Notes from Nicaragua #3: Where do you get the best rate?
Submitted by Mike on Wed, 2012/02/08 - 19:34.
When changing dollars to cordobas, there is quite a spread on the exchange rates depending on where you change the money.
I have found that higher-end retailers such as the La Colonia supermarket chain and Lugo's hardware in Managua always give me the best rate.
Next to that are mid-range retailers, such as Curacao and Gallo más Gallo (and here in Jinotepe, supermarcado Santiago).
Pali and La Union supermarkets are last in line in terms of rates from retailers (no surprise).
After that are the money-changers on the street. Now that I have found a cambista who is scrupulously honest, I make a point of always changing money with him when I do street transactions. Now that he knows I am a regular customer, he often gives me a break when I am changing more than $100.
There used to be quite a large spread between the rate which banks gave you and the rate paid by guys on the street. That's no longer the case, at least not in Jinotepe. Last week on a day when the street-changers were paying 23 cordobas per dollar, Bancentro gave me 22.93.
Claro used to give me the best rate in town, but these days where I live, if you pay Claro with dollars, they give you the change in U.S. currency, including coins.
Where do you go when you want to get the best rate? Do you have tips you can share about negotiating with money-changers?
Money Changing
Having lived here for a couple of years I've learned a few thinks about changing money.
Always know what the "official" rate is. It changes daily but a weekly check is sufficient to keep you informed.
Banks give terrible rates. Gas stations worse.
All the major supermarkets give excellent rates when making purchases and usually don't mind giving considerable change.
Street changers require negotiation to get the best rate. Find one you like and build a relationship with him and you will get a fair shake as long as you keep informed as to what a fair rate should be. i.e don't let him BS you but realize he needs to make a living too.
Most local merchants will not give very good rates bring cords.
Street venders will get you every time. Bring cords.
In Granada there are several stores that make a business of changing money and post the rates daily. The rate is generally pretty good and exchange is more secure that on the street.
If anyone has an Android phone...
there's an exchange app, aCurrency, that's handy. Probably something like it for iPhones, too. Requires a wireless or 3G signal for updates. Currently shows the cordoba at 23.103 to the dollar as of Feb. 12, 2012, at 10:04 AM.
Rebecca Brown
I posted this before but will do it again...
Tipo de Cambio de Córdobas por USD
Official Banco Central de Nicaragua rate for the month.
http://www.bcn.gob.ni/estadisticas/mercado_cambios/tipo_cambio/index.php
23.1087 for today
Ask for Don Miguel
in front of Pizza to Go . he gave me 23 a few days ago. he is usually a little higher than most.
Yup
He's my main man.
Western Union was buying at
Western Union was buying at 23 even a week or so back while citibank next door was buying at 22.45
Pricesmart also has great
Pricesmart also has great rates. Have a moneychanger at huembes who normally gives me whatever XE is showing that day.
PriceSmart exchange rate at C$23.40 per $1 USD
I was at PriceSmart a few days ago, and their current exchange rate is at C$23.40 per $1 USD.
Interesting..
The Banco Nacional "Official rate" (not buy/sell) for the 17th May was 20.4033
Official rate for June is:
Starts with 23.4501
by mid June it will be: 23.4908
and end at: 23.5409
Yes, Pricemart!
You're right, I forget, Pricemart always gives the best rate. Also, PM always has the lowest prices on new tires in Nicaragua.