www.CostaRicaTicas.com

Ok, so after much research on here, my bank & my Chase Credit Cards, I decided to open an account with Schwab. This was very easy btw & took about 10-15 minutes online.

Just FYI if anyone is thinking about doing this, I ruled out:
- my bank because -1) they charge 1% of of transaction
-2) $2.75 Foreign ATM Transaction fee
-3) Any foreign ATM fees charged by the Foreign bank
-4) $500 daily limit
- my Chase CCs because -1) 3% fee with a $10 minimum per transaction
-2)19-22% Int accruing from the day of the withdrawal (Deal Breaker!!!)
-3) Any Foreign ATM fees charged by the Foreign bank

Schwab apparently has none of these fees & if there are fees charged to my account, they reimburse those fees.
We'll see.

My question is, What is the exchange rate given by the ATM?
Is it comparable to the HDR or the Casino next door?
if they are giving C500:$1 & the HDR or Casino is giving C535:$1, I'd rather not give up that 6.5% or whatever it turns out to be. If it is only C5 or so , then i'll take that 1% hit.

Any input on exchange rate at the ATMs?

Thanks in advance,
CostaReeker

My experience has been that ATM in Costa Rica will dispense cash both in Colones and Dollars, you have to select the option. Also, when dispensing colones from a U.S. Bank based dollar account (such as your case) it will and should use the official CR Central Bank rate (published daily), plus their fees, which as you have said, will be reimbursed by Schwab.

Thanks Bandon,

Do all CR Banks down there use the official exchange rate?
Is there a daily Colone/dollar limit imposed by the BCR?

As I understand it the ATM gives you the best exchange rate. The reason people do not use ATMs is because of the "fees" charged by banks. BofA, Chase and Wells Fargo the 3 biggest bastards of banking are the worst as you found.
I have found Capital One the best ATM card. No fees at all in any foreign country.

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Softbob

There is nothing either good or bad
but thinking makes it so.
HAMLET

All ATMs here give the exchange rate that the bank that owns that particular ATM is giving at that moment.

The rates vary slightly from one bank to another (right now it is c524-c526 by just about all banks here)

One slight correction on Bandon's comments (sorry) but not all ATMs here give dollars. As for as I know none of the Banco National ATMs give dollars, and several of the smaller banks only have ATMs that give colonies. BCR almost always have 2 or more machines with one that gives both and others that only give colonies. Their 2 ATM locations in the main location between central and Ave 2 has 2 machines that do and the rest don't!

The only daily limit I am aware of is the one (if any) that the card issuer imposes.

Colonial casino uses the rate of one of the private banks here which is usually about one colony below BCR. Most hotels (HDR. SL. etc) are usually around 20 colonies below the Bank rate.

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Old and retired but still bang, and bang, and bang!!!

As a test, to see how Schwab treats me with the exchange rate, I have gone into the Bank of Costa Rica (BCR) website to get their current exchange rate AT THE VERY MINUTE I used the Schwab ATM card at the BCR branch in San Jose. Then I made a note on the ATM receipt to compare what my Schwab statement said at the end of the month regarding the rate for that particular transaction. I have done this more than once to convince myself that Schwab is good.

Believe me....... Schwab is good.

The rate on my statements is the same as the BCR rate for that day or, maybe one colone different. Once, it seems, I was surprised that Schwab used a rate that was better for me than the BCR rate.

Of course, there is NEVER any fee to use the Schwab ATM card at any machine anywhere in the world.

If you want a second Schwab card for a backup against the loss or theft of your card, or against the possibility of the ATM machine eating your card, etc, you can just open a second Schwab bank account to get a second card with a different number for the second bank account. Again, never any fees. Switch money instantly between Schwab Bank accounts on the internet.

I have no connection with Schwab except to use their ATM cards. But I use their ATM card almost every day in CR so I don't have to have much cash exposed to any risk. In the nasty banking world, it's hard to believe how nice they are to their customers. But it's real. You can believe it.

Have to totally agree with you RAC.

I've had brokerage accounts with Schwab for over twenty years and have always had excellent service. Now, more recently, I opened a checking account (which links to my brokerage for money transfers) and must say it is extremely convenient...you can transfer cash between accounts instantly via web account and you have access to your cash, fee free, via their ATM cash card service anywhere you are traveling...Terrific service!

Keep in mind that the exchange rate is determined, not by Schwab, but by the ATM bank owner.

In 10 years living here and getting money out of the ATMs several times every month, this has happened to me 2 times. The Costa Rican banks (none of them from what I understand) will do nothing to help you get your money back except tell your bank in the states that yes there was a malfunction. You have to contact your own bank and they have to do the investigation. Both times my account was "conditionally" refunded within a couple of hours but pending the outcome of an inquiry. After about 3 weeks I receiver notice that all was well!!


One thing also that many guys, especially newbies are not aware of: The machines here are not the swipe your card type like in the states. They are to old type where you insert your card and then when you finish your transaction it spits the card back out. Problems is most guys are not aware that you only have 3 seconds to retrieve your card after which time it eats your card again, and you then have to go into the bank with your passport (not a copy) to retrieve it!! This happens to guys a lot here and though I have never heard of anyone having a problem getting the card back, it is scary when it happens.

Also as for the exchange rate: do not look for the international (world bank) exchange rate and expect to get it here. Costa Rica sets their own rate and that is what the banks here work off of. It will often be less than the world bank says it is. The last few weeks the dollar has been supposedly getting stronger, but here the rate has been dropping (about 15 colonies to the dollar) the last 2-3 weeks. The rate here is dependent on how much or how few dollars the government has vs. needs. how much money the power people here have to exchange and in which direction ($$ to colonies or colonies to $$$). In other words the world bank sets the rate based on what it sees as the value of each currency while CR sets it's rate based on whether it has a surplus or a shortage of dollars!!

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Old and retired but still bang, and bang, and bang!!!

the hold was automatic. If the CR bank does not send a settlement request (which it won't if the machine did not finalize the transaction) then in 72 (or 96 depending upon bank) hours the hold will vanish.

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bypassin' kinky, and usin' the whole chicken!!!

Forgot to mention one more fact about my Schwab checking account...

In addition to getting ATM fee free unlimited use throughout the world, Schwab does not charge anything to issue printed checks for its checking accounts! Very useful for those of us who still have to write checks every once in a while. What a deal...

I have been using a Schwab card for a couple years now. In my experience I have always got a better rate than I can get on the street with it. Haven’t used it in CR but in Thailand, the DR and the Philippines I found this to be the case. I absolutely would recommend a Schwab card to a friend.

All good intel except for Greengos 1:50 a.m. rant. No clue what that was about?

Just did the Live Chat thing with Schwab & the daily $ limit by Schwab is $1000 but that can be increased if need be. I'll hopefully never need this much except for fishing charters but still good to know. There may be a smaller limit imposed by the bank so it mat take 2-3 transactions to get to this $100, but like I said, hopefully i'll never need this much!

I have also used Schwab for five years, in Costa Rica and abroad. I have had the same experience as RAC. The exchange rate is usually right at the bank rate here in Costa Rica.

The actual rate is based on an average of 30 days. However, since the rate does not change that dramatically in Costa Rica, it's usually the same as the bank. You can see what rate you received by checking your receipt against your statement and doing the math.

Or, you can just go to the main branch of the Banco Nacional or BCR and find an ATM that dispenses dollars. Use your Schwab account to withdraw USD (no fees) and then walk into the bank to make the exchange. They usually give 20 dollar bills. Just remember to bring your passport, because they need Id in the bank.

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Costa Rica, the Number ONE party destination in Latin America!

More good Intel! Thanks Admin!!
Is there an ATM in the HDR or the Casino next door?
I'm guessing there is no shortage of ATMs in Jaco?