www.CostaRicaTicas.com

Personally, when I am out of the country, I like to deal with cash. A lot of the hotels either give a discount for cash or have an upcharge to use a credit card. I take an ATM card for emergencies but I have found that the ATM machines can be a bit finicky at times and not be able to make the connection to the bank. Also, when using an ATM (or a credit card) you don't know the exchange rate going in. Sometimes good, sometimes bad.

As I believe was said earlier in this thread, The bank kiosk in the DEPARTURE terminal of the airport seldom has a long line and gives the going bank rates. An added savings you can get is to find a cab dropping someone off at the terminal and get them to take you downtown. You can usually negotiate a good rate as they usually will just have to drive back downtown empty.

Whether to deal with the girls in colones or dollars depends on where the exchange rate is. If it is below 500 then I try to negotiate the dollars, above 500, colones.

As far as using dollars to pay for anything else, you can do it but they will kill you on the exchange rate.

I realize the the safes are just a deterrent, but I have never lost anything. I find the housekeeping staff in most of the hotels to be very trustworthy. I always leave smaller amounts of money, sometimes my laptop laying around in the room when I have gone out during the daytime and have never had an issue. Be advised though you need to be sure everything is locked up and secure before you invite any company into the room. The ladies of the gulch are not as trustworthy.

I tend to agree, especially with the last paragraph - and while I'm a very firm believer in never blaiming the victim of a crime, oftentimes the story about what happens - whether its street crime, or an invited girl in your hotel room - starts with the words "I was really drunk......."

To paraphrase Dean Wormer from Animal House, while <fat> drunk and stupid is no way to go through life, no one deserves to be a crime victim.

Yes 100% to locking everything up, get it out of plain sight - and even have the contents of the mini bar removed, b/c girls fall into 2 categories:

Those that will accept a drink to be polite, take one sip, and waste it

Those girls who will bug you for the entire contents of your minibar

On this statement I strongly disagree, 'I find the housekeeping staff in most of the hotels to be very trustworthy". Having the advantage of chatting with many tourists, I have heard of several instances of large sums of money missing from luggage. I personally would advise all CRT brothers to not trust the housekeepers.

Just checked with Bank of America (here in the US).

The current exchange rate is 548, but when I checked the rate offered by BofA, it comes to around 507....So, at least for this bank, the rate is way out of whack.

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Warm regards,
Ken

I pay them to go away, not to stay - Anon

If the Op keeps a high enough balance, or otherwise generates enough in fees and interest to the bank, they might sell him the colonies at par - but you pay for services (the bank is not in business to lose money) one way or the others.

Most people think a bank only makes money from interest on loans; they also make a lot from fees, as well as free use of balances.

The OP is paying, one way or the other, whether he realizes it or not

You will see pretty much the same spread with all banks in the US.

NEVER BUY FOREIGN CURRENCY IN A BANK IN THE US... you will get jacked for 10-15% every time.

This is perhaps redundant, and probably answered elsewhere on this forum:

I do not have any need to carry even a single unit of the local currency (colones) when I get there, correct? I can do all the conversions post arrival in CR. USD will do just fine for taxis and preliminary expenses.

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Warm regards,
Ken

I pay them to go away, not to stay - Anon

One thing you have to remember: Costa Rica does not use the daily quotes from the International exchange rate. It sets its own rate which is followed more or less by ALL banks here in CR, and is always several points below the International rate. I know of NO WHERE in Costa Rica where you can get the International rate. The rate here just a few minutes ago was/is:
the 4 National Banks (Bancos Publicos): c540-c541
the private banks (Bancos privados): c539-c547

One very good reason for getting dollars out of the ATMs here in CR: using BofA for example (I use this bank in the States)-If you get dollars BofA will deduct what you get out and only the $5 international withdrawal fee! If you get colonies, BofA will charge your account based on THEIR exchange rate at the time plus the $5 fee, plus an additional fee of $5 for exchanging the dollars to colonies!! By getting dollars and taking them inside the bank and exchanging them or going to ServiMax or Colonial Casino you save the $5 exchange charge and you get local Bank rate, not BofA's rate!!!! On a withdrawal of $500 (usually the max allowed by BodA per day) this can easily amount to a savings of as much as $45 dollars based on what Ken just said BofA exchange rate is.

BUT the couple of times over the years that I have gotten colonies, my BofA account has ALWAYS been charged at the local exchange rate so by getting Dollars I only save the $5 exchange fee. But withdrawing several times a month, that $5 would really add up to a big hunk of change over the year. Living here and being retired (nothing really pressing that I have to do) I will stand in line for 10 minutes!!!

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

BB57,

Though my trip is many moons away (End-November this year), I am hoarding away some cash so that when I get there, I will bring all the cash I need (3k USD or so) in dollars, then, as suggested by you go to the local exchange centers to get the colones. Does this sound like a sound plan?

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Warm regards,
Ken

I pay them to go away, not to stay - Anon

I always (when I was visiting here) brought cash and an ATM (debit) card, but mostly cash with the card as back-up! This always worked for me both here over a 10 year period and in Colombia for 3 years. Since moving here I have my check deposited in the Bank in the states and use a Debit card each month to get dollars out of the ATMs. This has always worked for me. Back when I was visiting here, I would try to leave with as few colonies as possible each trip, use dollars on arrival till I got to the hotel, then walk to the nearest bank and exchange money (there is a BCR with ATMs across from the Hotel Morazon and a block from the REY). Everyone has their own idea as to what works best for them, but this has always worked very good for me!! Only absolute: DO NOT EXCHANGE MONEY at the place next to the baggage claim in the airport (Global Exchange). Their rate today is 473!! If you feel you must have colonies before leaving the airport (no real need as the taxi will take dollars), go out the airport, cross the street, take the escalator up to the departure area, go in and turn to your right. Walk past the caja where you pay your departure tax and in front of the Spirit check-in area is a BAC where you can change money. While there, and if there happens to not be a line, you can also buy your exit stamp at the caja, or you can buy it at SL later for a couple $$ more.

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

BB,
The rate for buying foreign currency in the US and the exchange rate on international card transactions is not going to be the same.

The rate for buying foreign currency is always going to be shittier because it includes inherent fees included in the rate (somebody must put in a request for that currency-- i doubt any bank has colones at the local branch-- then a teller has get up off her fat gringas ass and bring them to the window). Somebody has to pay for all that "labor".

As for the virtual excahnge using your ATM card, there's no labor needed, so the rate is much closer to the bank rate, maybe a couple colones, give or take. I rarely check but one time, I got a better rate than the CR banks were offering. After the 1% international fee, it ended up being a little less.

Orange, Thanks!

After rereading what I wrote I realized I did a crappy job of writing what I was trying to say! Yes, in the states if obtaining colonies (if you can even find a bank that has a supply without you having to return the next day) the actual rate will be well below the international rate. Here all the USA bank normally charges you for getting colonies out of the ATM is an exchange fee, but you get the local bank exchange rate.

As for the "fat ass gringa",I am lucky in that with B of A in south Floride the person I always deal with directly, whether from here by phone or in person there, is a REALLY HOT YOUNG TICA who has lived in the states for about 10 years.

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

Ken, as you are accumulating cash for your trip please keep this in mind. Most CR businesses or individuals do not like dealing with $100.00 bills, a $50 is the largest most will accept, many banks and businesses will not accept torn currency or currency that has writing on it. They like crisp newer bills. I have had torn and bills with writing refused at banks, they inspect each and every bill you exchange. There are certain serial number sequences some do not like as well, I believe it is AB and BB. Guys on the ground can clarify.

Also when you receive change back from a transaction you will receive your change back in colons, not American money. After a few days you will begin accumulating various size coins, as there are no $1.00 bills, those are coins.

BB57 and Flabuck,

Your inputs are much appreciated. Am thoroughly grateful for your detailed responses to my rather short questions.

I plan to bring along $20 notes, and will keep in mind your comments on the serial numbers and notes that have writing/are torn.

I have had these sorts of experiences of refusal to accept certain kinds of notes (like the above mentioned ones) in other parts of the world, mainly Asia, so know the feeling.

Again, much thanks. I owe you all (not just Flabuck and BB57) a drink (or 10 ) when I get there.

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Warm regards,
Ken

I pay them to go away, not to stay - Anon

Since we're on the topic of money, I have an unrelated tip, I always bring a wad of 1's, typically $50 worth for "tipping". Since the 1000 colone is apx $2 and Americans don't like carrying those silver dollar size 500 colones coins, when it's time to give a tip, I hand out the $1 bill instead of the $2 valued 1000 colone. For those of you who are even cheaper than me, (you know who you are, you Morazon lovers) disregard this advice if you don't tip at all, but if you do, this saves a nice amount of money, perhaps enough to get in one more pounding and bj before you leave...

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Don't try to understand 'em, just rope 'em down and brand 'em...