Many new comers to Panama come from Costa Rica. I sometimes wonder how people afford to live there. It is so much more expensive than Panama.
Lilliam always is up to date on the conversion rate between the US dollar and the Costa Rican Colon because her retirement comes from Costa Rica and she is paid in Colons. Today’s rate and the rates for the past few weeks have been changing almost on a daily basis.
The exchange rate is currently 550.0 colons for one US$. I think it was 538 colons on Monday.
Now you might think that is good because one US dollar is giving you more colons than before. You might think your buying power is greater in Costa Rica is better than in Panama. However, many purchases in Costa Rica are done in US dollars and your purchasing power has gone down.
When you compare items in Panama vs the same item in Costa Rica the cost of living in Costa Rica is extremely high. If you were considering Costa Rica and have decided on Panama, thank your lucky stars. You made the right decision.