It's nice of you to add yourself to our country as one of us. Thanks four your possitive attitude. That tells a whole lot about how good you feel in Nicaragua. FSLN
Most modern places provide prices in either dollars or Cordobas. REMEMBER - When paying with dollars, ensure they are not torn, as damaged bills will not be accepted. I typically pay in dollars and receive Cordobas as change.
That was a very interesting video! I have heard a lot of good things about Leon, Nicaragua, and it's good to know about using the Nicaraguan Cordoba for most purchases.
IDK why, but something Scott said used to be true but isn't, at least at the moment. The local currency is currently fixed at 36.624317 to 1 USD. The Cordoba used to be on a sliding schedule, where every few weeks, it would devalue, but on January 1st, 2024, the exchange rate was fixed.
All of that is covered in the two currency videos earlier this week. It was never a "slide" but a creeping peg (everyone drink). It's to add inflation. But the dollar inflated too much so they stopped the creep to halt the high inflation. It's an inflation protection mechanism. it's not fixed, it's a temporary pause to the creep to counter inflation
One good reason not to bring much cash to Nicaragua is that businesses will refuse any bill that has rips or tears in it. US ATMs will give you bills that are not in good condition. The US Dollars that you get out of an ATM in Nicaragua will be newer bills in perfect condition.
Solid vid SAM. its also good to mention that when exchanging currency inside the country for the local currency, you can take MASSIVE hits in the rates. My rule of thumb - the closer to the country the better the rate (neighboring countries) WHEREAS the further the worse. Example: i tried to exchange mexican pesos in Peru and they wanted to offer like 60% of the value at the time 😂 😅 Gotta stay smart to not get stiffed
in listening to you Scott, I realized that I needed to call discover since my card had never worked in Nicaragua after been told that it would with no problem AND as it turns out I was given the WRONG INFO from the rep..yes the CREDIT CARD Discover works but not the debit card which is what I have Lol..Imagine a USA rep giving the wrong info! What are the chances? 100% I'd say!
My US Bank Visa credit card always has the transaction refused even though the US Bank Visa ATM card works every time. My Mastercard credit card works every time.
Should work transparently. You might have HSBC fees, that's on the UK side and you'd have to check with your bank. Here in Nicaragua it would be the standard ATM fee.
Hi Scott, I have a friend who lives in Tolesmalda, Nicaragua. It is close to the city of Rivas. I want to send her a package. How do Americans send mail/packages to someone in Nicaragua? Can you do a video on this subject? Thank you Daniel
It's not easy. But if you look at the "pull" mechanisms that we use in Nicaragua, in theory you can use a "push" one that is similar. There's no US companies with reasonable, functional delivery to Nicaragua, you need a company on the Nicaragua side. So setting up someone like Envios FastTrack or OneClick or NicaBox and talking ot them and sending to their US address and having it marked to be delivered to your friend would likely be the easiest way. We are a country without addresses, so just sending isn't really an option.
In Central America, El Salvador actually uses the US Dollar as its official currency. Panama and Belize base their currencies on the US Dollar (1 to 1 rate).
Belize is 2:1 and the US dollar isn't used (or allowed.) In Panama, they actually use physical US currency for most transactions. There is the Balboa, but it's only for limited functions.
Thank you so much for this information. I greatly appreciate it. Is there a recommendation on how much money to bring with you for a 3 month trip? Do you rec'd bring $100 in both currencies for a total of $200 on an airplane?
I typically carry around $200 USD anytime I'm flying. Just want some cash for whatever. No Cordoba, just get that in country. It's useless outside the borders so you don't want it in an airplane or airport and where will you get it from anyway? Not worth any effort.
@ Thanks for the heads-up; I was informed for prior visit that most places in casual purchases would not be able to break a USD $20. I’ll happily spend local day-to-day in C$; just don’t want to be carrying 20-40 bills in my pocket.
@@1stLukecifer If I would carry dollars I would definitely use 20 or less and 50 bills at most, you can always change them on the street wih the "coyotes", those are vendors whose business is buying or selling dollars on the street, in general they would provide slightly better exchange rate than the banks. Keep in mind that some business might accept dollars but not 100 dollars bills if you ever find yourself in a situation where you would need to pay for something but have no cordobas at hand.
Thanks a lot Scott for the great informative video. Perhaps the estate agent who told me to bring lots of USD thought so, because I am visiting SJDS and dollars are super common there being an enclave. Anyway, I will then bring just few USD and withdraw cordobas on the spot on need basis. I only hope that (1) my EU card will work at ATMs and (2) in SJDS they accept cordobas easily.
.5% is the ATM fee we normally get in country. That's generally far less than the USD overhead you'd pay. Using USD will cost you far more in "rounding up" requirements and gringo pricing.
No, your estate agent just gave you straight up bad advice. They likely have no knowledge of Nicaragua and just said whatever they thought would sound good. Estate agents are a very dangerous information resource in general, let alone one that's never been to Nicaragua. SJDS is absolutely not "on the dollar". First, that's illegal. Cordoba is the national currency and all businesses are required, by law, to publish their prices in it and accept it. USD is totally allowed and accepted without restrictions BUT no one is required to accept it, they just all do as a courtesy. SJDS is in no way an exception to this. YOu are visiting soon enough after the law that you'll likely see menus still in just dollars, but they will always take your cordoba, always, no ifs ands or buts. And they have to take any denomination. Your USD can only be bills, and only less than $100 bills, often nothing over a $20 and can't be ripped torn or marked. Only pristine bills - it's always recommended that you only get them in country as that guarantees that they are bank approved. Also, use cash very little, Use your credit card. Cash is just for street stuff and tiny transactions where USD will easy cause you to get gringo priced (charging you double because you look like a tourist) and huge rounding overhead (I've seen people paying 50% more for small items because they have to pay in dollar increments.). Is your EU card on the Visa debit card network?
@@ScottAlanMillerVlog Thanks Scott! These are so precious advices. The estate agent is American and lives in SJDS. Anyway, I will follow your tips 100%, will not use any USD cash for street purchases. Will bring very few bills, and nothing over 20$. My EU card is indeed on the MasterCard debit card network (the two circles overlapping, yellow and red).
@@ScottAlanMillerVlog you can change dollars at any bank for cordobas. In Esteli and Matagalp I pay $C 220 to take out $C 8,000 plus my fees from WellsFargo. My friends in San Juan del Sur also brings cash from the state due to ATM fees. Maybe fees are different in Leon, that I do not know. But in BanRural and LaFisse these are my fees.
No matter what political opinion you have, the US currency is strong and not going anyway. That's total fear mongering and totally implausible and unrealistic. Like most dollar panics, not only is it unfounded, but the underlying claims wouldn't affect it. FDIC in no way protects the US dollar in that way. Exchange for the Cordoba, which is locked to the dollar, would not solve anything. If the dollar is toast, it takes the Cord with it! See my videos from earlier this week that actually covered exactly that. Few things are more "who do they think they are kidding" that all this new US currency panic. So silly. They've been saying this for years that the dollar has collapsed and has no value, all while it's incredibly strong and doing well and no signs of any issues and literally nothing on the horizon to even cause concern and no one seems to even know what a collapsing dollar would even mean to them.
@ScottAlanMillerVlog exactly 💯 the USA banking system has Nicaragua by the cojones, Nicaragua needs alternative from the USA and its alias as they're are just knew states of the empire😅 Great Vlog 👍🏽 such good quality information.
It's nice of you to add yourself to our country as one of us. Thanks four your possitive attitude. That tells a whole lot about how good you feel in Nicaragua. FSLN
Most modern places provide prices in either dollars or Cordobas. REMEMBER - When paying with dollars, ensure they are not torn, as damaged bills will not be accepted. I typically pay in dollars and receive Cordobas as change.
They have to show cordoba always now. They can still show both, but they can no longer opt to ONLY show dollars.
That was a very interesting video! I have heard a lot of good things about Leon, Nicaragua, and it's good to know about using the Nicaraguan Cordoba for most purchases.
Thanks. Leon is pretty awesome. we love it here.
I'm coming down in late February, early March. Thanks, Scott!
whoo hoo
IDK why, but something Scott said used to be true but isn't, at least at the moment. The local currency is currently fixed at 36.624317 to 1 USD. The Cordoba used to be on a sliding schedule, where every few weeks, it would devalue, but on January 1st, 2024, the exchange rate was fixed.
All of that is covered in the two currency videos earlier this week. It was never a "slide" but a creeping peg (everyone drink). It's to add inflation. But the dollar inflated too much so they stopped the creep to halt the high inflation. It's an inflation protection mechanism. it's not fixed, it's a temporary pause to the creep to counter inflation
One good reason not to bring much cash to Nicaragua is that businesses will refuse any bill that has rips or tears in it. US ATMs will give you bills that are not in good condition. The US Dollars that you get out of an ATM in Nicaragua will be newer bills in perfect condition.
Solid vid SAM. its also good to mention that when exchanging currency inside the country for the local currency, you can take MASSIVE hits in the rates. My rule of thumb - the closer to the country the better the rate (neighboring countries) WHEREAS the further the worse.
Example: i tried to exchange mexican pesos in Peru and they wanted to offer like 60% of the value at the time 😂 😅
Gotta stay smart to not get stiffed
Can one pull out cordobas at atms? And can one pay the country exit fee in cordobas?
Yes you can get cordobas. I believe you can buy traditionally preferred dollars. Last time i did it i used a credit card as they take them now.
in listening to you Scott, I realized that I needed to call discover since my card had never worked in Nicaragua after been told that it would with no problem AND as it turns out I was given the WRONG INFO from the rep..yes the CREDIT CARD Discover works but not the debit card which is what I have Lol..Imagine a USA rep giving the wrong info! What are the chances? 100% I'd say!
My US Bank Visa credit card always has the transaction refused even though the US Bank Visa ATM card works every time. My Mastercard credit card works every time.
Hi Scott if I come to Nic, from England , can I extract money using my HSBC debit card ? Will it cost me extras?
Should work transparently. You might have HSBC fees, that's on the UK side and you'd have to check with your bank. Here in Nicaragua it would be the standard ATM fee.
every time I take cash out in Nicaragua the bank changes $4 fee..doesn't make a difference if I withdraw 100 dollars or 500
Hi Scott, I have a friend who lives in Tolesmalda, Nicaragua. It is close to the city of Rivas. I want to send her a package. How do Americans send mail/packages to someone in Nicaragua? Can you do a video on this subject?
Thank you
Daniel
It's not easy. But if you look at the "pull" mechanisms that we use in Nicaragua, in theory you can use a "push" one that is similar. There's no US companies with reasonable, functional delivery to Nicaragua, you need a company on the Nicaragua side. So setting up someone like Envios FastTrack or OneClick or NicaBox and talking ot them and sending to their US address and having it marked to be delivered to your friend would likely be the easiest way. We are a country without addresses, so just sending isn't really an option.
In Central America, El Salvador actually uses the US Dollar as its official currency. Panama and Belize base their currencies on the US Dollar (1 to 1 rate).
Belize is 2:1 and the US dollar isn't used (or allowed.) In Panama, they actually use physical US currency for most transactions. There is the Balboa, but it's only for limited functions.
Thank you so much for this information. I greatly appreciate it. Is there a recommendation on how much money to bring with you for a 3 month trip? Do you rec'd bring $100 in both currencies for a total of $200 on an airplane?
I typically carry around $200 USD anytime I'm flying. Just want some cash for whatever. No Cordoba, just get that in country. It's useless outside the borders so you don't want it in an airplane or airport and where will you get it from anyway? Not worth any effort.
What’s the best Cord denomination to carry for street vendors that they can make change?
I would say 100 or lower most of the time
@ Thanks for the heads-up; I was informed for prior visit that most places in casual purchases would not be able to break a USD $20. I’ll happily spend local day-to-day in C$; just don’t want to be carrying 20-40 bills in my pocket.
@@1stLukecifer If I would carry dollars I would definitely use 20 or less and 50 bills at most, you can always change them on the street wih the "coyotes", those are vendors whose business is buying or selling dollars on the street, in general they would provide slightly better exchange rate than the banks. Keep in mind that some business might accept dollars but not 100 dollars bills if you ever find yourself in a situation where you would need to pay for something but have no cordobas at hand.
$20. Use nothing but that. Most people and businesses won't accept $100.
@personalprojects-xo2tr exactly... even SuperExpress and AM/PM (Walmart) flat out won't consider a $100 bill.
Thanks a lot Scott for the great informative video. Perhaps the estate agent who told me to bring lots of USD thought so, because I am visiting SJDS and dollars are super common there being an enclave. Anyway, I will then bring just few USD and withdraw cordobas on the spot on need basis. I only hope that (1) my EU card will work at ATMs and (2) in SJDS they accept cordobas easily.
Bringing US dollars will save you a lot of expensive ATM fees. Also, any rural tourism you do there will be no ATMs in general.
.5% is the ATM fee we normally get in country. That's generally far less than the USD overhead you'd pay. Using USD will cost you far more in "rounding up" requirements and gringo pricing.
No, your estate agent just gave you straight up bad advice. They likely have no knowledge of Nicaragua and just said whatever they thought would sound good. Estate agents are a very dangerous information resource in general, let alone one that's never been to Nicaragua.
SJDS is absolutely not "on the dollar". First, that's illegal. Cordoba is the national currency and all businesses are required, by law, to publish their prices in it and accept it. USD is totally allowed and accepted without restrictions BUT no one is required to accept it, they just all do as a courtesy. SJDS is in no way an exception to this. YOu are visiting soon enough after the law that you'll likely see menus still in just dollars, but they will always take your cordoba, always, no ifs ands or buts. And they have to take any denomination. Your USD can only be bills, and only less than $100 bills, often nothing over a $20 and can't be ripped torn or marked. Only pristine bills - it's always recommended that you only get them in country as that guarantees that they are bank approved.
Also, use cash very little, Use your credit card. Cash is just for street stuff and tiny transactions where USD will easy cause you to get gringo priced (charging you double because you look like a tourist) and huge rounding overhead (I've seen people paying 50% more for small items because they have to pay in dollar increments.).
Is your EU card on the Visa debit card network?
@@ScottAlanMillerVlog Thanks Scott! These are so precious advices. The estate agent is American and lives in SJDS. Anyway, I will follow your tips 100%, will not use any USD cash for street purchases. Will bring very few bills, and nothing over 20$. My EU card is indeed on the MasterCard debit card network (the two circles overlapping, yellow and red).
@@ScottAlanMillerVlog you can change dollars at any bank for cordobas. In Esteli and Matagalp I pay $C 220 to take out $C 8,000 plus my fees from WellsFargo. My friends in San Juan del Sur also brings cash from the state due to ATM fees. Maybe fees are different in Leon, that I do not know. But in BanRural and LaFisse these are my fees.
Your blurry beard tripped me out for a minute then I realized what you did lol
You could have given that minimal info in 6 minutes.
But then people wouldn't watch it. And people would come back and say "yeah, but I heard..."
put your daughter on camera
chump is going to eliminate the FDIC...our money is toast! Got to exchange to Nicaragua Córdoba, Mexican pesos, brazilian Real ....
😂
No matter what political opinion you have, the US currency is strong and not going anyway. That's total fear mongering and totally implausible and unrealistic. Like most dollar panics, not only is it unfounded, but the underlying claims wouldn't affect it. FDIC in no way protects the US dollar in that way.
Exchange for the Cordoba, which is locked to the dollar, would not solve anything. If the dollar is toast, it takes the Cord with it! See my videos from earlier this week that actually covered exactly that.
Few things are more "who do they think they are kidding" that all this new US currency panic. So silly. They've been saying this for years that the dollar has collapsed and has no value, all while it's incredibly strong and doing well and no signs of any issues and literally nothing on the horizon to even cause concern and no one seems to even know what a collapsing dollar would even mean to them.
@ScottAlanMillerVlog exactly 💯 the USA banking system has Nicaragua by the cojones, Nicaragua needs alternative from the USA and its alias as they're are just knew states of the empire😅
Great Vlog 👍🏽 such good quality information.