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Exchanging USD for CRC
https://forum.costaricaticas.com/viewtopic.php?f=11&t=49156		 Page 1 of 2
Author:  RustyK_1995 [ Tue Jul 19, 2016 8:39 am ]
Post subject:  Exchanging USD for CRC
I know there are plenty of threads and comments about using the ATM at the airport and also the casino in San Jose, but I wanted to check to see if it would be easier to just bring cash with me and exchange the cash somewhere rather than using my bank card. Wells Fargo told me there would be a 3% fee for international transactions so I figured I might as well just bring cash for the trip and then only hit the ATM if necessary. Thoughts?


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Author:  Asco1410 [ Tue Jul 19, 2016 8:56 am ]
Post subject:  Re: Exchanging USD for CRC
I like to bring cash and go to the bank and get the best rate! Do not exchange at the airport--worse rate
Author:  hotdogg [ Tue Jul 19, 2016 9:38 am ]
Post subject:  Re: Exchanging USD for CRC
I operate mostly on cash in CR... but my trips are generally about 4 nights. No way I'd bring enough cash for a longer stay. And I don't go to Jaco either.

One of the best options going is the Schwab High Yield Checking Account. No foreign transaction fees, ATM fees, or minimum balance. Of course they are hoping you'll use the funds on the brokerage side of the house but there is no obligation to do so. You can set it up online and link accounts to move money between your main bank and Schwab. Instant approval and then about a week to get the card and whatnot.

http://www.schwab.com/public/schwab/ban ... dex-a.html

A related thought - Capital One does not have foreign transaction fees with their credit cards so where I use plastic I opt for that card and then just pay it off after the trip - note that I'm NOT talking about cash advances which is buttrape in interest as soon as you get the money.

And finally if you visit and intend to return bring enough colones back as a starter amount for your next visit. :D

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Author:  costareeker [ Tue Jul 19, 2016 9:56 am ]
Post subject:  Re: Exchanging USD for CRC
The casino next door to thr HDR always has a better rate than the HDR, Usually 10-15 colones/USD better, in my experience.

CostaReeker
Author:  BashfulDwarf [ Tue Jul 19, 2016 10:01 am ]
Post subject:  Re: Exchanging USD for CRC
I only bring cash, and I convert at the airport bank kiosk, which is bank rate. This is located upstairs at the Departures counters, and NOT at baggage claim.

This kiosk closes at night, so when I redeye into SJO, I will convert a night's cash at Colonial Casino, and in the morning I will visit the bank 1 block down from the HDR.

Many people swear by plastic, others by cash. It all comes down to your preference.
Author:  RustyK_1995 [ Tue Jul 19, 2016 10:47 am ]
Post subject:  Re: Exchanging USD for CRC
Excellent tips everyone! Thank you all for your feedback. I like the idea of the Schwab account but I will be there on Thursday so perhaps I look into that for next time. I'm only there for a few short days and am trying to stick to my "budget" and not go too crazy on my first trip. I get in at 11:45 on Thursday so am hoping that banks will just be open at hat point. Thanks again! Looking forward to my trip and hopefully meeting up with some of you while I am there.


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Author:  Isra123 [ Tue Jul 19, 2016 11:24 am ]
Post subject:  Re: Exchanging USD for CRC
All the advice here is good but let me add a few things to remember about cash.

1. All clean crisp notes - no tiny tears or deep folds and ink marks on them.
2. Keep some clean $1 and $5 notes too in case you are temporarily out of colones. Also $1 bills can be used for tipping.

They will reject notes for any reason.

At the bank you must have your passport. At Colonial Casino no problem. Go to the cashier at the back of the casino NOT the front cage cashier you see when you walk in.
Author:  hotdogg [ Tue Jul 19, 2016 11:34 am ]
Post subject:  Re: Exchanging USD for CRC
Isra123 is on point! I've had bills rejected. Our $100 bills are usually pretty crisp. $20 bills I now triage pre trip.

I had trouble once with CR notes at HDR. They rejected a 5K note because it had a small tear, "problem with the banco". So an hour later when the same server handed me a 2K note with a small hole in it... I promptly rejected it.

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Author:  hotdogg [ Tue Jul 19, 2016 2:26 pm ]
Post subject:  Re: Exchanging USD for CRC
RustyK_1995 wrote:
Excellent tips everyone! Thank you all for your feedback. I like the idea of the Schwab account but I will be there on Thursday so perhaps I look into that for next time. I'm only there for a few short days and am trying to stick to my "budget" and not go too crazy on my first trip. I get in at 11:45 on Thursday so am hoping that banks will just be open at hat point. Thanks again! Looking forward to my trip and hopefully meeting up with some of you while I am there.


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On the subject of budget, this is exactly why I go with cash I brought vs. ATM as I go. Helps me manage and be more aware of the outflow. I put what I think I need in my pocket and the rest sits in the safe. As a side benefit, this limits the drink intake... if I have any more imperials I won't have enough for my MP visit!

This allows me to leave the debit card locked up when I'm out and about too. I do carry my credit card for emergency purposes though. If the CC is lost or stolen at least my bank account isn't drained to $0 while I'm In CR. Fradulent charges are usually reversed, but I don't want to wait a business day or maybe more to get the funds back and available.

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Author:  BashfulDwarf [ Tue Jul 19, 2016 2:35 pm ]
Post subject:  Re: Exchanging USD for CRC
With regards to bill quality: the bank itself is far more lenient than are businesses. Worn bills are passable at BCR, whereas the same bills are rejected at Colonial and HDR.
Author:  Zeos [ Tue Jul 19, 2016 5:19 pm ]
Post subject:  Re: Exchanging USD for CRC
hotdogg wrote:
I operate mostly on cash in CR... but my trips are generally about 4 nights. No way I'd bring enough cash for a longer stay. And I don't go to Jaco either.

One of the best options going is the Schwab High Yield Checking Account. No foreign transaction fees, ATM fees, or minimum balance. Of course they are hoping you'll use the funds on the brokerage side of the house but there is no obligation to do so. You can set it up online and link accounts to move money between your main bank and Schwab. Instant approval and then about a week to get the card and whatnot.

http://www.schwab.com/public/schwab/ban ... dex-a.html

A related thought - Capital One does not have foreign transaction fees with their credit cards so where I use plastic I opt for that card and then just pay it off after the trip - note that I'm NOT talking about cash advances which is buttrape in interest as soon as you get the money.

And finally if you visit and intend to return bring enough colones back as a starter amount for your next visit. :D

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Have heard about the Shwab option... looked at their site. Says no foreign transaction fees, but I guarantee that you are paying around 2-2.5% built into the exchange rate. My bank charges no fees to me...but they do have the 2.5% built in. Just look at their sell rate versus their buy rate and divide the difference by 2... that gives you a rough idea. If that is not the case I'll be trying hard to get one of those Schwab accounts...
Author:  hotdogg [ Tue Jul 19, 2016 5:49 pm ]
Post subject:  Re: Exchanging USD for CRC
Zeos wrote:
hotdogg wrote:
I operate mostly on cash in CR... but my trips are generally about 4 nights. No way I'd bring enough cash for a longer stay. And I don't go to Jaco either.

One of the best options going is the Schwab High Yield Checking Account. No foreign transaction fees, ATM fees, or minimum balance. Of course they are hoping you'll use the funds on the brokerage side of the house but there is no obligation to do so. You can set it up online and link accounts to move money between your main bank and Schwab. Instant approval and then about a week to get the card and whatnot.

http://www.schwab.com/public/schwab/ban ... dex-a.html

A related thought - Capital One does not have foreign transaction fees with their credit cards so where I use plastic I opt for that card and then just pay it off after the trip - note that I'm NOT talking about cash advances which is buttrape in interest as soon as you get the money.

And finally if you visit and intend to return bring enough colones back as a starter amount for your next visit. :D

Sent from my SAMSUNG-SM-G900A using Tapatalk


Have heard about the Shwab option... looked at their site. Says no foreign transaction fees, but I guarantee that you are paying around 2-2.5% built into the exchange rate. My bank charges no fees to me...but they do have the 2.5% built in. Just look at their sell rate versus their buy rate and divide the difference by 2... that gives you a rough idea. If that is not the case I'll be trying hard to get one of those Schwab accounts...

I guess that figures... no free lunch. Another argument for bringing the cash with you. Despite the risk you have until getting that bankroll in the safe.

I was intrigued by the option for non residents to open a BCR account but in my case not really worth the trouble.

Edit: Really curious about the spread thing... good luck finding their current rates online, guess it is a secret. Did find an related article though. Not sure I'd take it as gospel.

http://johntreed.com/blogs/john-t-reed- ... m-facebook

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Author:  Isra123 [ Tue Jul 19, 2016 6:30 pm ]
Post subject:  Re: Exchanging USD for CRC
For my Ipad i got an app. called XE (you can see exchange rates for up to 10 currencies).
It allows you to put in the $ amount you paid and the Colones amount you got back and calculates how much less or more you got than the exchange rate shown.
Usually less than 1% if at all.
Author:  hotdogg [ Tue Jul 19, 2016 7:22 pm ]
Post subject:  Re: Exchanging USD for CRC
XE, yes cool app, which gives interbank rate. But how do I see the ATM rate before I take cash?

I suppose just do a small withdrawl and use it as a guide going forward?

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Author:  LocoGringo [ Tue Jul 19, 2016 8:22 pm ]
Post subject:  Re: Exchanging USD for CRC
hotdogg wrote:
XE, yes cool app, which gives interbank rate. But how do I see the ATM rate before I take cash?

I suppose just do a small withdrawl and use it as a guide going forward?

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This is the link to the local bank spreads. Can be found on the first page of amcostarica. Should be the same as the dispense rate at the quoted banks ATM.

http://indicadoreseconomicos.bccr.fi.cr ... nilla.aspx
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