Travelling outside the European Union provides new challenges, or better said, a new range of currencies. Below I have put together a little overview of currencies (coins and bills) in order to have a better understanding of what is required in each country.
CURRENCIES:
MEXICO (MXN)
Coins: 1, 2, 5, 10, 20, 50, 100 Centavos
Notes: 10, 20, 50, 100, 200, 500 and 1000 Peso-notes
If you want to exchange money inside Mexico, it is easiest to exchange US $ into Pesos. This can be done in currency exchange offices (cambios) or in banks. When you pay in US $ you will receive Mexican Pesos as change. Try to receive notes that are undamaged, as well as taking these to the currency exchange office. Otherwise, you will be carrying along notes that are missing edges, or have any other damages, for the rest of your trip. By the way, you will get the best exchange rate compared to Euros at cash points. Banks where you can do this are HSBC, Banco Santander, Scotiabank or Banamex, as they are the most common. In addition, it is always best to draw money from cash points positioned inside banks and to obviously always hide your PIN.
BELIZE (BZD)
Coins: 1, 5, 25, 50 Cents, 1 Belize Dollar
Notes: 2, 5, 10, 20, 50, 100 Dollar
In Belize it is easiest to exchange USD $ into Belize Dollars in the ratio of 1:2. Euros can best be exchanged in banks. Cash points are a safe option in the following cities: Belize City, Belmopan, Caye Caulker, Corozal Town, Dangriga, Orange Walk Town, Punta Gorda, San Ignacio and San Pedro. The banks Scotiabank, Belize Bank, and Atlantic Bank are all connected to the international credit card net.
GUATEMALA (GTQ)
Coins: 1, 5, 10, 25, 50 Centavos and 1-Quetzal-Coin
Notes: 1, 5, 10, 20, 50, 100 and 200 Quetzales
1-Quetzal-Coin is equivalent to 100 Centavos
If you are not close to any tourity areas where you can pay with USD, then it is best to exchange the dollars into Quetzales. These are best exchanged at the airport or in banks. Try not to exchange directly at the border as the exchange rates there are not the best. Also, when exchanging, try to receive small notes. In Guatemala most cash points will take Visa cards, so when taking credit cards with you try taking both Master and Visa cards to have the choice.
HONDURAS (HNL)
Coins: 1, 2, 5, 10, 20, 50 Centavos
Notes: 1, 2, 5, 10, 20, 50, 100 and 500 Lempiras
![HNL[1].jpg](https://static.wixstatic.com/media/0101df_59548231d9474aef84e2330f34589bba.jpg/v1/fill/w_980,h_328,al_c,q_80,usm_0.66_1.00_0.01,enc_avif,quality_auto/0101df_59548231d9474aef84e2330f34589bba.jpg)
You can best exchange cash at banks in Honduras. An exchange in the streets is not necessary to receive fair deals. It is easy to exchange USD $ into Lempira. Euros however can be a bit more difficult. In general, you should always take your passport with you and preferably visit the banks before lunchtime.
Credit cards are a good option when needing money in Honduras. At the different cash points you can access the amounts you will need. Cash points are provided by the Banco Atlantida, Credomatic or the Unibanc. It is safer to visit cash points during the day in banks and preferably not withdrawing alone.
NICARAGUA (NIO)
Coins: 25, 50 Centavos und 1, 5, Córdoba Oro
Notes: 10, 20, 50, 100, 500 Córdoba Oro
The Euro has not really spread throughout Nicaragua. Therefore it is best advised to use USD $ to exchange into Córdoba Oro. You may even be able to pay with USD in some shops, however the rates you get aren’t the best option. You can exchange money in banks, however you will get the better rates in for example your hotel or even better on the markets. For example in Managua this can be done at the Mercado Orientale. Again try to take undamaged notes with you, if not it will be difficult to find someone who will exchange the money with you.
In large cities you will find cash points (cajeros automaticos) that will accept Visa and Mastercards. It isn’t unusual for banks to charge you an additional 2 US $ for each withdrawal.
Banks will be open from Mondays to Fridays between 08:30 and 17:00, as well as Saturdays between 09:00 and 12:00.
COSTA RICA (CRC) Coins: 5, 10, 20, 25, 50, 100 und 500 Cólones
![CRC BANK NOTES[1].jpg](https://static.wixstatic.com/media/0101df_744b7f30b8e143b2aac73eaae155aa0b.jpg/v1/fill/w_916,h_1052,al_c,q_85,enc_avif,quality_auto/0101df_744b7f30b8e143b2aac73eaae155aa0b.jpg)
Notes: 1.000, 2.000, 5.000, 10.000, 20.000 und 50.000 Cólones
You will get the best rates when you directly withdraw from cash points. There are sufficient cash points distributed throughout Costa Rica that will accept international credit cards. The following banks offer cash points: Public banks - Banco de Costa Rica, Banco Nacional de Costa Rica, and private banks - Citibank Costa Rica, BAC Costa Rica, and Banco Davivienda. If you still prefer to exchange money in Costa Rica, then this can best be done at the public banks where you will receive fair rates.
PANAMA (PAB / USD) Coins (PAB): 1, 5, 10, 25, 50 Centavos
Coins: 1, 5, 10, 25, 50 Cents, 1 USD
Notes: 1, 2, 5, 10, 20, 50, 100 USD
![50_centavos_de_balboa[1].jpg](https://static.wixstatic.com/media/0101df_a97e342cd1694c70bd731e36c716ef76.jpg/v1/fill/w_395,h_372,al_c,q_80,enc_avif,quality_auto/0101df_a97e342cd1694c70bd731e36c716ef76.jpg)
Best use USD $ in Panama as this is the main currency. Yes, there is the Panama Balboa, however this is only used in coins and is equivalent to the USD $ in the ratio of 1:1. Any bank notes will be USD $. In the larger cities such as Panama City, San Miguelito and Tocumen there are sufficient cash points that will accept international credit cards. Panama tends to charge up to 3 USD $ per withdrawal, therefore it is advisable to withdraw large amounts of money at a time. Banks that offer cash points are the Citibank Panama or the BAC Panama.
ECUADOR (USD)
Coins: 1, 5, 10, 25, 50 Cents, 1 USD
Notes: 1, 2, 5, 10, 20, 50, 100 USD
![USD BANKNOTES[1].jpg](https://static.wixstatic.com/media/0101df_6cc096aed96a4ee6a6485ce697cde307.jpg/v1/fill/w_980,h_862,al_c,q_85,usm_0.66_1.00_0.01,enc_avif,quality_auto/0101df_6cc096aed96a4ee6a6485ce697cde307.jpg)
The currency in Ecuador is the USD $ since 2000. Money can be exchanged in some currency exchange offices from Euros into Dollars. Be aware that in some places, due to an increase in forged bank notes, 50- or 100 dollar bank notes might not be accepted. Additionally to that, it is easier to either take US dollars with you or withdraw money directly from cash points. The cash points can be found first thing at Quito airport in the arrival and departure halls. Also in the major cities such as Quito, Guayaquil, Santo Domingo or Machala it is easy to find cash points and to exchange money. It is advisable to withdraw money from inside banks such as Banco del Pacifico (which takes Mastercard), Banco del Pichincha (Mastercard), or Banco de Guayaquil (which takes Visa).
Be aware that it is possible, when paying in dollars, that you might receive Centavo coins in return.
PERU (PEN)
Coins: 1, 5, 10, 20, 50 Céntimos and 1, 2, 5, Nuevo Soles
Notes: 10, 20, 50, 100, 200 Nuevo Soles
![PEN[1].jpg](https://static.wixstatic.com/media/0101df_eedfb0790df24bed92901f400bed7d9d.jpg/v1/fill/w_980,h_486,al_c,q_85,usm_0.66_1.00_0.01,enc_avif,quality_auto/0101df_eedfb0790df24bed92901f400bed7d9d.jpg)
1, 5 und 20 Céntimos Münzen sind kaum im Umlauf, ebenso die 200 Nuevo Soles Banknote. Die Ein- und Ausfuhr von Barmitteln ist nicht beschränkt. Erst bei einem Betrag über 10.000 US-Dollar oder dem entsprechenden Gegenwert müssen diese deklariert werden.
It is possible to exchange USD $ or Euros into Nuevo Sols in any store or restaurant, should be avoided however to not receive forged money. It is advisable to exchange money in banks or official currency exchange offices. Usually banks will not raise additional fees for withdrawing the exception to this are the banks Interbank Globalnet that supply the entire airport in Lima and the BBVA Continental Bank, that charge 2 € per withdrawal. Better use the Scotia Bank Peru that doesn’t demand withdrawal fees. When withdrawing you can always choose between USD $ and Peruvian Nuevo Sol.
Especially when travelling to Machu Picchu however, it is advisable to carry change with you as it will be difficult to find cash points on the route of the Incas :).
Just as a note on the side: 1, 5 and 20 céntimos coins are around and about but are hardly used, as well as the 200 Nuevo Soles bank note, which is commonly not used as much.
ENTRY / EXIT FEES:
Some countries might not require a Visa for the European Union or Germany (in my case), however might demand a fee for entry or exiting the country. Below a little list.
Allow USD25 for international departure tax from Mexico. This is sometimes included in your international airfare.
Allow US$19 for departure tax from Belize.
Allow US$15 when flying into Guatemala City airport and a further US$15 if you are flying out of Guatemala City airport. These payments must be made in cash at the airport and are in addition to the US$30 international departure tax, which may be included in your international flight ticket.
If departing Guatemala by land, allow US$3 for departure tax.
Allow US$3 each for entrance and departure tax for Honduras.
Allow US$15 tax when entering Nicaragua by land, and US$10 when entering by air.
Allow US$26 for international departure tax from Costa Rica.
Departure tax of US$45 from Panama is usually included in your international flight ticket.
The Galapagos park fee (US$100), transit card fee (US$20) and Isabela Port fee (US$5) are payable upon arrival to the islands (cash only).
METHODS OF PAYMENT:
Paying for the different activities along the way can prove difficult at times. Here the question arises as to whether to take a large amount of cash (No!), use travel cheques, use a different currency (USD$) or pay using credit cards. I think it’s important to have a good mixture of it all with you.
CASH
Of course, a bit of emergency cash (preferably in USD$) is advisable. Carrying around an amount of cash that is only used as an emergency stash is on one hand reassuring, on the other hand is a nice prize if you are being robbed. By the way – own preference only – I find that there is a large resemblance to monopoly money J…
Keep your money safe! Hide it in your backpack or luggage or in additional bodybelts, normal belts with a zip in case or other methods of safekeeping. (Check out my other blog entry on this topic.)
TRAVELLER’S CHEQUES
Quite an antiquated method of receiving cash that is also no 100% guarantee. Not every establishment be it a bank, a currency exchange bureau or hotels will accept these cheques.
You receive traveller’s cheques via your bank. You pay the amount you want to receive as well as a designated fee and sign the traveller’s cheque directly. If you then require money abroad, you can go the bank, sign the traveller’s cheque you want to cash out a second time (have your passport ready) and then you will receive the amount cashed out. Be aware however, that if you purchase traveller’s cheques in Euros, you will only be payed out in Euros and not in a different currency. Therefore if you are planning to go to a country that is not really accepting Euros, forget about traveller’s cheques.
If you keep the invoice, which you receive while purchasing the traveller’s cheque in the first place, then you can even receive another traveller’s cheque in only 24h if you can name the serial number, can contact your bank and can show or have a copy of the original invoice of the traveller’s cheque.
Mexico: Can be used, but not advisable as the credit card system works well. USD $ cheques work best here.
Belize: Can be easily exchanged. USD $ cheques work best here.
Guatemala: Can be used as a small emergency reserve. USD $ cheques work best here.
Honduras: Aren’t usually accepted. Better use USD $ in cash or via credit cards. USD $ cheques work best here.
Nicaragua: Cannot really be used here.
Costa Rica: Are not commonly used and can be difficult to exchange. USD $ cheques could be exchanged in the Scotiabank in Costa Rica.
Panama: Cannot really be used here. Better use change or credit cards.
Ecuador: Cannot be used. Perhaps a hotel might accept USD $ cheques.
Peru: Aren’t advisable. Better use change or credit cards.
CREDIT CARDS
There are a couple of different options when traveling with credit cards. Option 1: Use the Visa and Mastercard from home, Option 2: Invest in a special travel credit card
It is possible to find out beforehand which banks will be accepting your Visa or Mastercard and which banks and places will have the respective cash points.
Visa:
Option 1: When using the Visa and Mastercard from home make sure:
You actually bring both credit cards
You advise your bank that you are going on holiday and that you will be making withdrawals abroad
Set your withdrawal limits quite low, that in case you get robbed and have to make a withdrawal you don’t loose everything that is on your account, but only the low withdrawal limit
Make sure that the costs that you have at home will still be covered over your account even though you are making withdrawals.
Check the amount a fee will costs in the individual country and from each individual bank.
Option 2: When using a special travel credit card:
You will receive 2 credit cards (Mastercard and Visa)
You will have your separate account from which withdrawals can be made.
The limits of the credit card will always be covered by the account and can enable a negative sum, meaning that you can always withdraw up to a certain point and not be standing at a cash point desperate for money, not being able to access any.
The highlight: This special travel credit card allows you to withdraw fee free at any cash point around the world.
I opted for Option 2 – using the DKB travel credit card. If you are interested in this German card you can find all information at this website
