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Scott
im not sure why you would write that negative article regarding the exchange rate.
the article seem more like a knee jerk reaction so to be a bit more fair since i do have a few retail businesses here. I would like to give the alternative side.businesses here do not have to accept dollars. in fact a business here that accepts dollars does take on the risk. what risk??? how about everytime you make a deposit at a bank and if for some reason the bank deems the $100 bill is not real they keep it.. and give you a foto copy of it with a letter.. they do NOT give you the bill back. this has happend to me various times as well as friends. so if i am going to accept dollars i might as well at least make a profit from it.
would you not agree?? it would be the same as a merchant account provider taking on higher risk companies.. they do provide the service but charge a higher %% for taking on that risk.
by the way how was the pizza???
Thanks for the other opinion – it’s greatly appreciated and as a small business person myself (I’m only 5’10”) I do understand your side of things.
However, I also know that the Spanish language skills of many of our VIP Members is such that they would probably not even understand what the waiter was planning on doing with their US$ and feel it’s my duty to inform the unwary….
As mentioned in the article “La Fabbrica serves up incredibly thin crust pizzas which are really quite tasty.”
What type of retail businesses do you own in Costa Rica?
Scott Oliver – Founder
WeLoveCostaRica.comI also thought upon reading this that wow Scott is one tough cookie and was over reacting a bit. But you did confirm that the pizza was actually quite good. I appreciate the hard-line you took in the face of an unfair policy, and perhaps the owners should reconsider. If fear of a fake $100 dollar bill is the concern they just should not accept bills over say $20. With a calculator it’s surely easy enough to do the conversion. Scott if I was European and had money I would be happy to have a penny pinching Scot like yourself taking care of my money! 🙂 Good form mate.
What *Lotus said.
There are plenty of businesses which post signs stating that they do not accept U.S. $100 or $50 bills. If the fear of taking a counterfeit bill is that great, just don’t accept them.
To say that everyone spending U.S. currency should be disadvantaged in terms of the exchange rate on the chance (the mere chance) that someone will (probably inadvertently) hand you a counterfeit bill is disingenuous. It amounts to an unadvertised surcharge for accepting U.S. currency.
You don’t surcharge for taking colones, do you, hrichards. And can you be certain that none of those is fake?
At the MegaSuper in Liberia, they have a sign up they do not accept anything over a $20 bill.
And we have received counterfeit colones!Edited on Feb 16, 2009 09:46
I like good pizza as much as the next guy… but I agree with Scott… for a business (especially in these times) to rip off a customer with such a poor exchange rate is just bad business! If the issue is taking a risk with big bills… then limit the size (as many do) to nothing larger than $20 bills!
I’ve never had a issue with a business not wanting dollars. Many times they will give you the price in dollars and colones! I make it a point check what kind of exchange rate they quote… and NOT deal with businesses that try to screw you on the exchange! It just leaves a VERY bad taste in my mouth! Not the dessert I want after an otherwise good meal! 🙂
One would have to guess that a place selling pizza in CR would be seeing a lot of dollars… and would know the rate… and be very comfortable dealing with (and verifying) dollars. So my guess is they just look at the exchange as another way to screw tourist and grab an extra 10%! Not a bad little deal… all that extra profit when the bills clear bank inspection… profit that doesn’t show up on the books!
Just like the silly folks at the airport that exchange at the “Global” exchange…. when they can walk outside to the ATM and get a MUCH better rate! It’s all part of the game…
Let’s face it…. a 10% profit on the exchange rate in addition to a normal business oprating profit is pretty darn good for a business owner! And not something WE should be paying for! Thanks for the heads up Scott!
David
everyone is entitled to an opinion. and this is scotts board so he can pretty much do what he wants. for the record i did not say fake. If the bank thinks it is a fake they just take it. they dont give it back.. they just take it and say.. hmmm.. this does not look good . i have had this happen numerous occasions as well as small business associates.
you stated then do not accept dollars.. sounds good but if your in places like escazu.. bad strategy.
although i do agree with the opinion with a sign stating does not accept bills over $20 bucks. at least posting the exchange rate for the dollar to be more upfront about it.
david.. by the way.. surcharges are a common thing… just as many times the reverse is true.. “if you pay in cash you get a discount” why should it be any different for accepting dollars which is NOT the country currency here.
merchant fee’s here in costa rica quickly add up… so would it be wrong to offer a discount to someone to avoid credit card fee’s and pass the savings to the client.
doing business back in the U.S is tough.. but doing business here in costa rica.. ( brick and morter businesses not internet) is terrible.
pura vida
ps. internet related businesses are close to a best business models one can adapt here in pura vida land.
So tell us what your businesses are hrichards! We’re giving you a free plug here…. 🙂
Scott
PS. I’ll have to look into that “internet related” business thing you mention – It sounds like a great idea! (Hee! Hee!)
scott
i have interest in a few businesses here in san jose. ex; car wash, 2 laundry dry cleaners and some others thanks for asking. i am researching the idea of of opening up private birthing clinics. people with means find themselves in crazy situations regarding having babies here. cima is packed and there seems to be the need for these types of spa type of clinics.
also walk in full body MRIs look like a good thing.. anyone have any experience with these?
internet related meaning like what you are doing 🙂
you could be sitting stark naked eating churros at your computor screen for all we know.. .. lol thats what makes the internet thing cool.
say that would make a great thread.
instead of regurgitating the negative.. doomsday recession. blah, blah.. how about the types of businesses that may do well under a tough economy.
Did I forget to turn off my webcam…. how did he know I was sitting stark naked at my computer eating churros?
I would have at least combed my hair! LOL
Methinks “tough economy” is an understatement, I believe that we and most of the rest of the world is entering what will be the most catastrophic economic period that the modern world has ever seen and it’s going to be much worse than the 1930’s.
But funny enough I do have a half written article on my computer on that very topic, future businesses in Costa Rica.
Scott
PS. Just for the record, I had back surgery at aged 21 so trying to eat my churro at my desk would probably be very painful.
Scott… If things get as bad as you think… and I believe as well… would you consider churros a “comfort” food?
I’m looking forward to your article… there’s not doubt in my mind that there’s some REAL pain coming… being in a position to ride out the storm is more important than ever!
most catastrophic economic period
hmm.. interresting choice of words.. i guess we shall see. But just like in any historic event.. you will have people that will lose money and you will have people that will make money. i guess the real challenge is to make sure you are on the side of making money.
a popular online marketer just had a internet launch which grossed about 4 million dollars. i took out the product name
here is a recent email;
=====================================================================================
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Let me tell you something. 99.99% of the people spouting this
junk are barely making enough to live on.Newscasters are NOT entrepreneurs. They are NOT in business
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And the reason I’d say that is because 1,914 (and counting)
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if it “feels right”, then go for it.=====================================================================================
ps: I love Churros LOL
Interesting thread,Scott
You are annoyed and felt ripped off by a 10% surcharge on your pizza. Imagine my annoyance by a $500.00 charge on my credit card form Tropical car rental in Alajuela in January, a month after I left the country. It may be in response to letters I wrote to travel web sites including this one regarding my experience with them. It is a good thing the pizzeria does not have your card. Authorization codes are good for up to a year and once the charge goes through, good luck getting your money back from the credit card companies.Scott
I am somewhat new to Visiting CR(Since Aug 2007). But have been down 10+ times in that period. I am trying to expand my business in the Pacific Coast of CR. The exchange rates ranged from 484~568 in that period. As a ballpark I rounded off to 500 to 1 at first. Noticing that each business had there own exchange rates. Many small ones, and bars give a flat 500/$. When the cl was 484, I would take out $Usd so as to be to my benefit. But as of Sep 2008 I would go to the Banco to exchange $Usd and get 11% ie 565cl per $100. Many places that I went in CR were also going to give only 500/$. I now just withdraw in cl from the ATM, and then check my US bank account. BAC, and BCR convert 50,000cl to about $89 Usd. A fair exchange, without standing in line at the Banco. The real ripoffs are the currency exchange in the airports in the US. The last trip the rate was I think 465/$ when in CR it was 566. The currency exchange in SJO isn’t as bad, but still not as good as an atm of a major CR Banco.
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