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A question about travllers checks
https://forum.costaricaticas.com/viewtopic.php?f=1&t=4697		 Page 1 of 2
Author:  TorontoGuy [ Sun Jan 16, 2005 1:44 am ]
Post subject:  A question about travllers checks
If you exchange the travellers check in CR bank, do you get US dollars or colones?
Author:  Irish Drifter [ Sun Jan 16, 2005 1:55 am ]
Post subject: 
You can get either but the exchange rate for TC is usually not as favorable as it is for dollars.
Author:  Joluko [ Sun Jan 16, 2005 2:14 am ]
Post subject:  Expand on this....
Just to get some input from those more knowledgable: My first trip I took a hunk of cash and my CC. I had no problems but I was wondering about the necessity of travelers checks. Input from you old pros requested.
Author:  DildoMan [ Sun Jan 16, 2005 3:01 am ]
Post subject: 
Traveler's Check?? Seriously, people still use that stuff?

ATM is the best option.

Dildo Man
Author:  ShowerHead [ Sun Jan 16, 2005 3:33 am ]
Post subject: 
I don't use travelers checks anymore..just the ATM Machines.

Keep your receipts though as a few trips back I was double charged for one transaction. Check your monthly bank statement after a trip!

ShowerHead
Author:  TorontoGuy [ Sun Jan 16, 2005 10:16 am ]
Post subject: 
So for mongering you do not need US dollars, just colones?
Author:  TorontoGuy [ Sun Jan 16, 2005 10:22 am ]
Post subject: 
What credit card do you need for the ATM machines?
Author:  Irish Drifter [ Sun Jan 16, 2005 10:38 am ]
Post subject: 
You can use a Visa or MC credit card that allows you take a cash advance if you know the pin number. If you do not remember the pin or never got one assigned you can go to a bank and get a cash advance. The fees are usually high so do not recommend that. For an ATM use your bank debit card. Any red total machine or the ATM at the DR does not charge a fee, your bank might but it is a lot less than the credit card fee.
A reminder: tell your bank and credit card company that you will be in CR from (blank) to (blank). Some banks have been know to suspend the card if it is used in a foreign country without advance notification .
Author:  Irish Drifter [ Sun Jan 16, 2005 10:42 am ]
Post subject: 
Chicas will accept either though some prefer dollars, think they get a better rate of exchange when sending money home. If you use colones make sure you comfortable converting the amount from dollars, chicas are better than bankers at that, and a miscalculation on your part could cost you some money.
Author:  Ace [ Sun Jan 16, 2005 11:16 am ]
Post subject: 
Last trip at the airport bank a dude from the US spent 15 minutes cashing travellers checks. His rate of exchange was subject to an additional fee so he lost money compared to using an ATM or cash.
Sometimes the bank calls the issuer of the travellers checks to see if they were stolen. Also his signature was questioned by the bank in spite of his signing them in front of the bank jerk.

By the way they had two tellers buy one was constantly closed for a coffee break or on the phone. What a crock.

:!:
Author:  Seahawk [ Sun Jan 16, 2005 11:55 am ]
Post subject:  Traveler check
I have used travelers checks fo the last 5 years. The bank of San Jose. Calle Central, Av 3&5. Charges 1% or $5 for $500. I save my reciept an am reimbursed by American express. For me it works great. I have lots of plastic and never use it. I recommend to always take both for unexpected emergency. Cash, of course, is better if you don't get mugged. SEAHAWK
Author:  Flander [ Sun Jan 16, 2005 1:10 pm ]
Post subject:  t checks
amex free, presidente cashes at great rate. cash what you need for the day, leave eveything else in the safe. NEVER use the bank at the airport. if you take cc and atm card carry in a money belt or neck wallet. forget about wallet in front pocket. lost a camera in oct that way to pickpocket, he was caught by the crowd, i made 3 court appearances, and he was sentenced to 9 to 15 yrs, Harsh? this K*D murdered 2 people before he was 18, 1, 2 days after he got out for the 1st one! what you don't spend. you can deposit checks when you get home. don't leave home without it.
Author:  TheJayMan [ Sun Jan 16, 2005 2:50 pm ]
Post subject: 
I have used travelers checks at Banco National. They chare a 1% fee or $5 if over $500. I didn't know that American Express reimburses these fees. I get the checks from Bank of America (BofA) without a fee when I purchase them because I have a Prima checking account.

I used my BofA ATM card on my last trip to take out about $400 in colones at an ATM that other CRT members recommended to me. It was the one that is a half block North of Av. Central and next to a video arcade. I got a lower exchange rate than I get for cash inside the bank. I lost $4.64 due to the lower rate. I was also charged a $5 international ATM transaction fee by BofA. Combined, this comes out to about a 2.4% total for fees. I used my ATM card on a Friday and the lines in the bank were very long. It was worth the extra fees to avoid the lines.

I used a CapitalOne Visa credit card for purchasing a tour at the presidente that would have cost $65. The presidente charged colones to my card. CapitalOne did not charge me any additional fees. It came out to $65.66 on my card which is about 1% more than if I paid for the tour with US dollars.

My experience has been that I get the best rate for US cash. Using my credit card for purchases or converting Travelers Checks into Colones are about tied for second place with a 1% fee. The ATM card is in third place with a 2.4% fee. I have not tried cash advances on my credit card in CR, but I suspect that that would be more expensive than these transactions.

I was thinking that it may be a good option to get a savings account at one of the banks in CR. I could deposit cash and travelers checks on the first day of my trip and then use the local ATM card without fees. My next trip is for 3 weeks, so this may be an option. I would like to know if there are any local banks that other CRT members would recommend for opening a savings account.
Author:  Tman [ Sun Jan 16, 2005 3:26 pm ]
Post subject: 
IN my experience, the biggest problem with travelers checks is the hour or more it often takes to stand in a line at a bank to cash them. Then you get to the window and it can take another 10-15 minutes for them to photocopy your IDs...and even take FINGER PRINTS in some places. Just not worth the hassle plus giving them fees in addition. The banks much prefer ATMs and credit card transactions...the money is exchanged right away versus the banks here have to float travelers checks up to 30 days sometimes before they are reimbursed. Personally, I dont want to wait in bank lines while on vacation. There are plenty of ATMs these days here...and if you check your statements, you're risk of getting ripped off are minimal. And the exchange rate is always current for the day at ATMS. Cash, ATMs or gold bullion are all better 8)
Author:  Novice [ Sun Jan 16, 2005 7:54 pm ]
Post subject: 
I have always brought $500 or so in AmEx travelers checks they are free for me as well. This time I had set up a new B of A debit account that I could not be positive that would work in CR, which it did just fine. For some reason maybe the old advertising I always feel a little better having some Travelers Checks, and just forget that I have that money. At the end of the trip I always dump them at the Desk at Presidente never ever a problem no fees nada and good exchange rate. Like a little stash tucked away I have had a binge before returning home. When I get an apartment I probably won’t bring them anymore.

There is now a great nest of ATM’s (actually ATH in CR – A Todo Hora) in a stall at the new mall on the Balmoral side of the block on Avenida Central like you are walking towards DR from Presidente. On the bottom floor as you enter look to your right for the glass door. A half dozen or so machines no fuss no wait and you can get colones or US dollars. If you are asking a Tico where an ATM is: say: Ah Te Ach-AY or they won’t know what you mean LOL.

Be careful in the past I have had a MC/Cirrus debit card that did NOT work in CR which is why I am a little paranoid. Visa debit card is a better bet, just my experience. One more thing IMHO all you need for anything and everything while in CR is Colones. Unless you have brought some US bills that are marginal quality (small rips or marks Ticos are totally anal about and better not to bring in the first place) you can spend them on the grrls they will figure it out to cash them. Pura Vida.
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