Currency-what's the best way?

Old Dec 3rd, 2009, 06:09 AM
  #1  
Original Poster
 
Join Date: Nov 2009
Posts: 24
Likes: 0
Received 0 Likes on 0 Posts
Currency-what's the best way?

I'll be in Puerto Jiminez for a few days and Manuel Antonio. Should I get colones at SJO? After reading the section in the book, you can waste a lot of money by paying and exchanging in the wrong way.
nancyogc is offline  
Old Dec 3rd, 2009, 06:54 AM
  #2  
 
Join Date: Apr 2008
Posts: 556
Likes: 0
Received 0 Likes on 0 Posts
Last time, I took out colones from the ATM at SJO (I used the one near the departure tax desk, upstairs), and I'm really glad I did it. I do think I saved some money by using colones instead of dollars whenever possible (though you will pay a % on your debit card for the withdrawal probably, so maybe it evens out?).
plumboy is offline  
Old Dec 3rd, 2009, 07:19 AM
  #3  
 
Join Date: May 2003
Posts: 4,024
Likes: 0
Received 0 Likes on 0 Posts
Big-ticket tourist items like tours and your hotel bill you can pay in dollars. They'll be priced that way or at the day's rate in colones. Smaller purchases at non-tourist places might take dollars (although they're under no obligation to) but they'll give you a poorer rate. Right now it's officially around 580 colones to the dollar. They might figure it at 500 to the dollar, so you could lose up to 15% by paying for those things in dollars. It's the price you pay for the convenience of not having to change money. I think that's a bigger percentage than any fee you'll pay by withdrawing colones from an ATM.

DO NOT change money at the Global Exchange window in baggage claim at SJO. They'll give you an even worse rate at something like 450 to the dollar.
Jeff_Costa_Rica is online now  
Old Dec 3rd, 2009, 12:07 PM
  #4  
 
Join Date: Jul 2009
Posts: 22
Likes: 0
Received 0 Likes on 0 Posts
When we were there a few weeks ago the official exchange rate was around 570. We withdrew Colones from the ATM's 50,000 at a time and the rate was different each time but averaged around 550-560 after all fees were applied. If you went to exchange for small purchases locally they would do a rough mental calculation of 500 to the dollar. It was always better to pay in Colones, even with the ATM fees.
We did find a couple of places quote a price in $ and then charge our credit card in Colones. The final price could vary quite a bit from what they quoted. The larger places (hotel, etc) quoted and charged our credit cards in $. I really do recommend (here or anywhere) using the local currency as much as possible. Some places will convert to dollars accurately but then round up to the nearest $, as they have no access to American small currency. That can add up, also.
SteveH5863 is offline  
Old Dec 3rd, 2009, 02:07 PM
  #5  
Original Poster
 
Join Date: Nov 2009
Posts: 24
Likes: 0
Received 0 Likes on 0 Posts
OK, my bank said they would give me 1000 colones for $1.94.
My bank's fee for using the ATM in CR is 3%. So I think I would be better off using the ATM in CR.
One of our hotels said they would give a 6% discount for paying in colones.

I will have to bring a calculator because I am not quick with math.
nancyogc is offline  
Old Dec 3rd, 2009, 03:23 PM
  #6  
 
Join Date: Apr 2004
Posts: 5,541
Likes: 0
Received 0 Likes on 0 Posts
Wow I would definitely skip that bank rate. ATM's are usually the best route, just know in advance what you need to get so you don't have to make multiple trips.
tully is offline  
Old Dec 3rd, 2009, 06:14 PM
  #7  
 
Join Date: May 2003
Posts: 4,024
Likes: 0
Received 0 Likes on 0 Posts
If you're flying out of SJO, the BAC San Jose bank window in the check-in area gives you fair rates if you need to exchange colones back to dollars on the way out.

Tully, I flew back to CR after Thanksgiving, and there were those all those ride people in the baggage-claim area. One of them was holding up a sign that said simply TULLY, no other name. I thought of you. Like Cher and Madonna and Liberace, one name must be all that's needed.
Jeff_Costa_Rica is online now  
Old Dec 4th, 2009, 02:39 AM
  #8  
Original Poster
 
Join Date: Nov 2009
Posts: 24
Likes: 0
Received 0 Likes on 0 Posts
Wouldn't it be smarter to exchange dollars for colones at the bank window at the airport and at banks in Manuel Antonio instead of using ATMs?
nancyogc is offline  
Old Dec 4th, 2009, 03:55 AM
  #9  
 
Join Date: Jan 2004
Posts: 10,212
Likes: 0
Received 0 Likes on 0 Posts
Jeff, LOL! You are so right. She's just Tully. I love it!

We do exactly what plumboy does--head up to the check-in area, buy our exit tax, and get colones. We usually get about $300 at a time. We take very little cash with us when leave the U.S., mostly $1's for tips, and a few other small bills.

I see people stop at those exchange desks all the time, and I always want to go over, pull them aside, and advise them differently--the control freak in me!
shillmac is offline  
Old Dec 4th, 2009, 05:46 AM
  #10  
Original Poster
 
Join Date: Nov 2009
Posts: 24
Likes: 0
Received 0 Likes on 0 Posts
So, the exchange desks - is that at a bank?
I guess you guys know how to get the most for your dollar.
I am surprised that you can't get a better rate from a bank.
nancyogc is offline  
Old Dec 4th, 2009, 07:39 AM
  #11  
 
Join Date: May 2003
Posts: 4,024
Likes: 0
Received 0 Likes on 0 Posts
In the check-in area near the TACA counters at SJO is a booth of BAC San Jose. That's a real bank branch and they give fair exchange rates, dollars to colones or colones to dollars. You don't specifically go past them when you arrive, so you have to go outside and upstairs to the check-in area. They're open (I think) until 10 p.m., so even if you arrive on an evening flight, you should have access to them.

What we're saying you should avoid if you can are the currency exchange windows of a company called Global Exchange. They give terrible rates. There's one in baggage claim, another near the car rental desks just past customs, and a third in the boarding area for departing passengers. I want to say it's near Gate 6. Avoid them.
Jeff_Costa_Rica is online now  
Old Dec 5th, 2009, 05:46 PM
  #12  
 
Join Date: Jul 2009
Posts: 22
Likes: 0
Received 0 Likes on 0 Posts
I agree. Banks may be a decent rate but I doubt if it is significantly better than an ATM. The private currenty exchange vendors are bandits. When we came back there was one at Pittsburgh airport selling Colones for 485 to the dollar. Wow.
SteveH5863 is offline  
Old Dec 8th, 2009, 09:24 AM
  #13  
 
Join Date: Dec 2009
Posts: 2
Likes: 0
Received 0 Likes on 0 Posts
Thanks everyone! Great advice.

Headed to Costa Rica!!!
MavEryck is offline  
Old Dec 13th, 2009, 06:07 AM
  #14  
 
Join Date: Jan 2004
Posts: 277
Likes: 0
Received 0 Likes on 0 Posts
One more caution - make sure your credit card company will not charge a fee to translate colones into dollars. We now carry a Capital One card with no annual fee and no fee to exchange foreign currencies into dollars.

Carol
carolll is offline  
Old Dec 13th, 2009, 06:28 AM
  #15  
 
Join Date: Jun 2008
Posts: 12,268
Likes: 0
Received 0 Likes on 0 Posts
www.capitalone.com Visa best for me

Get 590C/1USD minmal/no fees for ATM

no foreign exchange fees to use.

Bout the only CC that does this.
qwovadis is offline  
Related Topics
Thread
Original Poster
Forum
Replies
Last Post
KBV
Travel Tips & Trip Ideas
5
Feb 26th, 2015 05:45 AM
Wanda_Price
Europe
6
Oct 4th, 2012 02:33 PM
reetk
Europe
2
Aug 1st, 2012 05:07 PM
judilie
Australia & the Pacific
10
Oct 21st, 2007 02:51 AM
tolondonwego
Europe
19
Oct 1st, 2005 10:25 AM

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On


Thread Tools
Search this Thread

Contact Us - Manage Preferences - Archive - Advertising - Cookie Policy - Privacy Statement - Do Not Sell or Share My Personal Information -