Costa Rica, with its lush rainforests, stunning beaches, and abundant wildlife, is a dream destination for travellers. Whether you’re planning an adventure, considering retirement there, or sending money to family and friends, understanding the Costa Rican colón (CRC) will ensure your finances are in order.
From its history to its unique features, here’s everything you need to know about Costa Rica’s currency.
Basics of the Costa Rican Colón
The Costa Rican colón (CRC) is issued by the Banco Central de Costa Rica, headquartered in San José. It is symbolised by an uppercase C with two slashes (₡) and is subdivided into 100 centimos.
Banknotes
- ₡1,000
- ₡2,000
- ₡5,000
- ₡10,000
- ₡20,000
- ₡50,000
Coins
- ₡5, ₡10, ₡25, ₡50, ₡100, ₡500
Banknotes come in various sizes to help the visually impaired, and the smaller denominations are made of durable materials like polypropylene to withstand tropical conditions.
A Brief History of Costa Rica’s Currency
- 1839: The peso was introduced as Costa Rica’s first currency.
- 1896: The colón replaced the peso during a currency reform.
- 1900s: The Banking Act allowed multiple banks to issue colón notes until 1921, when the Banco Internacional gained sole currency-issuing rights.
- 1950: The Central Bank of Costa Rica was established and began issuing notes in 1951.
Understanding Colón Exchange Rates
The colón has experienced a unique relationship with the U.S. dollar, often described as a “crawling peg.” For decades, the colón’s value weakened incrementally against the dollar.
Since 2006, the exchange rate has floated within a currency band determined by the Central Bank. The rate is updated daily, reflecting the influence of factors like tourism, agriculture, and electronics exports, which are key drivers of Costa Rica’s economy.
If you’re exchanging GBP for colónes, check rates with trusted providers to ensure you’re getting the best deal.
Five Fascinating Facts About the Costa Rican Colón
1. Notes Are Made from Durable Materials
- ₡1,000 notes are made from polypropylene, a tough plastic ideal for Costa Rica’s humid climate.
- ₡2,000 notes are made of cotton, offering a softer texture but slightly less durability.
2. Security Features Include Colour-Changing Maps
Costa Rican banknotes feature maps of the country that change colour when viewed at an angle, adding a layer of anti-counterfeiting protection.
3. The Colón Has Creative Nicknames
- “Teja” (roof tile): ₡100
- “Media teja” (half roof tile): ₡50
- “Cinco tejas” (five roof tiles): ₡500
4. Wildlife Graces the Banknotes
Costa Rica’s rich biodiversity is showcased on its currency, featuring animals like the sloth, hummingbird, and morpho butterfly.
5. Named After Christopher Columbus
The colón is named after Cristóbal Colón (Christopher Columbus), who arrived in Costa Rica in 1502 during his final voyage.
Tips for Using Money in Costa Rica
Cash or Card?
- Urban Areas: Credit and debit cards are widely accepted, but smaller businesses may prefer cash.
- Rural Areas: Cash is essential in less populated areas, so carry smaller denominations for convenience.
Currency Exchange
- Use ATMs for competitive rates, as airport exchanges may charge higher fees.
- Check exchange rates regularly to get the best value for your pounds.
Sending Money to Costa Rica
If you’re sending money to Costa Rica, platforms like Remitly make it simple and secure. Recipients can pick up cash in local currency or receive deposits directly into their Costa Rican bank accounts.
With reliable services, competitive rates, and transparent fees, sending money abroad has never been easier.
