Retirees should know about Costa Rica’s new banknotes

On my monthly relocation tours I am always asked about the different denominations of Costa Rican currency and how to calculate the exchange rate.

It is easy to figure out the exact exchange rate by going to: XE Currency Converter USD to CRC

The 1 mil bill is about two dollars, the 5 mil (mil means a thousand in Spanish) colones bill is almost a 10 dollars, 10 mil colones is close to 20 dollars, the 20 mil colones bill is around 40 dollars and 50 mil colones is nearly a hundred bucks. The latter is going to be taken out of circulation very soon.

Inevitably, my guests always ask about the plastic 1000 Colón bill. I explain that since it is the note that circulated the most, it is made of a plastic making it more durable. In fact, the Central Bank just announced that most of the country’s bills are going to be made of the same material as the 1000 Colón note.

The new banknotes will be made of a polymer substrate, a compound similar to plastic, which makes them recyclable. This makes them more resistant and durable and will allow the billsl to be reused when they reach the end of their useful life.

The new banknotes will be similar in size, shape and color of the notes currently in circulation, they will just have a different feel. They denominations are ¢20MIL, ¢10MIL, ¢5MIL, and ¢2MIL.

Here are pictures of the new plastic bills.