I have been a U.S. mortgage lender for the past 10 years and a visitor to Costa Rica for 7 of these years.  With each trip I learned a little more about how to get around Costa Rica when it comes to money and the Costa Rica way of banking. 

Moving to Costa Rica was no exception ... I am still learning how banks work down here, so do check back to this blog as I'm sure updates will be warranted.
 

Costa Rica Money: 
Do flip-flops really cost 25.000,00?!

Costa Rica's currency is officially called the colón (ka-lone).  However, a single colón is not worth much - so you will be spending colónes (ka-lone-ehs). 

As with all denominations, the colóne's exchange rate varies constantly based on market conditions in comparison with the U.S. dollar, Canadian dollar, Euro, etc.  Recent valuations have the colón ranging between ¢490-¢515 to $1.00.  For quick math purposes;  a traveler can use a 500:1 ratio on the fly when it comes to understanding what that guy on the beach is charging for the sandals (hint: don't pay more than ¢5.000,00 -or- cinco mil colónes ... which is $10.00).

Costa Rica's Central Bank (Banco Central de Costa Rica) is the equivalent of the U.S. Treasury in that it controls all Costa Rica banking and monies.  Although each authorized Costa Rica banking institution can within certain guidelines set their own exchange rates ... Banco Central de Costa Rica does publish a colón vs. dollar exchange rate used for official purposes such as import duties, government fees, etc.  This daily exchange rate is based on the previous days trading average and posted on its web site of www.BCCR.fi.cr.   

Costa Rica Colón vs. U.S. Dollar 11-20-07 thru 04-10-08

All posted and published exchange charts for Costa Rica Colónes vs. U.S. Dollars show two rates.  The buy rate or "Compra" is how much the bank will buy your dollar for if you want colónes.  The sell rate or "Venta" is how much the bank will sell you a dollar for if you are exchanging-in those colónes.  Example: