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I will be in Jaco from October 15 to the 20th. I just have a question about exchanging US currency! Is there a guideline or a rule of thumb as to how much to convert right away and how much to leave in US dollars! Is it best to exchange maybe a couple days worth and exchange more later! I would assume it is better to pay for drinks and food ect.in Colones! Any thought would be appreciated

Really only key to it is you don't want to be stuck changing a bunch of colones back into dollars.

Puravidatransport wrote:

Really only key to it is you don't want to be stuck changing a bunch of colones back into dollars.

Never heard of that. The cash I bring is for the trip, and if anything goes home, it goes in colones for the next trip. Hell, this October trip is being paid for by the colones I brought home from my Labor Day trip.

Some people feel safer having a wad of dollars in their safes. I prefer to have the local currency. On my first trip I got stuck with US dollars at a very inopportune moment, where the only place to convert was a late-night rip-off joint.

I am quite anal in my money handling. I convert most to colones (I usually keep an emergency US fund handy), and I bring bank envelopes for each day of the trip. I separate the colones among the envelopes, and each day, I take whatever cash is in my pockets (leftovers from the previous day), stick it into an overflow envelope, and take that day's envelope and pocket it. This way I start every day having exactly the same amount of cash, and if I have a crazy night planned, I grab the overflow (or dip into the next days cash). If necessary, I can hit the US dollar fund, but it will be at my leisure, and not under pressure.

Too many newbies fret in the evening because they only have X colones, and not sure if they can afford to go do Y. Don't add stress to your vacation. Make sure you have the necessary colones at hand when you need it. Very few newbies know in the morning what the evening will hold for them.

Also, as a serious point of important information: do not walk around with the day & night's money in your pockets. If you do get pickpocketed, you want to lose as little as possible. It is an easy thing to walk back to the hotel for the evenings cash.

This works for those that travel often to CR. The country changes the currency about every 3 yrs and you have limited time to convert the old currency to the new bills. ATM machines work with almost every type of card now. You can pull dollars or colonies. When you leave you should get rid of all the colonies that you do not want to keep as a souvenir. You can pay out last minute items in colonies (exit tax, hotel bill, taxi, airport purchases....) to utilize extra Colonies. It also eliminates conversion problems.

Puravidatransport wrote:

Really only key to it is you don't want to be stuck changing a bunch of colones back into dollars.

I'm sure you didn't, BD

<-- I don't get the joke!

Not everyone goes 3- 5 times a year like we do - and they don't wanna be stuck with a bunch of colonies that they don't know when they might use.

Solution is either

Convert the colonies back to dollars when you leave at the airport bank (and take the <small> hit on the transaction - lets face it - in most cases, the vast majority, we are not talking huge sums of money)

Don't convert so much in the first place - I use a combo of dollars and colonies, and it always seems to work out (frankly, like you, if I have $100 - 200 in colonies "left over" not the end of the world - I use 'em on my next trip - and again, if I colonies left over, not the end of the world - I'm not dealing with so much that I worry about the value of what I "brought back")

ATM machines work with almost every type of card now.

Scuba1 wrote:

I'm sure you didn't, BD

I still think the menial transaction hit when leaving is small potatoes to getting stuck with USD when you really need colones.

Some guys I know keep USD and convert each day. It works for them. And that's the key: find what works for you.

Frankly, I think its "mental" with some guys; they don't know when their next trip is going to be; they see the colonie fluctuating against the dollar - and they worry over $75 worth of colonies :roll:

Author:	VegasDale [ Sat Sep 20, 2014 9:49 pm ]
Post subject:	Currency exchange
I will be in Jaco from October 15 to the 20th. I just have a question about exchanging US currency! Is there a guideline or a rule of thumb as to how much to convert right away and how much to leave in US dollars! Is it best to exchange maybe a couple days worth and exchange more later! I would assume it is better to pay for drinks and food ect.in Colones! Any thought would be appreciated

Author:	BashfulDwarf [ Sat Sep 20, 2014 11:50 pm ]
Post subject:	Re: Currency exchange
VegasDale wrote: I will be in Jaco from October 15 to the 20th. I just have a question about exchanging US currency! Is there a guideline or a rule of thumb as to how much to convert right away and how much to leave in US dollars! Is it best to exchange maybe a couple days worth and exchange more later! I would assume it is better to pay for drinks and food ect.in Colones! Any thought would be appreciated there are many threads about this specific subject. Use the search function and you will get many points of view. I do everything in colones. Only one chica has ever asked me for dollars. I pay the hotel in dollars (and any other service that was quoted to me in US Dollar pricing).

Author:	Puravidatransport [ Sun Sep 21, 2014 8:05 am ]
Post subject:	Re: Currency exchange
I suggest just converting what you might need for your first few days, perhaps $200. In Jaco, there are many banks close by so it is easy to go convert more if needed and by that time, you will have a better idea of how much you need to convert per day. Really only key to it is you don't want to be stuck changing a bunch of colones back into dollars.

Author:	Mkink [ Sun Sep 21, 2014 10:43 am ]
Post subject:	Re: Currency exchange
[quote="Puravidatransport"]I suggest just converting what you might need for your first few days, perhaps $200. In Jaco, there are many banks close by so it is easy to go convert more if needed and by that time, you will have a better idea of how much you need to convert per day. Really only key to it is you don't want to be stuck changing a bunch of colones back into dollars.[/quote +1

Author:	BashfulDwarf [ Sun Sep 21, 2014 11:28 am ]
Post subject:	Re: Currency exchange
Puravidatransport wrote: Really only key to it is you don't want to be stuck changing a bunch of colones back into dollars. Never heard of that. The cash I bring is for the trip, and if anything goes home, it goes in colones for the next trip. Hell, this October trip is being paid for by the colones I brought home from my Labor Day trip. Some people feel safer having a wad of dollars in their safes. I prefer to have the local currency. On my first trip I got stuck with US dollars at a very inopportune moment, where the only place to convert was a late-night rip-off joint. I am quite anal in my money handling. I convert most to colones (I usually keep an emergency US fund handy), and I bring bank envelopes for each day of the trip. I separate the colones among the envelopes, and each day, I take whatever cash is in my pockets (leftovers from the previous day), stick it into an overflow envelope, and take that day's envelope and pocket it. This way I start every day having exactly the same amount of cash, and if I have a crazy night planned, I grab the overflow (or dip into the next days cash). If necessary, I can hit the US dollar fund, but it will be at my leisure, and not under pressure. Too many newbies fret in the evening because they only have X colones, and not sure if they can afford to go do Y. Don't add stress to your vacation. Make sure you have the necessary colones at hand when you need it. Very few newbies know in the morning what the evening will hold for them. Also, as a serious point of important information: do not walk around with the day & night's money in your pockets. If you do get pickpocketed, you want to lose as little as possible. It is an easy thing to walk back to the hotel for the evenings cash.

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Currency exchange https://forum.costaricaticas.com/viewtopic.php?f=11&t=46204	Page 1 of 2

Author:	Mkink [ Sun Sep 21, 2014 11:51 am ]
Post subject:	Re: Currency exchange
BashfulDwarf wrote: Puravidatransport wrote: Really only key to it is you don't want to be stuck changing a bunch of colones back into dollars. Never heard of that. The cash I bring is for the trip, and if anything goes home, it goes in colones for the next trip. Hell, this October trip is being paid for by the colones I brought home from my Labor Day trip. Some people feel safer having a wad of dollars in their safes. I prefer to have the local currency. On my first trip I got stuck with US dollars at a very inopportune moment, where the only place to convert was a late-night rip-off joint. I am quite anal in my money handling. I convert most to colones (I usually keep an emergency US fund handy), and I bring bank envelopes for each day of the trip. I separate the colones among the envelopes, and each day, I take whatever cash is in my pockets (leftovers from the previous day), stick it into an overflow envelope, and take that day's envelope and pocket it. This way I start every day having exactly the same amount of cash, and if I have a crazy night planned, I grab the overflow (or dip into the next days cash). If necessary, I can hit the US dollar fund, but it will be at my leisure, and not under pressure. Too many newbies fret in the evening because they only have X colones, and not sure if they can afford to go do Y. Don't add stress to your vacation. Make sure you have the necessary colones at hand when you need it. Very few newbies know in the morning what the evening will hold for them. Also, as a serious point of important information: do not walk around with the day & night's money in your pockets. If you do get pickpocketed, you want to lose as little as possible. It is an easy thing to walk back to the hotel for the evenings cash. This works for those that travel often to CR. The country changes the currency about every 3 yrs and you have limited time to convert the old currency to the new bills. ATM machines work with almost every type of card now. You can pull dollars or colonies. When you leave you should get rid of all the colonies that you do not want to keep as a souvenir. You can pay out last minute items in colonies (exit tax, hotel bill, taxi, airport purchases....) to utilize extra Colonies. It also eliminates conversion problems.

Author:	GoodDayJohn [ Sun Sep 21, 2014 12:33 pm ]
Post subject:	Re: Currency exchange
Mkink wrote: This works for those that travel often to CR. The country changes the currency about every 3 yrs and you have limited time to convert the old currency to the new bills. ATM machines work with almost every type of card now. You can pull dollars or colonies. When you leave you should get rid of all the colonies that you do not want to keep as a souvenir. You can pay out last minute items in colonies (exit tax, hotel bill, taxi, airport purchases....) to utilize extra Colonies. It also eliminates conversion problems. Matt, I don't understand. The exit tax and all the hotels most of us use quote prices in dollars. It seems that creates a conversion problem if you pay in Colones. I visit CR often enough that I don't worry about the currency changes. I like to have extra Colonies when I leave just in case I can't get to the bank in the departure area when I arrive. Just like with the ladies, many of us have our own preferences, even how we manage money.

Author:	Scuba1 [ Sun Sep 21, 2014 1:40 pm ]
Post subject:	Re: Currency exchange
BashfulDwarf wrote: Puravidatransport wrote: Really only key to it is you don't want to be stuck changing a bunch of colones back into dollars. Never heard of that. The cash I bring is for the trip, and if anything goes home, it goes in colones for the next trip. Hell, this October trip is being paid for by the colones I brought home from my Labor Day trip. Some people feel safer having a wad of dollars in their safes. I prefer to have the local currency. On my first trip I got stuck with US dollars at a very inopportune moment, where the only place to convert was a late-night rip-off joint. I am quite anal in my money handling. I convert most to colones (I usually keep an emergency US fund handy), and I bring bank envelopes for each day of the trip. I separate the colones among the envelopes, and each day, I take whatever cash is in my pockets (leftovers from the previous day), stick it into an overflow envelope, and take that day's envelope and pocket it. This way I start every day having exactly the same amount of cash, and if I have a crazy night planned, I grab the overflow (or dip into the next days cash). If necessary, I can hit the US dollar fund, but it will be at my leisure, and not under pressure. Too many newbies fret in the evening because they only have X colones, and not sure if they can afford to go do Y. Don't add stress to your vacation. Make sure you have the necessary colones at hand when you need it. Very few newbies know in the morning what the evening will hold for them. Also, as a serious point of important information: do not walk around with the day & night's money in your pockets. If you do get pickpocketed, you want to lose as little as possible. It is an easy thing to walk back to the hotel for the evenings cash. I'm sure you didn't, BD Not everyone goes 3- 5 times a year like we do - and they don't wanna be stuck with a bunch of colonies that they don't know when they might use. Solution is either Convert the colonies back to dollars when you leave at the airport bank (and take the <small> hit on the transaction - lets face it - in most cases, the vast majority, we are not talking huge sums of money) Don't convert so much in the first place - I use a combo of dollars and colonies, and it always seems to work out (frankly, like you, if I have $100 - 200 in colonies "left over" not the end of the world - I use 'em on my next trip - and again, if I colonies left over, not the end of the world - I'm not dealing with so much that I worry about the value of what I "brought back")

Author:	BashfulDwarf [ Sun Sep 21, 2014 5:08 pm ]
Post subject:	Re: Currency exchange
Scuba1 wrote: I'm sure you didn't, BD <-- I don't get the joke! Not everyone goes 3- 5 times a year like we do - and they don't wanna be stuck with a bunch of colonies that they don't know when they might use. Solution is either Convert the colonies back to dollars when you leave at the airport bank (and take the <small> hit on the transaction - lets face it - in most cases, the vast majority, we are not talking huge sums of money) Don't convert so much in the first place - I use a combo of dollars and colonies, and it always seems to work out (frankly, like you, if I have $100 - 200 in colonies "left over" not the end of the world - I use 'em on my next trip - and again, if I colonies left over, not the end of the world - I'm not dealing with so much that I worry about the value of what I "brought back") I still think the menial transaction hit when leaving is small potatoes to getting stuck with USD when you really need colones. Some guys I know keep USD and convert each day. It works for them. And that's the key: find what works for you.

Author:	BashfulDwarf [ Sun Sep 21, 2014 5:09 pm ]
Post subject:	Re: Currency exchange
Mkink wrote: ATM machines work with almost every type of card now. I know, but I have said many times before, I do not trust the plastic cards. They have failed me in the past, and I don't want to deal with the hassle in a foreign country. It works well for some guys. It just isn't for me.

Author:	Harddrive43228 [ Mon Sep 22, 2014 12:47 pm ]
Post subject:	Re: Currency exchange
When I get to San Jose I usually convert $1000 into colones at the bank kiosk in the airport departure area. Great rate and seldom is there a line. Also I take the opportunity to go ahead a pay the departure tax right next to the kiosk. Just one less thing to worry about when you leave. I will generally pay for my hotel bill in cash (US dollars). Prices at most of the hotels we stay at are quoted in dollars. If you pay by credit card the hotel will usually convert that to colones (at a somewhat unfavorable rate) and then charge your card in colones. Then you credit card company will convert that back to dollars at a better but usually not great rate. Also, depending on who your card is with you might get hit for a foreign transaction fee. In addition, some of the hotels will give a discount for cash, sometimes up to the hotel tax rate (I believe around 16%). As far as ATMs go, I always bring a couple of cards fro emergencies but I have had a few problems with the networks being down with one machine or another. It can be a pain running around trying to find a machine that works for you. I generally have the best luck at the following machines: (1) Outside the INS building (you can also exchange dollars inside / upstairs at bank rates there) (2) in the little mall across the street from the old New York Bar (3) The Del Rey

Author:	Zunbake3 [ Mon Sep 22, 2014 1:43 pm ]
Post subject:	Re: Currency exchange
It is always a good idea to have a money belt when you go the the departure area bank. First I go to the bathroom and take my USD out, convert at the kiosk bank, then back to the bathroom to put most of the colonnes back in my belt. Always ask for a good/optimal mix of denominations (small, medium and large bills)

Author:	Scuba1 [ Mon Sep 22, 2014 2:06 pm ]
Post subject:	Re: Currency exchange
BashfulDwarf wrote: Scuba1 wrote: I'm sure you didn't, BD <-- I don't get the joke! Not everyone goes 3- 5 times a year like we do - and they don't wanna be stuck with a bunch of colonies that they don't know when they might use. Solution is either Convert the colonies back to dollars when you leave at the airport bank (and take the <small> hit on the transaction - lets face it - in most cases, the vast majority, we are not talking huge sums of money) Don't convert so much in the first place - I use a combo of dollars and colonies, and it always seems to work out (frankly, like you, if I have $100 - 200 in colonies "left over" not the end of the world - I use 'em on my next trip - and again, if I colonies left over, not the end of the world - I'm not dealing with so much that I worry about the value of what I "brought back") I still think the menial transaction hit when leaving is small potatoes to getting stuck with USD when you really need colones. Some guys I know keep USD and convert each day. It works for them. And that's the key: find what works for you. Busting your balls a little when you said "Never heard of that" in a previous post - I don't disagree w/ you re using an ATM card, nor do I disagree that the cost is small to convert back to dollars from colonies Frankly, I think its "mental" with some guys; they don't know when their next trip is going to be; they see the colonie fluctuating against the dollar - and they worry over $75 worth of colonies

Author:	BashfulDwarf [ Mon Sep 22, 2014 2:16 pm ]
Post subject:	Re: Currency exchange
Scuba1 wrote: Frankly, I think its "mental" with some guys; they don't know when their next trip is going to be; they see the colonie fluctuating against the dollar - and they worry over $75 worth of colonies Agreed. I know there will be another trip (as soon as I can plan it), so for me, keeping colones is a good thing. Others may not return, so holding colones is a bad idea. But I still think that it is best to convert what you intend to spend at one time. If worst case you have some left over, then a stop at the kiosk upon return is the worst fallout.

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Author:	Puravidatransport [ Mon Sep 22, 2014 3:28 pm ]
Post subject:	Re: Currency exchange
I see valid points to both sides of this...so let's look at real world examples so people can make informed decisions: Example 1 - Convert $1000 when you get here and spend $700, converting the rest back to dollars. Using today's 534 rate at BAC (since that is the bank at the airport), you would get 160,200 colone for your 'leftover' $300. When you convert it back using today's sell rate of 546, you would get back $292.60 so a cost of $7.40. Example 2 - Convert $400 when you get here then convert another $300 at various places. We will use an exchange rate of 520 for these various places (widgets). You would lose 4200 colones over changing it all at one time, costing you $7.70. Example 3 - Convert $600 then spend another $100 in places in dollars getting only 500-1 exchange. You would lose about 3400 colones or $6.23. In each example, you ended up spending $700 in total. Way it looks, you are paying about the same for the exchange rate no matter how you do it. SO...I'd say there is no best way only the best way for YOU. I would say I don't agree with taking it home. With the CR debt, it might evaporate into nothing in a few months. Taking it home example - Convert $2000 first trip and return home with $1000 (534,000 colones). Mr. Monger then loses his cushy job, has a car wreck or perhaps falls in love with the first girl he meets in MDE and never returns to Costa Rica. He takes the c534,000 to the bank in the US and gets a 'buy' exchange rate of 740 since the colone has fallen and loses $288.38.