Discovering Costa Rica

Private banks are still regulated by the government and often provide better service, but they may have fewer branches available, especially out of Costa Rica’s central valley.

Bank Accounts Most banks in Costa Rica now offer savings and checking accounts in dollars or colones. Many also offer credit and debit cards for those who meet the established requirements; note that not all are accepted internationally. Requirements to open an account or obtain a credit card might include banking or personal references, identification, and commonly, minimum deposits. Exchange It is also very important to note that while interest rates are much higher in colones accounts, there is a monthly devaluation of colones to the dollar, so it won’t yield as much as you think. It is better to have your money primarily in dollars to avoid devaluation and exchange money when you need it. Interest rates can vary greatly between different banks as well, which is another reason why it may pay to shop around. Payment Methods In Costa Rica, the most common form of payment is cash. Both the Colón and the U.S. Dollar are often accepted as forms of payment. It is becoming increasingly easy to find ATMs or Cajeros Automáticos in large cities as well as the smaller towns. In many more “touristy” areas, ATMs also dispense U.S. Dollars. It is important to keep in mind, though, that some ATMs will only allow their bank’s card holders to take out cash. Credit Cards Credit cards are an option for payment in many establishments with most accepting cards issued by banks. One area for concern in Costa Rica is the high rate of credit card theft. Credit card theft makes cash the most common form of payment today. Taxes In Costa Rica, only personal income made in the country is taxable by the state. There is also a property tax of 1.5% of the property value paid by the purchaser. A sales tax is applied to all goods at point of sale with the exception of food, medicinal products, real estate, and a few other items.

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Discovering Costa Rica