Q COSTA RICA — If you’re hoping the dollar will rebound by the end of the year, it’s best not to get your hopes up too much.
In fact, experts at Mercado de Valores estimate that the US dollar will fluctuate between 455 and 465 colones by the end of 2026.
Furthermore, the economy is projected to grow by only 3.5%, and inflation is expected to remain below the Central Bank’s target range of 3%.
“While the Costa Rican economy continues to show solid fundamentals, the international context has introduced new elements of uncertainty that require a review of some assumptions.
“The moderation in growth is mainly due to a less dynamic external environment, while the exchange rate’s behavior reflects the abundant availability of foreign currency and the strength the colón has shown for much of the year,” explained Karol Fernández, economist at Grupo Financiero Mercado de Valores.
During the first half of the year, the colón experienced its strongest period of appreciation in recent years, reaching an exchange rate close to 449 colones per dollar.
Furthermore, demand for the foreign currency remains weak, and no structural pressures are observed that would drive sustained increases in the dollar’s value, even though the oil bill has increased compared to the beginning of the year.
The performance of exports, tourism, and foreign exchange inflows have also contributed to maintaining a highly liquid foreign exchange market.
Understanding the Bank Rates (Ventanilla)
When exchanging cash inside Costa Rican financial institutions, banks apply separate “Buy” (Compra) and “Sell” (Venta):
- The Buy Rate (Compra): Around ¢444.00 – ¢445.00, is what the bank pays you in colones for every US dollar you give them.
- The Sell Rate (Venta): Around ¢458.00 – ¢459.00 is what you must pay in colones to purchase one US dollar from the bank.
Know Where to Exchange Cash
- Local Banks (Best Option): Public banks like Banco Nacional, Banco de Costa Rica (BCR) and Banco Popular offer the fairest retail rates. Foreigners must bring their physical passport to transact at a teller window.
- Retailers: Big retail stores, as well most businesses and restaurants, often take US dollars (ask first) and will return change in colones at fair, standard bank exchange rates.
- Airports (Worst Option): The currency kiosks at San José (SJO) and Guanacaste (LIR) airports charge awful exchange rates, so it’s best to steer clear of them entirely.
Money Tips for Travelers
- The US dollar is widely accepted in Costa Rica. Most businesses, tour operators, and restaurants readily accept US dollar bills. As said above, ask first.
- There is often no need to exchange large sums of cash into colones before or during your arrival.
- Watch the Change. If you pay in dollars, merchants will give you change in local colones. Verify that they are calculating the day’s exchange rate fairly. Again, ask first.
- Costa Rican businesses and banks are incredibly strict about foreign currency bills. They will reject any US cash that is torn, heavily wrinkled, or written on. This goes back to a time when the banks would not accept non-pristine bills for deposit, or would charge a fee for accepting them.
- Avoid High or low denominations. Most businesses will not accept $100 and $50 bills and will frown if you pull out a wad of $1 (ones). $5, $10 and $20 are common. And yes, there is a $2 bill; it is official, active United States currency but rare to see it in circulation.