with colones typically local sodas and fast food, taxis using a meter, and sometimes bar tabs. One exception is modern supermarkets not little mini-supers or pulperias where things are priced in colones but it does not matter what currency you use to pay because the computerized cash registers are programmed to give the current bank rate for exchange.
You should either pay in colones or ask for a fair exchange rate. Start spending the colones where you can because if you still have them when you get ready to leave you may find yourself waiting in line to pay a huge commission and get a horrible exchange rate to convert them back to U.
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