Retired and future expats should know about Costa Rica’s new plastic currency
No, I am not talking about credit cards but the plastic bills that will replace the paper money (papel moneda in Spanish) that has been circulating. But first let’s look at how to calculate the rate of the local currency, the colón, in dollars.
On my monthly exploratory retirement tours inevitably my guests ask how to figure out how much the local currency is in dollars. First, travelers and retirees who live here should know that every day the country’s Central Bank banks update the exchange rates; they fluctuate slightly on a daily basis. Check online, in banks or in the newspaper for the official exchange rate or you can check on line by accessing this website: Currency Converter
The colón is now hovering around 600 to one dollar. Since the value changes slightly every day, you can divide by 500 to get an approximate equivalent in dollars.
- 500 Colones – COIN MONEY = $1 USD.
- 1,000 Colones – PAPER MONEY (Locally called 1 Mil) = $2 USD. Called rojos in slang because they are red.
- 2,000 Colones (2 Mil) PAPER MONEY = $4 USD.
- 5,000 Colones (5 Mil) PAPER MONEY = $10 USD.
- 10,000 Colones (10 Mil) PAPER MONEY = $20 USD.
- 150,000 Colones = $300 USD.
Recent changes in the country’s currency
A few years ago Costa Rica introduced new 1000 colón plastic bill made of a polymer (polímero in Spanish). Why? The 1000 colón note is the one that circulates the most here. So, the old paper bank notes had a very short useful life. Not only will a plastic bills last longer but they are also waterproof and more difficult to counterfeit.
In 2021 the ¢10,000, ¢5,000, ¢2,000 and new ¢1,000 will begin to circulate. There was a ¢50,000 but it was taken out of circulation.
The new bills are impossible to counterfeit or alter since they have these built in security features:
- The picture and other parts of the bill are in relief (raised)
- There is colored vertical strip with visual effects.
- If you turn the bill there is a circle that floats, changes from green to blue and another multicolor effect.
Here are pictures of both sides of Costa Rica’s new bills.
The ¢10,000, ¢5,000, ¢2,000 and ¢1,000 will be in circulation in 2021.
The features of Costa Rica’s new money (in spanish)
