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Currency exchange
https://forum.costaricaticas.com/viewtopic.php?f=11&t=40534		 Page 1 of 2
Author:  Aldrich317 [ Sun Apr 08, 2012 10:06 am ]
Post subject:  Currency exchange
Hi,

I will be arriving at SJO on 5/11 and based on advice received on this site, plan to exchange my dollars for colones at the airport bank. Some of the posts I've read mention potential issues with exchanging large bills ($100s) and/or worn bills as certain venues. As I will be exchanging about $1,500, I would rather carry 100s than 20s with me. Will that be a problem? Also, what constitutes 'worn'? Lastly, in choosing the desired colones denominations I would like, is the exchange done by a human, or ATM?

Thanks,
Aldrich317
Author:  PacoLoco [ Sun Apr 08, 2012 10:17 am ]
Post subject:  Re: Currency exchange
Hey Aldrich317 no problem with 100s just make sure they have no CB serial #s and are in good condition; meaning no tears, stamps or writing. Hit the BAC bank upstairs at the airport departure level, also a money belt might be a good idea since 750,000 colones is a pretty big wad. A teller does the exchange and you'll need to present your passport.
Author:  Irish Drifter [ Sun Apr 08, 2012 10:45 am ]
Post subject:  Re: Currency exchange
PacoLoco wrote:
750,000 colones is a pretty big wad.


The largest bill currently in circulation is C20,000 so the minimum amount of bills you would receive is 375 when exchanging $1500.

Couple of problems with that. The sheer size of the wad makes it difficult to transport. 20 mil notes are not popular with merchants and many will not take them. So why change all your USD at one time? There are non government banks (Scotia, City, BAC, etc.) scattered all ocer San Jose when you want to change more. There also are government banks (BCR, BN, etc.) where you might have to wait in line a bit longer when changing money.
Author:  Nhhank [ Sun Apr 08, 2012 11:06 am ]
Post subject:  Re: Currency exchange
Irish Drifter wrote:
PacoLoco wrote:
750,000 colones is a pretty big wad.


The largest bill currently in circulation is C20,000 so the minimum amount of bills you would receive is 375 when exchanging $1500.

.

Check your math ID :shock:

You would get 37 20 mill notes and 1 10 mill note

Or 75 10 mill notes
Author:  Irish Drifter [ Sun Apr 08, 2012 12:11 pm ]
Post subject:  Re: Currency exchange
Checked my math

$1500.00 USD x 500 colones to the $ = 750,000 colones

750,000 colones ./. 20,000 colon notes = 375

Perhaps you might want to check yours. :shock: :roll: :lol:

or even better don't check your math and let me change your USD to colones for you next time you are in town. Will even come to your hotel and save you the inconvenience of going to the bank. :lol: :lol: :lol:
Author:  PacoLoco [ Sun Apr 08, 2012 12:20 pm ]
Post subject:  Re: Currency exchange
ID gets an F in math.
Irish Drifter wrote:
Couple of problems with that. The sheer size of the wad makes it difficult to transport. 20 mil notes are not popular with merchants and many will not take them. So why change all your USD at one time? There are non government banks (Scotia, City, BAC, etc.) scattered all ocer San Jose when you want to change more. There also are government banks (BCR, BN, etc.) where you might have to wait in line a bit longer when changing money.
That's why I suggested a money belt, but it's not that big of a wad (since your math is off a few hundred bills) but they will give you mostly 10k notes. Changing it all at once at airport BAC is convenient, you get the best rate, and don't have to waste time later standing in lines and carrying large amounts plus your passport on the street.
Amazing how simple answers to simple questions always turn into a big debate on this site.
Author:  Mypervidentity [ Sun Apr 08, 2012 12:47 pm ]
Post subject:  Re: Currency exchange
During my last trip to CR, I didn't have any problem getting money out of ATM machines...(provided I stay under my daily limit)...I travel quite a bit, and seldom carry more than $100-$150 in cash. (Don't carry any more than you can afford to lose) During the last year, I have traveled to Thailand, S Korea, Costa Rica, Mexico, and Canada and have never had problems getting cash from a machine.

I have found that I get the best exchange rates with the lowest fees this way...

One thing I always do before I travel to a country is call the number on the back of the card and let them know what country I will be in and what dates. (many cards have fraud protection that will reject the card if you are in a foreign country and don't travel much etc etc...this is especially true in Brazil)....

Have fun!
Author:  Irish Drifter [ Sun Apr 08, 2012 12:53 pm ]
Post subject:  Re: Currency exchange
PacoLoco wrote:
Amazing how simple answers to simple questions always turn into a big debate on this site.


Hardly a big debate Paco. Just folks trying to help out even if sometimes with erroneous math. :oops: That is supposdly one of the major reasons the board exixts.
Author:  Nhhank [ Sun Apr 08, 2012 1:01 pm ]
Post subject:  Re: Currency exchange
ID, your adding machine ribbon must be getting old :D

That is a given... I too like to take care of the exchange at the bank, get it over with, done

$1500 changed to CRC does make for a stack, and I doubt it will all be in 20 mills, but many 10 mill and alot of 5 mill... It does make for quite a stack so do have a place to tuck it away before leaving the airport

Have a great trip Aldrich.....

ID was wrong :shock:
Author:  Aldrich317 [ Sun Apr 08, 2012 1:06 pm ]
Post subject:  Re: Currency exchange
Can you request the breakdown you would like... i.e. x number of 5 mil note, x number of 10 mil notes, etc.?... provided of course that the math adds up. :D

Aldrich317
Author:  911 Driver [ Sun Apr 08, 2012 1:08 pm ]
Post subject:  Re: Currency exchange
Aldrich,
Forget the hassles of exchanging at the airport, just put the cash in your safe and exchange at the hotel you are staying at, it might cost you 1 dollar per 100, but exchange as needed, you might even be surprised to have some left over to take home, avoiding exchanging back to dollars.
Regards, 911 Driver
Author:  PacoLoco [ Sun Apr 08, 2012 1:31 pm ]
Post subject:  Re: Currency exchange
It's no hassle quick and easy, me and wingmen always exchange 1k-1500 in cien notes apiece at airport. Done it 20 times, any colones left go towards hotel bill.
Author:  Rolleratnight [ Mon Apr 09, 2012 2:02 am ]
Post subject:  Re: Currency exchange
First of all, you don't need to exchange the whole wad!! Everybody wants dollars, not colones. I get $100 worth of colones and still don't spend it all. Every price you are given is in dollars. The only place you will use colones is stores and restuarants or gas stations if you rent a car. Chicas want dollars, no chica ever quoted me colones.

Keep your dollars, everyone takes them. Go to an ATM and get $100 in colones and you will be fine.

Next, NEVER tell anybody how much money you have or are bringing. Those safes are easily defeated if somebody knows what the pay off will be.

Good God son, use your head!
Author:  PacoLoco [ Mon Apr 09, 2012 8:25 am ]
Post subject:  Re: Currency exchange
Good God Rolleratnight, don't be a clueless gringo throwing dollars around! Have you ever taken a taxi? Pretty sure the maria reads colones :roll:
Immerse yourself in the culture, get out of the gulch, use colones, speak some spanish...

When you pay dollars you get screwed on the exchange rate.
You'll get better deals on everything negotiating in the local currency.
Not everyone uses ATM cards.
Many travelers have/earn disposable cash and prefer to bring it.
Author:  Orange [ Mon Apr 09, 2012 12:00 pm ]
Post subject:  Re: Currency exchange
Basically, my rule of thumb is to pay in the currency you are quoted in to avoid an exchange transaction where the rate used will not be favorable to you.

Pay your hotel bill in dollars since the price is always quoted in dollars. Paying in colones will entail a currency exchange (at a higher exchange rate, probably 525+). For example, if your hotel billis $600 and you pay in colones, they convert that to 318,000 (600*530). Dividing that back to dollars at the bank rate (505), your $600 hotel bill cost you $630 paying in colones.

Chicas will take either. At 500/1, nothing lost or gained there. Lets see how long till somebody responds that if the exchange rate is 505/1, you can pay in colones and save... yeah, 500 colones on a $100 session. Wow!!! a whole dollar (well almost... more like 99¢ :roll: ) If that doesn't convince you to use colones nothing will. :lol:

Restaurants and bars (HDR, SL) that quote in colones will accept dollars but at a higher rate.

Souvenir shops usually quote in dollars but you can pay in either, nothing lost or gained there.

Tico stores (incl. supermarkets) quote in colones. Paying in dollars will mean an exchnage and raise your cost.

MP's-New Fantasy- definitely pay in dollars. They quote in dollars (to tourists). They convert colones to dollars at 600/1. That means that the $50/hour sessions costs ¢30,000 if you choose to pay in colones, which is really $60.
HLH-The price is the same in either currency. $49 or ¢24,500. Relax, Idem, and the other Tico MP's all quote in colones. Pay in colones or expect to pay more. I think I remember somebody posting they paid $40 for an ¢18,000/hour session. That's a 10% hit.
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