A cautionary note: Banking and money matters are your responsibility. The program does not have the means to aid you if you find yourself without sufficient funds. Because the transfer of funds from the U.S. to Costa Rica through the banking system is very cumbersome with long delays, it is recommended that you find an alternative method of paying for your expenses. It is not recommended that you open an account in a foreign bank.
Currency
The currency in Costa Rica is the colón. You can check daily exchange rates online.
You will find that some establishments in San Jose accept U.S. dollars, so it is a good idea to have a fair amount of smaller bills (denominations of $20 or less, should be crisp bills with no tears). If you are traveling to more remote areas of the country, be sure to have enough colónes to cover your expenses. Costa Ricans generally prefer to deal in cash.
You won’t need to change dollars to colónes before leaving the U.S.; it is expensive and you will have the opportunity to exchange money upon arrival in Costa Rica. While it is possible to change dollars to colónes in Costa Ricans banks — you will need your passport and should be prepared for the process to take about an hour — there are easier ways to get colónes. Most students find that using a debit/ATM card to withdraw colónes from an ATM is the most convenient method of accessing money in Costa Rica. CRLA will provide you with a list of recommended ATMs.
Budgeting your money
The overall cost of living abroad can sometimes be higher than at home because you are in an unfamiliar environment and will be confronted with an almost endless array of entertainment possibilities. While many expenses are included in your program fee, be mindful that activities or travel outside of the program will be at your own expense. Mizzou Study Abroad will not reimburse you or give you cash for extracurricular activities or travel.
Plan ahead and budget based on what you want to do with your free time in Costa Rica. If you plan to go out a lot in the evenings, you may surprised how fast your money disappears. If you go out at night, always reserve enough cash to take a cab home — the only safe way to travel at night. Also, be aware that cabs are more expensive at night.
While your host family will provide breakfast and dinner, you will be on your own for lunch. CRLA has an inexpensive lunch counter, or you can grab lunch at a nearby soda, convenience store or food court in the San Pedro Mall. Meals and transportation on excursions are provided, but you may want to bring along extra money in case you want to buy something or do an additional activity that is not included in the program.