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Hi,
How hard is it to convert colones back into dollars? Are these fees and how much would I loose converting from dollar to colones then back to dollars?
thnaks.
Kimyoa650:
Not hard at all. You take dollars to any bank in CR and they give you 514.91 colones per dollar. You take colones and they buy back at a rate of 520.09 colones per dollar.
enjoy
Yes there are small fees built into the exchange rates. The difference between buying and selling Colones is posted on the Government Bank sites as noted above. Note however that the devaluation of Colones is often very rapid. It seems to have done well against the dollar this year but in past years it was steadily losing. Each time I go to CR I check the current rates.
Depending on where you shop in Costa Rica almost everyone will take Dollars, especially the tourist places which commonly have prices marked in dollars. When you pay at these places in Colones they calculate the current exchange rate at THEIR rate. Using dollars at these places saves you the excahnge fee. However, it is good to carry some Colones. I use both while in CR. When a price is given in dollars I will buy in dollars but in small places and Tico places I use Colones.
The trick is having a feel for how much you are being charged in Colones as compared to dollars. At the current rate of about 515/1 a mill Colones note is roughly equal to $2 ($1.94). So a ten mill note is about like a twenty and so on. The big 500 Colones coin is roughly a dollar. try to memorize a few of these before going shopping. Often things are bargains but sometimes not. . .
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