Costa Rica Currency Exchange
The currency used in Costa Rica is the Costa Rican colón (symbol: CRC). The colón is thus named because of Christopher Columbus, whose name is Cristóbal Colón in Spanish). The plural name of the currency in Spanish is colones. Symbol used to shorten the currency is ₡. The Banco Central de Costa Rica, the central bank of the country and the monetary authority, has been issuing paper money since 1950. In 2010, the Costa Rican banknotes will be reformed and replaced by a new model, with two new denominations introduced: 20,000 and 50,000 colones. The current notes will all be destroyed and replaced by new ones. The new banknotes will have different colors, shapes and images than their predecessors. The exchange rate of the currency is as of August 2008 in free float within a currency band referenced to the United States dollar. The floor of the band has been set at a fixed value, while the ceiling changes at a fixed rate. The central bank has a website at www.bccr.fi.cr/flat/bccr_flat.htm The central bank is also a source for finding reference rates on currencies, and they list these rates under the links at (opens up a new window): Forex Rates for the Costa Rica Colon . For historical rates and rates from interbank trading, you can find them from such sites as XE.com. As for exchanging money at the money changers in Costa Rica, you should start by avoiding the money changers at the airport, as their rates are commonly referred to as the worst. Also, avoid doing business with any of the street sellers of currency in cities such as downtown San José, as you will probably get scammed or worse. These street sellers often seek their targets outside of banks and other financial institutions that change currency. Notice also that some banks will not exchange anything but dollars, Canadian dollars or euros. There are reports, however, that Financiera Londres, in downtown San José will exchange just about any currency for another currency. You can also withdraw local currency from ATMs with your credit card or international debit card (such as Visa Electron) and pay for your purchases with a major credit card, at least in urban areas of Costa Rica.
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