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Aunsa
12-17-14, 19:30
I put more money in my Colombian account and converted more now with a future trip in mind.Any reason behind the peso crashing.

Chesscat
12-17-14, 23:25
Any reason behind the peso crashing.Oil. It appears that oil and coal are the two biggest exports of Colombia, and oil is having a hard time.

LifeIsABeach
12-18-14, 03:14
Oil. It appears that oil and coal are the two biggest exports of Colombia, and oil is having a hard time.If this continues, the real estate will crash too. Thank goodness, then I can buy something worth the price.

Stones
12-18-14, 03:46
I think there is also some fear that the social unrest that is about to explode in Venezuela will spill over.

Dccpa
12-18-14, 13:18
Oil. It appears that oil and coal are the two biggest exports of Colombia, and oil is having a hard time.Big bounce in WTI oil off the $53.5 X level to over $58. The oil bounce may just be a short term bounce or at least I hope so. I would love for the Peso to stay in this area for a few months.

Manizales911
12-18-14, 22:48
Any reason behind the peso crashing.The reason is that the price of oil has tumbled and Colombia gets 70 percent of its revenue from oil, in addition the dollar is getting stronger against all currencies. I'm so glad that I haven't bought any real estate in Colombia yet, maybe next year when the exchange is 2600 - 1.

Gimmedub
12-19-14, 02:48
Couple small corrections. 30% of government revenue is related to oil sales. Only when above a certain price does the government get cash and no cash means having to raise taxes. Also alot of foreign dollars come in from oil sales. That's the mechanics as I understand them for the Peso drop. Jumped a few % today but believe that's going to be short lived and we're going to see 2600 soon.


The reason is that the price of oil has tumbled and Colombia gets 70 percent of its revenue from oil, in addition the dollar is getting stronger against all currencies. I'm so glad that I haven't bought any real estate in Colombia yet, maybe next year when the exchange is 2600 - 1.

NCal2014
12-19-14, 21:00
Hey fellas been here for 3 days and just wanted to share rates.

ATM best rates. 2250-2300.

Bank- 2180. Bring a little cash but ATM would be your best bet.

Freckly
12-21-14, 17:40
Visited Bogota 12/12/14-12/15. Interbank rate 2400+, airport rate 2180, cadeca rate 2200-2130, didn't try ATM. Used my citi mastercard to pay for entry tax, hotel, restaurant and supermarket, the rate is 2422.70.

Chesscat
01-25-15, 23:04
The colon is at 2,389 per Bloomberg. Although tomorrow Jan 26 might be a rough day for everything except the dollar, with the Greek elections and Euro QE.

Both Bancolombia CIB and the oil company EC seem to have stabilized, but a Colombia ETF is still sinking, GXG is at 12 and change. If oil stays low, it would seem that both the EcoPetrol and BanColombia would have to go lower.

Planning a trip in May, should be pretty sweet with the currency.

BayBoy
01-26-15, 13:38
The colon is at 2,389 per Bloomberg. Although tomorrow Jan 26 might be a rough day for everything except the dollar, with the Greek elections and Euro QE.

Both Bancolombia CIB and the oil company EC seem to have stabilized, but a Colombia ETF is still sinking, GXG is at 12 and change. If oil stays low, it would seem that both the EcoPetrol and BanColombia would have to go lower.

Planning a trip in May, should be pretty sweet with the currency.Its the Peso in Colombia.

James Dandy
02-20-15, 15:47
I know some prefer to only use cash on vacation in MDE, but the cambios consistently offer lower rates than one gets from their credit cards. For example, Unicambios will pay 2200 pesos to the buck while my credit card just gave me an effective rate of 2428 pesos. That's a 10.3% difference, minus the 3% foreign transaction fee from Visa, still nets over 7% better rate for using the credit card.

It would be nice to get even closer to the current rate on XE.com which is showing 2451 pesos.

Fun Luvr
02-20-15, 19:37
I know some prefer to only use cash on vacation in MDE, but the cambios consistently offer lower rates than one gets from their credit cards. For example, Unicambios will pay 2200 pesos to the buck while my credit card just gave me an effective rate of 2428 pesos. That's a 10.3% difference, minus the 3% foreign transaction fee from Visa, still nets over 7% better rate for using the credit card.

It would be nice to get even closer to the current rate on XE.com which is showing 2451 pesos.Even a better rate is to use an ATM card that doesn't charge a fee. I was there the first week of this month and was getting very close to the bank's posted exchange rate at a Davivienda ATM.

I cannot figure where xe.com gets their rate. Most of the times it is more than the banks, but sometimes it is less.

Chesscat
02-24-15, 17:44
2497 on be'Berg. Pretty awesome.

It's got to be the fact that oil is down.

James Dandy
02-24-15, 18:36
2497 on be'Berg. Pretty awesome.

It's got to be the fact that oil is down.Got 2455 on my credit card today, with the rate on XE showing 2502 at the time. Hope the trend continues!

Dccpa
02-24-15, 18:49
2497 on be'Berg. Pretty awesome.

It's got to be the fact that oil is down.And the fact that the USD is in a major uptrend. It will be interesting to see if Yellen's testimony has any effect on the USD strength.

Chesscat
03-02-15, 20:05
2535 as of 3-2-15 per Bloomberg. Pretty awesome for us tourists.

Woodman09
03-02-15, 20:55
2535 as of 3-2-15 per Bloomberg. Pretty awesome for us tourists.Even Better for Locals who get paid in Dollars.

James Dandy
03-03-15, 14:16
Even Better for Locals who get paid in Dollars.Woke up today, and this is what I saw on XE:

1.00 USD = 2,549.56 COP.

Woohoo! Can't afford to move back to the US at this rate.

James Dandy
03-04-15, 14:46
Peso getting monkeyhammered. I wonder how long it will take before prices start rising locally, but for now this is the sweet spot:

1. 00 USD = 2,568.80 COP.

Woodman09
03-04-15, 19:47
Peso getting monkeyhammered. I wonder how long it will take before prices start rising locally, but for now this is the sweet spot:

1.00 USD = 2,568.80 COPCajero Time Today.

Woodman09
03-06-15, 19:54
To the moon!

SavePros321
03-07-15, 04:21
Peso getting monkeyhammered. I wonder how long it will take before prices start rising locally, but for now this is the sweet spot:

1. 00 USD = 2,568.80 COP.Does this mean the Mansion is going to send out another Newsletter about them having to raise the prices of their rooms, LOL?

James Dandy
03-11-15, 13:30
Does this mean the Mansion is going to send out another Newsletter about them having to raise the prices of their rooms, LOL?A buck equals 2631 pesos this morning, this is getting ridiculous! Didn't know the mansion sent out a newsletter raising prices, seems like they wouldn't have to if they live here and use pesos for daily expenses like food, staff, etc.

Dccpa
03-11-15, 20:37
A buck equals 2631 pesos this morning, this is getting ridiculous! Didn't know the mansion sent out a newsletter raising prices, seems like they wouldn't have to if they live here and use pesos for daily expenses like food, staff, etc.The peso weakness will last as long as lower oil prices, so at least a few months, but this situation isn't permanent. In the short term, the USD has gone a little too far too fast and there should be a temporary pullback.

James Dandy
03-11-15, 20:51
The peso weakness will last as long as lower oil prices, so at least a few months, but this situation isn't permanent. In the short term, the USD has gone a little too far too fast and there should be a temporary pullback.True, then again I thought the same thing last month and here were are. The party might not continue raging though, if articles like this are correct. Soon prices will have to increase, thus cutting into the favorable rates we're enjoying. I highly doubt the inflation will only be reflected food prices, everybody will raise prices once the first guys do.

http://colombiareports.co/dollar-might-appreciate-to-cop3k-sparking-fears-over-rising-food-prices-in-colombia/

SavePros321
03-11-15, 21:14
A buck equals 2631 pesos this morning, this is getting ridiculous! Didn't know the mansion sent out a newsletter raising prices, seems like they wouldn't have to if they live here and use pesos for daily expenses like food, staff, etc.From December 2014 Newsletter:

"Also you may all know the exchange rate has been very favorable lately for all of us, we have seen an increase of over 20% in the last 3 months and because of this we feel is fair an increase of 10% on all of our rooms, is justified (see the following example).

A room that was around $100 dollars 3 months ago, is now about $75 Dollars. This reflects a saving of $25 dollars. This same room after our increase would be approximately $85 you would still saving about $15 dollars.

The price increase will take place starting January 1st 2015. If you do or did your reservation with a paid deposit before January 1st 2015 we will honor the current rates."

So their justification for raising their room rates is because of the favorable dollar to peso exchange rate. Now imagine if the chicas start using this justification, lmao!

James Dandy
03-11-15, 21:27
From December 2014 Newsletter:

"Also you may all know the exchange rate has been very favorable lately for all of us, we have seen an increase of over 20% in the last 3 months and because of this we feel is fair an increase of 10% on all of our rooms, is justified (see the following example).

A room that was around $100 dollars 3 months ago, is now about $75 Dollars. This reflects a saving of $25 dollars. This same room after our increase would be approximately $85 you would still saving about $15 dollars.

The price increase will take place starting January 1st 2015. If you do or did your reservation with a paid deposit before January 1st 2015 we will honor the current rates."

So their justification for raising their room rates is because of the favorable dollar to peso exchange rate. Now imagine if the chicas start using this justification, lmao!So because you're benefiting from the exchange rate, we feel we're entitled to some of it. I wonder if the room rates will drop once the peso turns?

Dccpa
03-11-15, 23:28
True, then again I thought the same thing last month and here were are. The party might not continue raging though, if articles like this are correct. Soon prices will have to increase, thus cutting into the favorable rates we're enjoying. I highly doubt the inflation will only be reflected food prices, everybody will raise prices once the first guys do.

http://colombiareports.co/dollar-might-appreciate-to-cop3k-sparking-fears-over-rising-food-prices-in-colombia/Newspaper articles like that are a good sign that we are at a temporary peak.

Dccpa
03-11-15, 23:34
So because you're benefiting from the exchange rate, we feel we're entitled to some of it. I wonder if the room rates will drop once the peso turns?I would be very curious as to what exactly what are their prices that have increased? Probably none. If they have a mortgage in pesos, they are gaining and if the mortgage is in USD, they aren't losing anything. I doubt wages have gone up 10%. They have choices and we have choices.

TheShadow2
03-12-15, 00:18
So because you're benefiting from the exchange rate, we feel we're entitled to some of it. I wonder if the room rates will drop once the peso turns?Yea, that's a little bit of bullshit right there. Somebody seeing a way to stick their hand a little deeper in your pocket. If you recall, the same thing happened in the USA when the interest rates dropped.

At that time, the prices of houses started to climb simply because the average buyer could now afford to pay more. It was the same house you could afford before, it was just worth more on paper.

James Dandy
03-12-15, 00:45
I would be very curious as to what exactly what are their prices that have increased? Probably none. If they have a mortgage in pesos, they are gaining and if the mortgage is in USD, they aren't losing anything. I doubt wages have gone up 10%. They have choices and we have choices.And to top it off, they probably get paid in dollars more than anything else. After all, they explained the price rise and quoted in dollars, but now guests get to pay more dollars just because the peso is low? That isn't helping a guest that brought dollars to pay, he's just paying more dollars.

Parchment10
03-12-15, 02:13
Yea, that's a little bit of bullshit right there. Somebody seeing a way to stick their hand a little deeper in your pocket. If you recall, the same thing happened in the USA when the interest rates dropped.

At that time, the prices of houses started to climb simply because the average buyer could now afford to pay more. It was the same house you could afford before, it was just worth more on paper.The peso will be at 3000 by the end of the year according to the sources at banco Bogota wooooo.

Bandy
04-02-15, 21:30
Arriving April 3 for 10 days. Which exchange place has the best rate (USD) and how much. I usually change at the Oveido mall. Thanks.

Bandy.

James Dandy
04-02-15, 22:19
Arriving April 3 for 10 days. Which exchange place has the best rate (USD) and how much. I usually change at the Oveido mall. Thanks.

BandyBest rate is using your credit card, but if you must take the 5-10% hit and exchange cash at a cambio, the best rate lately by a very tiny margin was unicambios in Santa Fe a few days ago. Best to use credit card (or debit card in second place) for everything, and resort to cambios as a last resort. Of course, which cambio's rate is best can vary day to day but they are typically so close it isn't going to amount to much difference.

Woodman09
04-02-15, 23:02
Arriving April 3 for 10 days. Which exchange place has the best rate (USD) and how much. I usually change at the Oveido mall. Thanks.

Bandy.Best to use ATM -- Use Schwab bank account-- No ATM fee!

Bandy
04-06-15, 02:00
I had to change some peso. I got 2460 Peso per USD. With credit card the exchange rate was 2576 Peso per USD.

Bandy.

Woodman09
04-06-15, 17:00
This weekend using ATM card got $1.020.000 for $396 so that is $2575 The rate from the ATM is usually taken from the day before or after 5 pm the day of.

James Dandy
04-08-15, 14:22
We're getting about 7% less pesos per dollar than just three weeks ago. It was fun while it lasted.

Member #4394
04-29-15, 19:39
It appears that prices are increasing in accordance w the depreciation of peso against dollar, which would maintain the same purchase power over all.


We're getting about 7% less pesos per dollar than just three weeks ago. It was fun while it lasted..

Woodman09
04-29-15, 19:54
It appears that prices are increasing in accordance w the depreciation of peso against dollar, which would maintain the same purchase power over all..As someone who weekly bangs hookers in Bogota I can tell you that the price of pussy has really not changed-- I can get bone a Hot Street girl starting at $25000 pesos like I have for years living here. I'm very happy to be getting paid in Dollars as I have had 20-35% more PussyBucks in the last few months.

By the way- Super Hot 19 year old last night for $35,000 pesos- That's 14 bucks!

Woodman09
04-29-15, 20:11
We're getting about 7% less pesos per dollar than just three weeks ago. It was fun while it lasted.I say BullCrap--I'm still happy at 2350- It's still 400-500 pesos higher than it has been for years- 25% More buying power!

I'm glad I cashed in when it was at $2600+.

I think we will go over $2500 this year again-- Meanwhile I'm happy to get this rate as I have lived in Colombia for 4 years.

Member #4394
04-30-15, 04:32
I wish I could live there. I am sure your personality and communication skills help a lot too.


As someone who weekly bangs hookers in Bogota I can tell you that the price of pussy has really not changed-- I can get bone a Hot Street girl starting at $25000 pesos like I have for years living here. I'm very happy to be getting paid in Dollars as I have had 20-35% more PussyBucks in the last few months.

By the way- Super Hot 19 year old last night for $35,000 pesos- That's 14 bucks!.

James Dandy
04-30-15, 13:19
At 2,374 pesos to the dollar, we're now 11.2% off the best rates seen in March.

James Dandy
05-15-15, 15:09
Will today turn the short term trend, and the peso start to weaken against the buck again? Let's watch.

Sammon
05-15-15, 16:28
As someone who weekly bangs hookers in Bogota I can tell you that the price of pussy has really not changed-- I can get bone a Hot Street girl starting at $25000 pesos like I have for years living here. I'm very happy to be getting paid in Dollars as I have had 20-35% more PussyBucks in the last few months.

By the way- Super Hot 19 year old last night for $35,000 pesos- That's 14 bucks!$14 , I am looking for tickets!

Where do you get these 19 year old? Big spender like me, I am willing to give $20-LOL.

Woodman09
05-20-15, 18:07
Just as I predicted.

Iguana Six
05-24-15, 12:49
Just as I predicted.What do you think it will be a month from now?

Woodman09
05-24-15, 16:28
What do you think it will be a month from now?As long as we have an oil glut the rate will be 2300-2500+ as COP is tied to oil.

Dccpa
05-24-15, 19:04
As long as we have an oil glut the rate will be 2300-2500+ as COP is tied to oil.I think the USD has finally ended its correction that began in March. Looking for potentially $2900-$3000 to 1 within the next year or two. That would require oil going down again and I think that will happen.

Gimmedub
05-25-15, 01:59
I agree with you on the Greenback but do you think 2900? I moved some at 2650 and plopped it in a CDT at 7%. I'm waiting to get that again for a next CDT and maybe a local stock account.


I think the USD has finally ended its correction that began in March. Looking for potentially $2900-$3000 to 1 within the next year or two. That would require oil going down again and I think that will happen.

Dccpa
05-25-15, 14:27
I agree with you on the Greenback but do you think 2900? I moved some at 2650 and plopped it in a CDT at 7%. I'm waiting to get that again for a next CDT and maybe a local stock account.In early 2003, the rate got to a high of 2973-1, so yes it can happen. It may not happen, but if it does, it will be a gift that I will be glad to receive.

James Dandy
06-04-15, 16:57
At today's 2590 to the buck, a half-hour session in a typical casa in el centro will cost $13.51. Life is good!

PapaJoe
06-09-15, 02:17
Does anyone know the Sunday hours of the cambio at either Oviedo or Santa Fe mall?

James Dandy
06-09-15, 13:49
Does anyone know the Sunday hours of the cambio at either Oviedo or Santa Fe mall?I think Santa Fe is 11 am but haven't used one in a long time so you should call. I know it's later than the rest of the week, though I would avoid using cambios to get pesos if at all possible because they rip you on the rate. It's like giving 10% of your money away. ATMs are still the best rates, and they're open 24/7!

Sun08
06-26-15, 06:09
I read online some of the Banks will allow withdrawing money no more than $200 or $300 US Dollar. Which Bank can you withdraw the equivalent of $500 US?

Thanks for info.

James Dandy
06-26-15, 15:00
I read online some of the Banks will allow withdrawing money no more than $200 or $300 US Dollar. Which Bank can you withdraw the equivalent of $500 US?

Thanks for info.The most I have seen an ATM dispense per transaction was 600 K pesos, or about $233 US at today's exchange rate, and this is at Bancolombia ATM machines no matter where they are located in Medellin. The other banks allowed only 400 K or even as low as 200 K I've seen. You can make several withdrawals though, the banks just like to wrack up those fees.

Woodman09
06-26-15, 15:24
I read online some of the Banks will allow withdrawing money no more than $200 or $300 US Dollar. Which Bank can you withdraw the equivalent of $500 US?

Thanks for info.I hear that Citibank lets you get that much-- Only problem is that they charge 3% (I heard) I use Caja Social bank and get $700.000 ($280) per withdrawal for free with my Schwab account or it's $5 with my other USA bank.

Some banks will only give you $400.000 ($160) max per withdrawal.

Sun08
06-26-15, 22:32
I hear that Citibank lets you get that much-- Only problem is that they charge 3% (I heard) I use Caja Social bank and get $700.000 ($280) per withdrawal for free with my Schwab account or it's $5 with my other USA bank.

Some banks will only give you $400.000 ($160) max per withdrawal.Thanks for your input. You are correct. Banks in the USA Charge 3% of the transaction. However if you do your banking with a Credit Union, most but not all, will charge 1% of transaction. So that is $5 for every $500 US Dollar which is not bad for that amount. I will try Citibank first when I go there.

Woodman09
06-27-15, 03:48
Thanks for your input. You are correct. Banks in the USA Charge 3% of the transaction. However if you do your banking with a Credit Union, most but not all, will charge 1% of transaction. So that is $5 for every $500 US Dollar which is not bad for that amount. I will try Citibank first when I go there.I should say I was getting $720.000 from Davivienda a couple years back-- But when I recently went there the default said $420.000 -- You may be able to manually ask for $720.000.

Some Caja Social ATMs default and say $400.000 But you can manually ask for $700.000. I love the Schwab card But it expired and I got to get the new one sent to me.

If anyone is interested in getting a business visa in Colombia I've been through it and can help.

Chesscat
07-04-15, 21:25
Visited recently and Medellin just keeps growing. I thought for sure there would be some kind of slow-down over the past few years, but it sure didn't look like it.

The Colombian economy is tied to oil. 2015 looks like another down year for oil, 2016 also. The downturn in oil is contributing to the depreciation in the Colombian peso, which is also a reflection of general dollar strength world-wide.

EcoPetrol (EC on NYSE) is at 12.7 as of July 4, 2015, which is as low as it's been in 10 years. This is due to the downturn in the price of oil, the depreciation in the peso and also to repeated guerrilla attacks on pipelines. When the attacks stop, the price may bump up.

http://colombiareports.com/farc-attack-forces-ecopetrol-to-suspend-operations-in-northeast-colombia/

Hioctane
07-05-15, 02:27
The most I have seen an ATM dispense per transaction was 600 K pesos, or about $233 US at today's exchange rate, and this is at Bancolombia ATM machines no matter where they are located in Medellin. The other banks allowed only 400 K or even as low as 200 K I've seen. You can make several withdrawals though, the banks just like to wrack up those fees.The most is Citibank. Their max is 1,000,000 pesos. I believe HSBC is around that amount too but it's been a while since I went there. My personal favorite is ServiBanca (the green ATM machines). Their max is 780,000 and they are more easily found. I believe there are only 2 CitiBanks in Medellin.

Manizales911
07-05-15, 15:22
Visited recently and Medellin just keeps growing. I thought for sure there would be some kind of slow-down over the past few years, but it sure didn't look like it.

The Colombian economy is tied to oil. 2015 looks like another down year for oil, 2016 also. The downturn in oil is contributing to the depreciation in the Colombian peso, which is also a reflection of general dollar strength world-wide.

EcoPetrol (EC on NYSE) is at 12.7 as of July 4, 2015, which is as low as it's been in 10 years. This is due to the downturn in the price of oil, the depreciation in the peso and also to repeated guerrilla attacks on pipelines. When the attacks stop, the price may bump up.

http://colombiareports.com/farc-attack-forces-ecopetrol-to-suspend-operations-in-northeast-colombia/The growth in Medellin or any city for that matter has nothing to do with oil or the economy, it is built on coca. Just go to one of the high end malls and see all of these shops that do very little business yet stay around for years. It's called money laundering.

Manizales911
07-15-15, 16:34
Nice, keep it going.

Dccpa
07-15-15, 16:54
Nice, keep it going.How about 2725 - 1?

I see another 10% upside potential, but the easy money has been made. The USD may have started another upleg earlier this month, but further peso depreciation is likely dependent upon the price of oil dropping.

C Jack Sparrow
07-16-15, 01:32
The growth in Medellin or any city for that matter has nothing to do with oil or the economy, it is built on coca. Just go to one of the high end malls and see all of these shops that do very little business yet stay around for years. It's called money laundering.On the microlevel Manizales is right, but on the macrolevel, no.

Cocain can't be compared with a heavy industry like oil at all.

Estimate that cocain can affect, let's say 5% of the economy. But to a few hands. That's why it shows so much, with those shops and restaurants.

But how big can we estimate that the cocain economy really is?

Manizales imply it's very big. It has one advantage; the profitmargin is enormous. No legal industry can compare with such marginals.

But it is not reasonable that the rich countries would consume so much cocain that it affects Colombias economy more than marginally.

It's a phenomonen. Like fotball // soccer / It is on media a lot, but isn't the very foundation of the economy.

It would requiere a consumption in the West that is unrealistic. Even though prices are very high and profitmarginals huge. The major part of the money involved circulate inside the Western economies, from legal to illegal, not from Western countries to the poor producing countries. It is easy to make the error to translate market price of a gram/ounce of cocaine in, for example, the US and aggregate it into a income for Colombia. I estimate that 75% of the marketvalue is circualting inside the US.

If the cocaine trade didnt exist. How would an alternative economy look like, if the West would legalize cocaine in order to get rid of this trade and sell it in pharmacies on prescription.

The foregin investments would rise dramatically as an effect of diminising voilence. The much lower land-risk which would admit huge capital interests to invest in Colombia, something they simply cant risk today. This loss of investments are the biggest alternative cost for Colombia. The cocaintrade is in this sense a great obstacle for economic development.

Another alternative is that the criminal organizations remains, being established since decades. They looses this trade and enter others, that might be far worse than cocaine; human trafficing, other even more potent drugs, which can be developed by genmodifications. They start a new wave of kidnappings, back to its 1980-level, which was 20 times as high as today. All worse than cocaine trade, even if it is very violent in itself.

Manizales911
07-16-15, 03:22
Cocain can't be compared with a heavy industry like oil at all.

Baloney, I've spent enough time in Colombia to know better, I don't need a calculator, pencil and spreadsheet to figure this one out.

C Jack Sparrow
07-16-15, 15:11
Baloney, I've spent enough time in Colombia to know better, I don't need a calculator, pencil and spreadsheet to figure this one out.But how big can we estimate that the cocain economy really is?

Can you then give us some further info. ?

Of any kind!

C Jack Sparrow
07-16-15, 17:38
The legal export 2014; $US 54.705. 991 http://www.trademap.org/Country_SelProductCountry_TS.aspx?nvpm=1|170||||TOTAL|||2|1|1|2|2|1|2|1|.

Value of the cocaine when leaving the Colombian coast; ; 600 ton x $US 4000 per kilo =$US 2. 4 billion.

Marketvalue in US / EU 600 ton X $US 70,000 per kilo = $US42 billion.

http://www.infobae.com/2011/03/09/1020481-cocaina-el-negocio-mas-rentable-del-mundo

As we can see there are a huge difference between the price the cartell La Hermandad gets, 4000, and the final price to the consumer, 70.000.

How long in the chain does then the cartell La Hermandad operate? Many times La Hermandad in involed as close to the consumer that is possible and transforms the profit into legal business in the US / EU. Sometimes they reinvest in Colombia, but far from always.

We end up with numbers that says that the cociane trade is a very important part of the colombian economy.

Jan 156
07-17-15, 12:49
From an S. A. Viewpoint, the drugs trade is a USA Problem. A local industry would not involve such violence: it is USA Demand that turns it into a major problem. Colombia produces and supplies cocaine, mostly illegally. The USA Produces and supplies firearms, illegally. It's a trade.

If the USA Regulated cocaine and firearms better, everyone would be better off. SF has only just got round to regulating hash, so no rush to regulate cocaine. Any appetite to regulate firearms is quite quickly quashed.

A responsible adult should be able to use either. They regulated alcohol (not perfectly, but reasonably successfully, and much better than the failure of the Prohibition era).

Regulation of the sex industry (probably tolerance and protection of workers rather than seeing it as a source of tax revenue) would also reduce associated crime. But paramoia feeds on itself. For all the religious fervour or so-called religious tolerance of America there is one great God surprisingly lacking, which is that of common sense.

Sun08
07-21-15, 19:08
I was looking for a bank in Colombia that I can withdraw up to $500 US per day. I can confirm the Citibank will allow withdrawing that much. On few occasions, I got 1280 k pesos from the Citibank ATM. On the screen it showed it will charge 13.8 k pesos for ATM fee. On another occasion it was 14 k pesos ($5. 3 US). On top of that, you will pay Transaction Fee and ATM fee that your own bank will charge. In my case, including the ATM fees and transaction fees, my US bank account was charged $483 on one occasion and $486 in another occasion. So I got peso rate of 2633 and 2650.

BlueChange
07-21-15, 19:13
I was looking for a bank in Colombia that I can withdraw up to $500 US per day. I can confirm the Citibank will allow withdrawing that much. On few occasions, I got 1280 k pesos from the Citibank ATM. On the screen it showed it will charge 13.8 k pesos for ATM fee. On another occasion it was 14 k pesos ($5. 3 US). On top of that, you will pay Transaction Fee and ATM fee that your own bank will charge. In my case, including the ATM fees and transaction fees, my US bank account was charged $483 on one occasion and $486 in another occasion. So I got peso rate of 2633 and 2650.Get a charles swabb account, no ATM fees international ever, or get a citibank account and only use the ATM in Rio Sur Mall. There might be another one but that's the only one I am aware of.

Sun08
07-21-15, 21:09
Get a charles swabb account, no ATM fees international ever, or get a citibank account and only use the ATM in Rio Sur Mall. There might be another one but that's the only one I am aware of.Do you know what exchange rate you get when using Schwab account? In other words, If I use my bank account and including all fees I get 2650, will you get a better rate with Schwab account with no fees? I guess the only way to know is to use both your Schwab and bank on the same day and compare. I am interested to know whether there are no hidden charges. Thanks.

Dickhead
07-21-15, 22:10
Schwab's foreign exchange rate is the average of the wholesale bid rate and the wholesale ask rate for the day of the transaction. You can't beat it. It's awesome.

Gimmedub
07-22-15, 03:15
Actually I believe you get the TRM rate from the ATM after settlement. Usually it's the rate a couple days before and is always posted on Twitter and banco República website.

Check out at SFCsupervisor's Tweet: https://twitter.com/SFCsupervisor/status/623614180504027137?s=09.


Schwab's foreign exchange rate is the average of the wholesale bid rate and the wholesale ask rate for the day of the transaction. You can't beat it. It's awesome.

Woodman09
07-23-15, 19:37
Back up as I predicted earlier in this thread.

Wow-- Get good pussy for $16 at this rate Will make a Cajero run tomorrow to get this Fantastic rate 700,000 pesos for $250!

That's a lot of Pussy -- Wish I was younger.

Guide services available in Bogota-- I'll keep you safe and save you money!

Dccpa
07-23-15, 20:55
Other than directly buying the physical pesos, any suggestions on locking in the USD / COP exchange rate? My likely target is $2950/3000 - 1 with a possible overshoot to the $3500/3600 - 1 area.

Gimmedub
07-24-15, 11:20
That's one hell of an overshoot.


Other than directly buying the physical pesos, any suggestions on locking in the USD / COP exchange rate? My likely target is $2950/3000 - 1 with a possible overshoot to the $3500/3600 - 1 area.

Dccpa
07-24-15, 15:31
That's one hell of an overshoot.Yes it is. And if this scenario happens Colombia won't be the only country with a much weaker currency. In USD terms, assets, especially commodity assets, will be at fire sale prices in most countries of the world.

Dccpa
07-29-15, 17:52
If oil holds today's move and starts rebounding, the COP should strengthen for a while. Not really sure how to lock in the 2850 - 1 ratio, but it would be nice.

SBeach25
07-29-15, 18:11
If oil holds today's move and starts rebounding, the COP should strengthen for a while. Not really sure how to lock in the 2850 - 1 ratio, but it would be nice.If the US govt raises rates even a qtr, it means less dollars available for other countries to hold in their reserves which means that it will take more pesos to buy for each dollar thus increasing the exchange rate. The US has been broadcasting lately that it will likely raise this their by letting everyone know so they can prepare for this here and abroad. So the expectations is yes, it will go higher unless Colombia's value starts to appreciate due to strong demand for their commodities and exports. Since Colombia sits on a large reserve but the all oil is tied to Dollars it will hover around this exchange rate for now. But this is a monger board so hell yeah, expect the upside for those visiting (including me). If you really want to lock it in, go to XE website and convert your dollars to pesos. Your now locked in. Ooops, again I digressed. ENJOY it while its still good!

Dccpa
07-29-15, 19:45
If the US govt raises rates even a qtr, it means less dollars available for other countries to hold in their reserves which means that it will take more pesos to buy for each dollar thus increasing the exchange rate. The US has been broadcasting lately that it will likely raise this their by letting everyone know so they can prepare for this here and abroad. So the expectations is yes, it will go higher unless Colombia's value starts to appreciate due to strong demand for their commodities and exports. Since Colombia sits on a large reserve but the all oil is tied to Dollars it will hover around this exchange rate for now. But this is a monger board so hell yeah, expect the upside for those visiting (including me). If you really want to lock it in, go to XE website and convert your dollars to pesos. Your now locked in. Ooops, again I digressed. ENJOY it while its still good!IMHO, the rate increase is already priced into the market. Not interested in taking delivery of pesos, I just want to lock in the exchange rate.

Mr Enternational
08-01-15, 11:22
The value of the dollar has almost doubled against the peso in the last few years. How is this fairing for boardmembers living in Colombia that hold the majority of their assets in dollars? Are you moving any differently? If that happened here in Thailand the first thing I would do is buy a plush condo that I would not buy at today's prices.

Gimmedub
08-01-15, 12:12
No plush condos here but I've started moving dollars to pesos for longer term investments. Local bonds and stocks.


The value of the dollar has almost doubled against the peso in the last few years. How is this fairing for boardmembers living in Colombia that hold the majority of their assets in dollars? Are you moving any differently? If that happened here in Thailand the first thing I would do is buy a plush condo that I would not buy at today's prices.

Manizales911
08-01-15, 14:55
The value of the dollar has almost doubled against the peso in the last few years. How is this fairing for boardmembers living in Colombia that hold the majority of their assets in dollars? Are you moving any differently? If that happened here in Thailand the first thing I would do is buy a plush condo that I would not buy at today's prices.I have always kept 100% of my assets in USD, up until now. I recently opened a Colombian bank account and moved a decent amount over and will do it again if the exchange rate hits 3000-1. I always had the opinion and plan to never keep significant money in COP nor buy property in Colombia but I am beginning to have second thoughts on buying here because it has become just way too attractive.

Dccpa
08-01-15, 21:48
I have always kept 100% of my assets in USD, up until now. I recently opened a Colombian bank account and moved a decent amount over and will do it again if the exchange rate hits 3000-1. I always had the opinion and plan to never keep significant money in COP nor buy property in Colombia but I am beginning to have second thoughts on buying here because it has become just way too attractive.3000 - 1 should definitely happen now. The oil breakout on Wednesday, failed on Thursday and was followed by a quick move down. 3000 is only a little over 4% higher from Friday's close.

Manizales911
08-03-15, 18:28
2923-1 right now, holy shit.

RacShack
08-03-15, 19:45
2923-1 right now, holy shit.Bogota Aug. 9-17, awesome exchange rate, I'll take full advantage of this! Much more fun to be had!

Dccpa
08-04-15, 21:35
2923-1 right now, holy shit.If the USD breaks 98/100 and continues upwards, it will be interesting to see what happens with the USD-COP exchange rate. You would normally expect a bounce off of 3000 - 1. If oil breaks March's low, my 3500/3600 - 1 scenario comes into play. Interesting times.

Dccpa
08-05-15, 01:15
I have always kept 100% of my assets in USD, up until now. I recently opened a Colombian bank account and moved a decent amount over and will do it again if the exchange rate hits 3000-1. I always had the opinion and plan to never keep significant money in COP nor buy property in Colombia but I am beginning to have second thoughts on buying here because it has become just way too attractive.Manizales911, you may need to declare that you moved the money for investment purposes. I read somewhere that declaration is necessary to be able to take the money back out of Colombia.

Dccpa
08-05-15, 15:58
First target area hit $2950 - 1.

Gimmedub
08-06-15, 15:08
Yes and no. The original intent was foreign real estate investments don't need to pay capital gains taxes. That can be extended to other investment areas but for the most part I don't believe the local market is set for individual foreigners opening stocks / bonds / bank accounts who don't already have a residence visa in country.

Personally I just use the ATM'S and take out 3 k / daily when moving money down south. Obviously it's small amounts but the idea is some income in pesos for when I'm down here.


Manizales911, you may need to declare that you moved the money for investment purposes. I read somewhere that declaration is necessary to be able to take the money back out of Colombia.

Manizales911
08-13-15, 07:44
Manizales911, you may need to declare that you moved the money for investment purposes. I read somewhere that declaration is necessary to be able to take the money back out of Colombia.You are correct but in my case I have no intention of moving it back, I live here part time, I plan on spending it.

Dccpa
08-13-15, 16:34
You are correct but in my case I have no intention of moving it back, I live here part time, I plan on spending it.I always like to have the option of moving it back, but everyone's circumstances are different. Oil down, peso hits new low against the USD. I am looking at a time delayed chart and it doesn't even show the $2975 print high that I saw a few minutes ago. I think we have roughly tied the 2003 high. It's all about the oil price.

RacShack
08-13-15, 17:44
I always like to have the option of moving it back, but everyone's circumstances are different. Oil down, peso hits new low against the USD. I am looking at a time delayed chart and it doesn't even show the $2975 print high that I saw a few minutes ago. I think we have roughly tied the 2003 high. It's all about the oil price.I'm getting 2780 by my hotel, not true about malls being best, their between 2710- 2760! It's a lot of fun spending it!

Manizales911
08-14-15, 01:39
I always like to have the option of moving it back, but everyone's circumstances are different. Oil down, peso hits new low against the USD. I am looking at a time delayed chart and it doesn't even show the $2975 print high that I saw a few minutes ago. I think we have roughly tied the 2003 high. It's all about the oil price.I also have residency status here so I have a Colombian bank account and debit card, if I needed to I could withdraw it out via my debit card while in the states, it would take a while though.

Dccpa
08-14-15, 15:33
Round numbers ($3000) tend to be important support and resistance levels and the exchange rate set a print high of $2993.60 earlier this morning. Just on a SWAG, I would think we are done for a few weeks. Once we get past the summer driving season, it will be interesting to see what happens to the price of oil and the exchange rate.

The overshoot I posted about earlier is still potentially in play, but nothing moves in a straight line and I really hope the situation that would create that rate does not occur.

James Dandy
08-17-15, 22:17
3000 to 1 today fellas, good times are here again!

Miami Bob
08-21-15, 19:12
Looks like the rate is firmly at 3000:1.

Dccpa
08-21-15, 20:37
Gut feeling that today was a temporary top. It still depends upon the price of oil, but the COP has dropped a lot in a short period of time.

James Dandy
08-24-15, 14:29
The peso is blowing out to the downside, at 3236 to the buck as I type.

Dickhead
08-24-15, 14:35
Looks like the rate is firmly at 3000:1.Ummm duh get a Capital One card and don't pay 3%.

Surfer500
08-24-15, 14:40
The peso is blowing out to the downside, at 3236 to the buck as I type.Incredible everything will be costing me less than $ 10 per item / event on my next trip. Hotel rooms in El Centro at less than ten bucks a night and hundreds of hookers at less than ten bucks a pop!

Dccpa
08-24-15, 17:51
The peso is blowing out to the downside, at 3236 to the buck as I type.It is all about the price of oil and oil is dropping fast. If oil gets to the $34 area I have been reading about, then $3500-3600 - 1 is quite likely. Great deals for the current visitors.

JoBobTheClown
08-24-15, 22:12
Good lord, I planned and booked a trip for early October earlier in the year, worrying that the 240 k rate wouldn't hold. I apparently needn't have worried.

James Dandy
08-25-15, 01:58
Incredible everything will be costing me less than $ 10 per item / event on my next trip. Hotel rooms in El Centro at less than ten bucks a night and hundreds of hookers at less than ten bucks a pop!I like how you think amigo!

Almotu
08-27-15, 22:51
I landed on 8/17. I always have pesos left over from a previous trip so I don't even use the ATMs at the airport anymore. (their exchange rate is lower than those in town). In town, from BancoColombia I used my Schwab card and immediately got 2965. So far this week, the highest I have received is 3101.

Remember most of the published exchange rate websites post a bank to bank rate, you never actually get that.

Surfer500
08-28-15, 00:48
I landed on 8/17. I always have pesos left over from a previous trip so I don't even use the ATMs at the airport anymore. (their exchange rate is lower than those in town). In town, from BancoColombia I used my Schwab card and immediately got 2965. So far this week, the highest I have received is 3101.

Remember most of the published exchange rate websites post a bank to bank rate, you never actually get that.Where and or which bank ATM did you get the 3,101 rate.

Almotu
08-29-15, 03:23
Where and or which bank ATM did you get the 3,101 rate.I stay in Centro. There are a great number of ATMs in the Centro Commercials all along Junin. I happen to be using the Bancolombia ATM near La Playa which is Calle 52 I think. I always like ATH atms also which can be connected to Banco de Bogota or Banco de Occidente. That's which ATM I got the 3101 rate on 8/24 when OANDA was listing above 3200 on that day.

Vitrea
08-29-15, 10:07
I landed on 8/17. I always have pesos left over from a previous trip so I don't even use the ATMs at the airport anymore. (their exchange rate is lower than those in town). In town, from BancoColombia I used my Schwab card and immediately got 2965. So far this week, the highest I have received is 3101.

Remember most of the published exchange rate websites post a bank to bank rate, you never actually get that.Actually you do if you use American express Blue Bird. They do charge $2 transaction fee so I take out 600,000 at a time. Charles Schwab and Capital do not charge and ATM fee but they have a built in 2% FX conversion fee.

Dickhead
08-29-15, 11:13
Charles Schwab ... has a ... 2% FX conversion fee.It may vary based on the type of account you have, but my Schwab ATM withdrawals receive the average of the wholesale bid / ask rate for that day. No 2% conversion fee. I don't even have that much money with them, less than $100 k.

Almotu
08-29-15, 20:01
Where and or which bank ATM did you get the 3,101 rate.There are numerous ATMs of various banks in this huge complex called Coltefinanciera Calle 52 #47-42.
My transaction from 8/27 with a Banco de Bogota ATH atm yielded me exchange rate of 3237! My withdrawal of 300,000 COP only debited $92.66 from my account.

Sun08
09-01-15, 20:58
Actually you do if you use American express Blue Bird. They do charge $2 transaction fee so I take out 600,000 at a time. Charles Schwab and Capital do not charge and ATM fee but they have a built in 2% FX conversion fee.I have a Schwab Debit Card but have not used it outside the USA yet. So I called to confirm. I was told there is no ATM or foreign Transaction / conversion fees.

Dickhead
09-01-15, 21:16
I have a Schwab Debit Card but have not used it outside the USA yet. So I called to confirm. I was told there is no ATM or foreign Transaction / conversion fees.Just like I have been saying for quite some time now. It is the best deal going. No ATM fees for E-Trade either but they charge a one percent "foreign transaction fee" even in Ecuador and Panamá, which use the US dollar. To be precise, both Schwab and E-Trade refund any ATM fees that are charged by the owner bank. E-Trade does it within seconds but Schwab does not do it until the end of the following business day. I can live with that.

Gimmedub
09-02-15, 03:27
CapitalOne also does no forex on CC and ATM's if you keep over a 5 k balance in the account. I use them vs. Schwab. CC gives 1.5% back and I have the ATM limit set to 1.6 k US. You know for those wild weekends.


Just like I have been saying for quite some time now. It is the best deal going. No ATM fees for E-Trade either but they charge a one percent "foreign transaction fee" even in Ecuador and Panam, which use the US dollar. To be precise, both Schwab and E-Trade refund any ATM fees that are charged by the owner bank. E-Trade does it within seconds but Schwab does not do it until the end of the following business day. I can live with that.

LatinaLover#1
09-04-15, 02:27
There are numerous ATMs of various banks in this huge complex called Coltefinanciera Calle 52 #47-42.
My transaction from 8/27 with a Banco de Bogota ATH atm yielded me exchange rate of 3237! My withdrawal of 300,000 COP only debited $92.66 from my account.Is there a Citi bank in that complex?

Vitrea
09-04-15, 04:35
May be I will use both cards at the same time and see what the deal is. It is clearly not a bid deal but would be fun to find out.

Almotu
09-05-15, 02:17
Is there a Citi bank in that complex?Coltefinanciera building is located at the end of Blvd de Junin, a pedestrian mall. There is a huge CitiBank branch inside the Centro Commercial El Union which is part of Blvd de Junin. Personally, I have not used them since I don't spend a lot of money. I like to withdrawal every couple of days. This is one of the safer parts of Centro.

Gimmedub
09-07-15, 17:27
For those with a Schwab or capital one no Forex fees bank account the current spread between ATM and casa de cambio is about 9%.

In short you can take out pesos from the ATM and buy back dollars and make 9%.

http://www.interdolar.co

They give you a formal piece of paper. This year has been especially great as I've gotten between 7-10% on these types of transactions. So on the 10 k non declared limit that's about $800. Pays for the airfare if not more!

Cheers

LatinaLover#1
09-08-15, 18:54
For those with a Schwab or capital one no Forex fees bank account the current spread between ATM and casa de cambio is about 9%.

In short you can take out pesos from the ATM and buy back dollars and make 9%.

http://www.interdolar.co

They give you a formal piece of paper. This year has been especially great as I've gotten between 7-10% on these types of transactions. So on the 10 k non declared limit that's about $800. Pays for the airfare if not more!

CheersWhat is the going exchange rate at the ATM's now?

JoBobTheClown
09-08-15, 23:37
Just like I have been saying for quite some time now. It is the best deal going. No ATM fees for E-Trade either but they charge a one percent "foreign transaction fee" even in Ecuador and Panam, which use the US dollar. To be precise, both Schwab and E-Trade refund any ATM fees that are charged by the owner bank. E-Trade does it within seconds but Schwab does not do it until the end of the following business day. I can live with that.Actually, for me, Schwab refunds all ATM fees at the end of the month. It's still a fantastic deal, but it's worth pointing out.

Manizales911
09-09-15, 05:30
Actually, for me, Schwab refunds all ATM fees at the end of the month. It's still a fantastic deal, but it's worth pointing out.Correct, Schwab does it at the end of the month, NOT the next business day.

Buscar
09-16-15, 03:49
I have a Schwab Debit Card but have not used it outside the USA yet. So I called to confirm. I was told there is no ATM or foreign Transaction / conversion fees.I have a Schwab card, and I recommend the bank and the card, but I don't think they give me the mid-market rate from ATM machines. It always seems lower, even 2% lower (as someone said, though I haven't seen a source for that). It's hard to say exactly because of the way the peso has been flying around, 100+ point swings everyday. Also, I don't think most ATMs in Colombia charge fees anyway. I've only seen one machine list a fee and haven't seen any on bank statements. In some countries, Schwab is definitely nice because ATM fees are 5-6 bucks and max withdrawals are low. Here, it doesn't seem to matter much, unless your bank charges a big fee itself.

Well, enjoy peso 3000, at these prices a percent or two isn't much.

Davidb3069
09-21-15, 04:32
This weekend I got 2600 pesos from one of the exchanges in poblado near lleras. Hotel Central Plaza gave me 2400 today. FYI.

Questner
09-22-15, 06:19
This weekend I got 2600 pesos from one of the exchanges in poblado near lleras. Hotel Central Plaza gave me 2400 today. FYI.How much do you get at ATM?

Dccpa
09-22-15, 18:04
This weekend I got 2600 pesos from one of the exchanges in poblado near lleras. Hotel Central Plaza gave me 2400 today. FYI.But what is the actual amount that you ended up paying before fees? Ie. , $80, $90, $100 for 24,000 COPs?

Since we bested the early 2003 high of 296 x - 1, the COP went to 3266 - 1, then tested the 296 x - 1 and is now rising again. So far, this is looking like a textbook breakout.

LatinaLover#1
09-23-15, 14:49
Just got back from an 8 day trip to Bogota. I always try to spend all my Pesos before I leave because of the constant decline of the COP. So when I arrive in Colombia, usually late in the evening, I need some Pesos so I use the airport combios Don, t use the one in the baggage claim instead go thru customs and there will be 2 or 3 more combios open, depending on the time. I got the best rate from the one on the right, better then the one in baggage claim and incredibly 200 cop better then the one next to it, somewhere around 2800.

I recommend using the ATM's from there. I received between 3120 and 3050 depending on the daily fluctuations, while the combios in the mall averaged around 2650 to 2770. If you extrapolate the rate out, even if you have a card that charges you fees, ATM's are a better deal.

Almotu
09-26-15, 22:53
I was wondering if anyone in the banking industry could properly answer this. . . How quickly does ATMs (Banks) react to exchange rate fluctuations? Are there set hours during the 'business day' that the rates are updated? If I see a beneficial shift in the exchange rate, should I run to the ATM right away or wait until the morning when it is generally safer to withdrawal large sums of cash.

LatinaLover#1
09-27-15, 14:58
I was wondering if anyone in the banking industry could properly answer this. . . How quickly does ATMs (Banks) react to exchange rate fluctuations? Are there set hours during the 'business day' that the rates are updated? If I see a beneficial shift in the exchange rate, should I run to the ATM right away or wait until the morning when it is generally safer to withdrawal large sums of cash.The daily fluctuations are usually so small it would be crazy to run to the ATM at all hours.

ClubTed
09-27-15, 16:11
Used the Citibank ATM in the airport upon arrival and got a great rate. Over 3000 pesos to the dollar. Citibank charged a fee of a few bucks. Exchanged some dollars at the Galleria Mall around Calle 53. Rate was 2740 COP to the dollar one day, then 2730 to the dollar the next. No commission. Found another Citibank on Carrerra 7 heading south as you get somewhat close to what appears to be a financial / banking district. Again, rate was over 3000 pesos to the dollar with a small fee for Citibank since I'm not a Citibank customer. Heard about New York Money up in the Andino Mall, but that's up around Calle 92, and I was staying 36 blocks south of there. I concur with previous postings that it appears the ATM withdrawal is the preferred way to go to acquire Colombian pesos.

LatinaLover#1
09-28-15, 02:19
Used the Citibank ATM in the airport upon arrival and got a great rate. Over 3000 pesos to the dollar. Citibank charged a fee of a few bucks. Exchanged some dollars at the Galleria Mall around Calle 53. Rate was 2740 COP to the dollar one day, then 2730 to the dollar the next. No commission. Found another Citibank on Carrerra 7 heading south as you get somewhat close to what appears to be a financial / banking district. Again, rate was over 3000 pesos to the dollar with a small fee for Citibank since I'm not a Citibank customer. Heard about New York Money up in the Andino Mall, but that's up around Calle 92, and I was staying 36 blocks south of there. I concur with previous postings that it appears the ATM withdrawal is the preferred way to go to acquire Colombian pesos.Another good reason to keep your money in your account and access it by ATM is that you don't have to travel with thousands of dollars on you and because most cambios are closed on Sunday you don't have to worry about getting enough pesos changed for the weekend, the ATM's are always available.

Cursnoop
09-28-15, 02:56
So if ATM gives the best rate why are a lot of people going to Casas exchange to get a shitty exchange rate.

Buscar
09-28-15, 20:33
So if ATM gives the best rate why are a lot of people going to Casas exchange to get a shitty exchange rate.A great mystery. Perhaps they are accustomed to traveling to countries where bringing cash nets a slightly better exchange rate, instead of a drastically worse one. Maybe they tell their wives they are going to Oklahoma and don't want her to see Colombian withdrawals when she makes her daily bank account inspection. There are other reasons why someone might need to bring cash, but I think mostly people are just throwing away money.

LatinaLover#1
10-02-15, 02:53
A great mystery. Perhaps they are accustomed to traveling to countries where bringing cash nets a slightly better exchange rate, instead of a drastically worse one. Maybe they tell their wives they are going to Oklahoma and don't want her to see Colombian withdrawals when she makes her daily bank account inspection. There are other reasons why someone might need to bring cash, but I think mostly people are just throwing away money.I think it varies from country to country. In Rio the private combios, like the jewelry store, I think it was on Xavier the Silveira, probably mob run, always gave more then the official rate. In Costa Rica the banks gave the best rate, but in Colombia the ATM's are your best bet.

Buscar
10-02-15, 08:25
I think it varies from country to country. In Rio the private combios, like the jewelry store, I think it was on Xavier the Silveira, probably mob run, always gave more then the official rate. In Costa Rica the banks gave the best rate, but in Colombia the ATM's are your best bet.Yes, definitely. That's what I meant some that people are accustomed to getting a decent rate for cash exchange in other countries. In most places I've been, you can change dollars for a good rate. Not in Colombia.

JoBobTheClown
10-15-15, 03:27
So I just got back from Medellin and I am already planning on another trip. One concern, though: to get good rates, I need to book the trip in advance. But that risks the COP-dollar ratio tanking; if it drops back to 200:1, it won't be nearly the steal it is now.

My question: Is there a reasonable way for a US citizen to get and maintain an account in pesos, so he can exchange when the rate is good in advance of a trip?

LatinaLover#1
10-15-15, 14:47
So I just got back from Medellin and I am already planning on another trip. One concern, though: to get good rates, I need to book the trip in advance. But that risks the COP-dollar ratio tanking; if it drops back to 200:1, it won't be nearly the steal it is now.

My question: Is there a reasonable way for a US citizen to get and maintain an account in pesos, so he can exchange when the rate is good in advance of a trip?I wouldn't worry if I were you. The peso rate is hinged somewhat to world oil prices and an interest hike in the USA. Projections call for the peso to level off at the 3000 level for the foreseeable future. I don't think you will ever see 2000 again. Some serious shit would have to happen in the world and USA for that to happen. This should alleviate your fears.

http://www.brecorder.com/money-a-banking/198/1235267/

Albarios
10-23-15, 17:55
I could prove that going through exchange casas you can lose up to 20% of the amount you can get from ATM's.

You are warned guys.

Regards

Chesscat
12-02-15, 16:03
COP at 3175, nice.

Dec 2, 2015.

Woodman09
12-02-15, 16:36
The Party continues as long as oil stays low.


COP at 3175, nice.

Dec 2, 2015.

The Tall Man
12-02-15, 17:31
COP at 3175, nice.

Dec 2, 2015.All I can say is Wow! I feel bad for those that purchased real estate a few years back looking to make a buck.

To think that for 45.000 COP at New Life casa (or the like) or $14. USD you can enjoy a fine looking girl is crazy talk.

Time to plan my next trip.

The Tall Man.

Woodman09
12-02-15, 17:44
Had a really nice GFE session for $60 mil ($19) at Fiebre in Bogota with Marcela Super hot 8-9.


All I can say is Wow! I feel bad for those that purchased real estate a few years back looking to make a buck.

To think that for 45.000 COP at New Life casa (or the like) or $14. USD you can enjoy a fine looking girl is crazy talk.

Time to plan my next trip.

The Tall Man.

The Tall Man
12-07-15, 17:55
Had a really nice GFE session for $60 mil ($19) at Fiebre in Bogota with Marcela Super hot 8-9.XE shows that the dollar is worth 3,305 COP today!

Time to plan my next trip!

The Tall Man.

Oil Stain
12-08-15, 02:05
XE shows that the dollar is worth 3,305 COP today!

Time to plan my next trip!

The Tall Man.It may go to 3500 when the fed raise's this month.

LatinaLover#1
12-08-15, 22:26
I wrote in October that the Peso would continue weak for the foreseeable future but I never expected this. I just got back from my 12th or 13th trip to Bogota and had a great time enjoying the the excellent exchange rate at the ATM's While the exchange rate is good for us it's been devastating on the working class Colombians. I met 2 really beautiful women on this last trip, one was living in a hostel with her daughter and the other was living in a one room apt. All this and coming right before the Christmas holiday has really been tough on a lot of these women with absent fathers. I don't want to sound like Mother Teresa here but keeping in mind that over 50% of the work force works for the minimum wage in Colombia, which is about $196 a month, I didn't negotiate quite as hard as I usually do, always gave them a little extra and always leave additional tips in the restaurants. It might be a good idea to share the wealth if any of you guys are planning a trip this time of year. I guess I'm getting soft in my old age. LOL.

Kick123
12-22-15, 07:00
I changed dollars at Unicambio of Santa Fe shopping mall. One of 50 mil bill was fake. They mix it intentionally when you sell lots of dollars. Check every one of them carefully. Don't trust them.

Bbrocs
12-22-15, 15:20
I changed dollars at Unicambio of Santa Fe shopping mall. One of 50 mil bill was fake. They mix it intentionally when you sell lots of dollars. Check every one of them carefully. Don't trust them.This is one of the reasons I don't like Cambios. They do this. I prefer taking the money off the ATM. I had a fake bill just once from ATM. I took the receipt and bill to the bank and to my surprise they gave me a different bill. After filling out some paperwork.

Woodman09
12-22-15, 15:23
I changed dollars at Unicambio of Santa Fe shopping mall. One of 50 mil bill was fake. They mix it intentionally when you sell lots of dollars. Check every one of them carefully. Don't trust them.What a drag-- I have used the cambios in centro on Jiminez, never had that happen. I usually use ATM's a far better deal- My Schwab card gives me the previous days rate and no fees.

James Dandy
12-22-15, 15:30
I changed dollars at Unicambio of Santa Fe shopping mall. One of 50 mil bill was fake. They mix it intentionally when you sell lots of dollars. Check every one of them carefully. Don't trust them.Thanks for the heads up. Yet another way cambios are the worst deal, besides the 6-10% they keep from the going exchange rate. Always use the ATM in Colombia, what could be easier or better than that?

MNPeter
01-27-16, 20:33
Is anyone else having issues with Bancolombia since 1/18/16?

Both of my ATM cards from completely different banks quit working with them on that day.

My bank says that the network isn't even seeing the transaction request. Tried many ATM around Medellin, and speaking to them, but they say I need to talk to my bank.

Well I have and they say they don't even see the request so how can they deny it? And two cards at once?

Bancombia doesn't have any fees. My cards work with Citibank, but they are charging 17+Mil for a 700 M withdraw.

Neither of my ATM cards have microchips and some banks require them.

Any feedback would be most appreciated. I'm here for over another month in Medellin.

Miami Bob
06-13-16, 05:32
Thanks for current on the street info.

Gimmedub
06-19-16, 06:15
Try interdolar. Co.


Thanks for current on the street info.

TroyBoy
06-20-16, 13:43
Thanks for current on the street info.My Schwab debit card used on June 10.2016 at the Bancolombia ATM on Avenida Poblado and Calle 10 gave 2904 cop / dollar.

A few days earlier the exact same ATM gave 3100 cop / dollar.

I was told the Bancolombia ATM does not charge fee. I find this hard to believe, but nothing showed up on my receipt or on my Schwab statement.