Changing Money in Costa Rica
Posted in Costa Rica, General Travel Tips on Oct 30th, 2008
I’ve seen people make posts in forums about how they should go about changing or withdrawing money in Costa Rica. The best and easiest way is with an ATM and a VISA debit card. If you do not have a VISA debit card I would suggest going to a bank that offers them and opening a small checking account with the funds you think you will need for your trip. The advantages of this are twofold: 1. Visa cards are accepted anywhere credit/debit cards are accepted and 2. Should your card be stolen the thieves will only have access to a limited amount of funds instead of your primary checking and savings.
Most credit cards have automatic theft protection and you will not be liable for fraudulent charges. I also advise that you inspect any ATM that you use. Here in Florida, criminals have been installing small cameras and readers that record debit card numbers and PINs. Simply check the card reader for anything unusual. You don’t have to be James Bond to spot them.
That being said, the ATM is still your best currency converter/provider. There is still a black market for currency exchange but I advise against it. There was a time when you would get much a better deal from the black marketeers than the banks. This is no longer the case. If someone is offering you a much better rate its because they are selling counterfeit bills. Stick to ATM’s and using VISA at grocery stores and whatnot. Bear in mind most banks charge a small service fee for overseas withdrawals.
There is really no need to have large amounts of cash on you unless you are considering making some expensive, cash only purchases. You can use plastic at many restaurants, hotels, tour services, etc.
If you are in a remote area that is cash only then the prices should be low enough that you won’t need large amounts of cash.
The dollar is accepted in many businesses in Costa Rica. This is particularly true in tourist areas. If you wish to go this route then it is better to have small bills since your change will almost always be in Colones. This is also another way to change money. Some stores may charge you a small service fee. It will probably be lower than the one charged by your bank.
You should inform your bank(s) before you leave that you will be out of the country. Tell them what countries you will be in and on what dates. This way your account won’t be flagged. If the bank is unaware of your trip they might think your card has been stolen is being used fraudulently. I have an article on some other precautions you should take before leaving.
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