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PostPosted: Fri Jul 07, 2017 10:42 pm 
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I lost my Australian bank credit card, which BCR charges 1500 colonos per max 150000 cash withdrawal from the machine in the wall.
So $700US would cost me about $10US in fees when I did it this way.

But I had to send it to a Tico friend's account with BCR as an international funds transfer from my Australian bank. My bank charged me $10US to send $700US

The Banco de Costa Rica gave him 365000 colonos.
This is $638US

So Banco de Costa Rica charged him $60US?

Has anyone seen this or is he lying to me?


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PostPosted: Sat Jul 08, 2017 10:22 am 
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Western Union charges 8 USD and its immediate


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PostPosted: Sat Jul 08, 2017 10:37 am 
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Probably an International Wire Transfer fee. It's $50 to do a Wire Transfer from a USA account to a foreign account for me. Seems International would cost more. On the other hand, it wouldn't be the first time a Tico lied about money! Especially if the local friend is a Chica! :wink:

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PostPosted: Sat Jul 08, 2017 11:00 am 
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What exchange rate was applied to the USD - CRC conversion? That matters.

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PostPosted: Sat Jul 08, 2017 11:04 am 
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2 reasons:
1. international bank wire fee
2. bad exchange rate

aussieincosta wrote:
.. is he lying to me?
If he was a real friend, you wouldn't have to ask this.


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PostPosted: Sat Jul 08, 2017 11:27 am 
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I wire 2100 every month to BCR and it costs me 45.00

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PostPosted: Sun Jul 09, 2017 8:05 pm 
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There are stated fees...and then there is the exchange rate. No matter how you move money (in relatively small amount...say less than the $10,000 range) you will probably pay a lot more due to the exchange rate than any stated fees.

The only way to know for sure is to look at the mid-market exchange rate for that day...and then see what you got. The mid market rate is approximately (not exactly) halfway between the buy and the sell rates that you might see quoted.

The tighter the difference between these buy and sell rates the better the deal will probably be. For example, you will see the buy rate for colones from Costa Rica banks...and then their sell rate for dollars. Half way between is approximately the "real rate"...which you will probably never get.

Without this any discussion of fees paid is pretty much useless. My bank has deals where they have low fees...but when I do the calculation the exchange rate they quote me is about 3% off that mid market rate. Guess what...I'm paying 3% plus whatever fees they talk about.

And so far, from my country I have found no way around this. The best I can do is about 2.5% cost, and that is using ATM withdrawal from banks that charge no direct fee. My bank charges a $5 foreign transaction fee...but by the time I add the 2.5% actual cost built into their exchange rate I'm paying $30 per $1000..if I'm lucky


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PostPosted: Mon Jul 10, 2017 12:11 pm 
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The foreign exchange rate app. Xe does the calculation for you.
And right now it is about 3% converting dollars to colones.
You can get debit cards that do not charge foreign transaction fees. Capital 360 is one of them.

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PostPosted: Mon Jul 10, 2017 8:41 pm 
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Another thing to consider is the base currency of an Austrailian credit card is probably going to be the Aussie dollar (AUD). Passing the exchange through a CR bank and converting it into USD is likely to add additional exchange fees. You could potentially lose the spread twice AUD/CRC/USD. Check your credit card statement. They usually include a detailed description of foreign exchange fees and conversion rates. There could also be a cash advance fee on a credit card.

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PostPosted: Mon Jul 10, 2017 10:18 pm 
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Isra123 wrote:
The foreign exchange rate app. Xe does the calculation for you.
And right now it is about 3% converting dollars to colones.
You can get debit cards that do not charge foreign transaction fees. Capital 360 is one of them.


I think we agree...yep the Xe will give you the mid market rate. And my debit card only charges a $5 fee...as good as I can get in Canada at the moment. But the real cost has been 2.5 to 3% whenever I've checked - as you say.

The only exception I've heard about is the Shwab brokerage account option... but I can't get that here, and from what I've read I still don't know if they are giving the true full exchange rate as some folks claim they are.

If someone has that option I would love to hear if, on the same day, they compare the Xe stated rate and the rate they got using their brokerage account...and tell me they are the same. I would be very surprised...but I love being surprised...


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PostPosted: Mon Jul 10, 2017 11:21 pm 
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Zeos wrote:
Isra123 wrote:
The foreign exchange rate app. Xe does the calculation for you.
And right now it is about 3% converting dollars to colones.
You can get debit cards that do not charge foreign transaction fees. Capital 360 is one of them.


I think we agree...yep the Xe will give you the mid market rate. And my debit card only charges a $5 fee...as good as I can get in Canada at the moment. But the real cost has been 2.5 to 3% whenever I've checked - as you say.

The only exception I've heard about is the Shwab brokerage account option... but I can't get that here, and from what I've read I still don't know if they are giving the true full exchange rate as some folks claim they are.

If someone has that option I would love to hear if, on the same day, they compare the Xe stated rate and the rate they got using their brokerage account...and tell me they are the same. I would be very surprised...but I love being surprised...


On 6/15 I got 564.XX from Schwab vs Xe's posted 570.XX. On 6/19 I got 564.XX vs Xe's $569.XX. Not exactly the same, but probably as close as you're going to get.


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PostPosted: Tue Jul 11, 2017 4:34 pm 
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Everybody should have a Schwab ATM debit card. I can't imagine a better deal than Schwab offers....... no ATM fees for any reason anywhere in the world, plus a fair currency exchange rate.

But you do need to have a U.S. mailing address to get a Schwab card.


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PostPosted: Tue Jul 11, 2017 10:27 pm 
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Deafcon wrote:
Zeos wrote:
Isra123 wrote:
The foreign exchange rate app. Xe does the calculation for you.
And right now it is about 3% converting dollars to colones.
You can get debit cards that do not charge foreign transaction fees. Capital 360 is one of them.


I think we agree...yep the Xe will give you the mid market rate. And my debit card only charges a $5 fee...as good as I can get in Canada at the moment. But the real cost has been 2.5 to 3% whenever I've checked - as you say.

The only exception I've heard about is the Shwab brokerage account option... but I can't get that here, and from what I've read I still don't know if they are giving the true full exchange rate as some folks claim they are.

If someone has that option I would love to hear if, on the same day, they compare the Xe stated rate and the rate they got using their brokerage account...and tell me they are the same. I would be very surprised...but I love being surprised...


On 6/15 I got 564.XX from Schwab vs Xe's posted 570.XX. On 6/19 I got 564.XX vs Xe's $569.XX. Not exactly the same, but probably as close as you're going to get.


That's very good. Good to hear.


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