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Colones or dollars for Costa Rica?

Colones or dollars for Costa Rica?

Old Aug 25, 2016, 8:40 am
  #16  
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Originally Posted by SJOGuy
One would think, but people here don't view it that way. That's still their equivalent of our buying a pack of gum and paying with a $100 bill. The other thing that surprised me was that you could get colones in London at all. You had to have paid a hefty premium for that transaction. And for them to stick you with a couple of 50,000 bills was downright mean, although I doubt they are aware of the dynamics.

I always bring something to read when I go to the bank.
I think I mentioned this up thread but I was about 6.5% off spot rate at the time. I also got in at pre-brexit prices!
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Old Aug 26, 2016, 9:40 am
  #17  
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Originally Posted by SJOGuy
The other thing that surprised me was that you could get colones in London at all. You had to have paid a hefty premium for that transaction. And for them to stick you with a couple of 50,000 bills was downright mean, although I doubt they are aware of the dynamics.
You can more or less get any currency you want in London, though sometimes you need to have contacts. However, CRC are easily obtained by the general public from places like Thomas Exchange, where you can call up in advance to check what denominations they have. They usually give you a mix but they probably don't have fifty 1000s. It seems that Swiss Tony received two 50mil bills which would be the case if he ordered several hundred thousands.

Independent shopkeepers in London aren't pleased if you pay for a 15 purchase with a 50 either so I would not expect a Costa Rican establishment to be happy giving 35000 change for a 50mil.

Currencies which are difficult to obtain in London are things like Transnistrian rubles, Macanese patacas and Nagorno-Kabarakh dram. Although the only thing I have not yet managed to find at all are South Sudan pounds.
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Old Aug 26, 2016, 5:56 pm
  #18  
 
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Interesting, D. What kind of premium are people in London paying to get such obscure currencies? It can't be anything resembling the bank rate in the destination country itself.
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Old Aug 28, 2016, 6:22 am
  #19  
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Originally Posted by SJOGuy
Interesting, D. What kind of premium are people in London paying to get such obscure currencies? It can't be anything resembling the bank rate in the destination country itself.
https://www.thomasexchangeglobal.co.uk/exchange-rates-check-exchange-rates.php is a good example. Typically they will improve these rates if you pre order (not pre pay).

Even for the exotics it's not that far away from using a typical uk debit card in an ATM, which is 4.75% for a gbp250 equivalent withdrawal on a standard first direct (hsbc) account.

And bear in mind the pound is in a state of flux right now, too, so locking in rates is a bit more important...
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