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ATM Exchange Rates
https://forum.costaricaticas.com/viewtopic.php?f=1&t=30077		 Page 1 of 1
Author:  WarCriminal [ Thu Aug 13, 2009 4:10 pm ]
Post subject:  ATM Exchange Rates
OK, so if I use an ATM and take Colones out, will I get the money at the correct exchange rate at that time? I'm trying to figure out why so many guys take dollars to CR and then exchange them when they get there. I'm leaving on Sunday and would rather not carry a lot of cash with me. Can someone fill me in???
Author:  Almond [ Thu Aug 13, 2009 4:30 pm ]
Post subject: 
I've always used BCR (Banco de Costa Rica) ATM's and never had a problem.

I have USAA as my bank.

I've always gotten pretty close if not exactly the current interbank exchange rate, and BCR never charged me a fee.

However, a few days after withdrawal my own bank would tack on $1.
Author:  Patriot [ Thu Aug 13, 2009 4:30 pm ]
Post subject: 
YES,
but many banks charge an international fee which is more $$ than the regular fee.
This also works with your credit cards.

PLEASE let your bank know you are traveling out the country BEFORE leaving. If you don't you may get a nasty surprise when you go to use your ATM.
Author:  Orange [ Thu Aug 13, 2009 4:47 pm ]
Post subject: 
I'm not saying that I agree with them but there are several reason that some prefer having cash over withdrawing from atm's:

-convenience, not atm runs at midnight
-not atm fees, Bank of America charges $5 per int'l atm withdrawal
-some people don't trust atm's abroad, we have had many reports of "no money came out but it was debited from my account", especially INS-building atm's
-fear of the colone :roll: :roll: :roll:
-atm daily limit (for the high rollers/colombiana lovers, the $500 daily limit may not be enough :lol: )
Author:  Baqueta [ Thu Aug 13, 2009 5:43 pm ]
Post subject: 
I have found that using the DR atm ( by the elevator) and pulling out dollars instead of colones I do not get the 3% exchange fee on my Chase ATM card plus the non Chases ATM fee. I only get charged a $2.00 non Chase ATM fee, and no fee from the Del Rey.
Author:  Cujo's [ Thu Aug 13, 2009 5:49 pm ]
Post subject: 
Orange wrote:
I'm not saying that I agree with them but there are several reason that some prefer having cash over withdrawing from atm's:

-convenience, not atm runs at midnight
-not atm fees, Bank of America charges $5 per int'l atm withdrawal
-some people don't trust atm's abroad, we have had many reports of "no money came out but it was debited from my account", especially INS-building atm's
-fear of the colone :roll: :roll: :roll:
-atm daily limit (for the high rollers/colombiana lovers, the $500 daily limit may not be enough :lol: )


Ditto, I always bring the cheddar. Much easier to deal with it that way. Make your hotel safe the ATM....

Cujo
Author:  Pacifica55 [ Thu Aug 13, 2009 6:55 pm ]
Post subject: 
Bringing money is not an option since I live here in CR. I use my credit union debit card and get c580-$1 and no charges at Banco National or Scotia, the ones I use.
Author:  Western [ Thu Aug 13, 2009 6:56 pm ]
Post subject: 
It all depends on your bank as to what exchange rate is used. Banks typically use the commercial rate for the day of the withdrawl. It is usually a good exchange rate. As mentioned previously, the fees can be where they get you. Check with your bank.

I always bring some greenbacks with me. Even after years of traveling around the world, I still worry about getting caught short of funds. Hey, CR is NOT the USA. The infrastructure is.... fragile? Funny things can happen and you may not be able to get cash every time you want some.

So far it has worked for me. Even if an ATM is out of cash or is on the blink I don't have to sweat if another ATM is not available. I don't like carrying all of the cash for a trip either.

Another tip is to take your card into the bank (along with your passport) and have a teller give you cash. This will get you around ATM fees but not any BS foreign transaction fees your bank may have.
Author:  Irish Drifter [ Thu Aug 13, 2009 7:27 pm ]
Post subject: 
Pacifica55 wrote:
Bringing money is not an option since I live here in CR. I use my credit union debit card and get c580-$1 and no charges at Banco National or Scotia, the ones I use.


Have you used Scotia lately? They have instituted a $1.50 ATM usage fee for using their machine. You can use a BAC-San Jose machine, same Red Total network, at no charge.
Author:  WarCriminal [ Thu Aug 13, 2009 8:47 pm ]
Post subject: 
Thanks for all of your responses. I think I'm going to bring some cash and use the ATM when I have to. I'm not worried about the little charges. I use Navy Federal Credit Union and they're usually pretty good about these things from what I hear. Then it's just a matter of dealing with the local banks.
Author:  Almond [ Thu Aug 13, 2009 8:48 pm ]
Post subject: 
ahhh navy fed.. great bank.. only have a cc with them though
Author:  MoJo [ Sun Aug 16, 2009 9:14 pm ]
Post subject: 
Luckily I do not get charged those pesky "fees" that other bank users report and I always get the official exchange rate BUT and here is the rub. I have had my card not work on 2 consecutive days and had to borrow cash from a bro because of it. So in the end if you are lucky enough to not accrue fees for the transaction use both. Bring cash from home and keep as a backup and hit the ATM when needed for operating cash.
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