Nicaragua 🇳🇮 How to Exchange Money | USD & Cordoba
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- Опубликовано: 23 авг 2024
- Lots of rain today and I record outside in the garden here in Sutiava. It makes for a very interesting motif, I think. Exchaing currencies is a hot topic and few people understand where it should be done. Banks, cambios, airport, money exchangers on the street, ATM?
#nicaragua #moneyexchange #currency #travel #travelvlog
7 June 2023
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Great bump song!! Que bueno! 🥳
As always thank you for the information Scott.
Excellent information, Gracias 😊
I use to take Cordobas from the ATM but found it was costing me anywhere from a half to one Córdoba per USD. It doesn’t sound like much, but it adds up. If you take $2500/month out, it that’s about $50 or $600/year the banks make. That’s a lot of money here. Now I just take USD and let the restaurants & shops I visit make that extra money on the exchange rate. I find the grocery stores and pharmacies give the actual exchange rate. Gas stations too but I rarely use my card for fuel. Too high of a risk to compromise the card.
Thanks for another great video really enjoying them!
Glad you like them!
I recently returned from Argentina. We used Western Union to get currency at the Blue rate. You don’t get a good rate when you use your debit card to withdraw money from ATMs.
Argentina is specifically a problem. It's unique in the world and you have to really know what you are doing there.
I was there from January through March of 2023. It was sometimes difficult to get currency from Western Union. They often run out and you have to keep going back to try again. I was staying in San Telmo in Buenos Aires.
Most of the Dollar related facts had to do with the crawling peg - It used to be a 5% per year reduction in Cordoba value to the $US - So with that 5% AND inflation, people never saved Cordoba - They just passed it through. Now the Crawling peg is only 1% BUT inflation is still high - So every percent counts - People still "Save" dollars and "Spend" Cordobas save for large purchases like fridges, Cars and houses.
The Border was explained in this way to me. Since the amount charged by the border is covered by a Law the dollar is chosen as the amount collected in currency is constant. Look at it this way - To keep the same income to the country they would have to renew the law every to not lose the same amount of funds in the end.
Withdrawal from Bank - For Canadians if you withdraw in Cordoba, or withdraw in dollars, your account has a $US amount charged - We stay with $US
Colonia actually gives a similar exchange rate to the street
We actually have a relationship with a Nicaraguan family that gives us an actual 1/4% better rate than the street vendors.
That is absolutely correct sir, and it is always better to spend cordobas than dollars because (unlike Mr. MIller's idea that people in Nicaragua just love doing the exchange math) street vendors and local markets do have to consider how much they will lose they get to finally do the exchange themselves at the bank
Most street vendors aren't using the bank. And they aren't exchanging. And if they do exchange, they know not to use the bank. Those that are big enough to have a bank, can just maintain both currencies. Those that want to exchange do it on the street.
Great conversation! 💵
Thank you for all the information. I’m planning to retire in few years.
Thank you! Such great info! Have you made a video about the water? Filtered, Safe for drinking/cooking? Do you have to buy bottles? Just curious bc i drink a kit of water and wont have a car...😆
Yes, I mention it often. The water is safe to drink basically everywhere. It's not Mexico, only Mexico has major drinking water issues. All of Central America is drinkable. And you never need a car for anything in Nicaragua. If you want bottled water, you get it delivered.
Thanks as always! One question today..
You had mentioned you bought the hotel near Leon. You also mentioned opening (and operating) a business in Nicaragua is not profitable (often). I'm curious, without prying too much, did you invest for residency?
More or willing to do it since I'd get residency. When we bought it, we thought we were buying a house. Then we were asked what to do with the existing reservations. So we decided to give it a go as an operating hotel. So while residency played into our thinking, it was never an intentional plan to do it that way. We just fell into owning a hotel.
Hi Scott, for a 10-day stay in SJDS, would you suggest me to exchange USD into cordobas? Or just withdraw cordobas at the ATM?
I never convert, ever. Not when talking USD, at least. Because they can be used interchangeably, just use your USD for large items (hotels, restaurants, artwork) and things priced in USD so that the change/cambio doesn't hurt you. Use cordoba from the ATM for small items where the accuracy of the amount is more important (rounding errors don't catch you.) You should never want to convert US cash to Cordoba. Conversions aren't free so even thought the money has a guaranteed value, there's no reason to pay the conversion overhead when both currencies are official in country.
@@ScottAlanMillerVlog Great advice, thank you Scott
Just a random thought…If you take the hat off and shave your beard, you’ll lose followers 😂😂😂
You’re a pearl… keep it up.
Very likely true. I avoid doing that. Haven't shaved since 1994!
Can you spend change? like coins and such?
I'd not try American coins here. Legally you can, but no one has seen any.
Is it weird that I never pay anything in usd except rent and big purchases 😂😂 everything else is in Córdobas. Lol
not weird if you are here more than a few days. i can go six months without even seeing USD living here full time. life is easier when you are in all cord
Why is the Cordoba stronger against the dollar than the Dominican Republic peso?
It's not. The DR Peso (DOP) has better five year strength against the dollar than the Cordoba. However it's odd to compare as one is pegged (partially) and one floats. So the concept of strength doesn't make a lot of sense in this situation.
@@ScottAlanMillerVlog Aha, interesting. Maybe that's a good subject for videos comparing how various countries relate to the USD and how it affects their economies.
How safe is it to be exchanging money on the street in public?
Extremely. The entire society does it (that needs to exchange.) Remember public is safe here. I wouldn't do it at midnight on a darkened corner, of course. But cash on the street is totally safe.
@@ScottAlanMillerVlog Amazing considering the reputation of Latin American countries as having alot of petty theft and pickpocketing.
Any possible way to exchange crypto in Nicaragua?
Like at a bank? No. Can individual people exchange it if they want? Yes. Does anyone use it? No, never heard of it being used or discussed, ever. It is only a topic of conversation as a reference to "Can you believe what El Salvador did to themselves with that crypto-ATM stuff?" And even that is rarely mentioned.
Can a retirement resident open a bank account in Nicaragua?
Anyone can. But it's something everyone asks about but no one can ever tell me why they want. I'm not saying that no one should have bank accounts here and when you live here full time you are likely to eventually get one. but I've been here for years and don't have one and never say "if only I had a bank account." I could go open one, but why? There's no normal situation in which you need one. It MIGHT end up being handy, but assume unless you have some super special case, there's no reason to desire one. Everyone North American seems to think it is required and important. It's not, at all.
@@ScottAlanMillerVlog 😉
Do banks in Nicaragua exchange CAD?
You don't want to exchange at banks if you can help it. You use the guys on the street. I believe that they can, Canadians are the main expats here. But normally you don't exchange. Why have Canadian cash here? Don't bring that. You can get Cordoba from the ATM. Take it out directly, don't exchange.
@@ScottAlanMillerVlog thats for all of the awesome videos. We are heading there from Canada soon and we are super excited, but if we draw from ATMs will be subject to bad exchange rate pulling out Cordobas?