How to find the best exchange rate?
A practical guide to comparing rates, understanding entity types, and getting the best price for your currency exchange.
The golden rule: always compare
The most common mistake when exchanging currencies is going directly to your regular bank without comparing. In Costa Rica, there are over 37 entities authorized to operate in the foreign exchange market, and price differences can be significant.
Entity types: which suits you?
Public banks (BN, BCR, Popular)
- Typical spread: ~₡14
- Advantage: Trust, branches nationwide, online banking
- Disadvantage: Wide spreads, little price variation among them
- Ideal for: Those who prioritize convenience over price
Private banks (BAC, Davivienda, Lafise, Promerica)
- Typical spread: ₡14-18
- Advantage: Digital services, loyalty programs
- Disadvantage: Spreads similar to or worse than public banks
- Ideal for: Those who already have accounts and prefer doing it at their own bank
Financial companies (MultiMoney)
- Typical spread: ~₡7.50
- Advantage: Significantly better spreads than banks
- Disadvantage: Fewer branches, lower brand recognition
- Ideal for: Those seeking good prices without needing a physical branch
Exchange houses (ARi, Teledolar, TicoCambio)
- Typical spread: ₡6-18 (varies widely)
- Advantage: The most competitive spreads in the market, digital operation
- Disadvantage: May have minimum amounts, don't offer other banking services
- Ideal for: Those seeking the best possible price
Cooperatives (Coopeande, Coopenae)
- Typical spread: ₡14-15
- Advantage: Rates similar to banks, personalized service
- Disadvantage: Generally requires membership
- Ideal for: Members who want to do everything in one place
Buy or sell? Know what to look for
It's crucial to understand which price to compare based on your situation:
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If you want to buy dollars (for travel, dollar-denominated debt): Compare the sell price across entities. The lowest sell price benefits you.
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If you want to sell dollars (receiving remittances, earning in dollars): Compare the buy price across entities. The highest buy price benefits you.
5 tips for getting the best price
1. Compare at the right moment
Rates change throughout the day. Banks publish early (~8-9 AM), but exchange houses may update at midday. Compare just before making your transaction.
2. Consider the total amount, not just the rate
For $100, the difference between a ₡7 and ₡14 spread is only ₡700. But for $10,000, it's ₡70,000 — a very significant difference.
3. Ask about preferential rates
Many entities offer better rates for large amounts (generally $5,000 or more). Don't be afraid to negotiate.
4. Don't be swayed by advertising alone
Some entities promote "the best exchange rate" but only for buying or only for selling. Check both prices.
5. Verify the entity is regulated
Every entity authorized to operate in Costa Rica's foreign exchange market must be supervised by SUGEF. All entities shown on ARiSabe meet this requirement.
When is the best time to exchange?
There's no "perfect moment," but there are useful patterns:
- Start of the week: Rates tend to be more stable on Mondays and Tuesdays
- Morning: Most entities publish their best rates early
- Avoid urgency: If you can plan your exchange in advance, you'll have more options to compare
- Trends: If the dollar has been falling, waiting may benefit you if buying. If it's been rising, acting quickly may be better
Use the tools to your advantage
ARiSabe shows you real-time rates from all authorized entities, with indicators for the best buy price, best sell price, and tightest spread. Use the comparator to view several entities side by side and the converter to calculate exactly how much you'll receive or pay.