Costa Rica carped over high banking fees for changing euros

European tourists blasted the extremely high commissions demanded by Costa Rican banks for changing euros, a situation that has raised concerns in the country’s National Tourism Institute. Members of the institution fear this move could send bad ripple effects all over the nation’s leisure industry and ultimately make a dent in the flow of arrivals.

Spokespersons from the National Bank of Costa Rica explained the current exchange rate was adopted because the country has no room for euros and is therefore bound to export the European currency at a very high price.

Banking Superintendent Juan Munoz told local newspaper La Nacion that “in the free trade of foreign currencies each and every bank sets prices in keeping with its operational costs.”