Money Exchange At San José Airport Costly
Exchanging your dollars for colones at the Juan Santamaría (San José) international airport is not recommended as the only currency exchange post, Global Exchange, pays out ¢50 colones less than the reference rate set by the Central Bank, on each dollar it takes in.

The majority of those using the Global exchange are tourists coming in to the country who want to have local currency on hand and for the most part are unaware of the daily market exchange rate and that outside of the airport terminal they can get a lot more for their dollars.

According to the rates posted on the Banco Central de Costa Rica (BBCR) or Central Bank website, a requirement under the new exchange rate policy of the BCCR, the reference rate for the buy this morning (Saturday 11 November) is ¢514.23, while the buy rate at Global is ¢465.17 or ¢49.06 less.

In contract, the buy at both state and private banks and the other exchange house listed is between ¢512.22 at the Casa de Cambio Teledolar to ¢515.61 at Banco Banex.

Global exchange operates three posts: two by the baggage claim and one exiting the terminal, and is the only exchange available at the San José airport.

Whats worse is that the exchange house is not required to post their rates like the banks.

Arturo González, commercial manager for the airport manager, Alterra Partners, says that most travellers know not to exchange currency at airports and San José is no exception.

The Alterra manager added that since Global Exchange won the concession for the currency exchange in 2004, it has served more than 300.000 people and that in addition to Global, the Banco de Costa Rica (BCR) was the only other contender for the contract.

González added that space limitations at the terminal make it difficult to have a competing currency exchange post, which may change as the terminal is finally finished and more space will be available.

A spokesperson for Global said yesterday that most of their exchanges are for small amounts, customers usually exchanging us$100 for basic needs like transport and food until they can get to their hotel or a bank.

Verónica Zugasti, speaking on behalf of Global Exchange said that they will not heed to a request by Alterra to post their rates, as the company is not obligated to do so and defended by the large difference, saying that Global has to pay Alterra and Aviación Civil (Civil Aviation) and a 10% intermediation margin to the Central Bank.

Zugasti added that Global operates on a 24 hour basis, seven days a week, including holidays, which adds to operation costs, which are usually higher at airports.

The president of the Cámara Nacional de Turismo (national tourism chamber), Gonzalo Vargas, expressed concern about the situation and said that they have contacted Alterra to intervene on behalf of tourists who frequently complain.

Global Exchange operates currency exchange in 11 airports in Argentina, Costa Rica, Uruguay and the Dominican Republic with headquarters in Salamanca.