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Money exchange (Canadians)

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ssure38
  7/8/2015 19:58 EST

At 79 cents for 1 US dollar, and about 21 Cordoba for one Canadian dollar, it's not as attractive as it was for me to stay in Nicaragua.

Any Canadians on here? How many Cordoba are you getting for say, $100 Canadian from the bank machine these days?

What is the best deal? To withdraw in US and exchange to Cordoba or to withdraw in cordoba?

majicjack
  7/9/2015 08:32 EST

I have never seen an ATM with Canadian Dollars in it. Either Cords or US dollars.

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ssure38
  7/9/2015 15:26 EST

Sorry, I wasn't clear. I was asking how many Cords. or US dollars one gets out of a machine when using a Canadian bank card. And also which is the best way to go for those who use a Canadian bank card in Nic. Withdraw Cords. or withdraw US dollars and pay the exchange rate first for US, and then to get Cords.

I ask because the US dollar is so high compared to our Canadian dollar (ours is worth only 79 cents US) I'm wondering what Canadian people are doing. When I was living there I withdrew US dollars and paid the exchange because I could get a good deal exchanging US for Cords., but that may not be true any longer.

I'd like to come back to Granada soon but will probably delay for 6 months or so to see what the dollar does. If we keep sliding against the US dollar we will probably keep sliding against the Cord too. Only not as fast.

iguanalover
  7/9/2015 16:51 EST

My Canadian friends use both currencies. Some things they pay for in USD so there is no exchange rate, like rent which is in USD. Otherwise, they pay in cords which saves them money on a double exchange. You cannot take as much out of an ATM in cords so you could end of paying more in fees. I think they said they could get up to 4400 cords and you may have to pay a conversion rate to your bank. They said the exchange rate is very difficult right now and said some nasty things about bank fees which I won't repeat.
If they need many USD they go inside the bank to withdraw from a cashier so they avoid the ATM fee. You can do that at BAC bank, make sure you have your passport. There is mucho to consider.

iguanalover
  7/9/2015 21:22 EST

I talked with another Canadian friend and she currently figures::

"100 cords is $4.66 CDN equals $3.67 US."

Ouch!

majicjack
  7/10/2015 10:50 EST

At BAC you can get the amount in cords that equals $400 American. At Banpro you can get $700 daily or an equal amount in cords. This is using an American Debit Card. The BAC charge is $3.00 per use. Banpro is a little less.

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majicjack
  7/10/2015 10:52 EST

Get dollars and you get a better exchange rate with the money changers on the street.

JohnSS
  7/10/2015 13:33 EST

One typical frequently asked question before they think about it:
Do you save the big hit going from CAN to USD and then USD to cordobas by simply going CAN directly to cordobas?
Obviously the answer is no you still take the hit & in fact 2 exchanges my cost more.

KeyWestPirate
  7/11/2015 12:58 EST

BanPro is $1.50 irregardless of what amount you take out.

I have my debit card limit set at $400 by my US banking service, PayPal. I just feel safer.

iguanalover
  7/12/2015 11:15 EST

I talked with a Canadian and an Australian this morning, both said they figure they loose 25% on exchange before it is all over. That explains why we haven't seen many Canadians this last winter. That really hurts.

airportxmanaguahotel
  7/29/2015 00:29 EST

As ScotiaBank is not in Nicaragua, Canadian currency is not routinely accepted. (ScotiaBank in Costa Rica accepts Canadian dollars and opens Canadian dollar accounts).

It is suggested you convert to dollars before coming to Nicaragua to avoid bank foreign currency charges on the transaction. Upon entering Nicaragua, you can change some of your currency to local money at one of the banks in the airport and at most hotels. Larger businesses (La Union, Pali, Colonial, McDonalds, Burger King, Pizza Hut) accept dollars.

We don't recommend using the change booth at the airport for Canadian dollars.

Our hotel, and Art Hotel Managua, will accept deposits into our Canadian accounts and will provide local currency or US$ on arrival. We convert the Canadian dollar deposit to US dollars at the bank advertised rate, then convert the dollar to cordoba at the BAC bank exchange rate, then add 3% as our fee (so you lose several points). We do not charge the 3% if you are simply paying for services such as your room-- we only charge the fee if you are receiving cash.

Another option for Canadians is to deposit in US$ to our US$ Canadian account, which we will change to cordobas at the BAC bank rate and then charge the 3% (again, no 3% if paying for services at our hotel).

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KeyWestPirate
  7/29/2015 09:44 EST

Euros are hard to exchange as well, outside of a few well known tourist destinations.

Be aware, bank at the airport keeps its own hours and is not open Sundays. You can always pull cordobas from an ATM. If you are one of the unfortunates who has a bank that imposes fees for exchange, foreign ATM, well, get a different bank.

Us dollars are accepted everywhere, eagerly, just NOT the larger denominations unless they cover a purchase. Although I have handed a taxi driver a $20 and got a smile and change.

The vendors I deal with for construction materials prefer US dollars. The US dollar has been strong recently, and they know that next month they will buy more cordobas with those dollars.

You will most often (read always, except maybe in Granada and SJdS) --- get your change in cordobas, and someone who doesn't have a calculator like a taxi driver will use 25 to the dollar to simplify the math.

ANY change booth in ANY airport is a disaster. Look for an ATM. >>> "El Cajero ??"

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