The currency of Costa Rica is the colon (CRC). The plural is colones. The cash exchange rate for US dollars nowadays is around 500 CRC = 1 USD. For euros, it's about 680 CRC to 1 EUR.
Once you arrive in Costa Rica and are ready to exchange cash, resist the temptation to do so at the San Jose or Liberia airports. The exchange rate will likely not be the best.
As an alternative, exchange currency at local banks. The best thing to do is visit the state banks, particularly Banco Nacional or Banco de Costa Rica, which will give you the best rates. (Keep in mind banks are open Monday to Friday.) The majority of hotels exchange cash too although the rate will likely be lower and they also may charge a fee (around 1%).
Costa Ricans will usually take American money if you have no colones on you. But it's improbable you'll get a good exchange rate and you'll almost certainly get change back in colones.
Most places take credit cards so it's recommended to charge your purchases and let the credit card company take care of the currency conversion for you.
Costa Rica coins come in various denominations. There are 5, 10, 25, 50, 100, and 500 colones coins. Keep in mind a 500 colones coin is about $1 in US dollars, so a 100 colones coin is about 20 cents US.
Typical denominations for paper money are 1000, 2000, 5000, 10000, and 20000 colones. The 5000 colones bill matches a US$10 bill, and the 10000 colones bill is US$20. Having these mental conversions handy will help you judge relative prices for things when you're in the country.
Make sure to have some colones on hand for the little things: snacks, drinks, taxi fare, and tips. Don't bring huge amounts of cash with you on your trip -- withdraw smaller amounts as you need them using a local ATM.
It's always a good idea to check with your bank before you go regarding ATM withdrawals abroad. Check on fees, surcharges, and the exchange rate. The rate may be competitive and an ATM card is certainly more convenient than getting to the bank during business hours.
ATM usage is nearly universal these days, and if the ATM is on the PLUS or CIRRUS system, you'll have no difficulties withdrawing funds. You can usually get US dollars or Costa Rica colones through ATMs.
It's a good idea to have a spare ATM card just in case your main card gets stolen. Do keep it in a separate location, if possible.
Credit cards are widely accepted in Costa Rica, especially in tourist areas, so in these locales having colones on your person is far less crucial.
If you plan to travel outside of the typical tourist areas, make sure you have some cash on you. Small villages you may pass through usually aren't able to handle credit cards. If gas in your car is running low as you pass through, you'll be glad you have money on you. Just remember not to flash large bills -- keep that money concealed and have your smaller bills handy.
If you're going to need to cash travelers checks, likely there will be a 1% fee plus an additional flat fee (< $5 USD). if you can, make your way to a state bank to cash those in.
Lastly, look into the free currency converter app offered by the well-known currency converter website, xe.com. It's an invaluable app to have handy on your Costa Rica vacation. It's available for the Apple iPhone, iPod touch, and iPad, as well as Android and Blackberry devices.
For more information on Costa Rica vacations, visit our Costa Rica travel tips page.
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