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The dollar is sinking further in value against the peso. One dollar gets you 1, 975 pesos. Colombia is becoming one of the most expensive destinations compared to a year ago (dollar was 2605).
Compare..$200,000.00 at 2600 (June 2006) was 520,000,000 pesos
$200,000.00 at 1975 (today) is 395,000,000
You just lost 125,000,000 pesos!
Your comments please.
With the decline of the dollar against the peso, Colombia is no longer a bargain destination or a place to buy property.
Its just common sense and easy math that concludes its time to go elsewhere.
Example: June 2006, one dollar = 2600 pesos
June 2007, one dollar = 1870 pesos
If you exchanged $200,000 to pesos in June, 2006 you would receive 520,000,000 pesos.
Today your $200,000 is worth 374,000,000 pesos! You just lost 146,000,000
Now what could you buy with 146,000,000 pesos that you don't have anymore.
If you recently purchased an apartment in Medellin your still losing money. Just try and sell it and after fees and taxes you'd be upside down!
The dollar is sinking further in value against the peso. One dollar gets you 1, 975 pesos. Colombia is becoming one of the most expensive destinations compared to a year ago (dollar was 2605).
Compare..$200,000.00 at 2600 (June 2006) was 520,000,000 pesos
$200,000.00 at 1975 (today) is 395,000,000
You just lost 125,000,000 pesos!
Your comments please.
I have lived in Cali for the last 3 years.
In 2007 the dollar lost around 10% and with Colombia's 5.41 inflation rate gringos have lost over 15% in one year!!
Yes indeed, it is getting more expensive here.
Frescas Flores prices have shot up and the quality is way down.
The dollar has fallen against most currencies. When do you think it will come back?
I miss Colombia.
[QUOTE=Medellin Rum]With the decline of the dollar against the peso, Colombia is no longer a bargain destination or a place to buy property.
Its just common sense and easy math that concludes its time to go elsewhere.
Example: June 2006, one dollar = 2600 pesos
June 2007, one dollar = 1870 pesos
If you exchanged $200,000 to pesos in June, 2006 you would receive 520,000,000 pesos.
Today your $200,000 is worth 374,000,000 pesos! You just lost 146,000,000
Now what could you buy with 146,000,000 pesos that you don't have anymore.
If you recently purchased an apartment in Medellin your still losing money. Just try and sell it and after fees and taxes you'd be upside down![/QUOTE]If you bought a couple of years ago and were trading back to US, but real estate goes up and keep the money in the country and you have avoided the drop.
Nice of you to start this thread!
[QUOTE=Admin]Thread Starter.[/QUOTE]
I bank with Wachovia and typically use Davivienda ATM's to withdraw my $ - today I got 2000pesos/1US... with ATM fees included it's $1946 pesos/1US$ (I take out the max $500,000pesos)...
Now I gotta find a citi-bank ATM so I can stop getting ripped off on these international and non-wachovia banking fees.
Might want to check Capital One. The will absorb the exchnge fee on Money Market accounts. If you live in Texas or Louisana Capital One will let you withdraw from a checking account. Citibank is great with a 1%-2% fee.
[QUOTE=Gimmedub]I bank with Wachovia and typically use Davivienda ATM's to withdraw my $ - today I got 2000pesos/1US... with ATM fees included it's $1946 pesos/1US$ (I take out the max $500,000pesos)...
Now I gotta find a citi-bank ATM so I can stop getting ripped off on these international and non-wachovia banking fees.[/QUOTE]
[QUOTE=Gimmedub]I bank with Wachovia and typically use Davivienda ATM's to withdraw my $ - today I got 2000pesos/1US... with ATM fees included it's $1946 pesos/1US$ (I take out the max $500,000pesos).
Now I gotta find a citi-bank ATM so I can stop getting ripped off on these international and non-wachovia banking fees.[/QUOTE]I use paypal and they give a good rate and the fee is only $1.
That's 1% :P
The CapitalOne Money Market account allow up to 5 checks to be written on the account per month. There is no fee at all, not even the 1% international transaction fee. And they currently pay around 4. 4% on your money.
I use their Plus ATM at Bancafe, BBVA, and AV Villas in Colombia. Plus is not serviced by Bancolombia, Davivienda, and Servibanca.
[QUOTE=Bango Cheito]That's 1% :P[/QUOTE]Take out the maximum and pay a fee of $1.
[QUOTE=Medellin Rum]The dollar is sinking further in value against the peso. One dollar gets you 1, 975 pesos. Colombia is becoming one of the most expensive destinations compared to a year ago (dollar was 2605).
Compare..$200,000.00 at 2600 (June 2006) was 520,000,000 pesos
$200,000.00 at 1975 (today) is 395,000,000
You just lost 125,000,000 pesos!
Your comments please.[/QUOTE]I only know two ways to protect peso strengthening - buy real estate here and keep bank accounts here and in the US. In terms of dollars our homes here are appreciating around 10% a year or more just on the peso stregthening. Whenever the dollar rallies 10% I start bankwiring to my Colombian bank account and use that account for my ATM cash withdrawals. If you do the ATM with your own bank cajera you don't pay any fees at all.
[QUOTE=Mr Lotto]If you do the ATM with your own bank cajera you don't pay any fees at all.[/QUOTE]Which Colombian bank do you use?
I have an account at BBVA. They charge 7200 pesos per month for just to keep the account open. I believe that Bancolombia charges more. They charged a commission of 7500 pesos on my last deposit of 880, 000 pesos. They charge for various taxes.
I have yet to make an ATM withdrawal from this account because I'm sure that they will charge me for each 300, 000 peso withdrawal at a BBVA ATM.
Until this month Citibank did not charge for using a Citibank ATM in Colombia. Starting this month they will be charge on any location outside the US. 2%
[QUOTE=Gimmedub]I bank with Wachovia and typically use Davivienda ATM's to withdraw my $ - today I got 2000pesos/1US... with ATM fees included it's $1946 pesos/1US$ (I take out the max $500,000pesos)...
Now I gotta find a citi-bank ATM so I can stop getting ripped off on these international and non-wachovia banking fees.[/QUOTE]
[QUOTE=Malodr]Take out the maximum and pay a fee of $1.[/QUOTE]When I did it, they charged me a 1% fee and gave the interbank rate. No additional fees.
[QUOTE=Justafool]Until this month Citibank did not charge for using a Citibank ATM in Colombia. Starting this month they will be charge on any location outside the US. 2%[/QUOTE]That really sucks. I have used Paypal for 3 years now and i am very happy with the $1 fee and the higher exchange rate.
[QUOTE=Juanambu]Frescas Flores prices have shot up and the quality is way down.[/QUOTE]I also have noticed a deterioration in the quality of women at the upscale places (Flores Frescas, Loutron, Lucitania, etc.) compared to several years ago. Generally, the women are less attractive currently than in the past.
Also, the "marriage agencies" in Colombia cannot attract and retain beautiful women like they did in the past either. Many agencies are bankrupt or close to bankrupt. Even some of the oldest and largest - for example TLC Worldwide - are bust. Technically, TLC is a "romance tour" operator (not a marriage agency) but they are conceptually similar enterprises.
I think that the quality decline is due more to the incredible rise in popularity of the "prepago" networks, not to Colombia's limited economic progress. Of course both are a factor, but I think that the women vastly prefer the "prepago" system because they can protect their reputations much better. A woman cannot protect her reputation at Flores Frescas or plastered as featured merchandise on the web site of a marriage agency.
If I were a beautiful Colombian woman temporarily in need of extra money and/or seeking to meet an affluent man for an ongoing relationship, I certainly would prefer the "prepago" route over the alternatives.
[QUOTE=Evel Knievel]If I were a beautiful Colombian woman temporarily in need of extra money and/or seeking to meet an affluent man for an ongoing relationship, I certainly would prefer the "prepago" route over the alternatives.[/QUOTE]Well put! My problem is how to get hooked up into this "prepago" network? Know any reliable sources?
[QUOTE=Almotu]Well put! My problem is how to get hooked up into this "prepago" network? Know any reliable sources?[/QUOTE]The true prepago is not for sale to anyone. Thus it can be hard for anyone else to hook you up. Some are open to introductions, many are not.
A friend of mine asked for a phone number for a girl whose photos I had sent to him. I gave him the number, but the girl shut him down. I spoke to her later, and she said that she was a little shy. Had I introduced them in person, it may have been a different story.
[QUOTE=Evel Knievel]I also have noticed a deterioration in the quality of women at the upscale places (Flores Frescas, Loutron, Lucitania, etc.) compared to several years ago. Generally, the women are less attractive currently than in the past.
Also, the "marriage agencies" in Colombia cannot attract and retain beautiful women like they did in the past either. Many agencies are bankrupt or close to bankrupt. Even some of the oldest and largest - for example TLC Worldwide - are bust. Technically, TLC is a "romance tour" operator (not a marriage agency) but they are conceptually similar enterprises.
I think that the quality decline is due more to the incredible rise in popularity of the "prepago" networks, not to Colombia's limited economic progress. Of course both are a factor, but I think that the women vastly prefer the "prepago" system because they can protect their reputations much better. A woman cannot protect her reputation at Flores Frescas or plastered as featured merchandise on the web site of a marriage agency.
If I were a beautiful Colombian woman temporarily in need of extra money and/or seeking to meet an affluent man for an ongoing relationship, I certainly would prefer the "prepago" route over the alternatives.[/QUOTE]After living here in Cali for over 3 years I find your observations hit the mark exactly. I have said the same thing many times.
[QUOTE=Almotu]Well put! My problem is how to get hooked up into this "prepago" network? Know any reliable sources?[/QUOTE]I'll answer your question in the "General Info" thread because the answer doesn't belong here.
I'm not a complete stranger to Colombia, but I hear the word "prepago" thrown around here a lot. What exactly does this mean? A prepaid part-time novia? Help me with this.
[blue][size=4][b]Greetings everyone,
I have decided not to delete Medellin Rum's post because it serves as a shining example of [u]DISINFORMATION[/u] by a Forum Member whose only real agenda is to [u]DISCOURAGE[/u] anyone from visiting Colombia, which he considers his personal playground.
This post, along with his numerous antagonistic posts that I've deleted in the past few days, has identified Medellin Rum as the second Serial Antagonist to be exposed and banned since Full Moderation went into effect last week.
I appreciate everyone's patience as I seek to rid the Colombia Forum of these Serial Antagonists and Disinformation Propagandists.
Thanks,
Jackson[/b][/size]
=======================================================[/blue]
I’m back in Medellin after living here for 18 months. This is my second visit in less then two months. Its no surprise to me that Medellin is experiencing double digit inflation and growth. Every month I see prices creep up to almost USA levels and sometimes higher not to mention the exchange rate of about 2000 pesos for your dollar. I truly believe Medellin will continue to fall as a desirable resort destination due the rising cost of everything. It was never on the chart as a top destination to begin with. It doesn’t matter whether you’re a Money Guy or No money guy because Medellin is becoming one of the most expensive destination in South America. The other issue (HUGE) is people are starting to dislike Gringos. Well, we probably brought that on ourselves or at least some gringos did. Take a look for yourself and form your own opinion. Additionally, and the last issue is the Chicas are starting to gain weight and act like American women. Gosh, so much for Medellin! Your thoughts please.
Now why would anyone not post this?
[QUOTE=Tom 33]The true prepago is not for sale to anyone. Thus it can be hard for anyone else to hook you up. Some are open to introductions, many are not.
A friend of mine asked for a phone number for a girl whose photos I had sent to him. I gave him the number, but the girl shut him down. I spoke to her later, and she said that she was a little shy. Had I introduced them in person, it may have been a different story.[/QUOTE]Now this is what I want, an exclusive at a very good price. wait, I think I may have a few.
[QUOTE=Bango Cheito]When I did it, they charged me a 1% fee and gave the interbank rate. No additional fees.[/QUOTE]The fees I've seen:
Suntrust charges US$5, Etradebank charges $0, so they are the best if withdrawing money. Most internet only banks will credit you back the charge so the withdrawal is free.
[QUOTE=Juanambu]After living here in Cali for over 3 years I find your observations hit the mark exactly. I have said the same thing many times.[/QUOTE]I agree as well, as I've been going to Colombia for over 10 years, but still is a lot of fun. I think the smart money guys are probably heading to Venezuela, Hugo Chavez is our friend is scaring everyone off. I need to check that Caracas out again, a few years back I thought it pricey, but noone talks much of going there now.
[QUOTE=Oschino2]I'm not a complete stranger to Colombia, but I hear the word "prepago" thrown around here a lot. What exactly does this mean? A prepaid part-time novia? Help me with this.[/QUOTE]The term comes from pre-paid phone cards. You pay her, she plays. She can usually do what you want within limits. She is not a pro. She may have a boyfriend or husband. You will never see her hustling on the street or in clubs. She prefers to entertain you for an hour or two in your place. And then she leaves. Me encanta.
I took a taxi (Metered) from Poblado to Centro for $7 and went to a casa for $14 and had lunch for $2.50. I was buying snacks of the street vendors for 40-75 cents.
Things are getting expensive here, I may have to stay in NY where a taxi from Queens to Midtown is only $40.
[QUOTE=Luver Of Chicas]The fees I've seen:
Suntrust charges US$5, Etradebank charges $0, so they are the best if withdrawing money. Most internet only banks will credit you back the charge so the withdrawal is free.[/QUOTE]E-trade doesn't charge you because they give you a shitty exchange rate, so when you look at it that way you are still being "charged" 3-4%
[QUOTE=Bango Cheito]E-trade doesn't charge you because they give you a shitty exchange rate, so when you look at it that way you are still being "charged" 3-4%[/QUOTE]I reviewed my Etrade bank statement, I withdrew 100,000 pesos on December 30, 2007 from BBVA bank and my etrade statement shows $49.95, that is an exchange rate of 2,002 pesos to US$1. My info shows the exchange rate on that date was around 2000 pesos + or - 10 pesos to the US$1 so not sure where your getting the 3-4% charge.
Are you using xe.com's rates or something similar as a benchmark?
I didn't get an e-trade account because the guy trying to get me to sign up admitted that they give a shitty exchange rate.
[QUOTE=Malodr]I took a taxi (Metered) from Poblado to Centro for $7 and went to a casa for $14 and had lunch for $2.50. I was buying snacks of the street vendors for 40-75 cents.
Things are getting expensive here, I may have to stay in NY where a taxi from Queens to Midtown is only $40.[/QUOTE]14K sounds a bit high from Poblado to Centro.
[QUOTE=Malodr]I took a taxi (Metered) from Poblado to Centro for $7 and went to a casa for $14 and had lunch for $2.50. I was buying snacks of the street vendors for 40-75 cents.
Things are getting expensive here, I may have to stay in NY where a taxi from Queens to Midtown is only $40.[/QUOTE]The ride to Centro is 7k pesos. Which is about 3.50. How can these guys make a living. $14 is about 28k pesos. Is that casa in another city? Bello is 30minutes away and it is a 15k taxi ride.
[QUOTE=Tom 33]14K sounds a bit high from Poblado to Centro.[/QUOTE]You are right, I think it was 8,000 actually.
[QUOTE=Bango Cheito]Are you using xe.com's rates or something similar as a benchmark?
I didn't get an e-trade account because the guy trying to get me to sign up admitted that they give a shitty exchange rate.[/QUOTE]I use gocurrency.com for my rates. And they have good travel info.
[QUOTE=Bango Cheito]Are you using xe.com's rates or something similar as a benchmark?
I didn't get an e-trade account because the guy trying to get me to sign up admitted that they give a shitty exchange rate.[/QUOTE]I went to xe.com and looked up the historical rate on December 30, 2007, the rate was 2010 pesos to the dollar on that day, so my cost was 8 centavos off the midday rate vs the 2002 rate used or a 0.3% difference.
I've been using Etrade for over 15 years mainly in Brazil and Colombia and I swear the rate has always been nearly spot on the official rate with no extra ATM fees, actually they get charged sometimes, but Etrade credits them back as that's their deal, no ATM fees.
A lot of the time I keep cash in the savings account they offer at 5.05% and then log on somewhere and quicktransfer it over to my checking.
Maybe the Etrade guy was referring to their global trading account, I admit on there when you covert US$ to buy stocks in a foreign currency they ding you on the exchange rate.
That's great info. That guy was an idiot in that case, I woulda signed up that very day. :P
[quote=malodr]i took a taxi (metered) from poblado to centro for $7 and went to a casa for $14 and had lunch for $2.50. i was buying snacks of the street vendors for 40-75 cents.
things are getting expensive here, i may have to stay in ny where a taxi from queens to midtown is only $40.[/quote]it is getting expensive here. the metro went up to 1400 for one ride and 2550 for 2. no more 10 ride tickets. but still cheraper than the taxi.
[url]http://www.cnn.com/2008/WORLD/americas/01/09/colombia.rebel/[/url]
I suppose I should be happy they're making progress. Tho everytime they make progress the exchange rate tanks a little more.
Strong peso makes me a sad panda :(
Hey guys. Thought I'd share the information I learnt over the past few days as I'm considering purchasing a house in Colombia.
In short the best option for financing is to obtain the line of credit wherever you live. Much better rates than in Colombia PLUS you don't need a co-signer and you repay with your own currency. Move your $ to Colombia using Bancolombia (or other colombian bank). Called today and their exchange rates was what's posted on xe.com. 0. 5%. That's right 0. 5%. Much better than the 3. 5% quoted by other institutions. Also they have special individuals that deal with foreign investments. Call the Gerencia Comercial Filiales del Exterior for the area you're interested in.
[url]http://www.bancolombiacayman.com/cayman/serCliente/oficinas/oficinas.asp[/url]
As for the form 4&11 - the bancolombia individual I spoke with knew all about it and will process it with you.
Hope this helps!
[QUOTE=Gimmedub]Hey guys. Thought I'd share the information I learnt over the past few days as I'm considering purchasing a house in Colombia.
In short the best option for financing is to obtain the line of credit wherever you live. Much better rates than in Colombia PLUS you don't need a co-signer and you repay with your own currency. Move your $ to Colombia using Bancolombia (or other colombian bank). Called today and their exchange rates was what's posted on xe.com. 0. 5%. That's right 0. 5%. Much better than the 3. 5% quoted by other institutions. Also they have special individuals that deal with foreign investments. Call the Gerencia Comercial Filiales del Exterior for the area you're interested in.
[url]http://www.bancolombiacayman.com/cayman/serCliente/oficinas/oficinas.asp[/url]
As for the form 4&11 - the bancolombia individual I spoke with knew all about it and will process it with you.
Hope this helps![/QUOTE]Avoid Bancolombia at all costs. I used them for a purchase in Jan. Of last year. Those motherfuckers put me through hoops that I still can't believe.
They refused to allow me to open an account 3 different times over 2 years. And I had a current Colombian cedula each time. I finally had to have the money wired into my novia's account.
Then about 9 million pesos was stolen from that Bancolombia account. Bancolombia told us that it would take up to 6 months to get the money back to me. It has now been 3 months, and I have heard nothing.
I recommend trying BBVA or Davivienda.
[QUOTE=Tom 33]Then about 9 million pesos was stolen from that Bancolombia account. Bancolombia told us that it would take up to 6 months to get the money back to me. It has now been 3 months, and I have heard nothing.[/QUOTE]Have you tried making a complaint to the ombudsman? Got fast results when we tried it.
[QUOTE=AddictedToWomen]Have you tried making a complaint to the ombudsman? Got fast results when we tried it.[/QUOTE]Thanks for the suggestion.
My novia did that.
It is now at 1850cop=$1and declining. This is ridiculous, when will it end. The Worst I have ever seen it in my 3 years going.
USD-COP 1854.9250 -15.9500 -0.8525% 10:38
I withdraw a $1000 worth at a time, Just in January I was getting at least 2mil with would have gave me 2,000,000 de pesos,, now my same $1000 is giving me 1,800,000 SURPISE you just lost $100 or 200.000 cop
Colombian peso on an 8 year HIGH!
[url]http://www.bloomberg.com/apps/news?pid=20602096&sid=acojf5N5M.eY&refer=world_currencies[/url]
The lowest its been for well over 5 years.
When will it stop indeed. Not until the US stops its policy of devaluing the dollar I suspect.
Some of the english contractors I work with were calling the dollar the new american pesos.
With the Fed continuing to cut intrest rates on loans, artiffically trying to boost the "dow jones average" to keep the "waller streeters happy", and keep the average american spending well probly see more and more of a decline in the dollar, It doesnt help that the colombians keep increasing their rates so lenders make more on money loans.
Its a pretty bad situation for those living on dollar incomes, inflation is high here about 10% and the dollar declined like 20% so cost of living went up close to 30%.
The price of pussy has been on the rise here for example
San Diego prices 2006=70,000 COP(2250ish exchange)=31.0USD
San Diego prices 2008=100,000 COP (1850ish exchange)= 54.0 USD
Thats a 23 USD increase in 2 years!
Its basically the same at every strip club or message parlor.
What was said before about loosing 100USD for every 1, 000 USD spent is true, not too mention ATM fees, or visa charges.
Our only hope is if the Fed decided to increase intrest rates to stem inflation which could be likely, or if drastically we went to gold standard, or if Colombia artifically pegged their currency to the dollar in order to keep selling flowers, coffee and goods to their number 1 trading partner or if the farc blew something up hurting the Colombian economy. Otherwise we could see a 1500 to one pesos exchange rate!
Maybe I don't understand. But from what you say. "You had to put the money in your Novia's account" I have a feeling the money was taken out by her (stolen). Not the bank. I WILL BET ON THAT. As my grandfather would say. A holes a hole. Put them against the wall. F them all.
[QUOTE=Tom 33]Avoid Bancolombia at all costs. I used them for a purchase in Jan. Of last year. Those motherfuckers put me through hoops that I still can't believe.
They refused to allow me to open an account 3 different times over 2 years. And I had a current Colombian cedula each time. I finally had to have the money wired into my novia's account.
Then about 9 million pesos was stolen from that Bancolombia account. Bancolombia told us that it would take up to 6 months to get the money back to me. It has now been 3 months, and I have heard nothing.
I recommend trying BBVA or Davivienda.[/QUOTE]
[QUOTE=Loumann]Maybe I don't understand. But from what you say. "You had to put the money in your Novia's account" I have a feeling the money was taken out by her (stolen). Not the bank. I WILL BET ON THAT. As my grandfather would say. A holes a hole. Put them against the wall. F them all.[/QUOTE]Well you'd lose that bet. We have been dating for 4 years now. I had money transferred to her account to buy an apartment in Medellín last year because Bancolombia refused to open an account for me even though I held a VISA and owned property in Colombia since 2003.
Bancolombia has acknowledged the theft and says that it will take up to 6 months to investigate.
[QUOTE=Sailor2006]Some of the english contractors I work with were calling the dollar the new american pesos.
With the Fed continuing to cut intrest rates on loans, artiffically trying to boost the "dow jones average" to keep the "waller streeters happy", and keep the average american spending well probly see more and more of a decline in the dollar,
...
Our only hope is if the Fed decided to increase intrest rates to stem inflation which could be likely, or if drastically we went to gold standard, or if Colombia artifically pegged their currency to the dollar in order to keep selling flowers, coffee and goods to their number 1 trading partner or if the farc blew something up hurting the Colombian economy. Otherwise we could see a 1500 to one pesos exchange rate![/QUOTE]There was an article in The Economist several years ago showing how the value of the dollar has declined in the long term against world currencies. And with unfriendly foreign governments holding so much dollar wealth now -- enough to sink the Great Ship USA if they decided to unload -- it would be very useful to be able to repay them with a couple of bags of rice and a broken Chinese (lead free!) toy.
When I first came to Colombia it was about 1500 (or less?). Shame I want to buy a house now.
Next time ask for help. I could have got the money here thru my contatcs at BanColombia, they would have opened you your own account, as WC Fields said, ; There's one born everyday!
If you want to save some money and kinda slow down of paying the chicks, stop going there for a couple weeks. Like strike for a couple weeks and they will go lower..
I've heard in Caracas, Venezuela there are street guys who will sell you Bolivares (currency) at a better exchange rate (of course some have real currency and some have fake); anyone know of such guys being prevalent in Bogota?
Rodeo
[QUOTE=Rodeo9112]I've heard in Caracas, Venezuela there are street guys who will sell you Bolivares (currency) at a better exchange rate (of course some have real currency and some have fake); anyone know of such guys being prevalent in Bogota?
Rodeo[/QUOTE]There has been a black market in Ven. for years. The Colombian peso is too strong for that type of action.
The week of 3/29 to 4/2 the exchange rate was 1,700 COP. The worst I've ever seen it. Compare that to a year+ ago when it was 2,100-2,200+.
[QUOTE=Davidb3069]The week of 3/29 to 4/2 the exchange rate was 1,700 COP. The worst I've ever seen it. Compare that to a year+ ago when it was 2,100-2,200+.[/QUOTE]I don't know where you got that rate. It has not gone below 1800. A no-fee ATM card would have gotten you over 1800 that week. Here is one example of a no-fee ATM card: [url]http://www.capitalone.com/[/url]
[QUOTE=Tom 33]I don't know where you got that rate. It has not gone below 1800. A no-fee ATM card would have gotten you over 1800 that week. Here is one example of a no-fee ATM card: [url]http://www.capitalone.com/[/url][/QUOTE]I got that rate by buying pesos in Cartagena that week with dollars. You are right that the credit card (debit card) rate was a bit higher. Mine came out to 1821 (1803 with exchange fees). Still pretty poor.
David
[QUOTE=Tom 33]Avoid Bancolombia at all costs. I used them for a purchase in Jan. Of last year. Those motherfuckers put me through hoops that I still can't believe.
They refused to allow me to open an account 3 different times over 2 years. And I had a current Colombian cedula each time. I finally had to have the money wired into my novia's account.
Then about 9 million pesos was stolen from that Bancolombia account. Bancolombia told us that it would take up to 6 months to get the money back to me. It has now been 3 months, and I have heard nothing.
I recommend trying BBVA or Davivienda.[/QUOTE]Sounds like the banks here in Ecuador where I live. The locals tell me that they take money from people's accounts to cover other people's (unrelated) bounced checks. Now that's security. Glad I keep my money in US banks and just withdrawl it when I need it.
David
What is making the peso such a strong currency?
Especially with the pending vote in congress for the FTA that might not go through.
Can anyone shed some light into this?
Could be the fact that Colombia's economy is booming, inflation is low and the credit bubble is bursting in the USA? That combined with the fact that Colombia doesn't need the USA just to be decent.
If you think it's bad now wait till OPEC dumps the USD. You ain't seen nothing yet.
[QUOTE=Gimmedub]What is making the peso such a strong currency?
Especially with the pending vote in congress for the FTA that might not go through.
Can anyone shed some light into this?[/QUOTE]The booming Colombian economy paired with a busting US economy. Some people are predicting 1500 by mid-2009.
My guess is that the Colombian boom will bust as most booms do sooner or later and that the US will recover.
[QUOTE=Gimmedub]What is making the peso such a strong currency?
Especially with the pending vote in congress for the FTA that might not go through.
Can anyone shed some light into this?[/QUOTE]What generally makes a currency strong is "demand". There are lots of dollars flowing into Colombia from tourists. Couple that with the weak dollar (no demand) and you've got the recipe for a lousy exchange rate for tourists.
David
Colombias Interest rates are 10%, has has only moved upward.
US Intrest rates keep falling, to spike investment and lending on consumer level
If you were a large investment bank, looking to loan, or invest large sums of money would you want dollars at 2% or pesos at 10%?
Don't forget that all this is cyclical. The dollar may eventually not be the main world currency but, for now it is. If anything, eventually a change from dollars to the Chinese yaun is more plausible. The Euro is currently the talk of the town but inflation is more of a problem there than it is here. Also, the actual GDP of the entire Euro zone is less than California and Florida.
If you look at the dollar exchange rate, several months ago there was a spike in the value of the dollar. It was directly related to global unrest. Countries enjoy talking big when things are looking up, but when things look like they are going to go South they come running to the dollar.
I generally agree with Tom here. Go to this website to view historical ups and downs between two currencies:
[url]http://www.oanda.com/convert/fxhistory[/url]
I plugged in 1999 to 2004 and if you do, you will see the USD-COP fluctuations ranging from just above 1500 to nearly 3000! That's the way the market bounces! It's just a bad time now - BUT the silver lining is that it may discourage others from making the journey. If so, that means more of a buyers market (IF and ONLY IF you don't go when the European guys are around).
I also wouldn't just yet count out the US economy - it is still quite strong and resilient, despite our 9 TRILLION dollar debt.[QUOTE=Tom 33]The booming Colombian economy paired with a busting US economy. Some people are predicting 1500 by mid-2009.
My guess is that the Colombian boom will bust as most booms do sooner or later and that the US will recover.[/QUOTE]
[QUOTE=Davidb3069]What generally makes a currency strong is "demand". There are lots of dollars flowing into Colombia from tourists. Couple that with the weak dollar (no demand) and you've got the recipe for a lousy exchange rate for tourists.
David[/QUOTE]You are correct about demand. But I don't think that tourism is leading the charge. Look at the interest rate spread between the US and Colombia. Money tends to seek the best return.
[QUOTE=Gonzo]I also wouldn't just yet count out the US economy - it is still quite strong and resilient, despite our 9 TRILLION dollar debt.[/QUOTE]The absolute size of our debt is mind-boggling. When you look at debt in terms of the percentage of GDP, there are a lot of countries with a heavier debt burden. I seem to remember around 40% for the US and around 130% for Japan, the current number 1.
[QUOTE=Tom 33]You are correct about demand. But I don't think that tourism is leading the charge. Look at the interest rate spread between the US and Colombia. Money tends to seek the best return.[/QUOTE]If the spread is that much, I'd say you're right. It's a combination of all factors leading to demand of the peso over the dollar that's causing the poor exchange rate.
[QUOTE=Tom 33]The booming Colombian economy paired with a busting US economy. Some people are predicting 1500 by mid-2009.
My guess is that the Colombian boom will bust as most booms do sooner or later and that the US will recover.[/QUOTE]If places like Cartagena follow the trend of the US with the flipping of properties (especially like those $250,000 condos going up in Cartagena), the bust will come sooner than later more than likely. As with the US, once it's discovered the prices are way inflated, they are in for the same history lesson as is going on with the US right now.
[QUOTE=Bango Cheito]If you think it's bad now wait till OPEC dumps the USD. You ain't seen nothing yet.[/QUOTE]That event would have absolutely zero consequence. I can buy a dollar's worth of oil for 1791 COP today. It simply doesn't matter what currency the price is quoted in.
They can change to Venezuelan Bolivares for all I care.
[QUOTE=Doubt98]Don't forget that all this is cyclical. The dollar may eventually not be the main world currency but, for now it is. If anything, eventually a change from dollars to the Chinese yaun is more plausible. The Euro is currently the talk of the town but inflation is more of a problem there than it is here. Also, the actual GDP of the entire Euro zone is less than California and Florida.
If you look at the dollar exchange rate, several months ago there was a spike in the value of the dollar. It was directly related to global unrest. Countries enjoy talking big when things are looking up, but when things look like they are going to go South they come running to the dollar.[/QUOTE]Some Thoughts:
Caliornia's GPD is approx. $2 trillion and Florida's GPD is approx 800 billion (I think New York might have been a better example); The European Union has a 17 trillion GPD. If memory serves me correct I think Germany's GDP by itslef is greater than California's.
The US problems are not cyclical they are sturctural and they include trillions of dollars debt (gov't treasuries) owned by the Chinese, a $62B trade deficit that keeps growing and must be financed and a 29 trillion dollar unfunded medicare liability that keeps growing, the last one being the scariest because that DOES have to get paid eventually.
You are likely the only person outside of China that believes the Chinese Yaun which is a fixed/rigged/regulated currency is a more "plausible" alternative to the Euro.
The US dollar is going and it ain't coming back until the good people of America elect some adults to run the country.
Cheers,
[QUOTE=Tom 33]That event would have absolutely zero consequence. I can buy a dollar's worth of oil for 1791 COP today. It simply doesn't matter what currency the price is quoted in.
They can change to Venezuelan Bolivares for all I care.[/QUOTE]I think you missed the point here, currently in order for countries to buy oil they need to purchase US dollars as oil (with the exception of Iran) can ONLY be purchased with US$. That means EVERY country in the world that needs oil MUST buy and hold US dollars.
If this were to change and oil was sold say in Euro's it follows that the demand for US$ would fall sharply as countries unwind their US$ positions to purchase Euros and given the enormous global appetite (i.e China, India and most of the world) for oil this would not be an insigificant event. So using your example, your $1US would not be worth 1791 COP but rather a much lower amount as the US$ devalues sharply given the reduced demand for US$.
That said, the reality is that OPEC won't drop the US$ as the currency of choice as Saudi Arabia has the ability to block this and we all know who looks after Saudi Arabia...;)
The Sauds are mightily pissed off over the whole Iraq thing right now. If, for example, US military pulls out of Iraq and then the Shiites take over, the Sauds would very likely withhold their veto.
Sexmetx,
If you need to know any information on the price of pussy here in Colombia mate just let me know, and I'll do like wise with the price on oil and the currency exchange with you!
You seem to know what your talking about.
AG
[QUOTE=Sexmetv]I think you missed the point here, currently in order for countries to buy oil they need to purchase US dollars as oil (with the exception of Iran) can ONLY be purchased with US$. That means EVERY country in the world that needs oil MUST buy and hold US dollars.
If this were to change and oil was sold say in Euro's it follows that the demand for US$ would fall sharply as countries unwind their US$ positions to purchase Euros and given the enormous global appetite (i.e China, India and most of the world) for oil this would not be an insigificant event. So using your example, your $1US would not be worth 1791 COP but rather a much lower amount as the US$ devalues sharply given the reduced demand for US$.
That said, the reality is that OPEC won't drop the US$ as the currency of choice as Saudi Arabia has the ability to block this and we all know who looks after Saudi Arabia...;)[/QUOTE]
[QUOTE=Sexmetv]I think you missed the point here, currently in order for countries to buy oil they need to purchase US dollars as oil (with the exception of Iran) can ONLY be purchased with US$. That means EVERY country in the world that needs oil MUST buy and hold US dollars.[/QUOTE]I do understand your point. But I do not believe that the demand argument holds water. The world currency markets operate very efficiently these days.
[QUOTE=Aussie Greg]Sexmetx,
If you need to know any information on the price of pussy here in Colombia mate just let me know, and I'll do like wise with the price on oil and the currency exchange with you!
You seem to know what your talking about.
AG[/QUOTE]Just imagine if pussy goes the way of oil in the future and requires the purchase of US dollars. Then we're really screwed (not in the real sense though).
David
Unfuckingbelievable!
This is at Banco Colombia y casa de cambios.
1775 ironic no. Well thats the exchange rate, I would even tolerate it with out complaint but our cosins across the sea see 2600 Plus, showing its the US economy and not the strength of Colombia so to speak! We could see 1500 COP
Heres a glimps of life at 1500 COP per Dollar.
Sex
Loutron 175,000 COP = 116 USD
S.D. 100,000 COP = 66.6 USD
Beer@S.D. 10,000 COP = 6.60 USD
Rum S.D. 45,000 COP = 30.00 USD
F2 150,000 COP = 100 USD
Rum and Coke SD 12,000 COP = 8.00 USD
Food (dinner in park illares average plate costs 21,000 to 26,000 COP)
Plate 26,000 COP = 17.33
Transport
Airport rides 50,000 COP = 33.33 USD
Min Ride 3500 = 2.30 USD
Now you can say still cheaper then U.S.A. but its getting expensive.
[QUOTE=Sailor2006]1775 ironic no. Well thats the exchange rate, I would even tolerate it with out complaint but our cosins across the sea see 2600 Plus, showing its the US economy and not the strength of Colombia so to speak! We could see 1500 COP
Heres a glimps of life at 1500 COP per Dollar.
Sex
Loutron 175,000 COP = 116 USD
S.D. 100,000 COP = 66.6 USD
Beer@S.D. 10,000 COP = 6.60 USD
Rum S.D. 45,000 COP = 30.00 USD
F2 150,000 COP = 100 USD
Rum and Coke SD 12,000 COP = 8.00 USD
Food (dinner in park illares average plate costs 21,000 to 26,000 COP)
Plate 26,000 COP = 17.33
Transport
Airport rides 50,000 COP = 33.33 USD
Min Ride 3500 = 2.30 USD
Now you can say still cheaper then U.S.A. but its getting expensive.[/QUOTE]It is becoming discouraging seeing the dollar drop so fast againts the peso. This will trully affect mongering fun. Can anyone advise where can i get the best exchange? I was told from a friend that the max ammount you can take out on an atm is about 500,000 pesos. When you do the math that is not much in dollars. Any comments??
[QUOTE=Doubt98]Don't forget that all this is cyclical. The dollar may eventually not be the main world currency but, for now it is. If anything, eventually a change from dollars to the Chinese yaun is more plausible. The Euro is currently the talk of the town but inflation is more of a problem there than it is here. Also, the actual GDP of the entire Euro zone is less than California and Florida.
If you look at the dollar exchange rate, several months ago there was a spike in the value of the dollar. It was directly related to global unrest. Countries enjoy talking big when things are looking up, but when things look like they are going to go South they come running to the dollar.[/QUOTE]You must be joking, or are you just trying to play the stereotype of an ignorant and arrogant and somehow stupid USamerican?
[url]http://en.wikipedia.org/wiki/List_of_countries_by_GDP_%28PPP%29[/url]
[url]http://en.wikipedia.org/wiki/List_of_countries_by_GDP_%28nominal%29[/url]
The only long term trend for the US dollar will be downwards, mainly because your government gives out billions (or simply big amounts without return, except what goes directly to private company's) for breakfast and has been doing that for years.
But I really don't understand the high "quality"pussyprice, like the 50-150usd for a session(<1hr), that I read about in the colombia and general latin america forums. Mafia? foreigner prices? not many slim beautifull women willing to do the trade despite poverty? No poverty? Many middlemen?
[QUOTE=Mw1030]It is becoming discouraging seeing the dollar drop so fast againts the peso. This will trully affect mongering fun. Can anyone advise where can i get the best exchange? I was told from a friend that the max ammount you can take out on an atm is about 500,000 pesos. When you do the math that is not much in dollars. Any comments??[/QUOTE]You can get whatever your home bank sets as a limit per day from any ATM. You may just have to do several transactions in a row to get this. I generally get 900K by doing 3 transactions. My CapitolOne card has no fees at all.
If you want more, get more ATM cards. Ten ATM cards with a US$500 daily limit each will get you 9 million pesos in one day.
[QUOTE=Mw1030]It is becoming discouraging seeing the dollar drop so fast againts the peso. This will trully affect mongering fun. Can anyone advise where can i get the best exchange? I was told from a friend that the max ammount you can take out on an atm is about 500,000 pesos. When you do the math that is not much in dollars. Any comments??[/QUOTE]Ctibank. Open an account in the US then use their branches in Colombia.
It's all relative. The peso has been at 1600 or higher since mid-1999, just b4 (or at the start of) the sh*t hittin the fan with the drug wars.
In 1995 the peso was 950 to the dollar. So count your blessings! But does take some getting used to. 150K is no longer a 'cheap' price.
[QUOTE=Sailor2006]1775 ironic no. [/QUOTE]
[QUOTE=King Dong]You must be joking, or are you just trying to play the stereotype of an ignorant and arrogant and somehow stupid US American?[/quote]Again this is proof again that Europeans can be smug and arrogant. At least the americans ( while a little overweight, and most have never heard of the son of satan- named Javier Solana), shower and brush their teeth and do not smell.
At least while some of our people may be naive, we do not attack tourists from europe, curse at them and spit on them.
Sorry Jackson, but sometimes you can't sit there and take their shit.
I have a hard time accepting the drop in dollar value to other currencies, mainly the COP. I have been in Colombia since 2000 and seen it go as high as 3000 per dollar (few days) to the low now of 1760 bank to bank now. The Colombian governement is trying to reverse the trend with some manipupualation as they did 2 years ago by buying dollars to prop it up, didn't work after 3 months then, not sure what will happen now.
I hav 3 gringo cards tied to checking accounts in the USA. Citibank allows up to $1000 a day and the other 2 are $500 a day. They have varying fees but Citibank is the most expensive. I also have a personal account in Citibank of Colombia, can take 700, 000 out daily. There is no financial benefit from having accounts with Citibank in both countries except that you can exchange Citibank travelers checks, the ATM fees still apply. I also have an account with BankColombia (business) but rarely use it. My understanding is that all funds transferred into Colombia from a US bank use Citibank as an intermediary, at least that is what I was told 2 years ago by the head of Citibank in Cartagena. A peso is still a peso here but a dollar is getting to be close to the play money Bolivars and COPs once were. By the way, if everyone was honest about what pussy really cost Uncle jack isn't the only one paying a lot. The most expensive pussy I have had here is what is not charged for.
[QUOTE=AddictedToWomen]Ctibank. Open an account in the US then use their branches in Colombia.[/QUOTE]Citibank Colombia and Citibank US are two different companies.
Check this report out. Uribe says the peso is too strong
[url]http://www.bloomberg.com/apps/news?pid=20601086&sid=ahisEIHq0VeA&refer=latin_america[/url]
[QUOTE=LocoGringo]My understanding is that all funds transferred into Colombia from a US bank use Citibank as an intermediary, at least that is what I was told 2 years ago by the head of Citibank in Cartagena.[/QUOTE]Not quite. When I transferred money from the US to Bancolombia, it went via Citibank in New York. When I transferred money to BBVA, it went directly to BBVA in Medellín.
In the houses of cambio en Bocagrande the exchange is still 1650CP to the dollar. At Banco Colombia in Bocagrande it is 1700CP to the dollar. It sucks but it is what it is.
[QUOTE=UrbanWildlife]In the houses of cambio en Bocagrande the exchange is still 1650CP to the dollar. At Banco Colombia in Bocagrande it is 1700CP to the dollar. It sucks but it is what it is.[/QUOTE]Let's not make it any worse than it is. Cambio rates are misleading at best. The Interbank rate is 1773. That is nearly the rate you get at any ATM. And there are debit cards with no fees. I use one and get 1773.
[QUOTE=Tom 33]Citibank Colombia and Citibank US are two different companies.[/QUOTE]Of course. Doesn't matter. Use their ATMs for no-fee txs at a reasonable fx rate. And you can pull a reasonable amount at one go.
[QUOTE=Tom 33]Not quite. When I transferred money from the US to Bancolombia, it went via Citibank in New York. When I transferred money to BBVA, it went directly to BBVA in Medellín.[/QUOTE]Each bank has their own nominated partner bank in the US. Davidienda, pe, use Wachovia.
It is all relative, but being stuck between a hard and a hard place with your finger trapped in a snach isnt fun!!! Many people are correct you can look at the exchange rate on the el colombiano website and see the rates daily from 1926 to today, you will basically see a mountain, with the peak at 3000.
Whats really important isnt the exchange rate, its the price of goods, or how much your money buys you!! example when the exchange rate of 950 COP to 1 USD, what was the price of a gallon of gas, milk, the price per plate, or 12Oz beer, or 1 hour of sex at loutron!!!???? my first vist to colombia was 1993 (family trip) the exchange wasnt high probly 900COP but prices were low!!!
The value of the dollar always use to keep up with the inflation in colombia, IE why it continued its upward climb (exceptions taken into account) until 2006 when i droped and is continuing its drop; the dollar should really be at 3500 COP to 1 USD if our economy was strong and healthy and we continued the trend of keeping up with colombian inflation which is still 10% plus a year.
Bottom line is americans in colombia with dollar incomes are seeing bad times, if you made 100K dollars a year, in 2006 you had 260,000,000 million COP income, and you have seen your income, or purchase power decline to 170,000,000 million COP per year thus loosing almost 90,000,000 COP income. were are loosing lots of buying power, pretty much daily!! The price of goods in pesos is increasing, the value of the dollar droping, and the increase of sex, beers, and dinners is increasing due to tourist inflation which makes for a costly colombia,medellin and poblado and loutron!
[QUOTE=Gonzo]It's all relative. The peso has been at 1600 or higher since mid-1999, just b4 (or at the start of) the sh*t hittin the fan with the drug wars.
In 1995 the peso was 950 to the dollar. So count your blessings! But does take some getting used to. 150K is no longer a 'cheap' price.[/QUOTE]
[QUOTE=Sailor2006]It is all relative, but being stuck between a hard and a hard place with your finger trapped in a snach isnt fun!!! Many people are correct you can look at the exchange rate on the el colombiano website and see the rates daily from 1926 to today, you will basically see a mountain, with the peak at 3000.[/QUOTE]The only problem is that the exchange rate is the only indicator that savvy travelers have before booking flights and choosing where to go. They aren't going to have any idea if it's a "cheap" time or a "more expensive" time in terms of local food prices, etc. And once you change those dollars to pesos, you are forced to spend them or take a huge hit.
I have gotten better at hitting the airport with few if any pesos in hand (without blatantly spending them on something in order to use them up), although sometimes that doesn't happen. The exchange window is often closed at CTG depending on which flight you take. And using currency exchange in the US in ugly.
In other words, the exchange rate can still play a big part in travel. I'm not talking about the person changing a few dollars. I'm talking about the people staying weeks or months and spending $5000-10000 or more.
David
1762 pesos to the dollar!
When is this freefall gonna end?
Rodeo
[QUOTE=Rodeo9112]1762 pesos to the dollar!
When is this freefall gonna end?
Rodeo[/QUOTE]According to the el mundo website it's at 1,756.25
[QUOTE=Rodeo9112]1762 pesos to the dollar!
When is this freefall gonna end?
Rodeo[/QUOTE]Sadly never, this country is done. 75,000 showed up for a rally where the candidate thinks there is 57 states. Peso 1000/1 this time next year.
The peso in the last 15 years has gone below 1000 at times, in the mid 90s. I don't expect (maybe it's plain hope) that the dollar doesn't fall that far (or the peso become that strong). It's in the interest of too many countries, many of them our trading partners, to keep that from happening. It is still the major currency of oil trading, and nobody wants to play with monopoly money.
There are a lot of reasons why it is so low, none of them happen to be Obama's fault, but several happen to be the right-wing Republicans' fault. This is includes the intention to have a weak dollar, in contrast to the Robert Rubin years, apparently to shore up the worsening trade debt, the massive 9 trillion national debt, 8 trillion of that brought to you by Reagan and the 2 Bushes, the printing of money (and the lack of reporting of it by the M3 report by the Fed), the forcing of low rates by the Fed, and a host of others.
As far as the Obama quote, you opened the door. John McBush said on several occasions that Iran was helping Al Queda terrorists, which is sheer idiocy. He was even corrected once, then repeated himself. For those who don't know, like McBush, Al queda is a Sunni based organization and Iran is a Shiite nation; the Sunnis and Shiites have been getting along for centuries like the Hatfield and McCoys, and a significant part of the Iraq debate.
[QUOTE=I Jags]Sadly never, this country is done. 75,000 showed up for a rally where the candidate thinks there is 57 states. Peso 1000/1 this time next year.[/QUOTE]
[QUOTE=I Jags]Sadly never, this country is done. 75,000 showed up for a rally where the candidate thinks there is 57 states. Peso 1000/1 this time next year.[/QUOTE]According to an Economist article a few years back the USD has been falling for decades as a way to pay down external debt. A bloody good job at the moment given the amount of stock held by foreigners.
Wish I could find that article though. Anyone here got access to the economist's archive?
Just wondering, what are the rates some folks are getting from various ATM machines? If I remember correctly, this is the best way to get the best rate of exchange (as opposed to at a bank or exchange).
Rodeo
[QUOTE=Rodeo9112]Just wondering, what are the rates some folks are getting from various ATM machines? If I remember correctly, this is the best way to get the best rate of exchange (as opposed to at a bank or exchange).
Rodeo[/QUOTE]ATMs are the best way to go most of the time. You just have to keep in mind what your bank charges you and what the machine charges you.
David
[QUOTE=AddictedToWomen]According to an Economist article a few years back the USD has been falling for decades as a way to pay down external debt. A bloody good job at the moment given the amount of stock held by foreigners.
Wish I could find that article though. Anyone here got access to the economist's archive?[/QUOTE]ATW, I think the article your referring to may be:
LEADERS: Currencies
On the slide
The dollar's decline seems finally to be under way. It still won't balance America's books
May 18th 2006
Also, the Big Mac index was just published as well. It states the following
Country % over (+)/under (-)
valued against $
Colombia +3
Costa Rica -36
Peru -12
Brazil +6
Argentina -22
[url]http://www.bloomberg.com/apps/news?pid=20602096&sid=aLputzFGMgpk&refer=world_currencies[/url]
USD-COP 1741.5000 -25.4250 -1.4389% 15:22
[QUOTE=MiamiHeatLuver]Dollar Disaster! Worst Ever Exchange Rate I Have Ever Seen!
[url]http://www.bloomberg.com/apps/news?pid=20602096&sid=aLputzFGMgpk&refer=world_currencies[/url]
USD-COP 1741.5000 -25.4250 -1.4389% 15:22[/QUOTE]Yes, Miami, I had a sinking feeling today when I saw how much the bank took out when I used my debit card.
Oh well. Unlucky in cards, but lucky in love.
DB
[QUOTE=Rodeo9112]1762 pesos to the dollar!
When is this freefall gonna end?
Rodeo[/QUOTE]It’s not going to end anytime soon I’m afraid. Many predict the dollar will eventually crash. Of course, it’s all by design thanks to the globalization agenda. As many of you live in SA, you’ll soon start to hear more about a South American Union, and a common currency. The same will be proposed in America, called the Amero, combining the Mexican, American, and Canadian currency into one common currency. It’s already taken place in Europe with a few European countries still having their own currency, but it’s just a matter of time before they lose their currency too. Welcome to the brave new world, and be sure to enjoy your last days of freedom because those days are coming to a close. But it even gets better, in the future; South America and North America will be joined to create the American Union. There are many books written about it, some as far back as the 70’s and 80’s. Thanks to NAFTA and CAFTA, it’s starting to take shape more and more every day. That’s why America and Europe have been getting bombarded with illegal immigrants, part of destroying the current culture, so it’s easier for the natives to accept the changes that will take place. Will people rise up and stop it? Good question, but if anybody is waiting for the multi-billion dollar corporate controlled media to inform them, then it’s hopeless. For those that don’t have the time to read, there are some good documentaries on Google video about the Federal Reserve Bank, check it out some time.
P.S. Yes, it’s my first post, but I’ve lurked for a long time in the hopes of visiting SA, but my current situation won’t allow it. Looks like fun, enjoy and good luck! Here's some links.
[url]http://video.google.com/videoplay?docid=5232639329002339531&q=federal+reserve&ei=HcQ_SI_IIoWyrgKh1eDKCA&hl=en[/url]
[url]http://video.google.com/videoplay?docid=5355374476580235299&q=freedom+to+fascism&ei=wco_SNX4F474rAL0lvjjCA&hl=en[/url]
[url]http://video.google.com/videoplay?docid=-5581854975245721437&q=north+american+union&ei=-so_SPKoK4P8rQKOhsXmCA&hl=en[/url]
[url]http://video.google.com/videoplay?docid=6236995543851596035&q=CFR&ei=hss_SIeFOYvCrwKRkb3WCA&hl=en[/url]
[QUOTE=George Toms]It’s not going to end anytime soon I’m afraid. Many predict the dollar will eventually crash. Of course, it’s all by design thanks to the globalization agenda. As many of you live in SA, you’ll soon start to hear more about a South American Union, and a common currency. The same will be proposed in America, called the Amero, combining the Mexican, American, and Canadian currency into one common currency. It’s already taken place in Europe with a few European countries still having their own currency, but it’s just a matter of time before they lose their currency too. Welcome to the brave new world, and be sure to enjoy your last days of freedom because those days are coming to a close. But it even gets better, in the future; South America and North America will be joined to create the American Union. There are many books written about it, some as far back as the 70’s and 80’s. Thanks to NAFTA and CAFTA, it’s starting to take shape more and more every day. That’s why America and Europe have been getting bombarded with illegal immigrants, part of destroying the current culture, so it’s easier for the natives to accept the changes that will take place. Will people rise up and stop it? Good question, but if anybody is waiting for the multi-billion dollar corporate controlled media to inform them, then it’s hopeless. For those that don’t have the time to read, there are some good documentaries on Google video about the Federal Reserve Bank, check it out some time.
P.S. Yes, it’s my first post, but I’ve lurked for a long time in the hopes of visiting SA, but my current situation won’t allow it. Looks like fun, enjoy and good luck! Here's some links.
[url]http://video.google.com/videoplay?docid=5232639329002339531&q=federal+reserve&ei=HcQ_SI_IIoWyrgKh1eDKCA&hl=en[/url]
[url]http://video.google.com/videoplay?docid=5355374476580235299&q=freedom+to+fascism&ei=wco_SNX4F474rAL0lvjjCA&hl=en[/url]
[url]http://video.google.com/videoplay?docid=-5581854975245721437&q=north+american+union&ei=-so_SPKoK4P8rQKOhsXmCA&hl=en[/url]
[url]http://video.google.com/videoplay?docid=6236995543851596035&q=CFR&ei=hss_SIeFOYvCrwKRkb3WCA&hl=en[/url][/QUOTE]
Yes i have heard about this too, I think it has something to do with the New World Order. Soon you will not be able to do anything without someone knowing about it.Freedom gone, this world will turn into a prison world.
Superboy
Such melodrama. If we had a common currency nobody would ever have to worry about this kind of volatility again, and banks would no longer be able to skim 3% off of the top of every transaction that involves more than one currency, so there would be LESS concentration of wealth.
[QUOTE=George Toms]stuff [/QUOTE]Where does one start with this?
The joint European currency, the EURO, is under severe strain as the single fixed interest rate is not suitable for all its constituents. Whilst there's some pressure for other currencies, most notably that of the ever the euro-phobic Brits to join, there's also a lot a opposition.
I don't see the Mexican peso in a common currency with the US Dollar any time soon either. Nor the Canadian dollar, and that would be a lot more acceptable to the great unwashed masses.
That's why we're "getting bombarded with immigrants"? Pleeze.
NA & SA will form a common union? Last time I checked the neighbours in the north of SA were barely on speaking terms.
[QUOTE=George Toms]It’s not going to end anytime soon I’m afraid. Many predict the dollar will eventually crash. Of course, it’s all by design thanks to the globalization agenda.[/QUOTE]I believe the euro was more of an issue of making the exchange of currency between european countries easier. For anyone that has visited Europe, they know that pre-euro was a pain in the ass. I remember having to buy currency every time I got off the train in a different country. Like the US states, many countries are a short ride from one another. I passed through 5-6 countries in just a day or two on the train. Each was a currency purchase.
David
[url]http://www.bloomberg.com/apps/news?pid=20602081&sid=a._0EdhC2D3s&refer=benchmark_currency_rates[/url]
Anybody wants to change dollar to pesos pm me.
I got great rate better than casa de cambio.
[QUOTE=Sesimo]Anybody wants to change dollar to pesos pm me.
I got great rate better than casa de cambio.[/QUOTE]Can anyone tell me at what rate are they buying dollar these days?
1,651.5
When paying for your coffee with USD please remember to do so at the beginning: the price will have gone up by the time you're finished.
Welcome to the Bushmar Republic.
Just go to:
[url]http://www.eluniversal.com.co/[/url]
And look down the right hand side of the newspaper. Easier than having to enter data into xe.com
[QUOTE=Gonzo]Just go to:
[url]http://www.eluniversal.com.co/[/url]
And look down the right hand side of the newspaper. Easier than having to enter data into xe.com[/QUOTE]Even Better option: Just go here and always ONLINE and you can see all of South America as well: [url]http://www.bloomberg.com/markets/currencies/americas_currencies.html[/url]
[QUOTE=MiamiHeatLuver]Even Better option: Just go here and always ONLINE and you can see all of South America as well: [url]http://www.bloomberg.com/markets/currencies/americas_currencies.html[/url][/QUOTE]
Or, should you care to be spoilt for choice use
[url]http://finance.yahoo.com/charts?s=usdcop%3Dx#chart1:symbol=usdcop=x;range=1y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined[/url]
to see the history (ignore the plateaus in March/April: there was some problem)
(Opened at over 1900/USD today. Keep on falling baby!)
finance.yahoo.com/currency/convert?amt=1&from=USD&to=COP&submit=Convert
[QUOTE=Hlover]finance.yahoo.com/currency/convert?amt=1&from=USD&to=COP&submit=Convert[/QUOTE]Gentlemen,
As of 09-18 it is almost at 2200 pesos per dollar!
I will be in Medellin Oct 4th and I prefer to bring cash with me to exchange into pesos. The realtor that I am renting my apartment from said that I should use the ATMs because the cambios charge 20%. Is this correct? I was in Cartagena in July and the cambios charged about 6% or less. Is the 20% rate just for the outskirts like Poblado where I'm staying or is it the same in Centro also? Does anyone know where to get the best exchange rates from cambios in Medellin?
[QUOTE=Simpleminded]I will be in Medellin Oct 4th and I prefer to bring cash with me to exchange into pesos. The realtor that I am renting my apartment from said that I should use the ATMs because the cambios charge 20%. Is this correct? I was in Cartagena in July and the cambios charged about 6% or less. Is the 20% rate just for the outskirts like Poblado where I'm staying or is it the same in Centro also? Does anyone know where to get the best exchange rates from cambios in Medellin?[/QUOTE]Figure on paying 6 to 8% for cambios.
Most of them operate on the same spreads.
[QUOTE=Simpleminded]I will be in Medellin Oct 4th and I prefer to bring cash with me to exchange into pesos. The realtor that I am renting my apartment from said that I should use the ATMs because the cambios charge 20%. Is this correct? I was in Cartagena in July and the cambios charged about 6% or less. Is the 20% rate just for the outskirts like Poblado where I'm staying or is it the same in Centro also? Does anyone know where to get the best exchange rates from cambios in Medellin?[/QUOTE]I am not sure about 20%, the cambios just do not give a good rate. I compared and found I was better off using ATMs, even when my bank charged my $5 per transaction. Cambios I find give bad rates everywhere.
Can anyone comment on exchange rate from an ATM in Cartagena?
Any chance of getting an offshore rate at a bank?
Thanks,
Hoser
[QUOTE=Hoser352]Can anyone comment on exchange rate from an ATM in Cartagena?
Any chance of getting an offshore rate at a bank?
Thanks,
Hoser[/QUOTE]The exchange rates from all ATMs in all of Colombia are generally quite good.
"Offshore rate?" Hell you would be lucky to speak to a teller in less than an hour. Stay the fuck out of Colombian banks at all costs.
They are in business to make money. What Tom Tom says about a 6 to 8% spread makes sense.
Kdogg is also correct, last week in CTG, the atm was giving around 2100 cop, the banks were buying dollars at around 1935-1950 COP.
All options considered the ATM is the best way, also you do not have to deal with standing in line in the bank and having rude colombians cut in front of you, or being waived in front of you by tellers either..
[QUOTE=Tom 33].....Hell you would be lucky to speak to a teller in less than an hour. Stay the fuck out of Colombian banks at all costs.[/QUOTE]Laughed my ass off when I read this. It is true anywhere in Central and South America with, IMO, Guatemala being the absolute worst!
Suerte!
Polvo
[QUOTE=Hoser352]Can anyone comment on exchange rate from an ATM in Cartagena?
Any chance of getting an offshore rate at a bank?
Thanks,
Hoser[/QUOTE]ATM is the absolute best way to get pesos. They will always pay you the best rate but make sure you check your individual bank on transaction fees first because they can be quite exorbitant. Try to avoid CITIBANK's 2% fee. Are you American? I heard some Capital One cards are NO FEE cards.. If you MUST exchange cash USE the Western Union stores. Pretty good rates and safe!
[QUOTE=MiamiHeatLuver]I heard some Capital One cards are NO FEE cards.[/QUOTE]
My CapitalOne debit cards have no fees.
And my CapitalOne Visa cards have no international transaction fees.
[QUOTE=Tom 33]My CapitalOne debit cards have no fees.
And my CapitalOne Visa cards have no international transaction fees.[/QUOTE]
Bank of America charges me 1% plus a $5 ATM fee. When I travel I usually just withdrawl from ATMs but as a backup I always bring some USD that I usually exchange at some point. In Costa Rica I stood in a bank for an hour to exchange my USD. Got a good rate though!
Hoser
[QUOTE=MiamiHeatLuver]Try to avoid CITIBANK's 2% fee.[/QUOTE]Using a citibank card in their own atm is fee-less. And it would appear, you get the NYC (?) rate rather than the banrep rate, which is oftentimes better.
[QUOTE=AddictedToWomen]Using a citibank card in their own atm is fee-less. And it would appear, you get the NYC (?) rate rather than the banrep rate, which is oftentimes better.[/QUOTE]THAT USED TO BE THE CASE, but as of Jan 08 they changed their rules and raised it to 3% then reduced it to 2%. I used to use my Ctitbank card ALL the time prior to 2008 in all parts of Colombia and was so happy to have no fees attached but NOW I avoid it at all costs due to the 2% on cash withdrawls and charges. Im gonna see if I can dig up some older statements and see if I can cut and paste a few innocuous withdrawls from Citibank ATM'S for examples.
The COP finally bronke 2200 today to close at 2234 (Onanda).
Can't remember when it was above 2000 but probably sometime back in early 2007.
Thank god, the price of "Poke-Her" has finally gone down!
[QUOTE=MiamiHeatLuver]THAT USED TO BE THE CASE, but as of Jan 08 they changed their rules and raised it to 3% then reduced it to 2%. I used to use my Ctitbank card ALL the time prior to 2008 in all parts of Colombia and was so happy to have no fees attached but NOW I avoid it at all costs due to the 2% on cash withdrawls and charges. Im gonna see if I can dig up some older statements and see if I can cut and paste a few innocuous withdrawls from Citibank ATM'S for examples.[/QUOTE]If that is the case I'll be ditching my citi account.
Thanks for the heads up.
[QUOTE=Sandman0011]The COP finally bronke 2200 today to close at 2234 (Onanda).
Can't remember when it was above 2000 but probably sometime back in early 2007.
Thank god, the price of "Poke-Her" has finally gone down![/QUOTE]I don't know where o&a get their feed from but I've had issues with it in the past. UBC though, who I would trust, agree. Yahoo, unreliably, are not showing it breaching 2200. Banrep haven't got their figures out.
According to yahoo it was last at over 2000 in 1/2008, albeit briefly.
[QUOTE=AddictedToWomen]I don't know where o&a get their feed from but I've had issues with it in the past. UBC though, who I would trust, agree. Yahoo, unreliably, are not showing it breaching 2200. Banrep haven't got their figures out.
According to yahoo it was last at over 2000 in 1/2008, albeit briefly.[/QUOTE]I agree 100% I have Bloomberg currencies on my desktop which is ONLINE and I never touched 2200, it briefly got to 2178.. but then took a dive... with it even going down lower now to 2150.. [url]http://www.bloomberg.com/markets/currencies/americas_currencies.html[/url]
[QUOTE=AddictedToWomen]If that is the case I'll be ditching my citi account.
Thanks for the heads up.[/QUOTE]CITIBANK STATEMENT: You can see it adds up..
6/09 Foreign Transaction Fee 11.73
Av 5N # 23 AN 49 Cali VersalesCOCO
6/09 Cash Withdrawal on 06/07 09:31p #9855 586.51
ATM Av 5N # 23 AN 49 Cali VersalesCOCO
6/10 Foreign Transaction Fee 11.85
Av 5N # 23 AN 49 Cali VersalesCOCO
6/10 Cash Withdrawal 01:09p #9855 592.59
ATM Av 5N # 23 AN 49 Cali VersalesCOCO
Shitty Rate in May and June around 1700..
[QUOTE=Sandman0011]The COP finally bronke 2200 today to close at 2234 (Onanda).
Can't remember when it was above 2000 but probably sometime back in early 2007.
Thank god, the price of "Poke-Her" has finally gone down![/QUOTE]There was some resistance at 2200 so it's easier for it to go higher now.
Hoser
@MHL:
Citi: Thanks, I'll be writing 'em.
Fx: ubc/o&a seem to have diverged from yahoo/banrep. No idea what the story is.
[QUOTE=MiamiHeatLuver]I agree 100% I have Bloomberg currencies on my desktop which is ONLINE and I never touched 2200, it briefly got to 2178.. but then took a dive... with it even going down lower now to 2150.. [url]http://www.bloomberg.com/markets/currencies/americas_currencies.html[/url][/QUOTE]According to ADVFN it was at 2200 for 15 minutes but never broke through. Seems to be resistance at 2200.
I've got 2 months before I go to Cartagena so who knows where it will be. I'll be happy with anything over 2000.
Its official. banrep trm > 2250.
In the last few months the price of colombian pussy* has fallen by 20%.
(Assuming, of course, your bank is gracious enough to allow you access to your money.)
ATW
* and maybe some other less important things too
[QUOTE=Hoser352]According to ADVFN it was at 2200 for 15 minutes but never broke through. Seems to be resistance at 2200.
I've got 2 months before I go to Cartagena so who knows where it will be. I'll be happy with anything over 2000.[/QUOTE]Well that resistance is over 2285 is a nice number!
Here is a few places to Check:
[url]http://www.oanda.com/convert/classic[/url]
[url]http://www.dataifx.com/[/url]
[url]http://www.xe.com/ucc/[/url]
[url]http://finance.yahoo.com/currency/co...submit=Convert[/url]
[QUOTE=Papi Que Rico]Well that resistance is over 2285 is a nice number![/QUOTE]If You like that, you'll love this: according to adv current spot price is 2322.
Looking at the long term history I was hoping it would go to 2300. Anything more, at least in the short term, would be a bonus.
As Citibank explained it to me the first time I noticed the fees, they had been charging it all the time they used to include it in the withdrawal. One amount for the fee and withdrawal. They seperated it out and they are now itemizing the fee.
The fee is 2% from a Citibank ATM, I do not know what they would charge at a non-Citibank ATM. Citigold customers are only charge 1%. Any better ideas to save the fees; they add up over three weeks. THe fees in three weeks could find me love three or four times.
Anyone can recommend to me a bank to open a saving account? I tried Citibank for the low transfer but they will not allow one who cannot prove employment in Colombia to open an account.
Thanks,
Mike
[QUOTE=MiamiHeatLuver]THAT USED TO BE THE CASE, but as of Jan 08 they changed their rules and raised it to 3% then reduced it to 2%. I used to use my Ctitbank card ALL the time prior to 2008 in all parts of Colombia and was so happy to have no fees attached but NOW I avoid it at all costs due to the 2% on cash withdrawls and charges. Im gonna see if I can dig up some older statements and see if I can cut and paste a few innocuous withdrawls from Citibank ATM'S for examples.[/QUOTE]
[QUOTE=AddictedToWomen]If You like that, you'll love this: according to adv current spot price is 2322.
Looking at the long term history I was hoping it would go to 2300. Anything more, at least in the short term, would be a bonus.[/QUOTE]Nice news that it's over 2300 now. I doubt if anybody knows where it could go although it should continue move more in our favor. A few more COP to spend on the Calenas. Small consolation though considering the money we lost in the markets this week. I'd rather a COP of 1600 and have the Dow go back to 11,000+.
I took 1. 000. 000 COP out of my account at Citibank 10/28/2008 at 1523 Medellin time and the bank only deducted 417. 52 from my account. The will deduct another 1% ($4. 1752) later but this is still a great rate. I hope it keeps climbing for now and the prices of things (and love) do not rise as well.
[QUOTE=Hoser352]Nice news that it's over 2300 now. I doubt if anybody knows where it could go although it should continue move more in our favor. A few more COP to spend on the Calenas. Small consolation though considering the money we lost in the markets this week. I'd rather a COP of 1600 and have the Dow go back to 11,000+.[/QUOTE]Not me. I'd much rather the SM stayed low: I'm still buying in.
[QUOTE=AddictedToWomen]Not me. I'd much rather the SM stayed low: I'm still buying in.[/QUOTE]I agree with that. I'm still buying in too. In a few years we'll probably be better off because of this crash.
The COP broke 2400 but dropped back down a bit. It should keep going in our favor unless the Colombian goverment decides to stop it. I just need it to continue for one more month!
Hoser
Hi Guys:
I am visiting Colombia first time and too many zeeros in pesos sounds very confusing to me.
What should I do to over come this problem.
Thanks,
Player2
Try going to [url]http://www.oanda.com/convert/classic[/url]. On the left side of screen under Currency Tools, click on FX cheet sheet. The rest is self explanatory. Print out the currency converter for COP to USD, take to Kinkos and have it laminated. Carry in pocket while in country.
[QUOTE=Player2]Hi Guys:
I am visiting Colombia first time and too many zeeros in pesos sounds very confusing to me. What should I do to over come this problem.
Player2[/QUOTE]Just refresh yr school math. Some tips:
divide by 10 -> take off 1 zero
divide by 100 -> take off 2 zeroes
divide by 1000 -> take off 3 zeroes
....
Sounds still confusing?
No zeros in Peso only one¨O¨
This morning before 0900; for a withdrawal of 1.000.000 deducted 426.80 (later the 1%)
Drop the last three zeros and divide by 2 (or 2.3). you will be doing better then that at this time.
[QUOTE=Player2]Hi Guys:
I am visiting Colombia first time and too many zeeros in pesos sounds very confusing to me.
What should I do to over come this problem.
Thanks,
Player2[/QUOTE]
[QUOTE=Player2]Thanks guys for all your help.
Which increments the pesos comes in.[/QUOTE]Do you mean what's the smallest value coin you can get? Or what's the smallest difference prices can be? If the latter, anything. If the former, I think I've got a 20 peso coin somewhere. Studio F routinely price their stock at xx90 and, thanks to a new law a few years back, are obliged to give change, which suggests that 10 peso coins might be available.
You can find notes of lower denomination but I suspect their value is a bit higher to numismatics that to Carulla.
What's the usual COP limit at an ATM?
[QUOTE=Hoser352]What's the usual COP limit at an ATM?[/QUOTE]I was getting 900k at citibank on the pedestrian path (el centro).
[QUOTE=Hoser352]What's the usual COP limit at an ATM?[/QUOTE]300K per withdrawal. However, you can make as many withdrawals consecutively until you reach the daily limit set by your home bank.
Some ATMs allow only 200K per. Bancolombia and Servibanca, among others, allow 400K. Davivienda allows 500K. If you are a Citibank cardholder, you may be able to get 700K from a Citibank ATM.
If you have a card like CapitalOne, there are no fees whatsoever.
Depending on the location I have seen from 300,000 to 600,000.
Usually you can run the card thru multiple times.
[QUOTE=Hoser352]What's the usual COP limit at an ATM?[/QUOTE]
[QUOTE=Hoser352]What's the usual COP limit at an ATM?[/QUOTE]Usually it' 300,000 COP, and sometimes 400,000 COP
But it also depends on you bank, you can actually withdraw several times, as much as you need.
But your bank may block your card once in a while. You might want to call your banks prior travel to Colombia to tell them that you're going there. Otherwise they may block cards/transactions if they think they are fraudulent. This does not happen often, but it may happen sometimes.
My card was blocked once when trying to use an ATM in Medellin, I had to call the bank, and they were not even able to reactivate it! Somehow they got a report it was taken by ATM, even though I had the card with me. So they reissued a new card.
You need to have several cards in case one of them gets blocked.
[QUOTE=Hoser352]What's the usual COP limit at an ATM?[/QUOTE]Depends on the bank you withdraw from.
3-400mil at most banks upto 900mil at Citi atms
Have not tried more and only at Citibank locations.
Citibank customers can take their US limit, usually $1000.
I have only used ATMs at Citibank in Cali and Medellin.
[QUOTE=Hoser352]What's the usual COP limit at an ATM?[/QUOTE]
I can't believe I am getting over 2300 for my dollar. This summer I think I was getting 1500 can someone remind me.
Also I haven't noticed any price increases just a higher valued dollar. Is everyone getting the same vibe? I just came in last night so I am not accustomed yet.
I´m only getting 3-400K at a time, and it´s a real pain in the ass. I need to find a Citibank. And to boot, there´s one bank, I´m sorry I forgot the name, that when you ask for 400 it gives you 300. Someone told me about it later and I, not having counted what I withdrew, was relieved to find out I wasn´t spending as much as I thought.
Thanks everyone for the info on the ATM's. That's the best response I've had to ANY question!
The COP is really volatile right now. It broke 2400 then dropped to 2240 briefly. IF the USD goes on another tear the COP should easily go over 2400. I'm crossing my fingers for 2500 when I get there in 2 weeks.
Hoser
[QUOTE=Artisttyp]I can't believe I am getting over 2300 for my dollar. This summer I think I was getting 1500 can someone remind me.
Also I haven't noticed any price increases just a higher valued dollar. Is everyone getting the same vibe? I just came in last night so I am not accustomed yet.[/QUOTE]One thing I've realized in my travels is the girls don't have a handle on exchange. Don't tell them that we're getting more COP's!
O.K. here's my question:Has anyone tried making money by withdrawing pesos from an atm in Colombia,exchanging them to USD while in Colombia and taking the USD back to the states? Unless I am missing something there is a 15-20% profit to be made.I travel to Colombia once a month and I would love to offset some or all of my travel expenses.
[QUOTE=Doc Bill]I´m only getting 3-400K at a time, and it´s a real pain in the ass. I need to find a Citibank. And to boot, there´s one bank, I´m sorry I forgot the name, that when you ask for 400 it gives you 300. Someone told me about it later and I, not having counted what I withdrew, was relieved to find out I wasn´t spending as much as I thought.[/QUOTE]200,000 lasts me about 24 hours, in Medellin.
Works just fine. Use a reputable money change place though, don't try and do it on the street.
[QUOTE=Manizales911]O.K. here's my question:Has anyone tried making money by withdrawing pesos from an atm in Colombia,exchanging them to USD while in Colombia and taking the USD back to the states? Unless I am missing something there is a 15-20% profit to be made.I travel to Colombia once a month and I would love to offset some or all of my travel expenses.[/QUOTE]
[QUOTE=Bango Cheito]Works just fine. Use a reputable money change place though, don't try and do it on the street.[/QUOTE]Please explain the math on this one. I don't get it.
Thanks,
Hoser
[QUOTE=Hoser352]One thing I've realized in my travels is the girls don't have a handle on exchange. Don't tell them that we're getting more COP's![/QUOTE]Believe me I won't. Even I don't know what the true rate is. Medellin is one of those cities that you don't see exchange rates all over the place at least I haven't.
I look at xe converter but I've never gotten the same rate in any country just in the close proximity.
[QUOTE=Manizales911]O.K. here's my question:Has anyone tried making money by withdrawing pesos from an atm in Colombia,exchanging them to USD while in Colombia and taking the USD back to the states? Unless I am missing something there is a 15-20% profit to be made.I travel to Colombia once a month and I would love to offset some or all of my travel expenses.[/QUOTE]And how does this work exactly?
[QUOTE=Hoser352]One thing I've realized in my travels is the girls don't have a handle on exchange. Don't tell them that we're getting more COP's![/QUOTE]Thats funny cause last year I was paying 150,000 for TLN, when it was about 2,000 to the dollar. and in the summer, it was about 1,800 to the dollar and the chicas all understood and are very aware of the rates. I was able to pay less.
Malodr, and there you had me thinking you were so frugal!
[QUOTE=Manizales911]O.K. here's my question:Has anyone tried making money by withdrawing pesos from an atm in Colombia,exchanging them to USD while in Colombia and taking the USD back to the states? Unless I am missing something there is a 15-20% profit to be made.I travel to Colombia once a month and I would love to offset some or all of my travel expenses.[/QUOTE]Are you saying that in Colombia you can buy USD cheaper than the official bank USD/COP exchange rate? It does not make sense.
Something like this would work in countries without "free USD conversion"(there was at least one country like this) where they have two exchange rates - official and a higher black market rate. In that case you need to have the privilege and access to the official exchange rate in order to profit. Or at least you sell USD on a black market to get better value for your money.
BTW, I looked at my bank statement. For each ATM withdrawal in Colombia I was charged $2 ATM access fee, and $5.70 foreign exchange fee. Total is almost $8 or almost 20,000 COP! I do not know what would be the CITI Bank ATM fee for Citibank account holders.
Next time think how much you wanna withdraw. Regardless of the drawn amount you might pay extra 15-20,000 COP each time when getting money from your USA account. I'm wondering if it's cheaper to exchange cash for COP.
[QUOTE=Manizales911]O.K. here's my question:Has anyone tried making money by withdrawing pesos from an atm in Colombia,exchanging them to USD while in Colombia and taking the USD back to the states? Unless I am missing something there is a 15-20% profit to be made.I travel to Colombia once a month and I would love to offset some or all of my travel expenses.[/QUOTE]Not sure this would work. If I make an assumption that your bank account is in US Dollars, when you withdraw Pesos they will charge you the exchange rate. Look lots of Pesos!
Then, when you change the Pesos back to USD you will get exchanged at very close to the same rate. And that is before we start talking about ATM fees, currency exchange transaction charges and the difference between buy and sell exchange rates. For Joe Public Forex trading is not a good idea unless you can move hundreds of thousands as you then get closer to the interbank rates.
Where you will gain, is simply that your dollar buys more pussy. Sink in and enjoy.
Suerte!
Polvo
[QUOTE=Manizales911]O.K. here's my question:Has anyone tried making money by withdrawing pesos from an atm in Colombia,exchanging them to USD while in Colombia and taking the USD back to the states? Unless I am missing something there is a 15-20% profit to be made.I travel to Colombia once a month and I would love to offset some or all of my travel expenses.[/QUOTE]I have looked into this several times and decided that it was not worth the trouble. If you hit it just right, it may be worth it. Remember that it will cost around 8% to buy dollars with pesos. You can do it for less than 8%, but then you are dealing with people that I do not want to know.
[QUOTE=Malodr]Thats funny cause last year I was paying 150,000 for TLN, when it was about 2,000 to the dollar. and in the summer, it was about 1,800 to the dollar and the chicas all understood and are very aware of the rates. I was able to pay less.[/QUOTE]Sure, word gets around. Overall my experience in CR is paying in CRC is way cheaper with the Tica's.
[QUOTE=Doc Bill]Malodr, and there you had me thinking you were so frugal![/QUOTE]I get paid market rate at my job so I see no reason to pay people more than they deserve.
[QUOTE=Goga Fung]BTW, I looked at my bank statement. For each ATM withdrawal in Colombia I was charged $2 ATM access fee, and $5.70 foreign exchange fee. Total is almost $8 or almost 20,000 COP! I do not know what would be the CITI Bank ATM fee for Citibank account holders.
Next time think how much you wanna withdraw. Regardless of the drawn amount you might pay extra 15-20,000 COP each time when getting money from your USA account. I'm wondering if it's cheaper to exchange cash for COP.[/QUOTE]My CapitalOne card has no fees what so ever. There are several other US banks that have the same deal. It costs around 8% to exchange cash. Even with a card that charges a 1% foreign transaction fee, you are 7% ahead with an ATM. Of course, if you want to take 10K at a time with a $2. 00 transaction fee, then you might be better off with cash.
Just FYI, today, the exchange rate was 2315 to the dollar.
In the fall there was resistance at 2200, 2300 and then utimately at 2400. This time broke through 2400 no problem. Should test 2650 if the USD continues to value and commodities continue to tank.
Hoser
[QUOTE=Tom 33]My CapitalOne card has no fees what so ever. There are several other US banks that have the same deal. It costs around 8% to exchange cash. Even with a card that charges a 1% foreign transaction fee, you are 7% ahead with an ATM. Of course, if you want to take 10K at a time with a $2. 00 transaction fee, then you might be better off with cash.[/QUOTE]I use a ATM card from E-Trade with no fees that I can see. When I do the math it comes out close to what the real exchange rate is. Last I looked it was just over 2400 pesos per dollar. Wow, I just hope it lasts. Whatever you do, do not deal with the exchange place at the airport. It is the worst rate possible.
[QUOTE=Hoser352]In the fall there was resistance at 2200, 2300 and then utimately at 2400. This time broke through 2400 no problem. Should test 2650 if the USD continues to value and commodities continue to tank.
Hoser[/QUOTE]Not according to Bloomberg. Their reported expectation is for it to continue to weaken a bit this month, but harden in February as USDs are sold to pay local taxes, then to finish the year at about 2500.
Not that they've ever been right before :)
I'd love to see something better though.
EDIT: [url]http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ap73kHGQNa3A[/url] might help matters along.
Guy,
You better be safe and call your bank before you go to Colombia, my bank "ameded" the agreement and installed a 3% foreign transaction fee and 3% currency exchange fee. So then I called my credit union and they had the same fees. I asked the agent to reduce the fees and she said she couldn't so I said I won't bother to use the card. And she said sorry I can't do it. I did have plenty of cash so I went to San Diego mall and on the 2nd floor are two currency echange places. Back in January on the day I exchanged, the peso was around 2234 and they gave me 2170. I was happy. I do it again. In the future.
[QUOTE=Paesano63]Guy,
You better be safe and call your bank before you go to Colombia, my bank "ameded" the agreement and installed a 3% foreign transaction fee and 3% currency exchange fee. So then I called my credit union and they had the same fees. I asked the agent to reduce the fees and she said she couldn't so I said I won't bother to use the card. And she said sorry I can't do it. I did have plenty of cash so I went to San Diego mall and on the 2nd floor are two currency echange places. Back in January on the day I exchanged, the peso was around 2234 and they gave me 2170. I was happy. I do it again. In the future.[/QUOTE]Get an ATM card from CapitalOne or National InterBank. They have no fees at all. The foreign transaction fee, normally 1% or 3%, is common for most other ATM cards.
[QUOTE=Paesano63]Guy,
You better be safe and call your bank before you go to Colombia, my bank "ameded" the agreement and installed a 3% foreign transaction fee and 3% currency exchange fee. So then I called my credit union and they had the same fees. I asked the agent to reduce the fees and she said she couldn't so I said I won't bother to use the card. And she said sorry I can't do it. I did have plenty of cash so I went to San Diego mall and on the 2nd floor are two currency echange places. Back in January on the day I exchanged, the peso was around 2234 and they gave me 2170. I was happy. I do it again. In the future.[/QUOTE]I have a citi usd card and haven't had any of this shit (yet). Discovered this week they've even reduced the minimum I need to keep in the ac for free banking to zero.
Strange to say it, but Go Citi!
[QUOTE=AddictedToWomen]I have a citi usd card and haven't had any of this shit (yet). Discovered this week they've even reduced the minimum I need to keep in the ac for free banking to zero.
Strange to say it, but Go Citi![/QUOTE]Try taking money from a non-Citi ATM.
[QUOTE=AddictedToWomen]Not according to Bloomberg. Their reported expectation is for it to continue to weaken a bit this month, but harden in February as USDs are sold to pay local taxes, then to finish the year at about 2500.
Not that they've ever been right before :)
I'd love to see something better though.
EDIT: [url]http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ap73kHGQNa3A[/url] might help matters along.[/QUOTE]Forex is a pretty crazy thing to predict. I would like 2500 next November because that's the next time I'm going to Colombia. I go onto some forums where the experts battle it out on their predictions and short term they can be pretty accurate, but long term they might as well toss a coin.
Hoser
Try WaMu free checking, they only charge the 1% international transaction fee, no ATM fee.
[QUOTE=Tom 33]Try taking money from a non-Citi ATM.[/QUOTE]Citi's network suits my needs just fine. I have another a/c I use for other networks, but tx costs are the least of my worries there: its in sterling. Might as well be zim dollars.
If you live or are visiting Northern California open an account with this bank.
There are no ATM fees anywhere. If the bank you are using in said country charges you, Mech Bank will re-inverse you.
This bank is financial sound and did not need a bail out.
[url]http://www.mechbank.com/mechbank/tmbwebsite.nsf/about/locations[/url]
More:
WaMu's Fees are: Non-WaMu ATMs $2. + 1%.
Citi Bank 1%, I have to check again, but I believe Non-Citi is 3%.
[QUOTE=Muff01]Try WaMu free checking, they only charge the 1% international transaction fee, no ATM fee.[/QUOTE]I am pretty sure Wamu charges a $3 + 3% fee.
I still think Capital One is the best without any transaction fee.
[QUOTE=World Travel 69]Citi Bank 1%, I have to check again, but I believe Non-Citi is 3%.[/QUOTE]Odd. I pay NADA for citi withdrawls from citi atms. And in Bogotá I can't move without tripping over one of those. And the exchange rate seems roughly correct too, sometimes, though not often enough, better than I see online.
[QUOTE=James Bond 007]I am pretty sure Wamu charges a $3 + 3% fee.
I still think Capital One is the best without any transaction fee.[/QUOTE]I have this account and I only get charged the 1 % international fee.
The COP at 2500 per dollar! Now that is a beautiful thing. The COP was at 1800 per buck when I was there in August. I hope this last through May.
[QUOTE=FreshWind]The COP at 2500 per dollar! Now that is a beautiful thing. The COP was at 1800 per buck when I was there in August. I hope this last through May.[/QUOTE]Yes the Colombian peso and the Mexican peso are both very nice right now.
Latina pussy, cheaper by the Peso!
I'm betting it will continue. Uribe gets to stack the board soon and even the existing members are talking of further interest rate cuts:
[url]http://www.bloomberg.com/apps/news?pid=newsarchive&sid=asoE1KDNS0tk[/url]
Thanks for the info WT69. I checked it out and with a certain account with Mechanics Banks ("free and easy checking"? ), requiring either direct deposit, or $1000 in the account, they told me that they will not only give you free international checking, they will reimburse your for any fees imposed by the foreign bank/ATM, as you said. They're on the Star Cirrus and NYCE networks.
[QUOTE=World Travel 69]If you live or are visiting Northern California open an account with this bank.
There are no ATM fees anywhere. If the bank you are using in said country charges you, Mech Bank will re-inverse you.
This bank is financial sound and did not need a bail out.
[url]http://www.mechbank.com/mechbank/tmbwebsite.nsf/about/locations[/url]
More:
WaMu's Fees are: Non-WaMu ATMs $2. + 1%.
Citi Bank 1%, I have to check again, but I believe Non-Citi is 3%.[/QUOTE]
I am not sure what rates are used in Colombia but the Bloomberg link below lead me to where it appears to be $1 > 2563.00, what are the banks in Colombia giving?
[QUOTE=Justafool]I am not sure what rates are used in Colombia but the Bloomberg link below lead me to where it appears to be $1 > 2563.00, what are the banks in Colombia giving?[/QUOTE]They give the TRM rate from the previous day. The TRM is set by Banco de la Republica: [url]http://www.banrep.gov.co/[/url]
The website lists the current TRM as 2509.50.
Colombia Peso Drops to Lowest Since June 2006
Feb. 20 (Bloomberg) -- Colombia’s peso fell to its lowest level since June 2006 on mounting concern the deepening economic slowdown will curb demand for the country’s exports.
Colombia’s peso tumbled 1.1 percent to 2,582 per dollar at 3:38 p.m. New York time, from 2,554.25 yesterday, according to the Colombian foreign-exchange electronic transactions system, known as SET-FX. The currency has declined 3.3 percent this week, the biggest drop since the period ended Jan. 30.
Investors shunned Latin American currencies including the Colombian peso amid a rout in commodities. Oil, the biggest source of export revenue for Colombia, Mexico and Venezuela, slid 1.4 percent to $38.94 per barrel, leaving it down 74 percent from a July record.
“With the exception of very few, currencies are dropping worldwide as investors seek refuge in the dollar,” said Alfredo Coutino, an economist at Moody’s Corp.’s Economy.com Inc. in West Chester, Pennsylvania.
Colombia’s widening current account deficit and decline in foreign direct investment prompted Credit Suisse Group AG to lower its year-end forecast for the peso. The currency will weaken to 2,610 per dollar, down from the firm’s earlier projection of 2,450, Carola Sandy, a Credit Suisse economist in New York, wrote in a report today.
The yield on Colombia’s 11 percent bonds due in July 2020 rose six basis points, or 0.06 percentage point, to 9.98 percent, according to Colombia’s stock exchange. The bond’s price fell 0.442 centavo to 106.678 centavos per peso.
Last Updated: February 20, 2009 15:51 EST
[QUOTE=AddictedToWomen]I'm betting it will continue. Uribe gets to stack the board soon and even the existing members are talking of further interest rate cuts:
[url]http://www.bloomberg.com/apps/news?pid=newsarchive&sid=asoE1KDNS0tk[/url][/QUOTE]It's going to be interesting to see how much these latin american currencies devalue in the upcoming months.
At one point I thought 2650 would be a good test for the COP but now I'm thinking 3000.
Many things contribute to the dynamic, but considering the world seems to think the USD is a "safe haven currency", even 3000-1 isn't much of a stretch.
Hoser
[QUOTE=Hoser352]It's going to be interesting to see how much these latin american currencies devalue in the upcoming months.
At one point I thought 2650 would be a good test for the COP but now I'm thinking 3000.
Many things contribute to the dynamic, but considering the world seems to think the USD is a "safe haven currency", even 3000-1 isn't much of a stretch.
Hoser[/QUOTE]Its fascinating following it! Any concept of long term direction can be lost in a moment on some piece of news.
iirc 2900/usd is about the lowest its been, before the world started viewing Colombia as a safer place to invest under Uribe.
So its its 2500/usd now, where could it go in the current economic climate if bank rates fall and Uribe looks likely to loose the next election?
I could easily be persuaded that 3000/usd or more is on the cards.
This drop in the peso and Pero sol must just be killing the Ecuadorian economy. They have all the same problems, with Correa as a leader on top of that, and they can't use their currency to kind of soften the pain.
Spot went over 2600/usd today before falling back.
[QUOTE=AddictedToWomen]Its fascinating following it! Any concept of long term direction can be lost in a moment on some piece of news.
iirc 2900/usd is about the lowest its been, before the world started viewing Colombia as a safer place to invest under Uribe.
So its its 2500/usd now, where could it go in the current economic climate if bank rates fall and Uribe looks likely to loose the next election?
I could easily be persuaded that 3000/usd or more is on the cards.[/QUOTE]Ten years ago is was at 1400 then six years ago it was almost 3000. Last June is was as low as 1800! So anything can happen but it looks like it will take a run at 3000.
Hoser
[QUOTE=AddictedToWomen]Its fascinating following it! Any concept of long term direction can be lost in a moment on some piece of news.
iirc 2900/usd is about the lowest its been, before the world started viewing Colombia as a safer place to invest under Uribe.
So its its 2500/usd now, where could it go in the current economic climate if bank rates fall and Uribe looks likely to loose the next election?
I could easily be persuaded that 3000/usd or more is on the cards.[/QUOTE]To be more accurate, Uribe is not likely to lose the next election, he is just not able to run again, having exhausted his two terms as defined by the country's constitution. However, there was a movement which collected over 3 million signatures and, i believe approved by Congress to allow him to run for a 3rd term. He is reluctant to do so, for fear of being lumped in with the rest of the Latin American leaders who are clenching power by extending term limits and circumventing democratic institutions in the name of democracy. Arias and Santos, either of which would be supported by Uribe are/were members of his cabinet and would likely continue his Democratic Security Policy against the FARC. However, with scandals brewing, Uribe has not ruled out taking on the third term for the sake of continuity.
[QUOTE=Rodeo9112]To be more accurate, Uribe is not likely to lose the next election, he is just not able to run again, having exhausted his two terms as defined by the country's constitution. However, there was a movement which collected over 3 million signatures and, i believe approved by Congress to allow him to run for a 3rd term. He is reluctant to do so, for fear of being lumped in with the rest of the Latin American leaders who are clenching power by extending term limits and circumventing democratic institutions in the name of democracy. Arias and Santos, either of which would be supported by Uribe are/were members of his cabinet and would likely continue his Democratic Security Policy against the FARC. However, with scandals brewing, Uribe has not ruled out taking on the third term for the sake of continuity.[/QUOTE]That's not quite the way I see it.
He had to have the constitution changed to enable him to seek a 2nd term: it was not like that originally.
There is a growing anti-Uribe sentiment amongst both the population at large, and the government technocrats: Uribe is a one-issue politician with seemingly little knowledge of other matters of government, but an obsessive need to control them nevertheless to the detriment of the country as a whole. That's got to have consequences in the long term.
There's a rise in support of the new parties rejecting the old colors-conflict.- my color, right or wrong is gone. There are now viable alternatives to Uribe in the minds of the voters. This, to my mind, is the real reason Uribe is wavering on standing for 3rd term: he won't stand if there's not a very good chance of his winning.
My conjecture is that neither option.- Uribe president for a 3rd term, or Uriber not president.- will inspire confidence in Colombia in the short term.
I'm planning my first trip to Colombia this May and wanted to know if it would be better for me to exchange dollars to pesos before arriving in Colombia or to wait until I get there. I just didn't want to lose out on the current favorable exchange rate. If it is better for me to exchange in the US, any recommendations as to where to get the best exchange rate?
Thanks
Open a Capital One or State Farm bank account and take your money out of an ATM. Best exchange rate, no fees, and with the way things are going the peso is only going to go down not up.
[QUOTE=Bijou]I'm planning my first trip to Colombia this May and wanted to know if it would be better for me to exchange dollars to pesos before arriving in Colombia or to wait until I get there. I just didn't want to lose out on the current favorable exchange rate. If it is better for me to exchange in the US, any recommendations as to where to get the best exchange rate?
Thanks[/QUOTE]
On my last trip in November my buddy brought dollars. They will not give you a good rate. You will not get a good rate at home either. ATMs give you the best rate. Especially if you use a bank that does not charge fees.
Mechanics Bank in California does not.
My buddy worked something out with Wells Fargo for no fees.
Citi will do the same if you have a mortgage with them. They were free, but now it is 3%.
[QUOTE=Bijou]I'm planning my first trip to Colombia this May and wanted to know if it would be better for me to exchange dollars to pesos before arriving in Colombia or to wait until I get there. I just didn't want to lose out on the current favorable exchange rate. If it is better for me to exchange in the US, any recommendations as to where to get the best exchange rate?
Thanks[/QUOTE]
2610.97 COP to the dollar as of today, and rising!
I just opened an account with Capital One. No fees associated with international ATM withdrawals and the exchange rate would be the exchange rate of the particular ATM machine.
Thanks for all the good info guys!
[QUOTE=Rodeo9112]2610.97 COP to the dollar as of today, and rising![/QUOTE]Didn't last long.
It dropped to 2450 very fast.
Actually it was the USD that dropped across almost all currencies.
Anyone that got it at 2600, I hope you had a good time!
[QUOTE=Hoser352]It dropped to 2450 very fast.
Actually it was the USD that dropped across almost all currencies.
Anyone that got it at 2600, I hope you had a good time![/QUOTE]Just got 2525 per dollar at the atm the other day but In San Andres I was quoted 1800 per dollar at the hotel desk. I thought the airports are bad but this was almost a joke.
[QUOTE=Vics Picks]Just got 2525 per dollar at the atm the other day but In San Andres I was quoted 1800 per dollar at the hotel desk. I thought the airports are bad but this was almost a joke.[/QUOTE]The hotel rates are a joke. Note they won't use that same rate when converting your bill from usd to cop, can't imagine why.
Dollar's on the slide again today.
Holy mother of god.
It's fallen off a cliff:
[url]http://www.advfn.com/p.php?pid=forexqkchart&curcode1=USD&curcode2=COP[/url]
[QUOTE=AddictedToWomen]The hotel rates are a joke. Note they won't use that same rate when converting your bill from usd to cop, can't imagine why.
Dollar's on the slide again today.[/QUOTE]Any reason why the dollar is on the slide?
[QUOTE=Mw1030]Any reason why the dollar is on the slide?[/QUOTE]Get 3 fx analysts in a room to receive a dozen different opinions.
The latest from Bloomberg ([url]http://www.bloomberg.com/apps/news?pid=newsarchive&sid=afuLmcKqH0hQ[/url]) contains the following cracking quote:
“The global optimism in the past few days seemed unfounded and little by little that optimism is being diluted.”
No shit, Sherlock. Hello? Its 1929 all over again folks.
[QUOTE=Mw1030]Any reason why the dollar is on the slide?[/QUOTE]Yes, money around the world is shifting from "safe" assets towards "risky" assets in the past two weeks.
[QUOTE=Client 9]Yes, money around the world is shifting from "safe" assets towards "risky" assets in the past two weeks.[/QUOTE]Plus Colombian pension funds changing their dollar strategy. Plus businesses selling dollars to pay taxes. Plus?
BdR is expected to lower its intervention rate again later this month though, so it all might turn around yet.
[QUOTE=AddictedToWomen]Plus Colombian pension funds changing their dollar strategy. Plus businesses selling dollars to pay taxes. Plus?
BdR is expected to lower its intervention rate again later this month though, so it all might turn around yet.[/QUOTE]Except the US have started QE.
Watch out below.
I love the new politically correct term (QE), quantitative easing. Back in the 1970's it was referred to as monetary stimulus. Different term, same shit, massive inflation to come.
[QUOTE=Furysys]I love the new politically correct term (QE), quantitative easing. Back in the 1970's it was referred to as monetary stimulus. Different term, same shit, massive inflation to come.[/QUOTE]Back in the 30's it was referred to as what it really is. Printing money.
Pay before drinking your coffee 'cause the price will be higher afterwards.
Mugabe's gonna have the last laugh.
Was in Manizales from March 8th to the 13th. Early in the week I got a rate of 2585. I emptied a few ATM's and brought back about 13 million pesos, so glad I did.
I also had a five hour layover in Bogota so I spent some of that time withdrawing more pesos and exchanging them in the airport for dollars, made about a 9% profit on those transactions. Totally safe because I wasn't leaving the airport and my next stop was the USA
Fellow mongers should consider doing this whenever you are in a major airport with time to kill if you have the ability to withdraw some significant dollars. I deliberately book a long layover in Bogota and cover the cost of my plane fare by doing this.
[quote=manizales911]was in manizales from march 8th to the 13th. early in the week i got a rate of 2585. i emptied a few atm's and brought back about 13 million pesos, so glad i did.
i also had a five hour layover in bogota so i spent some of that time withdrawing more pesos and exchanging them in the airport for dollars, made about a 9% profit on those transactions. totally safe because i wasn't leaving the airport and my next stop was the usa
fellow mongers should consider doing this whenever you are in a major airport with time to kill if you have the ability to withdraw some significant dollars. i deliberately book a long layover in bogota and cover the cost of my plane fare by doing this.[/quote]careful not to overdo this. exit the country with more than $10k on you and they'll confirep001e the excess.
I saw the Peso go down to around 2300/dollar end of last week now its back up to almost 2500. What happened? Or is that fluctuation normal...or really insignificant. More importantly, is the trend likely to continue?
[QUOTE=Rodeo9112]I saw the Peso go down to around 2300/dollar end of last week now its back up to almost 2500. What happened? Or is that fluctuation normal. Or really insignificant. More importantly, is the trend likely to continue? [/QUOTE]It's volatility from the USD loosing favor for a couple of weeks. Tough to say what's going to happen this year. If the United States didn't need to keep borrowing money and such an insane rate I'm sure we'd see the COP easily go to 3000 this year. This pair is on a tear right now though. We'll see if it breaks 2600.
Hoser
[QUOTE=Manizales911]Was in Manizales from March 8th to the 13th. Early in the week I got a rate of 2585. I emptied a few ATM's and brought back about 13 million pesos, so glad I did.
I also had a five hour layover in Bogota so I spent some of that time withdrawing more pesos and exchanging them in the airport for dollars, made about a 9% profit on those transactions. Totally safe because I wasn't leaving the airport and my next stop was the USA
Fellow mongers should consider doing this whenever you are in a major airport with time to kill if you have the ability to withdraw some significant dollars. I deliberately book a long layover in Bogota and cover the cost of my plane fare by doing this.[/QUOTE]Can you explain in detail the actual transations behind this? I've heard of this before but I don't get it.
Thanks,
Hoser
When I got to the Miami airport I had 50k and had read of what you said. So I thought I see how much profit I would make. They afford me $16 for the 50k. The rate then was about 2. 2-3 to one.
Am I missing something?
What profit?
QUOTE=Manizales911]Was in Manizales from March 8th to the 13th. Early in the week I got a rate of 2585. I emptied a few ATM's and brought back about 13 million pesos, so glad I did.
I also had a five hour layover in Bogota so I spent some of that time withdrawing more pesos and exchanging them in the airport for dollars, made about a 9% profit on those transactions. Totally safe because I wasn't leaving the airport and my next stop was the USA
Fellow mongers should consider doing this whenever you are in a major airport with time to kill if you have the ability to withdraw some significant dollars. I deliberately book a long layover in Bogota and cover the cost of my plane fare by doing this.[/QUOTE]
I read an article that revealed that the Economic leaders of the Colombian government just learned Friday that their GDP was lower than expected. They came to the realization that in contrast to what many thought, Colombia has not been spared from the economic hardship that has fallen on the rest of Latin America and the world in general. My guess (and I'm definitely not an economist) is we should start seeing the dollar rise against the COP in the near term next few weeks, or month or two and then start to normalize in fluctuation. At least that's what I'm hoping with my upcoming trip looming!
Rodeo
[QUOTE=World Travel 69]When I got to the Miami airport I had 50k and had read of what you said. So I thought I see how much profit I would make. They afford me $16 for the 50k. The rate then was about 2. 2-3 to one.
Am I missing something?
What profit?
[QUOTE=Manizales911]Was in Manizales from March 8th to the 13th. Early in the week I got a rate of 2585. I emptied a few ATM's and brought back about 13 million pesos, so glad I did.
I also had a five hour layover in Bogota so I spent some of that time withdrawing more pesos and exchanging them in the airport for dollars, made about a 9% profit on those transactions. Totally safe because I wasn't leaving the airport and my next stop was the USA
Fellow mongers should consider doing this whenever you are in a major airport with time to kill if you have the ability to withdraw some significant dollars. I deliberately book a long layover in Bogota and cover the cost of my plane fare by doing this.[/QUOTE][/QUOTE]The reason you didn't make a profit is because you did the exchange in the USA Instead of in Colombia.
Due to the glut of USA Dollars floating around Colombia (drug money) the exchange houses sell dollars for about an average of 9. 5 percent more than you can get pesos out of an ATM. If anyone doesn't believe me all you have to do is the next time you are in the airport in between flights go over to the money exchange booth and look at what they are SELLING dollars for, I guarantee you it is 9-10% more than what you will BUY pesos for out of the ATM. It is as simple as that amigos.
P.S.. If you don't want to wait until your next trip to Colombia to verify what I am talking about go to Portafolio.com. Co and look at the exchange rates there. Today the exchange houses (casa de cambio) were selling dollars (venta dolares) for 2360. The TRM for today was 2560. As the saying goes, DO THE MATH
[QUOTE=Manizales911]. Exchange houses sell dollars for about an average of 9. 5 percent more than you can get pesos out of an ATM.[/QUOTE]Amigo,
Does this mean that we should exchange dollars for pesos at an exchange house in Colombia rather than pulling from an ATM? I always thought the best rates were with the ATMs.
Or, are you saying that we should pull money out of an ATM in Colombia for a good (better than exchange houses either in Miami or Colombia) rate, then sell the pesos back in Colombia to get more dollars back than we originally withdrew (in equivalent pesos)? The latter makes more sense and might alter my financing plans significantly!
BTW, I'm still heading out to Bogota. Wish you were still able to join me!
Rodeo
[QUOTE=Rodeo9112]Amigo,
Does this mean that we should exchange dollars for pesos at an exchange house in Colombia rather than pulling from an ATM? I always thought the best rates were with the ATMs.
Or, are you saying that we should pull money out of an ATM in Colombia for a good (better than exchange houses either in Miami or Colombia) rate, then sell the pesos back in Colombia to get more dollars back than we originally withdrew (in equivalent pesos)? The latter makes more sense and might alter my financing plans significantly!
BTW, I'm still heading out to Bogota. Wish you were still able to join me!
Rodeo[/QUOTE]The later.
I just got back from medellin and, the atm was the best rated 2450.00 col pesos.
don't go to exchange house was paying 2230 per dollar and. I was told by my friend that todays rate was 2500 so is pretty good.
Just a heads up my fellow mongerers:
King Of Sluts (KOS) has been flooding me with PM's telling me to stop posting the info about how to make money at the exchange houses because I am going to ruin it for him and myself.
First of all, if he understood how many millions of USA Dollars in drug money is floating around in Colombia he would understand that there is NO WAY we mongerers could affect the exchange rate by taking our own little "piece of the pie", legally of course.
Secondly, I post this info to help out my friends here as I have been helped many, many times.
If anyone needs info don't hesitate to pm me.
Except KOS, he can go to hell that racist bastard.
Manizales911, I just want to make sure I understand.
If I understand correctly, there are five steps:
1. Go to Colombia
2. Withdraw pesos from an ATM
3. Exchange pesos for dollars at a "casa de cambio"
4. Leave Colombia
5. Deposit dollars in the United States
[QUOTE=Client 9]Manizales911, I just want to make sure I understand.
If I understand correctly, there are five steps:
1. Go to Colombia
2. Withdraw pesos from an ATM
3. Exchange pesos for dollars at a "casa de cambio"
4. Leave Colombia
5. Deposit dollars in the United States[/QUOTE]Exactly. Thanks for putting it in a step by step format for everyone.
This can work if you hit it right. I have lived in Colombia for over 6 years now and have gone back to the US many times. Sometimes you can lose money and sometimes the spread is so small that it is not worth the hassle.
And there is a risk of counterfeit currency to consider.
Peso's again doin' its wh0re's drawers impression:
[url]http://www.advfn.com/p.php?pid=forexqkchart&curcode1=USD&curcode2=COP[/url]
[QUOTE=Tom 33]This can work if you hit it right. I have lived in Colombia for over 6 years now and have gone back to the US many times. Sometimes you can lose money and sometimes the spread is so small that it is not worth the hassle.
And there is a risk of counterfeit currency to consider.[/QUOTE]Tom 33,
I respect your infinite knowledge of Colombia very much,please explain to me how I can lose money. If I go online and check the exchange rate so I know how many pesos to the dollar I am going to get at the ATM,and then check what the the exchange house is selling dollars for BEFORE I hit the ATM I know what the deal is BEFORE I pull the trigger. In all due respect sir,I fly to Colombia almost every month and have done this many times and have not lost money yet.
[QUOTE=Tom 33]This can work if you hit it right. I have lived in Colombia for over 6 years now and have gone back to the US many times. Sometimes you can lose money and sometimes the spread is so small that it is not worth the hassle.
And there is a risk of counterfeit currency to consider.[/QUOTE]Tom,
Do you mean pulling pesos from the ATM's there is a risk of funny money? Or do you mean when you change the pesos for dollars at the cambio shops? And if you're doing it all at the airport it "should" all be good to go right?
Sounds like a good way to make a little cash if things go smoothly. I would be hesitant about loading up too much except for at the airport before your flight back to the states. Also something to consider is a situation such as this: [url]http://www.youtube.com/watch?v=XMB6L487LHM[/url]
Where the guy was harassed by the TSA for carrying cash. Of course, listening to the video the guy was clearly looking to test the boundaries and I imagine that as long as you declare anything over $10k (or better yet stay under 10k) you should be fine. And unlike the guy in the link things would probably go easier if you had a reason for having the cash and willingly offered it when asked. Heck even telling the truth. You were making some money on the exchange rate would probably do the trick.
[QUOTE=Manizales911]Tom 33,
I respect your infinite knowledge of Colombia very much,please explain to me how I can lose money. If I go online and check the exchange rate so I know how many pesos to the dollar I am going to get at the ATM,and then check what the the exchange house is selling dollars for BEFORE I hit the ATM I know what the deal is BEFORE I pull the trigger. In all due respect sir,I fly to Colombia almost every month and have done this many times and have not lost money yet.[/QUOTE]My point was that the exchange rates do not always allow for a profit. The discussion was get pesos and buy dollars. Look at your response to Client 9. Sometimes you will lose money doing this. And sometimes the profit is not worth the hassle.
[QUOTE=Napalm]Tom,
Do you mean pulling pesos from the ATM's there is a risk of funny money? Or do you mean when you change the pesos for dollars at the cambio shops? And if you're doing it all at the airport it "should" all be good to go right?[/QUOTE]I have never had a problem with pesos I got from an ATM.
I would be concerned about the cambios but less so with an airport cambio.
Colombia has ways to fuck you that you never would have imagined.
i agree with tom33, many bills are counterfeit and it is dangerous to walk around colombia with cash. also remember that customs will ask you where you got the cash if they notice alot of money in your luggage or wallet. customs could confirep001e the money, and if you declare more than 10,000, you pay taxes on the money. not worth the risk in my opinion.
[QUOTE=Napalm].Where the guy was harassed by the TSA for carrying cash. Of course, listening to the video the guy was clearly looking to test the boundaries and I imagine that as long as you declare anything over $10k (or better yet stay under 10k) you should be fine. And unlike the guy in the link things would probably go easier if you had a reason for having the cash and willingly offered it when asked. Heck even telling the truth. You were making some money on the exchange rate would probably do the trick.[/QUOTE]Never carry cash over $9,500.00 US!
Relapse
[quote=gordon gecko]i agree with tom33, many bills are counterfeit and it is dangerous to walk around colombia with cash. also remember that customs will ask you where you got the cash if they notice alot of money in your luggage or wallet. customs could confirep001e the money, and if you declare more than 10,000, you pay taxes on the money. not worth the risk in my opinion.[/quote]if you read my post you will see that i mentioned several times that i do this at the airport as i am leaving the country,i know very well the risks of what i am doing and have reduced the risk to next to nothing by dealing with an airport atm and an airport cambio. and i always keep it just under $10,000. usd. i could have $9,999. and they can't say shit because the law says $10,000. and the law is the law and most importantly you would be dealing with a u.s. customs agent that will stick to the law not a colombian official that might make shit up as he went along.
there is no question that if you are a fuck up and don't follow the guidelines that i have laid out here that you could get screwed. i for one am not a fuck up and have done this many times and have been very successful with it.
[QUOTE=Manizales911]Exactly. Thanks for putting it in a step by step format for everyone.[/QUOTE]1. Go to Colombia
2. Withdraw pesos from an ATM
3. Exchange pesos for dollars at a "casa de cambio"
4. Get robbed by banditos
5. Return to United States with no money.
Hey everybody,
Not to be a stick in the mud or anything, but, I think its necessary to point out that Manizales was just offering a bit of advice to us all on something that has proven successful for him in the past. For those that have posted additional, perhaps unknown information regarding customs and declaration issues, this was very relevant in order to give additional considerations. However, I don't think its necessary to go back and forth slamming each other on pros or cons, when we're all just trying to share information.
We are all adults and capable of making our own decisions and taking the appropriate risks. Lets just agree to disagree on the whole money exchange thing and move on. I don't want to come off on a bad note, just don't want to see the thread hijacked by the back and forth.
To all that have posted, thanks for the info!
Rodeo
[QUOTE=Tom 33]I have never had a problem with pesos I got from an ATM.
I would be concerned about the cambios but less so with an airport cambio.
[red]Colombia has ways to fuck you that you never would have imagined. [/red][/QUOTE]I believe you on that!
Another thing I would be worried about is if TSA or Customs does any kind of drug swab on your fat wad of cash. I remember hearing something on the news years ago about how most money even here in America has traces of cocaine, etc. On it. I can only imagine what the dollars in Colombia are like in that regard!
In the end it doesn't really seem worth it to me. But everyone's got to find their own acceptable risk/reward levels.
[QUOTE=Manizales911]I could have $9, 999. And they can't say shit because the law says $10, 000. And the law is the law and most importantly you would be dealing with a USA Customs agent that will stick to the law not a Colombian official that might make shit up as he went along.[/QUOTE]Thanks for your comments.
Remember that you will have to clear Colombian customs with the cash before you ever meet a US agent. About 5 years ago I was leaving Cartagena for Miami and had around US$4000 cash with me. That cash was discovered during the Colombian carry on search. The soldier quickly counted it. Then let me pass. Colombia, even more so today, is very sensitive to money-laundering issues.
Colombian officials, especially soldiers who search bags, do not know their own laws. Anything that raises any red flags can cause delays and potential problems. I prefer to fly under the radar.
For those who don't, you are not breaking any laws as long as you keep it under US$10, 000(Relapse is safer with $9500), and you may make some money. It is not illegal to exceed the $10K on the US end, but it is illegal in Colombia.
Even if you were to take back more that 10, 000 US$ to the US you have little to worry about. You just need to claim it, file a for and have a good day.
The only way you will have problems is if you had a couple of extra funds in your possession that you forgot to figure in or if you get caught structuring monies but having you co-traveler carrying funds as well (and customs thinks you are structuring). In most cases if you do not claim it it will be seized but you will most likely get it back in time if you go after it.
I do not know what happens for customs. I know entering and leaving they always ask how much US$ are you carrying.
When you come into US do not fear the Customs just be honest, if you have $10, 000 or more, claim it or lose it.
[QUOTE=Manizales911]If you read my post you will see that I mentioned several times that I do this at the airport as I am leaving the country,I know very well the risks of what I am doing and have reduced the risk to next to nothing by dealing with an airport ATM and an airport cambio. And I ALWAYS keep it just under $10,000. USD. I could have $9,999. and they can't say shit because the law says $10,000. and the law is the law and most importantly you would be dealing with a U.S. customs agent that will stick to the law not a Colombian official that might make shit up as he went along.
There is no question that if you are a fuck up and don't follow the guidelines that I have laid out here that you could get screwed. I for one am not a fuck up and have done this many times and have been very successful with it.[/QUOTE]
Next time I go to CTG I'm going to try it on a smaller scale like maybe $2000 to see how it works out and I'll post the exact results.
I know this has been asked a ton of times, but which bank offers no fee foreign withdrawls? Citibank? I'll need to open an account to maximixe the return.
Hoser
Citibank will not charge if you are a Goldmember if not you will be charge 1% for an ATM withdrawal at a Citibank ATM. There are two in Medellin and one in Cartagena. There are others around Colombia.
I heard Capital One does not charge but I am notsure how they work. My CO CC does not charge a service fee.
[QUOTE=Hoser352]Next time I go to CTG I'm going to try it on a smaller scale like maybe $2000 to see how it works out and I'll post the exact results.
I know this has been asked a ton of times, but which bank offers no fee foreign withdrawls? Citibank? I'll need to open an account to maximixe the return.
Hoser[/QUOTE]
[QUOTE=Hoser352]Next time I go to CTG I'm going to try it on a smaller scale like maybe $2000 to see how it works out and I'll post the exact results.
I know this has been asked a ton of times, but which bank offers no fee foreign withdrawls? Citibank? I'll need to open an account to maximixe the return.
Hoser[/QUOTE]Capital One. Open an on-line "direct" account. I haven't used it myself yet but this is the bank that several members have refered to.
A tip: Open with plenty of time before your next trip. It takes 2 or 3 steps involving snail mail before you'll get your ATM card. I'm still waiting for mine but am confident it will arrive in time before my upcoming trip and with at least a few days to test it before hand.
Schwmm
[quote=manizales911].. most importantly you would be dealing with a u.s. customs agent that will stick to the law not a colombian official that might make shit up as he went along. [/quote]as i mentioned earlier if *colombian* customs find more than usd10k on you they can confirep001e.
[quote=addictedtowomen]as i mentioned earlier if *colombian* customs find more than usd10k on you they can confirep001e.[/quote]this is correct. not only can they, they will.
colombian customs can do anything that they want.they can miscount, they can decide that you are laundering money even if you have less than 10k, and/or they can confirep001e 5k. what are you going to do about it?
I just got my no fee ATM card from Mechanics Bank [url]www.mechbank.com[/url]. I haven't had a chance to use it yet, but I'll be in Colombia April 22. I've heard that MechBank also refunds any foreign bank fees. They gave me a Visa card too.
El Minetero
[QUOTE=Manizales911]If you read my post you will see that I mentioned several times that I do this at the airport as I am leaving the country, I know very well the risks of what I am doing and have reduced the risk to next to nothing by dealing with an airport ATM and an airport cambio.[/QUOTE]We're talking about withdrawling 25 million COP at the airport. I think the ATM limits are about 400, 000 COP per transaction so that's 62 withdrawls. I just called BOA and they are going to charge me $5 per withdrawl plus 1% foreign exchange. The max (that they will allow me) is $1500 USD per day.
So Capital one is 0% foreign exchange and no ATM fee?
Thanks for being patient and sharing your system. I believe it works but it's just a matter of understanding the logistics.
Hoser
Reading the last few posts, it would seem to me you are trying to arbitrage the US$ v Colombian peso, taking advantage of the slow reaction times of the various markets. For myself, I'd be really cautious about this sort of thing, given what is currently going on with the banking system in the US (and other issues), you're just giving the customs boys another reason to keep an unnecessary eye on you as you return from Colombia. We already put up with enough bs from them, why ask for more problems?
Wow! I just checked the rates in anticipation of my trip next week and it's down to 2113! Below 2200 for the first time in awhile. Of course it could get jacked up to 2800 in a week you never know!
[QUOTE=Rodeo9112]Wow! I just checked the rates in anticipation of my trip next week and it's down to 2113! Below 2200 for the first time in awhile. Of course it could get jacked up to 2800 in a week you never know![/QUOTE]Check out the extent of the rout at [url]http://www.advfn.com/p.php?pid=forexqkchart&curcode1=USD&curcode2=COP[/url]
With the dollar weakening against most major currencies and the Colombian economy being regarded as fairly stable I doubt we'll be seeing a return to high level just yet.
[QUOTE=Rodeo9112]Wow! I just checked the rates in anticipation of my trip next week and it's down to 2113! Below 2200 for the first time in awhile. Of course it could get jacked up to 2800 in a week you never know![/QUOTE]I think that you are looking in the wrong place. Bloomberg has it at 2316: [url]http://www.bloomberg.com/markets/currencies/americas_currencies.html[/url]
[QUOTE=Tom 33]I think that you are looking in the wrong place. Bloomberg has it at 2316: [url]http://www.bloomberg.com/markets/currencies/americas_currencies.html[/url][/QUOTE]Its like living in the Weimar Republic: 2301 now.
Does anyone know where I can exchange $$ in Medellin when I arrive?
ATM is not an option for me.
I'll be staying at the MM.
Thanks!
[QUOTE=Mrmrmr]Does anyone know where I can exchange $$ in Medellin when I arrive?
ATM is not an option for me.
I'll be staying at the MM.
Thanks![/QUOTE]You can exchange right in the airport.
The rate will suck though.
[QUOTE=Manizales911]You can exchange right in the airport.
The rate will suck though.[/QUOTE]Thanks Mani,
I may e3xchange a small amount at the airport just to have some pocket cash when I arrive but will want to use mostly places in the city. Any recommendations? Will the MM exchange for you?
[QUOTE=Mrmrmr]Thanks Mani,
I may e3xchange a small amount at the airport just to have some pocket cash when I arrive but will want to use mostly places in the city. Any recommendations? Will the MM exchange for you?[/QUOTE]First, I hope you understand that your best rate is going to come out of an ATM.
When I stayed at the MM I hit the ATM prior to leaving the airport so I couldn't tell you if they exchange dollars for pesos.
[QUOTE=Mrmrmr]Thanks Mani,
I may e3xchange a small amount at the airport just to have some pocket cash when I arrive but will want to use mostly places in the city. Any recommendations? Will the MM exchange for you?[/QUOTE][url]http://www.encolombia.com/economia/CasadeCambios/CasadeCambio-Medellin.htm[/url]
I think that the rates are generally pretty much the same.
Peso opened at 2201. today, WTF!
I'm thinking of converting at least a couple of hundred usd here in the states just to hedge a little. (with my luck the cop will hit 3, 000 as I land in mde 1st week of June)
[QUOTE=Manizales911]Peso opened at 2201. today, WTF![/QUOTE]
[QUOTE=Midwest]I'm thinking of converting at least a couple of hundred usd here in the states just to hedge a little. (with my luck the cop will hit 3, 000 as I land in mde 1st week of June)[/QUOTE]Don't waste your time or money. You would be lucky to get 1700 converting in the States, if you could even find a place to do it.
Just as an option to arrive in Colombia with pocket money.
Yesterday, when yahoo finance
[url]http://finance. Yahoo.com/currency-converter? Amt=1&from=USD&to=COP&submit=Convert#from=USD; to=COP; amt=1[/url]
Quoted usd to cop at 2210, I checked with chase bank. They were offering same at 2000. If you have an account with them, there's no exchange fee but they need 2 business days to get your c. O. P.
[QUOTE=Tom 33]Don't waste your time or money. You would be lucky to get 1700 converting in the States, if you could even find a place to do it.[/QUOTE]
Does anyone know which banks allow 400,000 COP per transaction?
El Minetero
[QUOTE=Khun Talung]Does anyone know which banks allow 400,000 COP per transaction?
El Minetero[/QUOTE]City Bank, Avenada Poblado $800,000. pesos
Relapse
Comming down next month so exchanged some money on Wednesday. Got 2000 peso per US 1. 00. From Fifth Third. No other charge if purchase more that $250. 00. At a time.
Hope this helps if you are in a 5/3 area.
[QUOTE=Khun Talung]Does anyone know which banks allow 400,000 COP per transaction?
El Minetero[/QUOTE]Bancolombia is one. They have ATMs all over.
I think Davivienda is another.
[QUOTE=Mackin]Comming down next month so exchanged some money on Wednesday. Got 2000 peso per US 1. 00. From Fifth Third. No other charge if purchase more that $250. 00. At a time.
Hope this helps if you are in a 5/3 area.[/QUOTE]The current rate is 2252.80(TRM - [url]http://www.banrep.gov.co/[/url]). If the rate does not change between now and next month, that is the rate you could get from the ATM in the airport.
Are you looking for a better than 10% drop in the value of the dollar versus the peso in a month?
Thanks for the replies. I'm in Pereira. The Bancolombia ATMs only give 300, 000 per transaction, maximum of 6 transactions. My rent is 2m a month, I have to make withdrawals over two days. I'll check into Davivienda, and whether there's a Citibank here.
El Minetero
Found out this morning that Davivienda does allow 400, 000 at a time, not sure how many times. Wasn't able to talk to them about a one time transaction with a person yet. There is a Citibank here, I'll go there today.
Thanks,
El Minetero
Citibank lets you take up to your daily limit of the card, I have withdrawn 1,000,000 in a single transaction.
I want to let anyone that has given a thought to making money by taking advantage of exchanging pesos into dollars for deposit in the states that the ruse is up (for now anyway) I was at the Bogota airport today and they were selling dollars for 2250. Oh well, it was good while it lasted, I made almost 10,000. USD profit in the past year give or take. If it swings back in our favor I'll be sure to give everyone a heads up as I go between Colombia and the U.S. every month.
Because my shity Bank has such horrible rates and fees for international ATM withdraws. I have decided to take mush of the money I plan 2 use cash. And I would like 2 know where is the best place 2 exchange cash USD into COP in Bogota?
[QUOTE=Lusifer69]Because my shity Bank has such horrible rates and fees for international ATM withdraws. I have decided to take much of the money I plan to use cash. And I would like to know where is the best place 2 exchange cash USD into COP in Bogota?[/QUOTE]It will cost 7 to 9% to exchange cash.
I would strongly consider changing banks if your fees are that high.
CapitalOne charges nothing.
My buddy did that and did not get good exchange rates.
[QUOTE=Lusifer69]Because my shity Bank has such horrible rates and fees for international ATM withdraws. I have decided to take mush of the money I plan 2 use cash. And I would like 2 know where is the best place 2 exchange cash USD into COP in Bogota?[/QUOTE]
[QUOTE=World Travel 69]My buddy did that and did not get good exchange rates.[/QUOTE]I would not do that, no one wants the cash AND security will hound the shit out of you about how much money you are carrying. At least that was their only concern last time I went.
This is bullshit! Watched it fall from 2800 to 2000, and now I go to Medellin for 2 months. Whats up and any turn around? What do you guys think!
[QUOTE=Bobsthrobbinknob]I would not do that, no one wants the cash AND security will hound the shit out of you about how much money you are carrying. At least that was their only concern last time I went.[/QUOTE]This is good advice: The repatriation of large amounts of cash from drug transactions is what the customs guys are looking for.
[QUOTE=Larenzo]This is bullshit! Watched it fall from 2800 to 2000, and now I go to Medellin for 2 months. Whats up and any turn around? What do you guys think![/QUOTE]Seems to be mainly a dollar collapse. Don't see that turning around for a while. My guess would be next near if Uribe doesn't get a 3rd term.
[QUOTE=Larenzo]This is bullshit! Watched it fall from 2800 to 2000, and now I go to Medellin for 2 months. Whats up and any turn around? What do you guys think![/QUOTE]The dollar is going to keep falling as long as Washington thinks that printing money is the way to get out of problems that are not going away.
I just opened a Citibank Checking account to take advantage of the 20k AA airline miles. Would it be worth it to transfer my vacation money into it rather than use my Bank of America ATM?
[QUOTE=Kdogg21]Citibank lets you take up to your daily limit of the card, I have withdrawn 1,000,000 in a single transaction.[/QUOTE]
[QUOTE=Airhead]I just opened a Citibank Checking account to take advantage of the 20k AA airline miles. Would it be worth it to transfer my vacation money into it rather than use my Bank of America ATM?[/QUOTE]Im pretty sure Citi is charging 2% and an additonal foreign transaction fee.. which is only waived when you have a citigold savings account. What are BOA foreign transaction rates?
[QUOTE=Airhead]I just opened a Citibank Checking account to take advantage of the 20k AA airline miles. Would it be worth it to transfer my vacation money into it rather than use my Bank of America ATM?[/QUOTE]Yes it would cause you won't pay a fee at their banks in Medellin.
The best card to use internationally is capitol one. Capitol one is the only ATM card and credit card that does not charge an international transaction. Assume you withdraw 1000 at Citibank, the international transaction fee is 3% or 30 buck. If you use a capitol one card and do 2 five hundred dollar withdrawals you would only at max pay 10 bucks. I am not exactly sure what the international transaction fee for each bank is because it varies from card to card however I do know that Capitol one is the only card that does not charge a transaction fee.
They do charge a fee for exchange unless you are Gold. If you are Gold they claim they will charge a fee for withdrawals from savings but not checking. I do not know this to be true since I only took from savings and they did not list any transactions fees.
[QUOTE=Malodr]Yes it would cause you won't pay a fee at their banks in Medellin.[/QUOTE]
I believe if you put your money in Citi and redraw it from a Citi Bank you will get more Air Miles.
At least I have been getting extra miles for the last few years. Unless they have changed their policies recently.
[QUOTE=Airhead]I just opened a Citibank Checking account to take advantage of the 20k AA airline miles. Would it be worth it to transfer my vacation money into it rather than use my Bank of America ATM?[/QUOTE]
Thanks,
I found out that Citibank charges 3% and Bof A charges 1%, so I guess I'll continue to use my BofA card. I heard Capitol one is a good card to use, but I don't want to open a new account. I do too much credit card churning to earn frequent flyer miles, and it stops them from accepting applications if they see too many other accounts opened.
I have a debit card and credit card through Mechanics bank [url]www.mechbank.com[/url] and they don't charge me any fees, foreign transaction or otherwise, nor do I pay any local bank fees. I'm living in Pereira, and mostly use Davivienda because I can get 400,000 at a time from the ATM, I've made withdrawals of 2,200,000 some days. There's a Citibank here, I can draw 2,000,000 from them, but it's a trip, Davivienda is an easy walk from my apartment.
El Minetero
[QUOTE=World Travel 69]I believe if you put your money in Citi and redraw it from a Citi Bank you will get more Air Miles.
At least I have been getting extra miles for the last few years. Unless they have changed their policies recently.[/QUOTE]You get miles withdrawing money?
And not charging things?
I don't think thats correct..
[QUOTE=Airhead]Thanks,
I found out that Citibank charges 3% and Bof A charges 1%, so I guess I'll continue to use my BofA card. I heard Capitol one is a good card to use, but I don't want to open a new account. I do too much credit card churning to earn frequent flyer miles, and it stops them from accepting applications if they see too many other accounts opened.[/QUOTE]One percent for B of A and five dollars per transaction.
[QUOTE=Airhead]Thanks,
I found out that Citibank charges 3% [/QUOTE]Don't know where you found that out from.
I use a citi card in citi ATM without %.
[QUOTE=AddictedToWomen]Don't know where you found that out from.
I use a citi card in citi ATM without %.[/QUOTE]I used my Citibank AA ADVANTAGE CARD in Cali last fall and they charged me 2% plus an international foreign transaction fee. But when I used it in MDE in November at the Citibank ATM there was no fee. But as of Jan 1st they were telling me ALL of citibank ATMs were going to start charging at first 3% but then lowered to 2%. I have bank statements to back all of this info.
[QUOTE=MiamiHeatLuver]I used my Citibank AA ADVANTAGE CARD in Cali last fall and they charged me 2% plus an international foreign transaction fee. But when I used it in MDE in November at the Citibank ATM there was no fee. But as of Jan 1st they were telling me ALL of citibank ATMs were going to start charging at first 3% but then lowered to 2%. I have bank statements to back all of this info.[/QUOTE]No idea. Type of card/account you've got maybe?
1% with BOA. better exchange rates and no transaction fee with the preferred account (minimum 100k balance.)
Citibank started charging 2% fee around two years back. Before that, there was no fee for foreign transactions as long as you used their ATM. In fact, most credit cards started to tack on this charge either explicitly or implicitly (like AmEx).
[QUOTE=Pinga 98]Citibank started charging 2% fee around two years back. Before that, there was no fee for foreign transactions as long as you used their ATM. In fact, most credit cards started to tack on this charge either explicitly or implicitly (like AmEx).[/QUOTE]I use a ATM card from E Trade and as far as I know there is no fee's. I have two other ATM cards and when I use them there is always a fee. Also I get a better rate with E Trade.
[QUOTE=Zingadoon]1% with BOA. better exchange rates and no transaction fee with the preferred account (minimum 100k balance.)[/QUOTE]I'm use BOA too but I don't have 100 grand in the account!
[QUOTE=Vics Picks]The dollar is going to keep falling as long as Washington thinks that printing money is the way to get out of problems that are not going away.[/QUOTE]I looks like the COP (or the USD depending on how you look at it) finally found some resistance at 2000.
What a free fall.
[QUOTE=Kdogg21]Citibank lets you take up to your daily limit of the card, I have withdrawn 1,000,000 in a single transaction.[/QUOTE]Which ATM in CTG can you withdrawl 1,000,000 per transaction?
[QUOTE=Vics Picks]I use a ATM card from E Trade and as far as I know there is no fee's. I have two other ATM cards and when I use them there is always a fee. Also I get a better rate with E Trade.[/QUOTE]I believe E*Trade ATM cards have an 1% FOREX fee. That fee is buried in the exchange rate.
Just when im about to head to Medellin, the dollar starts to drop, Its already under 1900
damm!
Hey, I compared to taking cash down there and exchanging it in different places to taking money out of the ATM. To be honest I think ATM saves you money and get you more for your dollar. Only thing to watch out for is that every time you do something it charges you like $1. 5-$3 us dollars. When I checked how much money I had using the ATM it charged me $1. 50 and when I took out $700, 000 (citi bank's max per transaction) it charged me $3. 00 US. Plus when I changed US cash in exchange house they gave me a fake 50, 000. 00 pesos bill. Couldn't fool anyone to take it.
I need to get hold of some sterling/euros/ anything hard except dollars next week.
Anyone got any tips on the best way of doing this?
Here I am planning my first trip back to Bogota since November 1990 and whatca-know. The exchange is tanked.
Just going to have to be more cost conscience.
The Tall Man
I pulled the trigger today and will be flying into Bogota on Saturday January 23rd.
Can I use my Union Bank of California MasterCard debit card for ATM withdrawls?
I plan on bringing about $500.00 in cash with me. Any problems with exchanging it at a Colombian Bank? I need some pesos when I land in Bogota so should I exchange at the airport? How is the exchange rate?
Thanks in advance,
The Tall Man
[QUOTE=The Tall Man]I pulled the trigger today and will be flying into Bogota on Saturday January 23rd.
Can I use my Union Bank of California MasterCard debit card for ATM withdrawls?
I plan on bringing about $500.00 in cash with me. Any problems with exchanging it at a Colombian Bank? I need some pesos when I land in Bogota so should I exchange at the airport? How is the exchange rate?
Thanks in advance,
The Tall Man[/QUOTE]Upstairs at the airport you'll find a whole bunch of ATMs.
You'll get a better exchange rate there then changing cash.
[QUOTE=The Tall Man]I pulled the trigger today and will be flying into Bogota on Saturday January 23rd.
Can I use my Union Bank of California MasterCard debit card for ATM withdrawls?
I plan on bringing about $500.00 in cash with me. Any problems with exchanging it at a Colombian Bank? I need some pesos when I land in Bogota so should I exchange at the airport? How is the exchange rate?
Thanks in advance,
The Tall Man[/QUOTE]Never deal with airport money changers. They are terrible. Us the ATM at the airport.
I never travel with less than $1,000 cash. you never know when the ATM will have problems.
If you have the "PLUS" system on the card it will work fine and give you the best rate.
1st trip to Colombia this weekend. I'm pretty tight on schedule these few days and haven't had enough time to look through every post here. I guess I don't have enough time to get pesos from my bank here in the US. What is the best method to obtain pesos upon arrival in Cartagena? Should I bring dollars? Or should I use an ATM? Where?
Thanks in advance.
[QUOTE=Neverenuff]1st trip to Colombia this weekend. I'm pretty tight on schedule these few days and haven't had enough time to look through every post here. I guess I don't have enough time to get pesos from my bank here in the US. What is the best method to obtain pesos upon arrival in Cartagena? Should I bring dollars? Or should I use an ATM? Where?
Thanks in advance.[/QUOTE]Use an ATM in any upscale tourist area or mall, preferably during the daytime. Citibank has higher withdrawal limits than other banks. Don't count your money on the street, in a taxi or in front of a chica.
Have fun
[QUOTE=Client 9]Use an ATM in any upscale tourist area or mall, preferably during the daytime. Citibank has higher withdrawal limits than other banks. Don't count your money on the street, in a taxi or in front of a chica.
Have fun[/QUOTE]Take an amount of your country money with you to Colombia (Dollars or Euro). I would say 500 upto 1000. You will always get a better exchange rate compared to what your bank will be offering you for the Peso. Though don't change with "touts" on the street! Use exchange boots (preferably). And not BANK! It will take you "hours of hassle" the exchange them in a bank. Also don't change all this money "at once". Unless you want to show off with a big "package" in your trousers. Yet. Know the negative consequences.
[QUOTE=Neverenuff]1st trip to Colombia this weekend. I'm pretty tight on schedule these few days and haven't had enough time to look through every post here. I guess I don't have enough time to get pesos from my bank here in the US. What is the best method to obtain pesos upon arrival in Cartagena? Should I bring dollars? Or should I use an ATM? Where?
Thanks in advance.[/QUOTE]Depends on where your staying to reccomend the closest or most convenient. If you are staying in Laguito there's an ATM in the Hilton Hotel. Walk in, go to the right and follow the hall past the shops. This machine has been a bit flaky stating out of order and the like, but give it a few tries regardless.
There is another ATM in the middle of Laguito next to the Ice Cream store ( beach side of street ). It's safe but I never liked using it much as you feel like everyone in the area knows you've just loaded up on cash. This one has the advantage of giving you more 10,000 notes as most other will only give out 2-3 and the rest in 20,000 notes.
The one I prefer is Bancolombia at Calle 5 and Avenida San Marteen. If the machine fails there are cashiers. Of the above 3 this one is it will give you 50,000 notes in the mix.
I don't think you should bring so much cash to Colombia. Maybe 100-200 max as an emergency. You don't want to carry tons of cash in your pocket and the dinky safes in the hotels/apartments are not too safe. I've heard instances of them being broken into. There are tons of ATMs everywhere. Bring a couple of ATM cards just in case (remember to let your bank know you are traveling). Besides, the ATMs are quick and give better rates. If you change a bank, you need your passport and to wait on line. I believe there is also a change charge.
Thank you all for your information on bringing US dollars, ATM, banks and changing money. This is a big help as the last time I was in Bogota, Colombia was November 1990.
I am flying out his Saturday so I am looking forward to my trip!
The Tall Man
As I see that the money exchanging situation in Colombia is not as easy as Costa Rica and the Dominican Republic, I was thinking about sending money through Western Union to [B]myself[/B] before leaving for Medellin next month and get the money there in pesos. Do you guys think it would be a good idea? I don't feel comfortable drawing money in a foreign country with my debit card.
[QUOTE=Rebel Monger]As I see that the money exchanging situation in Colombia is not as easy as Costa Rica and the Dominican Republic, I was thinking about sending money through Western Union to [B]myself[/B] before leaving for Medellin next month and get the money there in pesos. Do you guys think it would be a good idea? I don't feel comfortable drawing money in a foreign country with my debit card.[/QUOTE]Rebel,
Using your debit card really is safe, fast, and inexpensive. Much better than using western union in my opinion. I suggest using a ATM in one of the big shopping malls. I lived in Cali and bogota for a couple of years and never had a problem. Just be smart, do it during the day, and keep you wits about you. My bank charges a 1 % fee, but the also give the official exchange rate that is better than the deal Western Union will give you.
[QUOTE=Rebel Monger]As I see that the money exchanging situation in Colombia is not as easy as Costa Rica and the Dominican Republic, I was thinking about sending money through Western Union to [b]myself[/b] before leaving for Medellin next month and get the money there in pesos. Do you guys think it would be a good idea? I don't feel comfortable drawing money in a foreign country with my debit card.[/QUOTE]Western Union does not give a good exchange rate and it has charges as well. If you must send yourself money then do it next day, not money in minutes. This way you will save a few bucks.
As far as the ATM I think you should rethink it. I myself love the ATM in any country I have visited. The exchange rates are the best and I have never had a problem and if you are just a little cautious you will be OK. Use it in the daytime in better sections and don't flash the money after you get it from the machine. Maybe the best part is how easy it is since you have brought concerns about that. As stated in other posts make sure you let your bank know of your plans. I aways add a week or so in case you decide to stay longer.
[quote=rebel monger]as i see that the money exchanging situation in colombia is not as easy as costa rica and the dominican republic, i was thinking about sending money through western union to [b]myself[/b] before leaving for medellin next month and get the money there in pesos. do you guys think it would be a good idea? i don't feel comfortable drawing money in a foreign country with my debit card.[/quote]western union is going to [url=http://isgprohibitedwords.info?CodeWord=CodeWord123][CodeWord123][/url] you on the exchange rate and fees. atm is the way to go, you will get the best rate. go during the day and if you have a trusted cab driver have him wait for you and get right back in the cab after withdrawal and go back to your hotel or apartment and put the cash in your safe. simple.
Guys,
Thanks a lot. I'll go the ATM route.
[QUOTE=Rebel Monger]As I see that the money exchanging situation in Colombia is not as easy as Costa Rica and the Dominican Republic, I was thinking about sending money through Western Union to [b]myself[/b] before leaving for Medellin next month and get the money there in pesos. Do you guys think it would be a good idea? I don't feel comfortable drawing money in a foreign country with my debit card.[/QUOTE]Do not use Western Union.
Here is a safe method of using an ATM in Medellin. Take a taxi to Oviedo Mall to have lunch. After lunch, walk to Citibank nearby. The ATM there has a high withdrawal limit. The ATM is indoors, and there is armed security. Make sure nobody around you is using their cellphone. After withdrawing, do not take a taxi in front of the bank. Walk back to Oviedo Mall and take a taxi there so the driver does not know you have been to the bank. Do not count your money on the street, in the taxi or in front of a chica.
Have fun.
When I first hit Colombia in late Jan. It was very close to 2, 000 per $
This morning I just got 1, 894 per $, and that is with no ATM surcharge.
E-Trade does not charge a fee on top of the exchange rate.
The good news my room is already paid for the rest of the month, and here in MDE the girls are not as expensive as the rest of Colombia.
My own fault as a few years ago in March when I was here when the rate was 2, 600 per $ and I did not load up on peso's. At the time my gut told me with the way the USA was destroying money the dollar would have to fall.
[QUOTE=Vics Picks]When I first hit Colombia in late Jan. It was very close to 2, 000 per $
This morning I just got 1, 894 per $, and that is with no ATM surcharge.
E-Trade does not charge a fee on top of the exchange rate.
The good news my room is already paid for the rest of the month, and here in MDE the girls are not as expensive as the rest of Colombia.
My own fault as a few years ago in March when I was here when the rate was 2, 600 per $ and I did not load up on peso's. At the time my gut told me with the way the USA was destroying money the dollar would have to fall.[/QUOTE]I hear ya! My first trip the rate was 2,300ish, then 5-7months later 1,900ish, and now we're in the 1,800ish? I hope that bumps back up in two months when I make my "Heroic" return!
Only use CitiBank!
There is a reason for that. If your bank charges you per transaction, at Citibank, you can pull out a million pesos per transaction, and if your bank had a per transaction fee, you just saved money.
And in case you have not read the hundreds of reports about changing money etc.
DON'T DO IT- you are a fool if you bring USA Dollars and then go and change them.
(unless you have a lot of cash money that was earned under the table), or you don't want to have a record on your bank account that you were in Colombia.
The atm here gives you straight money.
[QUOTE=Slamcity7777]I hear ya! My first trip the rate was 2,300ish, then 5-7months later 1,900ish, and now we're in the 1,800ish? I hope that bumps back up in two months when I make my "Heroic" return![/QUOTE]Bloomberg says no.
Some suggestions re withdrawals on your debit card (dc).
Do not bother with cc unless you like giving cc companies money for nothing.
For added security open up an internet banking account and link your dc with a savings account. Keep all or most of your money in the savings account. When you need to make a withdrawal, go on line to transfer the amount for withdrawal to your dc.
This process protects your money in case your dc is lost, stolen etc.
Never carry your cards with you except when you're taking some money out.
Keep them in your room safe. Use atms inside banks and put the money somewhere safe before you leave the bank. I will sometimes sit down in the bank for a few minutes, just to check nobody has been watching me. Take the money back to accommodation and put in safe, with card.
Lastly. Try not to look like a rich gringo taking out lots of money, (I know some of you guys are going to find that bit difficult)
[QUOTE=AddictedToWomen]Bloomberg says no.[/QUOTE]Who is this Bloomberg guy? I'm gonna punch him right in the nose!
[QUOTE=Slamcity7777]Who is this Bloomberg guy? I'm gonna punch him right in the nose![/QUOTE][url]http://en.wikipedia.org/wiki/File:Michael_R_Bloomberg.jpg[/url]
Have at him.
[quote=speedyg50]some suggestions re withdrawals on your debit card (dc).
do not bother with cc unless you like giving cc companies money for nothing.
for added security open up an internet banking account and link your dc with a savings account. keep all or most of your money in the savings account. when you need to make a withdrawal, go on line to transfer the amount for withdrawal to your dc.
this process protects your money in case your dc is lost, stolen etc.
never carry your cards with you except when you're taking some money out.
keep them in your room safe. use atms inside banks and put the money somewhere safe before you leave the bank. i will sometimes sit down in the bank for a few minutes, just to check nobody has been watching me. take the money back to accommodation and put in safe, with card.
lastly. try not to look like a rich gringo taking out lots of money, (i know some of you guys are going to find that bit difficult)[/quote]before my trip i was in [b]paranoia mode[/b] also but once there i found out that there was nothing to worry about it. to me, the hardest challenged was to figure out how to work the atm machines, even when i speak spanish, it was kind of confussing. i never felt unsafe there and i went to el centro around 6 pm. maybe i was lucky but i didn't see any scare people walking around.
[QUOTE=AddictedToWomen][url]http://en.wikipedia.org/wiki/File:Michael_R_Bloomberg.jpg[/url]
Have at him.[/QUOTE]I saw him at Mangos with one of my fave prepagos!
[QUOTE=Slamcity7777]I saw him at Mangos with one of my fave prepagos![/QUOTE]Yeah, all true. He and his wingman, Bill Clinton, frequent Cartagena too.
[QUOTE=Slamcity7777]I saw him at Mangos with one of my fave prepagos![/QUOTE]Bastard!
Is there no honor amongst Johns no more?
And I am happy as a pig in shit! Two months out from that post and it is 2,000.70 right now. I don't know how long it will last but I will prepare for my next trip down here now! Hope you are watching Slamcity7777.
DP
[QUOTE=Dpilzbo]And I am happy as a pig in shit! Two months out from that post and it is 2,000.70 right now. I don't know how long it will last but I will prepare for my next trip down here now! Hope you are watching Slamcity7777.
DP[/QUOTE]Already booked!
US economy is picking up. Bank earnings are way up this quarter. I think the dollar will start getting stronger. Just in time!
[QUOTE=Dpilzbo]And I am happy as a pig in shit! Two months out from that post and it is 2,000.70 right now. I don't know how long it will last but I will prepare for my next trip down here now! Hope you are watching Slamcity7777.
DP[/QUOTE]Ya a year ago it was 2450.00 and five years ago it was in the mid 3s where you been.
[QUOTE=Dpilzbo]And I am happy as a pig in shit! Two months out from that post and it is 2,000.70 right now. I don't know how long it will last but I will prepare for my next trip down here now! Hope you are watching Slamcity7777.
DP[/QUOTE]Well actually no, I'm not too active on this topic...But that's good news the rate climbed back up to 2,000.70...with luck maybe we can push that number back up to 2,400ish when I get back there in Nov/Dec.
[QUOTE=PaulGore]Ya a year ago it was 2450.00 and five years ago it was in the mid 3s where you been.[/QUOTE]I think his point is that it's been under 2000 for practically this whole year. Generally, the dollar has been pretty weak for a while now.
With all the panic in Europe, there's a flight to safety going on now and people are buying Dollars (and Gold even moreso).
The US Dollar will do will be the world is a mess.
I have lived/played/had a business/mostly played in Colombia for over 10 years. I have watched the peso from just under 2000 go to just over 3000 9only a short time) and then drop to just over 1600 to 2500 back to 1800 and now just over 2000. Lots of smart people look at the past and become experts , but only for the past. I believe that it will get better but if i knew something I would be able to make money. There is NO science to this, only self proclaimed experts, I am not one.
Loco,
When I brought MM, I got 3,115 peso to the dollar, when I brought EC, I got 2,995 pesos to the dollar, not bad, when I sold I got 2,150 pesos to the dollar.
Aussie Greg.
[QUOTE=LocoGringo]I have lived/played/had a business/mostly played in Colombia for over 10 years. I have watched the peso from just under 2000 go to just over 3000 9only a short time) and then drop to just over 1600 to 2500 back to 1800 and now just over 2000. Lots of smart people look at the past and become experts , but only for the past. I believe that it will get better but if i knew something I would be able to make money. There is NO science to this, only self proclaimed experts, I am not one.[/QUOTE]
I just got a rate of 2009. 9 per dollar with my E-trade ATM card. It appears that they charge no fee's that I can C.
This goes along with a post I just made on the MDE board of my trying to cut costs this trip.
[QUOTE=Vics Picks]I just got a rate of 2009. 9 per dollar with my E-trade ATM card. It appears that they charge no fee's that I can C.
This goes along with a post I just made on the MDE board of my trying to cut costs this trip.[/QUOTE]They'll have been a spread but it looks tight:
http://www.advfn.com/p.php?pid=qkchart&symbol=FX^USDCOP
Historically I've got better than expected rates with citi too.
Just got from my ATM a rate of one dollar=1871 Peso.
OUCH!
[QUOTE=Vics Picks]Just got from my ATM a rate of one dollar=1871 Peso.
OUCH![/QUOTE]Just north of 1800 right now. The economies of both countries and especially the US (Chavez thing should blow over now that Santos is getting in) are heading in the directions they were before the crisis hit.
During that time, end of 2007 and into 2008, the trend saw the COP hit a high of 1600 to the USD, this in June 2008. The central bank of Colombia intervened heavily twice during that period but the task of a 3rd time was never to happen since the US was collapsing, hence the rest of the world and suddenly the dollar is stronger than other currencies. (Oct US Fed bails out 540billion, nov 800billion, freddie, fannie bail outs, Bear Sterns and Lehman fold, nationalization of AIG, credit market freeze, Goldman and Morgan Stanley go from IB to commercial, DOW down 35% and TARP)
If that is not reason enough for COP to get back to 2100-2200 I don't know what is. And it did.
Now things are getting back -slowly...
We may see 1500 by 3rd quarter 2011 unless the Col Central Bank pulls out some more tricks or synthetically pegs to the USD. JMHO
Anyone know the max cash you can withdraw from an ATM in Medellin?
At one time or per day?
[QUOTE=Arjay]Anyone know the max cash you can withdraw from an ATM in Medellin?
At one time or per day?[/QUOTE]Usually the max in USD your bank allows.
[QUOTE=Escort King]Usually the max in USD your bank allows.[/QUOTE]I won't be using a ATM card from USA bank. My Thailand bank allows me 200,000 baht/per day that than $6000 US. I want to know the maximum I can get from an ATM in Medellin?
[QUOTE=Arjay]I won't be using a ATM card from USA bank. My Thailand bank allows me 200,000 baht/per day that than $6000 US. I want to know the maximum I can get from an ATM in Medellin?[/QUOTE]Most ATMS will only let you take 400K a withdrawal, You can keep taking 400K withdrawals until you hit your daily limit or the machine runs out of money.
Citibank is the only one I know of that will let you take more out per withdrawal. the most I have taken is 1,000,000 pesos. Some times on weekends the machine does not have enough money and only gave me 800K or 700K, so it can depend on the machine too.
[QUOTE=Escort King]Usually the max in USD your bank allows.[/QUOTE]Most ATM will only let you pull 350,000 - 500,000 at one time.. Citibank is the exception and will let you pull 700,000 - 1,000,000. You can pull out multiple times until you reach your daily bank limit.
[QUOTE=Hioctane]Most ATM will only let you pull 350,000 - 500,000 at one time.. Citibank is the exception and will let you pull 700,000 - 1,000,000. You can pull out multiple times until you reach your daily bank limit.[/QUOTE]I was able to pull upto 1.7million in one shot at citibank in Medellin as my daily limit was C$ 1,000 from my bank.
[QUOTE=John]I was able to pull upto 1.7million in one shot at citibank in Medellin as my daily limit was C$ 1,000 from my bank.[/QUOTE]That is correct.
Davivienda lets you do 720,000K in one shot and then repeat until you hit your daily limit at the foreign bank. The ATMS with the 300K-500K limits are just samller banks like Servibanca or BancoBogotá
Bancolombia doesn't like foreign ATM cards.
[QUOTE=John]I was able to pull upto 1.7million in one shot at citibank in Medellin as my daily limit was C$ 1,000 from my bank.[/QUOTE]Thanks for the answer!
OK, for one of the 1st times in my 11 years here you can do better at the cambio than the ATM. 188-1820 per gringo dollar at numerous cambios in Medellin and Cartagena the last week, 1790-1805 at ATM and then some fee depending on the bank.
Of course they believe that the peso will fall, how can you be sure.
[QUOTE=LocoGringo; 1077367]you can do better at the cambio than the ATM
Numerous cambios in Medellin[/QUOTE]Where can I find some credible cambios in MDE?
[QUOTE=Travel Spirit;1127202]Where can I find some credible cambios in MDE?[/QUOTE]Try the casa de Cambio in Oviedo Mall. The guy gives a good rate and speaks English. It is in a very secure area as well. Next to El Coral.
The best house to get good rate on your dollar is UNICAMBIOS they are locted in Oviedo Mall and Santa Fe mall.
[QUOTE=MiamiHeatLuver;1127317]Try the casa de Cambio in Oviedo Mall. The guy gives a good rate and speaks English. It is in a very secure area as well. Next to El Coral.[/QUOTE]
Hello, fellows,
I will be moving to Colombia and visit the country for the first time,
Could anybody give me some advice for good places to exchange dollars to pesos?
I would appreciate a lot any help.
I will try to report once I am settled and get a chance to explore the city.
Greetings
[QUOTE=Bolman; 1139606]Hello, fellows,
I will be moving to Colombia and visit the country for the first time,
Could anybody give me some advice for good places to exchange dollars to pesos?
Greetings[/QUOTE]Usually I found that ATMs give a better exchange rate.
Also sometimes I watch the exchange rate (xe. Com) for a month or two before I go. When the dollar is strong, I use a money transfer to send a little money to myself. So I am the sender and the receiver. I lock in the exchange at a good rate. I use a moneytransfer service like (riafinancial. Com). Then I just pick up the cash when I get there. It also works a good back up.
I have no interest in either of those two companies.
Dollar really looking like shit all over Latin America. Going to suck for my wallet for this upcoming trip. . I remember just about a month ago we were over 1900.
[url]http://www.bloomberg.com/markets/currencies/americas/[/url]
[QUOTE=MiamiHeatLuver; 1142869]Dollar really looking like shit all over Latin America. Going to suck for my wallet for this upcoming trip. . I remember just about a month ago we were over 1900.
[url]http://www.bloomberg.com/markets/currencies/americas/[/url][/QUOTE]At the rate we are going it may come to pass the that USA may become a Mongering destination for the richer Euro and Asian countrys. Already they come in droves to our National Parks and places like Disney World. As times get tougher and tougher in the USA. No jobs, many women unmarried with children to support, etc. I think it is a strong possibilty in the future. A sad note indeed as the American Monger would be reduced to a level like the Native men we see in the Latin American countrys that we visit now.
In short if you can travel now then do it. Nothing lasts forever and much stronger regimes in the past have went by the wayside.
Sorry for the gloom and doom, but sometimes you have to tell it like it is.
Latin America is on sale for all us Canucks! One point to all canuck mongers, if you do go to that Oviedo Mall cambio (I have and it is very good service, just need your passport) , change your money in US$ before leaving Canada. Last time I was there, they were still giving more pesos for the US$, even though the C$ was above par. I wouldn't know the current rate they are giving, but one can bet it probably isn't as good as changing the money in Canada first.
Guys its really chump change but it's your money. Sometimes as you know the ATM's are better. But as of today this is not the case. XE has the peso at 1818 today. Which means at the ATM you will get hopefully 1810. 00.
But if you go to the Monteray exchange inside the monterray mall, the exchange today is giving 1870. 00, it's my opinion as well that this is th best exchange in Medellin. You don't need your passport just a drivers license. After they get to know you, you don't even need that. Yes the oveido mall is famous for their exchange, but I compare the two over and over and Monterray is better. But to make it worth it cabs cost to get there you need to exchange like 450 dollars or more. Otherwise the savings gets eaten by taking a cab there. My two cents. Someone posted if your spending 700 on airfare and 400 on a apartment, why would you care about losing 58 pesos on the dollar. But I'm cheap with myself and I care.
Now this really sucks balls! . WTF! It hasn't risen in days. The dollar slowly hemorrhaging to it demise.
[url]http://www.bloomberg.com/markets/currencies/americas/[/url]
[QUOTE=MiamiHeatLuver; 1145537]Now this really sucks balls! . WTF! It hasn't risen in days. The dollar slowly hemorrhaging to it demise.
[url]http://www.bloomberg.com/markets/currencies/americas/[/url][/QUOTE]Euroservicios four blocks from estacion exposiciones CC Almacentro 1, 860 good!
[QUOTE=John Gault; 1142884]At the rate we are going it may come to pass the that USA may become a Mongering destination for the richer Euro and Asian countrys. Already they come in droves to our National Parks and places like Disney World. As times get tougher and tougher in the USA. No jobs, many women unmarried with children to support, etc. I think it is a strong possibilty in the future. A sad note indeed as the American Monger would be reduced to a level like the Native men we see in the Latin American countrys that we visit now.
In short if you can travel now then do it. Nothing lasts forever and much stronger regimes in the past have went by the wayside.
Sorry for the gloom and doom, but sometimes you have to tell it like it is. [/QUOTE]Those once-pathetic looking Colombian pesos I now earn are starting to look halfway decent.
I don't think you have to worry about AW EVER being in demand. Unless the food supply changes and they start getting in shape and taking care of themselves and maybe reading a book once in a blue.
[QUOTE=Bango Cheito;1146089]Those once-pathetic looking Colombian pesos I now earn are starting to look halfway decent.[/QUOTE]The Colombian peso reached a high of 1, 780. 27 to the USA dollar in New York on Wendesday, its highest level since August 2008, Bloomberg reported.
Much of the peso's rise has been attributed to rising foreign investment in the oil and mining industries as well as companies repatriating profits from abroad in order to pay taxes. Companies are due to pay taxes in Colombian between April 8 and April 25 this year.
Foreign direct investment increased by $3. 23 billion in the year from March 2010, 86% of which went into oil and mining, according to trade balance figures from the central bank.
Portfolio inflows have also risen to $825 million between March 2010 and March 2011 compared to a net decrease of $21 million the year before, according to the central bank.
The currency has increased by 5. 1% so far this month making the peso currently one of the best performing world currencies tracked by Bloomberg.
Earlier this week, the head of Colombia's central bank announced that the country is on track to grow 5. 5% this year. 1% more than was originally forecast.
[QUOTE=Yujin; 1147619]The Colombian peso reached a high of 1, 780. 27 to the USA dollar in New York on Wendesday, its highest level since August 2008, Bloomberg reported.
Much of the peso's rise has been attributed to rising foreign investment in the oil and mining industries as well as companies repatriating profits from abroad in order to pay taxes. Companies are due to pay taxes in Colombian between April 8 and April 25 this year.
Foreign direct investment increased by $3. 23 billion in the year from March 2010, 86% of which went into oil and mining, according to trade balance figures from the central bank.
Portfolio inflows have also risen to $825 million between March 2010 and March 2011 compared to a net decrease of $21 million the year before, according to the central bank.
The currency has increased by 5. 1% so far this month making the peso currently one of the best performing world currencies tracked by Bloomberg.
Earlier this week, the head of Colombia's central bank announced that the country is on track to grow 5. 5% this year. 1% more than was originally forecast. [/QUOTE]Yes. Emerging markets such as Colombia could gain on the USD even if the USD stands still. There are two sides to every FX rate.
Before the US recession which also kicked off the rest of the world's economic crisis (because the US is the #1 consumer / client for every other country) and before the Fed Reserve's super turbo printing press really kicked in you had the COP at 1640 to the USD (June 2008).
As things start to level out in the world, over the next 2-3 years we may see the COP "below" the 1000 range. Remember for the first half of the 1990s (1996 firstyear the COP stayed above 1000 for the whole year) and back the COP was [B]always under 1000[/B] Per 1USD and the 2000 mark was hit for the first time EVER in end of April 2000 with 2001 being the FIRST year of COP over the 2000 mark.
I know a lot of guys on a fixed USD income who dove in and moved here in 2003-2006 when the COP was in the 2400-2900 range, not thinking about inevitable currency fluctuations. Especailly with the overall voliitility of not only the economy of a 3rd world country such as Colombia. But the whole country. Safety, government, wars, and such.
Coming for a vaction? Not a problem. Coming to live? You need to factor in major swings. The days of stability like between USD and GBP before the EUR are not something you will see for a very long time between a stumbling world power and an emerging banana republic.
[QUOTE=Bbrocs; 1145100]Guys its really chump change but it's your money. Sometimes as you know the ATM's are better. But as of today this is not the case. XE has the peso at 1818 today. Which means at the ATM you will get hopefully 1810. 00.
But if you go to the Monteray exchange inside the monterray mall, the exchange today is giving 1870. 00, it's my opinion as well that this is th best exchange in Medellin. You don't need your passport just a drivers license. After they get to know you, you don't even need that. Yes the oveido mall is famous for their exchange, but I compare the two over and over and Monterray is better. But to make it worth it cabs cost to get there you need to exchange like 450 dollars or more. Otherwise the savings gets eaten by taking a cab there. My two cents. Someone posted if your spending 700 on airfare and 400 on a apartment, why would you care about losing 58 pesos on the dollar. But I'm cheap with myself and I care.[/QUOTE]Don't cambios charge an exchange fee? I find a no transaction / no foreign exchange fee debit card the cheapest.
[QUOTE=Hioctane;1147923]Don't cambios charge an exchange fee? I find a no transaction / no foreign exchange fee debit card the cheapest.[/QUOTE]Not always. Sometimes it's embedded into the fx rate. Roundtrip margins of 10% seem common.
To answer this and the Euros talking about it in the Photo Gallery:
Colombia gets a LOT of foreign money coming in from selling the fine white powder. This puts Colombia in a unique position. There's a whole lot of foreign hard cash in this country that needs to be dumped. You can LEGALLY buy dollars and Euros at real good rates here for that reason. It used to be even better, the margin seems to have shrunk in the past several years.
I recommend people from N. America and Europe to just use the ATMS and take cash out. This seems to be consistently the best deal in general. It's usually not a good deal to bring USD and Euros here because of what I mentioned above. Hope this helps.
[QUOTE=Bango Cheito; 1152308]To answer this and the Euros talking about it in the Photo Gallery:
Colombia gets a LOT of foreign money coming in from selling the fine white powder. This puts Colombia in a unique position. There's a whole lot of foreign hard cash in this country that needs to be dumped. You can LEGALLY buy dollars and Euros at real good rates here for that reason. It used to be even better, the margin seems to have shrunk in the past several years.
I recommend people from N. America and Europe to just use the ATMS and take cash out. This seems to be consistently the best deal in general. It's usually not a good deal to bring USD and Euros here because of what I mentioned above. Hope this helps. [/QUOTE]Thanks for re-directing this subject to its proper thread where it belongs and thanks again for the tip provided.
There is people tho, that have no simpathy for credit / debit cards nor for atms, and I happen to be one such individual. So I'm not going to be able to make any use of that.
Generally speaking tho, legal or illegal, they like the USD better.
Bless
[QUOTE=Littletruths; 1152382]Thanks for re-directing this subject to its proper thread where it belongs and thanks again for the tip provided.
There is people tho, that have no simpathy for credit / debit cards nor for atms, and I happen to be one such individual. So I'm not going to be able to make any use of that.
Generally speaking tho, legal or illegal, they like the USD better.
Bless[/QUOTE]I have a friend who hates to use his ATM / CC too so I can see (don't understand) where your're coming from.
Euro or USD it's all good. Just don't use Travelers Checks I was at the Casa de Cambio over at Olviedo Mall a few days ago and I believe Travelers Checks were trading at 160, 000 +-, while UDS was still up $180, 000 +, did not check out the Euro rates or shop around to find a better price. I'm an ATM guy.
Good Luck and report back
[QUOTE=Bango Cheito; 1152308]To answer this and the Euros talking about it in the Photo Gallery:
Colombia gets a LOT of foreign money coming in from selling the fine white powder. This puts Colombia in a unique position. [B]There's a whole lot of foreign hard cash in this country that needs to be dumped. [/B] You can LEGALLY buy dollars and Euros at real good rates here for that reason. It used to be even better, the margin seems to have shrunk in the past several years.
I recommend people from N. America and Europe to just use the ATMS and take cash out. This seems to be consistently the best deal in general. [B]It's usually not a good deal to bring USD and Euros here because of what I mentioned above[/B]. Hope this helps.[/QUOTE]For some reason people seem to think the opposite and haul down USD and get raked. Colombia is [B]dying [/B]to get rid of USD and EUR ALWAYS.
If you live here in Colombia and are taking a trip to the US you can make a quick 5-10% if you go to the ATM in COL, take out COP from your US account, go to a casa de cambio and buy USD cheap, fly to the US deposit in your US acct and on return after your trip take it out again from the ATM.
I always buy USD from COP ATM withdrawls just before taking a trip to the US
[QUOTE=Slamcity7777; 1152403]I have a friend who hates to use his ATM / CC too so I can see (don't understand) where your're coming from.
Euro or USD it's all good. Just don't use Travelers Checks I was at the Casa de Cambio over at Olviedo Mall a few days ago and I believe Travelers Checks were trading at 160, 000 +, while UDS was still up $180, 000 +, did not check out the Euro rates or shop around to find a better price. I'm an ATM guy.
Good Luck and report back[/QUOTE]Sorry but no, it isn't the same thing and it's not just as good either way.
I've been changing about 300 € a day and consistently got suckered of about $ 100. 000 COP on each and every change. Received about 690. 000 instead of the 790. 000 that I should have gotten.
The rate they give for USD is pretty fair, can't say the same thing though when it comes to EURO, so please do not divulgate inaccurate informations.
They just pay better rates for USD.
So yeah, it seems crystal clear that the best way to go is ATM, but if that's not an option in anyone's book for whatever reason, then USD over EURO. That is, if you don't mind burning perfectly good money anyways.
Bless
Best bet is the ATM in a higher end mall, not one on the street. Take out the most you can maybe use multiple cards if youe have them and stash the money in different pockets, socks whatever and take a cab back to your room. Better than making daily trips to the ATM and taking multiple risks. JMHO. Alot of restaurants and stores take crefit cards so you can limit your cash on you. Just remember to bring your passport if you pay by credit card. Some crefdit card banks might charge a 1% international transaction fee. Capital One does not.
[QUOTE=Sailor Jim;1152779]Best bet is the ATM in a higher end mall, not one on the street. Take out the most you can maybe use multiple cards if youe have them and stash the money in different pockets, socks whatever and take a cab back to your room. Better than making daily trips to the ATM and taking multiple risks. JMHO. Alot of restaurants and stores take crefit cards so you can limit your cash on you. Just remember to bring your passport if you pay by credit card. Some crefdit card banks might charge a 1% international transaction fee. Capital One does not.[/QUOTE]don't bring your passport anywhere in Colombia once you store it in the safe, all places will accept your driver license and even a color copy of your passport. If your passport ever got lost or stolen I can't think of a bigger nightmare.
I find that POS transactions tend to give you a shitty rate and avoid them for that reason, not to mention the risk of having your card cloned.
Also I would recommend NOT using the ATMS close to the money changing places in Santa Barbara in Bogota as I DID get a fake 20k note from them once. Using the machine in a mall or Carrefour or something is a good bet.
I do the same as LuckyEddie except for I tend not to have money sitting in my US bank account as I make mostly pesos now. But I always change every last peso I have on me to USD and fly up with cash and deposit it, then when I get back I take it back out via the ATM instead of trying to change it back.
Let me comment here about passport. You will need it in Colombia. Banks, cashiers, even the Police if they ask you for it, you better have the original passport and not a copy. Sorry Miamiheatluver, I am talking from experience.
[QUOTE=Viajero;1152829]Let me comment here about passport. You will need it in Colombia. Banks, cashiers, even the Police if they ask you for it, you better have the original passport and not a copy. Sorry Miamiheatluver, I am talking from experience.[/QUOTE]Well I have never had the need to do any official business INSIDE an actual bank in Colombia so I can't speak from experience there. I have been to Bogota, Cali and Medellin many many times, I have been pulled over during road stops and random street friskings. I have eaten in various places in all 3 cities, I have shopped in all the mall and been grocery shopping in all the major chains. I have ALWAYS used either my driver's license and / or LASER COPY of my passport. The Police looked at it and give it back to me right away. Besides any "official" business where an official government issued I'd would come into play, I don't see any reason to carry around your passport. Oh and yes I speak from just a little bit of first hand experience as well. LOL
[QUOTE=MiamiHeatLuver;1152854]Well I have never had the need to do any official business INSIDE an actual bank in Colombia so I can't speak from experience there. I have been to Bogota, Cali and Medellin many many times, I have been pulled over during road stops and random street friskings. I have eaten in various places in all 3 cities, I have shopped in all the mall and been grocery shopping in all the major chains. I have ALWAYS used either my driver's license and / or LASER COPY of my passport. The Police looked at it and give it back to me right away. Besides any "official" business where an official government issued I'd would come into play, I don't see any reason to carry around your passport. Oh and yes I speak from just a little bit of first hand experience as well. LOL[/QUOTE]Exactly, Passport is not needed in the streets in Colombia anywhere except Airports, DAS and Notaries. I am staying in Cali for last three years with occasional trips to other cities and I always carry my Alien Card and copies of my passport.
ATM is very good to withdraw cash as they have only Cross Currency Markup Fee of 3% max of the exchange rate.
Visa, Mastercard now offers TravelMoney / Prepaid Cards which can be loaded before you travel. You can withdraw in any Local Currency in any country. I find this cheaper than using Credit Cards or Debit Cards.
Some bank ATMs have withdrawal fee of 2 dollars per transaction. They waive this for preferential customers.
As an example, I withdrew 300, 000 Pesos for $175 when the InterBank Rate is 1768 COP / USD. This has $5. 5 as txn charge with the same rates as Inter Bank rates.
Even with the mark up fee applied, the applied rate is higher than the USD Cash conversion rate or USD TC conversion rate. I prefer ATM transactions very much than the Cash and TCs.
Hi Guy's, This year I start trying [url]WWW.ALLY.COM[/url],
You can take up to $500. 00 a day from the ATM, and charge up to $2500. 00 in the same card, The charge from the atm. 3 to 5 Bucks will be give back to you at the end of the rolling Month, and they charge only 1 % from cash thaking abroad,
Just my two cents.
Kukulkan
[QUOTE=Karkills; 1152902]Exactly, Passport is not needed in the streets in Colombia anywhere except Airports, DAS and Notaries. I am staying in Cali for last three years with occasional trips to other cities and I always carry my Alien Card and copies of my passport.
ATM is very good to withdraw cash as they have only Cross Currency Markup Fee of 3% max of the exchange rate.
Visa, Mastercard now offers TravelMoney / Prepaid Cards which can be loaded before you travel. You can withdraw in any Local Currency in any country. I find this cheaper than using Credit Cards or Debit Cards.
Some bank ATMs have withdrawal fee of 2 dollars per transaction. They waive this for preferential customers.
As an example, I withdrew 300, 000 Pesos for $175 when the InterBank Rate is 1768 COP / USD. This has $5. 5 as txn charge with the same rates as Inter Bank rates.
Even with the mark up fee applied, the applied rate is higher than the USD Cash conversion rate or USD TC conversion rate. I prefer ATM transactions very much than the Cash and TCs. [/QUOTE]
Hey guys,
I have not written a while here. BUT we (Wife and My US Buddies) all use PayPal cards! There is NO fee!
KB151
[QUOTE=Kickboxer151; 1155126]Hey guys,
I have not written a while here. BUT we (Wife and My US Buddies) all use PayPal cards! There is NO fee!
KB151[/QUOTE]This has been discussed many times before KB, Paypal charges $1 per transaction lets you only take out $400usd worth of pesos per day which with a shitty dollar is like 700k cop and the exchange rate given is SUB PAR. You know a company like PAYPAL isn't going to loose not even a penny NOR ever come out on the short end.
[QUOTE=MiamiHeatLuver;1155219]This has been discussed many times before KB, Paypal charges $1 per transaction lets you only take out $400usd worth of pesos per day which with a shitty dollar is like 700k cop and the exchange rate given is SUB PAR. You know a company like PAYPAL isn't going to loose not even a penny NOR ever come out on the short end.[/QUOTE]Paypal in general is a total scam. If you ever become a seller on ebay you will quickly understand. The whole banking system is set up to seperate you from your money. Everytime I walk into chase bank for travel money I am bombarded by overly agressive sales clerks wanting me to open new accounts. Last year I paid $15 in banking fees and it will stay like that.
Colombia is a debit card only place. Don't wear yourself out trying to figure out another way.
Accessing your personal funds is like vagina. Everybody wants some.
PayPal really sucks. In November 2007 I put my trip budget into my PayPal account because it had a cheaper ATM fee-the same way I did the trip before. But the first ATM I used when I landed in MDE wouldn't dispense me cash. Niether did the second, the third, none of them. So I exchanged the couple hundred I had on me and waited til the next day to call PayPal. The next day they told me that their international ATM system was down (whatever that means). When will it be back online? Dunno. How can I access my account? Dunno. Can I transfer it back to my checking? Yes but it will take four working days (this was a Thursday). Basically, they told me I was schit out of luck. So now I'm screwed because I didn't anticipate this. My checking / debit didn't have much cash in it and my savings is with a different institution and I don't carry all my cards with me on vacation. So that left the only alternative which was to cash advance off a credit card. Luckily I called a friend who was cool enough to deposit money into my debit account so I didn't have to advance. Turns out that the PayPal system didn't work until I landed in Los Angeles after the trip was over. Then, to add insult to injury, when I transferred the money out of the PayPal account back to my checking account, they charged me the transfer fee! When I called to object, I finally got transferred to a supervisor that said he would refund me the fee. But they never did. So phuck PayPal. I wish I didn't have to use it to buy things on eBay.
Ever since then I just use my checking / debit card and consider the higher ATM fee the cost of vacationing. At least my debit card doesn't fail. Oh yeah. And I always carry a back-up account card with me in case there's a problem. Because that really sucked.
[QUOTE=El Bombero; 1156542]PayPal really sucks. In November 2007 I put my trip budget into my PayPal account because it had a cheaper ATM fee-the same way I did the trip before. But the first ATM I used when I landed in MDE wouldn't dispense me cash. Niether did the second, the third, none of them. So I exchanged the couple hundred I had on me and waited til the next day to call PayPal. The next day they told me that their international ATM system was down (whatever that means). When will it be back online? Dunno. How can I access my account? Dunno. Can I transfer it back to my checking? Yes but it will take four working days (this was a Thursday). Basically, they told me I was schit out of luck. So now I'm screwed because I didn't anticipate this. My checking / debit didn't have much cash in it and my savings is with a different institution and I don't carry all my cards with me on vacation. So that left the only alternative which was to cash advance off a credit card. Luckily I called a friend who was cool enough to deposit money into my debit account so I didn't have to advance. Turns out that the PayPal system didn't work until I landed in Los Angeles after the trip was over. Then, to add insult to injury, when I transferred the money out of the PayPal account back to my checking account, they charged me the transfer fee! When I called to object, I finally got transferred to a supervisor that said he would refund me the fee. But they never did. So phuck PayPal. I wish I didn't have to use it to buy things on eBay.
Ever since then I just use my checking / debit card and consider the higher ATM fee the cost of vacationing. At least my debit card doesn't fail. Oh yeah. And I always carry a back-up account card with me in case there's a problem. Because that really sucked.[/QUOTE]Yeah. Always keep a backup card. Also keep in mind, Banc Colombia doesn't like international ATM cards.
[QUOTE=El Bombero; 1156542]PayPal really sucks. In November 2007 I put my trip budget into my PayPal account because it had a cheaper ATM fee-the same way I did the trip before. But the first ATM I used when I landed in MDE wouldn't dispense me cash. Niether did the second, the third, none of them. So I exchanged the couple hundred I had on me and waited til the next day to call PayPal. The next day they told me that their international ATM system was down (whatever that means). When will it be back online? Dunno. How can I access my account? Dunno. Can I transfer it back to my checking? Yes but it will take four working days (this was a Thursday). Basically, they told me I was schit out of luck. So now I'm screwed because I didn't anticipate this. My checking / debit didn't have much cash in it and my savings is with a different institution and I don't carry all my cards with me on vacation. So that left the only alternative which was to cash advance off a credit card. Luckily I called a friend who was cool enough to deposit money into my debit account so I didn't have to advance. Turns out that the PayPal system didn't work until I landed in Los Angeles after the trip was over. Then, to add insult to injury, when I transferred the money out of the PayPal account back to my checking account, they charged me the transfer fee! When I called to object, I finally got transferred to a supervisor that said he would refund me the fee. But they never did. So phuck PayPal. I wish I didn't have to use it to buy things on eBay.
Ever since then I just use my checking / debit card and consider the higher ATM fee the cost of vacationing. At least my debit card doesn't fail. Oh yeah. And I always carry a back-up account card with me in case there's a problem. Because that really sucked. [/QUOTE]Paypal is the worst. They do everything they can to charge as much as they can. I only have it for certain eBay purchases. But every time I call them about anything the person on the phone has no clue about anything. My guess is pretty soon they will get slapped with extra regulatoin just like the Credtcard banks did a year or two ago.
I would use a regular ATM card for money and Capital One Credit card for charges (no international fees and the real rate).
Thanks for the Capital One tip Sailor Jim. I didn't know that.
[QUOTE=El Bombero;1157255]Thanks for the Capital One tip Sailor Jim. I didn't know that.[/QUOTE]Yeah but doesn't Cap One generally have like a 20+% interest rate?
Every single time I think we're in for a nice upward swing? The dollar takes a major shit again. We got close to 1850 but that quickly went down to around 1800, no consistency whatsoever. That coupled with $800 flights to Colombia? Going to really have to budget this next trip. Less p4p and more non-pros. Well that's been my trend anyways these past years.
[url]http://www.bloomberg.com/markets/currencies/americas/[/url]
[QUOTE=Slamcity7777;1157609]Yeah but doesn't Cap One generally have like a 20+% interest rate?[/QUOTE]I too have a Cap1. Mastercard. No foreign fees and and the rate is 13. 5. Rates vary at these banks depending on YOU.
Leaving in three weeks for Cali. I am keeping an eye on exchange rates here to see how they are going, and not looking as good as three years ago. If you have the passport card to go to Mexico and Canada, they accept that also. Just not for DAS or other official issues. But, businesses have accepted it as an official form of I'd. I have even used it as an I'd for tender exchange also. God it sucks watching the $ fall and barely rise out of its grave.
[QUOTE=Tristancho G;1160752]Leaving in three weeks for Cali. I am keeping an eye on exchange rates here to see how they are going, and not looking as good as three years ago. If you have the passport card to go to Mexico and Canada, they accept that also. Just not for DAS or other official issues. But, businesses have accepted it as an official form of I'd. I have even used it as an I'd for tender exchange also. God it sucks watching the $ fall and barely rise out of its grave.[/QUOTE]The USD will drop to 1600 in about 3 weeks. How do I know that? Because I'm going to Colombia in 3 weeks and for some strange reason every time I go the dollar does a swan dive.
Before going I checked out the exchange rate online at Intercambios, and it wasn't good at all, compared to the current exchange rate posted at Bloomberg or the IMF site. Maybe Intercambios isn't updated daily, though it says it is. Anyway, I needed to exchange a bunch of money on arrival to pay for an apartment. I noticed the airport casa de cambio as I went through the airport, and the rate was not bad. 1,820 I believe. So I got it done quickly and conveniently. Other than that, I just use the ATM.
1783 as of close of day yesterday and I'm going right now to change money!
[QUOTE=Bango Cheito;1162548]1783 as of close of day yesterday and I'm going right now to change money![/QUOTE]Fuckkk. It's between 1850 and 1870 everywhere here. You guys up there need to buy more cocaine :P
Sure it will show signs of life along the way. But you better get into alternatives pronto or your partying days will OVER. And possibly you plenty to eat days as well. Tons of valid data, analysis, & commentary out there. For example: pricedingold. Com
[QUOTE=Spiderrider;1163350]Sure it will show signs of life along the way. But you better get into alternatives pronto or your partying days will OVER. And possibly you plenty to eat days as well. Tons of valid data, analysis, & commentary out there. For example: pricedingold. Com[/QUOTE]This will usher in budget hobby sex in the US, for those who can protect their wealth. Poorly educated (horrible US schools) 18-20 year old girls will respond to poverty the same as anywhere else, in time.
[QUOTE=Spiderrider;1163364]This will usher in budget hobby sex in the US, for those who can protect their wealth. Poorly educated (horrible US schools) 18-20 year old girls will respond to poverty the same as anywhere else, in time.[/QUOTE]I agree with the soon to be need of American women to join the oldest profession. Big problem is it will never be legal in the USA. In my city they have all kinds of undercover stings to catch the Johns. Bad enough you have to be arrested, but they also put your name in the paper as part of the big bust they did.
My tax payer dollars at work. Any way the Gringa, Bleeding heart liberal controlled USA can make men's life miserable they will do.
[QUOTE=John Gault; 1163370]I agree with the soon to be need of American women to join the oldest profession. Big problem is it will never be legal in the USA. In my city they have all kinds of undercover stings to catch the Johns. Bad enough you have to be arrested, but they also put your name in the paper as part of the big bust they did.
My tax payer dollars at work. Any way the Gringa, Bleeding heart liberal controlled USA can make men's life miserable they will do. [/QUOTE]Not only that, women in the USA don't exactly inspire sex :P :P
[QUOTE=John Gault; 1163370]I agree with the soon to be need of American women to join the oldest profession. Big problem is it will never be legal in the USA. In my city they have all kinds of undercover stings to catch the Johns. Bad enough you have to be arrested, but they also put your name in the paper as part of the big bust they did.
My tax payer dollars at work. Any way the Gringa, Bleeding heart liberal controlled USA can make men's life miserable they will do. [/QUOTE]There's no difference in attitudes towards sex between the liberals and the conservatives. Both are publicly hostile towards it. In fact, I'd dare say the lunatic social conservatives that control the Republican Party would like to regulate your behavior in the bedroom, much less outside of it.
[QUOTE=John Gault; 1163370]I agree with the soon to be need of American women to join the oldest profession. Big problem is it will never be legal in the USA. In my city they have all kinds of undercover stings to catch the Johns. Bad enough you have to be arrested, but they also put your name in the paper as part of the big bust they did.
My tax payer dollars at work. Any way the Gringa, Bleeding heart liberal controlled USA can make men's life miserable they will do. [/QUOTE]They will not have the resources to engage in such non-sense as prostitution stings, any more than a municipality in Colombia, Ecuador, etc do. Its just not in the budget. These types of stings are the product of overpaid bureaucrats with nothing to do but spend more time justifying their existence in the system. They will no longer be employed. Thus will be harmless.
These changes in attitudes & behaviors will occur in the newer generations as they will only know economic strife. The older ones will cling to their puritanical hostility towards sex. But who cares about them.
[QUOTE=Black Hawk69; 1163379]Johnny Jump Up,
Has your name made the paper since you are the biggest trick in the world? [/QUOTE]Not in the paper, but in the post office.
[QUOTE=Catire;1163584]There's no difference in attitudes towards sex between the liberals and the conservatives. Both are publicly hostile towards it. In fact, I'd dare say the lunatic social conservatives that control the Republican Party would like to regulate your behavior in the bedroom, much less outside of it.[/QUOTE]True, how could I forget the hard core right wingers.
In Colombia the last week of June. June 25 had a connection in Bogota going to Cali, exchange rate at Bogota airport was 1800, arrived at Cali airport and it was 1821, changed some money but ended up needing to use the ATM, I have Chase bank, chase gave me an exchange rate at 1775.
Leaving Colombia on July 5 the exchange rate at Cali airport was 1771. I got 1718 from Chase withdrawing from the ATM.
Last two trips the airport has offered better exchange rates than my bank.
Just an FYI.
But I'm wondering the experts are saying that the $ will tank even MORE if we don't raise the debt ceiling and the USA defaults on its debts. I was wondering if I should stock up on some pesos 5k-10k USD before Aug 2, 2011. Because I couldn't afford an exchange rate of 1300-1400. Anybody have some good advice theories?
Only thing I can say is that do not trust anybody / any article predicting exchange rates. It is impossible to predict if one currency will decline against another in FOREX market. That's why some "professionals" lose money and others make money in FOREX, which is influenced by inflation differentials, interest rate differentials, budget deficit, trade balance, wars, and others. But buying pesos now may not be a bad idea if you are risk-averse. Benefit of buying peso is that it will protect your "current" purchase power from potential further decline of $ against peso. The cost is that if the dollar gets stronger (which may not happen) , you cannot take advantage of it. So your plan will "definitely" prevent a financial loss at the expense of inability to take advantage of "potential" (that is, it may not happen) good luck. In short, it will not get worse while you cannot take advantage of the situation if and "only if" it is getting better. If the prevention of losing money is more important than a chance of gaining money, buy pesos now. Sorry, I cannot give you a definit answer you should buy peso now or not. But, again, do not trust any recommendations from any market gurus about FOREX.
[QUOTE=MiamiHeatLuver;1176215]But I'm wondering the experts are saying that the $ will tank even MORE if we don't raise the debt ceiling and the USA defaults on its debts. I was wondering if I should stock up on some pesos 5k-10k USD before Aug 2, 2011. Because I couldn't afford an exchange rate of 1300-1400. Anybody have some good advice theories?[/QUOTE]
[QUOTE=MiamiHeatLuver;1176215]But I'm wondering the experts are saying that the $ will tank even MORE if we don't raise the debt ceiling and the USA defaults on its debts. I was wondering if I should stock up on some pesos 5k-10k USD before Aug 2, 2011. Because I couldn't afford an exchange rate of 1300-1400. Anybody have some good advice theories?[/QUOTE]One thing I would bet a lot of money on is that the USA will not default. Every budget they pull the same crap, and then the last minute they pass it.
Yes the dollar is super weak now, but the Euro is also dropping. All in all the USA is hurting, but so is most of the rest of the world.
At 1300 to 1400 I would skip Colombia. Last I looked the DR's rate was around 37 pesos for a buck. That is not bad at all.
Right now ironically you can bring USD down and get a better exchange rate at local places. The tables have turned for the time being. It's still at 1800 and change. There's a money changing place about 3 blocks from me so I'll check it out in a couple of weeks, I dunno if it's because of the dollar falling and them holding currency they bought at a worse rate or if this is a new trend. Could it really be that the gringos no longer are buying cocaine in quantity anymore? O_o
As for the default I don't think it's IF I think it's WHEN.
Peso scaled to a three year high last week on Jul 17.
Last time it was 1748 in May 2008. It bounced to 2550 in 9 months. Mar 2009.
It almost bounced to around 2000 during November. 2010 after being around 1800 in sep. 2010. But it fell more.
Should start rising again.
After looking at the charts, the drops are gradual and the rises are rapid.
Currently as a pattern, the month ends / month beginning has a little rise than the other days in the month.
[QUOTE=Karkills; 1178908]Peso scaled to a three year high last week on Jul 17.
Last time it was 1748 in May 2008. It bounced to 2550 in 9 months. Mar 2009.
It almost bounced to around 2000 during November. 2010 after being around 1800 in sep. 2010. But it fell more.
Should start rising again.
After looking at the charts, the drops are gradual and the rises are rapid.
Currently as a pattern, the month ends / month beginning has a little rise than the other days in the month.[/QUOTE]In 2001 it hit an all time low of almost 3000 to the dollar. Since then it has steadily been going the other way, with a few blips along the way.
Eventually it will hit 1500 then 1000 again.
[QUOTE=Living Legend; 1173754]In Colombia the last week of June. June 25 had a connection in Bogota going to Cali, exchange rate at Bogota airport was 1800, arrived at Cali airport and it was 1821, changed some money but ended up needing to use the ATM, I have Chase bank, chase gave me an exchange rate at 1775.
Leaving Colombia on July 5 the exchange rate at Cali airport was 1771. I got 1718 from Chase withdrawing from the ATM.
Last two trips the airport has offered better exchange rates than my bank.
Just an FYI.[/QUOTE]If you've never used your Chase ATM overseas, you are in for a surprise when your statement arrives.
$5 + 3%
[QUOTE=Maverick77; 1179183]If you've never used your Chase ATM overseas, you are in for a surprise when your statement arrives.
$5 + 3%[/QUOTE]I have used a Smith Barney card for years internationally and they only charged 1% and all ATM fees were reimbursed, now they charge 2% so on my upcoming trip to Manizales I will bring cash and go to a cambio.
Lately Amex card representative told me that they would not charge oversea transaction fee on my purchases and withdrawals. I, being a eternal pessimist, am wondering if they apply unfavorable exchange rate instead, which is less visible.
[QUOTE=Maverick77; 1179183]If you've never used your Chase ATM overseas, you are in for a surprise when your statement arrives.
$5 + 3%[/QUOTE]
[QUOTE=Matt Psyche;1179235]Lately Amex card representative told me that they would not charge oversea transaction fee on my purchases and withdrawals. I, being a eternal pessimist, am wondering if they apply unfavorable exchange rate instead, which is less visible.[/QUOTE]That is exactly what they are going to do, there is no free lunch in this world.
I have three different cards with three different foreign exchange fee rates and the ones with the lower fees give the worst exchange rate. You have to take both factors into consideration before deciding which card nets out to be the best.
Thanks. I think many people should be aware of this trick. I suspect that in general no fees with higher (unfavorable) exchange rate ends up mostly costly.
[QUOTE=Manizales911; 1179242]That is exactly what they are going to do, there is no free lunch in this world.
I have three different cards with three different foreign exchange fee rates and the ones with the lower fees give the worst exchange rate. You have to take both factors into consideration before deciding which card nets out to be the best.[/QUOTE]
[QUOTE=Manizales911; 1179242]That is exactly what they are going to do, there is no free lunch in this world.
I have three different cards with three different foreign exchange fee rates and the ones with the lower fees give the worst exchange rate. You have to take both factors into consideration before deciding which card nets out to be the best.[/QUOTE]Manizales is 100% correct, some people brag about how they have no fees (capital one) or $1 pay pal fees, the trick is that those places give by far the shitiest rates. The one card that I always use that is NO FEE and Very good rates seem to be the Brokerage cards. Ea Alloy, Fidelity, Scott Trade, Schwab. I have a Fidelity card and it always check when I get home what its exchanging at. Its always spot on with the current exchange or even more. Another I heard was a CitiGold account which is completely free at Citibanks but you need a minimum balance which is very high like 25k? I think it was. Another route is I heard the casas de cambio are paying very well lately. Almost 1800. I think they are betting on a $ surge. I think we all are. LOL
[QUOTE=MiamiHeatLuver;1179474]Manizales is 100% correct, some people brag about how they have no fees (capital one) or $1 pay pal fees, the trick is that those places give by far the shitiest rates. The one card that I always use that is NO FEE and Very good rates seem to be the Brokerage cards. Ea Alloy, Fidelity, Scott Trade, Schwab. I have a Fidelity card and it always check when I get home what its exchanging at. Its always spot on with the current exchange or even more. Another I heard was a CitiGold account which is completely free at Citibanks but you need a minimum balance which is very high like 25k? I think it was. Another route is I heard the casas de cambio are paying very well lately. Almost 1800. I think they are betting on a $ surge. I think we all are. LOL[/QUOTE]I think it's probably more likely that they buy their foreign currency beforehand and are behind the market some becuase of that.
Dollar's not going anywhere, folks. Wait till that first default happens.
[QUOTE=MiamiHeatLuver;1179474]Manizales is 100% correct, some people brag about how they have no fees (capital one) or $1 pay pal fees, the trick is that those places give by far the shitiest rates. The one card that I always use that is NO FEE and Very good rates seem to be the Brokerage cards. Ea Alloy, Fidelity, Scott Trade, Schwab. I have a Fidelity card and it always check when I get home what its exchanging at. Its always spot on with the current exchange or even more. Another I heard was a CitiGold account which is completely free at Citibanks but you need a minimum balance which is very high like 25k? I think it was. Another route is I heard the casas de cambio are paying very well lately. Almost 1800. I think they are betting on a $ surge. I think we all are. LOL[/QUOTE]I've used Capital One. No % fees but $1. 50 per transaction. Their rates were comparable to the posted rates (after I went home I looked up the rates for the days I pulled money out). Now I use Schwab. No % and they even refund ATM fees. Rates were good if not better. I think it's just a myth that just because they charge less fees that they give shittier rates. If someone has used any other cards, how about posting your experience?
I have a capital one card. Seems to only work in Bancocolombia machines. There is an ATM fee but I did not see any other fees on my last report.
Any chance that the cards with low / no transaction fees and good exchange rate require higher anual membership fee?
[QUOTE=Hioctane;1180510]I've used Capital One. No % fees but $1. 50 per transaction. Their rates were comparable to the posted rates (after I went home I looked up the rates for the days I pulled money out). Now I use Schwab. No % and they even refund ATM fees. Rates were good if not better. I think it's just a myth that just because they charge less fees that they give shittier rates. If someone has used any other cards, how about posting your experience?[/QUOTE]
[QUOTE=Matt Psyche;1180789]Any chance that the cards with low / no transaction fees and good exchange rate require higher anual membership fee?[/QUOTE]None of my cards have membership fees. I won't sign up for a card like that. Usually membership fees are for cards that give you airline points. Or if you have no credit history.
[QUOTE=Hasideas Tao; 1180752]I have a capital one card. Seems to only work in Bancocolombia machines. There is an ATM fee but I did not see any other fees on my last report.[/QUOTE]Do you mean DOES NOT work in Bancocolombia machines? I am from the US. It will not take any of my cards. At first I thought it was that I was overdrawn for the day. I tried again and again and it does not seem to like US debit cards.
Today the rate of COL P is $.00057 (US$=P1754). This is 14% decline from the. 0005/2000 days.
I believe that cutting travel budget by 14% is not that difficult (unless you are in Congress).
We can still survive.
[QUOTE=Matt Psyche; 1181954]Today the rate of COL P is $.00057 (US$=P1754). This is 14% decline from the. 0005/2000 days.
I believe that cutting travel budget by 14% is not that difficult (unless you are in Congress).
We can still survive.[/QUOTE]Not for long Matt. Looks like I will be in Mayo during my entire trip in two weeks, mas o menos. Any chance we can convince the chicas to drop their price 14. LOL. Thanks for the info. Don't forget 1st round of beers is on me. What the heck, I buy you a second round too. I am glad we always have our eyes and ears in Medellin and in Colombia in general.
Good days gents.
EZ
If it gets above 1800 and stays that way for a while ill be one happy camper for my upcoming trip. But just my luck I bet that debt ceiling shit will screw me up somehow and it will go to 1600 or some shit like that. Sheesh where have the 2500 days gone and why didn't buy property then? Still kick myself in the ass and torture myself every time I think about it.
Even if Congress makes a compromise before Aug 2 and avoids default, the brinkmanship politics in Congress has already alianated investors and the USA bond holders, which will raise interest rates and lower the value of dollar. Democracy is costly.
[QUOTE=MiamiHeatLuver;1181980]If it gets above 1800 and stays that way for a while ill be one happy camper for my upcoming trip. But just my luck I bet that debt ceiling shit will screw me up somehow and it will go to 1600 or some shit like that. Sheesh where have the 2500 days gone and why didn't buy property then? Still kick myself in the ass and torture myself every time I think about it.[/QUOTE]
Bring cash, find a friendly exchange place and you will get 1780-1850 instead of the ATM rate. Things have changed, no longer is the ATM card where you get the best rate. When the gringo $ loses value the you get better than that exchange rate and pay no ATM fees. I have been here 11 years and always used an ATM before this year, now use the cambio. Bogota, Cali, Medellin are the best places but even in Cartagena last week when the rate was 1754 I got 1780 and 1800, now 1820. Maybe they are in denial but that indicates to me the government here cannot afford for the $ to lose more and are propping it up.
[QUOTE=LocoGringo;1182103]Bring cash, find a friendly exchange place and you will get 1780-1850 instead of the ATM rate. Things have changed, no longer is the ATM card where you get the best rate. When the gringo $ loses value the you get better than that exchange rate and pay no ATM fees. I have been here 11 years and always used an ATM before this year, now use the cambio. Bogota, Cali, Medellin are the best places but even in Cartagena last week when the rate was 1754 I got 1780 and 1800, now 1820. Maybe they are in denial but that indicates to me the government here cannot afford for the $ to lose more and are propping it up.[/QUOTE]There are many cards with no ATM fees these days. Carrying cash is NOT advisable. Somebody can break into your place and steal all your money. Are you going to carry it on you? You can get robbed too. It's not worth the risk to save a couple of bucks. Say you get 30 pesos better deal. That's about $8 on $500 changed. Not worth the risk IMO. I'd rather go to the ATM every other day where I know my money is safe. As an aside. The last time I went in March. The ATM rates were comparable if not better than the posted rates.
[QUOTE=Hioctane;1182798]There are many cards with no ATM fees these days. Carrying cash is NOT advisable. Somebody can break into your place and steal all your money. Are you going to carry it on you? You can get robbed too. It's not worth the risk to save a couple of bucks. Say you get 30 pesos better deal. That's about $8 on $500 changed. Not worth the risk IMO. I'd rather go to the ATM every other day where I know my money is safe. As an aside. The last time I went in March. The ATM rates were comparable if not better than the posted rates.[/QUOTE]I agree 100, I use no fee cards and I always get a good rates better than the posted ones in the casa de cambio. Banco Avilas seem to give me a few more pesos I don't know why but it does. I did an experiment using 2 different cards at the same machine at the same time. 1 was a paypal card and 1 was a fidelity. Fidelity with Banco Avilas gave me a better rate then Paypal with the $1 charge and Banco Avilas. (Duplicate Below)
Whatever, I have used bank cards for most of my time here. I doubt that it is more dangerous to cash $1000 at a cambio than standing at an ATM machine. It will change back, but for those who watch pesos and love the 25K casas remember. 1760 vs 1820 is 60, 000 per $1000. Add some fees in and, oh f-ckin well, do it like you want.
I was curious this morning at work about the above subject for the past year between USD and COP. So I went to [url]http://www.xe.com/[/url] To
Get the graph shown in the attachment. The only thing at stands out is the rate at the end of 2010. It looks like the last two weeks of 2010 saw $1USD worth more than $2000K COP. I do not recall that this was the case. Can anyone confirm this or maybe comment?
Good days gents.
EZ
[QUOTE=LocoGringo;1183057]Whatever, I have used bank cards for most of my time here. I doubt that it is more dangerous to cash $1000 at a cambio than standing at an ATM machine. It will change back, but for those who watch pesos and love the 25K casas remember. 1760 vs 1820 is 60, 000 per $1000. Add some fees in and, oh f-ckin well, do it like you want.[/QUOTE]The danger is not in changing or withdrawing the money at a ATM. The danger is in carrying all that cash around.
Yes, only oneday- dec. 28th. [url]http://www.google.com/finance?q=USDCOP#[/url]
[QUOTE=Ezyngo; 1183517]I was curious this morning at work about the above subject for the past year between USD and COP. So I went to.
[url]http://www.xe.com/[/url]
To
Get the graph shown in the attachment. The only thing at stands out is the rate at the end of 2010. It looks like the last two weeks of 2010 saw $1USD worth more than $2000K COP. I do not recall that this was the case. Can anyone confirm this or maybe comment?
Good days gents.
EZ[/QUOTE]
[QUOTE=Matt Psyche;1182063]Even if Congress makes a compromise before Aug 2 and avoids default, the brinkmanship politics in Congress has already alianated investors and the USA bond holders, which will raise interest rates and lower the value of dollar. Democracy is costly.[/QUOTE]Actually you WANT interest rates to go up. More people will invest in treasuries and the dollar will get stronger. Interest rates are already it their all time lows. Do you see the dollar stronger?
[QUOTE=Hioctane;1183561]Actually you WANT interest rates to go up. More people will invest in treasuries and the dollar will get stronger. Interest rates are already it their all time lows. Do you see the dollar stronger?[/QUOTE]Great, your getting laid vacation is a priority over the US economy which the rest of the world also depends on. Good thing you are not allowed to vote on important issues. High interest rates, yes, money goes to fixed income instead of equities = stock market drop = lay offs and more outsourcing and the higher rates = tighter money for small buisiness and start ups. You will be unemployed with the COP at 2500 to $1USD.
This works for me but I'd rather see the big picture of a stable world market and economy instead of a good rate for my personal vacation. Somehow the "forrest for the trees" expression should come up about now.
[QUOTE=LuckyEddie; 1183759]Great, your getting laid vacation is a priority over the US economy which the rest of the world also depends on. Good thing you are not allowed to vote on important issues. High interest rates, yes, money goes to fixed income instead of equities = stock market drop = lay offs and more outsourcing and the higher rates = tighter money for small buisiness and start ups. You will be unemployed with the COP at 2500 to $1USD.
This works for me but I'd rather see the big picture of a stable world market and economy instead of a good rate for my personal vacation. Somehow the "forrest for the trees" expression should come up about now.[/QUOTE]Actually I do want the interests to go up as a sign that the economy is strong and the US stop printing money so the dollar is stronger. Anyways that's an entirely different story.
I was solely pointing out Matt's comment about high interest rates = weak dollar.
1) I never said that high interest rates cause a weak dollar. I said that the govtl gridlock would cause weak dollar and (in spite of) high interest rates. 2) interest rate differential is only one of many factors influencing exchange rates. Other factors influencing Forex include fiscal policy, inflation differentials, war, trade balance, and others. Thanks.
[QUOTE=Hioctane;1183845]I was solely pointing out Matt's comment about high interest rates = weak dollar.[/QUOTE]
[QUOTE=Matt Psyche;1184020]1) I never said that high interest rates cause a weak dollar. I said that the govtl gridlock would cause weak dollar and (in spite of) high interest rates. 2) interest rate differential is only one of many factors influencing exchange rates. Other factors influencing Forex include fiscal policy, inflation differentials, war, trade balance, and others. Thanks.[/QUOTE]Stock Market Crashing, I've ever seen it like this dropped 8 of 9 days straight Dollar steady climb against the peso approaching 1800. [url]http://www.bloomberg.com/markets/currencies/americas/[/url]
"USA Stocks.
A global rout in equities drove the Standard & Poor's 500 Index to its worst nine-day slump since March 2009, while two-year Treasury yields plunged to a record low amid concern the economy is weakening. The yen pared losses, recovering from the biggest drop versus the dollar since 2008 after the Japanese government sold its currency."
Yes, very weired. Stock market is declining and the US dollar is bouncing back. Untraditional combination.
[QUOTE=MiamiHeatLuver; 1184042]Stock Market Crashing, I've ever seen it like this dropped 8 of 9 days straight Dollar steady climb against the peso approaching 1800.
[url]http://www.bloomberg.com/markets/currencies/americas/[/url]
"USA Stocks.
A global rout in equities drove the Standard & Poor's 500 Index to its worst nine-day slump since March 2009, while two-year Treasury yields plunged to a record low amid concern the economy is weakening. The yen pared losses, recovering from the biggest drop versus the dollar since 2008 after the Japanese government sold its currency."[/QUOTE]
[QUOTE=Matt Psyche;1184066]Yes, very weired. Stock market is declining and the US dollar is bouncing back. Untraditional combination.[/QUOTE]Not so weird. When the market dropped over 700 points in a day in 2008 the peso went to almost 2600.
Although the dollar and the US economy seem to be really fucked, when the markets crash the dollar is still viewed as a safe haven. I don't make any claims about how long this will last, but apparently it is still the case today.
The news says huge purchases in US treasury bonds (who does the world turn to for stability even today). But gold, oil, stocks and commodities all fell today. Yen took a shit and the Hi and mighty EURO is in turmoil with Greece, Italy, Portugal, Spain heading towards bankruptcy and possibly needing bailouts soon.
[url]http://www.bloomberg.com/news/2011-08-04/european-banks-fall-to-two-year-low-as-sovereign-crisis-worsens.html[/url]
[QUOTE=MiamiHeatLuver; 1184121]The news says huge purchases in US treasury bonds (who does the world turn to for stability even today). But gold, oil, stocks and commodities all fell today. Yen took a shit and the Hi and mighty EURO is in turmoil with Greece, Italy, Portugal, Spain heading towards bankruptcy and possibly needing bailouts soon.
[url]http://www.bloomberg.com/news/2011-08-04/european-banks-fall-to-two-year-low-as-sovereign-crisis-worsens.html[/url][/QUOTE]Before beginning of the summer, it was an easy call to move into fixed securities ahead of end of QEII
I thought about the same, especialy for today. However, $ began bouncing back against peso "last week" when the US stock market began declining "slowly".
[QUOTE=Papi Que Rico;1184110]Although the dollar and the US economy seem to be really fucked, when the markets crash the dollar is still viewed as a safe haven. I don't make any claims about how long this will last, but apparently it is still the case today.[/QUOTE]
It is very nice of S&P to downgrade the gov credit rating after the market closed. I am scared of taking a look at the exchange rate Monday morning. Perhaps better wthdraw as much as pesos before moday morning?
[QUOTE=Matt Psyche;1184597]It is very nice of S&P to downgrade the gov credit rating after the market closed. I am scared of taking a look at the exchange rate Monday morning. Perhaps better wthdraw as much as pesos before moday morning?[/QUOTE]In all due respect you are looking at this incorrectly. When the stock markets in the USA tank it tends to have a positive effect on the dollar. The dollar may have lost a lot of value in the last few years but whether or not people want to admit it or not it is still the benchmark currency in the world and is much more stable long term than any third world currency like the Colombian peso so when things look shaky the big players run to the dollar and that is a fact even today.
Thanks. I am relieved.
[QUOTE=Manizales911;1184603]In all due respect you are looking at this incorrectly. When the stock markets in the USA tank it tends to have a positive effect on the dollar. The dollar may have lost a lot of value in the last few years but whether or not people want to admit it or not it is still the benchmark currency in the world and is much more stable long term than any third world currency like the Colombian peso so when things look shaky the big players run to the dollar and that is a fact even today.[/QUOTE]
[QUOTE=Matt Psyche;1184661]Thanks. I am relieved.[/QUOTE]That's all about to change. And soon.
I wouldn't recommend going long on the USD!
$1=P1806. Great.
[QUOTE=Matt Psyche;1185235]$1=P1806. Great.[/QUOTE]And US companies represented by the markets are down over 300 points.
How good is it to be unemployed with the COP at 2500 to the USD?
Penny wise and pound foolish. Somehow the "forrest for the trees" saying needs to go here.
[QUOTE=LuckyEddie; 1185239]And US companies represented by the markets are down over 300 points.
How good is it to be unemployed with the COP at 2500 to the USD?
Penny wise and pound foolish. Somehow the "forrest for the trees" saying needs to go here.[/QUOTE]True enough. Then again I pulled my money out of the stock market a while ago and plan on moving to Colombia in about six months and will be moving some of my USD to COP whenever there is a move like this. I don't give a rats ass about the stock market and am rooting for the dollar to strengthen in the short term. I am leaving for Manizales on Friday so hopefully it will sustain until then.
As I mentioned before, when there is global financial turmoil the big boys run to the dollar, always have and always will.
I, too, am concerened of the market crash. However, I do not think the market crash is the cause of strengthning dollar against peso. The dollar apprecialtion began a day or two before the Cong comproise to raise debt limit and avoid default, and the dollar kept rising since then. In other words, the strong dollar, currently, is not at the expense of the market crash. Thanks.
[QUOTE=LuckyEddie; 1185239]And US companies represented by the markets are down over 300 points.
How good is it to be unemployed with the COP at 2500 to the USD?
Penny wise and pound foolish. Somehow the "forrest for the trees" saying needs to go here.[/QUOTE]
[QUOTE=Matt Psyche;1185262]I, too, am concerened of the market crash. However, I do not think the market crash is the cause of strengthning dollar against peso. [B]The dollar apprecialtion began a day or two before the Cong comproise to raise debt limit and avoid default, and the dollar kept rising since then.[/B] In other words, the strong dollar, currently, is not at the expense of the market crash. Thanks.[/QUOTE]Matt You're a good guy. My mistake is talking about this here. Something as basic as leading indicators and market anticipation as in stocks go up before good earnings come out becuase they are expected, is not really something all have experience with. When the great earnigs are announced the stock tanks becuse the stock already reponded to those ANTICIPATED earnigs in advance. It was no secret the debt ceiling would pass.
Right now stocks are dropping and the dollar is gaining becuase money is flooding into fixed income. I guess for you guys the explanation really doesn't matter. If a good percentage of guys here lost their job the COP / USD rate matters little.
[QUOTE=Manizales911; 1185261]True enough. Then again I pulled my money out of the stock market a while ago and plan on moving to Colombia in about six months and will be moving some of my USD to COP whenever there is a move like this. [B] I don't give a rats ass about the stock market and am rooting for the dollar to strengthen in the short term. I am leaving for Manizales on Friday so hopefully it will sustain until then. [/B]
As I mentioned before, when there is global financial turmoil the big boys run to the dollar, always have and always will.[/QUOTE]My post on the market had nothing to do with individual investments although I should have been concerned for my brethren with 401Ks invested in US equities. My concern with the market had to do with over all corporations and US GDP.
Stock market indirectly affects employment in the US. So although you only give a rat's ass about yourself in the short term for your trip I am concerned about the fellas here who might be out of a job in 6 months, regardless of the 2500 COP to USD. The market tanking forces corporations, right or wrong, to make cuts. Which is French for layoffs.
Me? I personally have no problem if the COP is at 1000 to the USD. But my situation is different.
Either way not everyone here is knoledgable about this sort of thing and therein lies my mistake.
Good luck my friends.
I arrived in Rionegro around 8:30PM after a 11 hour flight from LA with one stop in Panama. Hauled my bag upstairs to exchange a few hundreds dollars. Got $1750 peso to the dollar. Not too happy because of the rate. It was kinda late so I decided to take a cab. The taxista quoted me 'cuarenta'. I thought he meant $40 dollars. So I asked him 'cuarenta que? ' He confirmed with me that 'cuarenta mils pesos'. I was happy I got a good deal. So 'vamos'. Took me to the gran hotel in el centro. Was kinda late but there were still a lot of people walking around. The hotel is situated next to Avenida Oriental so I think it is very convenient as far as traveling by bus is concerned or if using el metro the station nearby is Parque Berrio 4 blocks away and BJ park is 2 blocks out. As soon as I got my room, I called a few questionable non-pros. One was busy with her kid, one did not seem to be interested in meeting me tonight, one promised me tomorrow, and luckily, one was ready to go the mimute we hung up the phone. She showed up about 30 minutes later. So we took a cab to Parque Lleras for something to eat. I was way too hungry and thirsty and horny. Got there, had some sushi in a restaurant on the side of Hotel Lleras, facing the park. I believed it was opened not too long ago (6 months max). Good food. Reasonably expensive. Damage was $50K. After we ate and had a few Club Colombias, Monica (thats her name) asked me what we're going to do. I said 'vamos al hotel' because I could not take it anymore. By the way, she dressed very sexy and provocative in a sleeveless black short of a jumpsuit, very low cut that I could see most of her breasts of size C. She is about 5'4".120 lbs. 26 years olds with 2 kids, but that's a decent size of breast for a colombiana. No silicon as later after I felt them. Very natural. Overall I rated her a 6. Anyway, back to the hotel, at first she did want sex. Said she had to go home. But after a few kisses, here we went, into the bed. Her performance in bed was not so good. A little passive. Not even familiar with all the normal sexual positions. But she was very tight. Had a small pussy but so sweet and smells nice. Thank God. She asked me if I had a 'preservativo' or something like that. I went 'que? '. 'condom' she said. I went 'por que no me dijiste como eso? '. She put it on my dick. I went down on her. There after that about into 10 minutes fucking her, my dick got tired probably from a long day, it would not get hard again, did not matter what she did to get it up. So off I went and swallowed half of vitamine V. Waited, chit chat with her for a good 15 minutes then here we went back to fuck for a good at least 45 minutes nonstop. We were both sweating like crazy. There was no air conditioner in the room, only an electric fan. So I turned in on full blast. We went to sleep for a while until around 4am this morning. She said she had to go. She asked me for 'platicas'. I was not pleased but thinking I had a wonderful night, tired but still a good fuck. I gave her $100K pesos. Walked her downstairs, flagged a taxi. And there she went. Damage for last night was $150K. A little more than I used to spend but anyway had a great time. I should be in La Mayorista tonight if I can get away from the non-pros. My favorite seat is in front of hotel cielo azul.
[ATTACH=CONFIG]156031[/ATTACH]
About Monica, I think she is a semi-pro. A photo for your viewing pleasure.
Good days gents.
Where would be the best place in Medellin to exchange cash dollars?
(casa de cambio, Bank, airport) , I do not have a no fee credit card.
Is it better to get traveler checks?
Thanks
At the WU office yesterday, selling the dollar at 1830, buying at 1680, that's the biggest spread I've EVER seen here. Bascially you're fucked either way now.
Just this second gave me a rate of 1782.
Which is better than bloombergs posted rate of 1775, I have no fees whatsoever imposed on me by Citibank or Fidelity.
Real nice push today! @1820.
[url]http://www.bloomberg.com/markets/currencies/americas/[/url]
[QUOTE=MiamiHeatLuver; 1196496]Real nice push today! @1820.
[url]http://www.bloomberg.com/markets/currencies/americas/[/url][/QUOTE]The dollar is gaining strength. Today it was very good verse the Euro. Best rate in a long time. I guess Europe has just as many greedy bankers as the USA.
Yes soon my pecker will also be rising in MDE.
Is it Wed. Yet?
[QUOTE=Bennn; 1186363]Where would be the best place in Medellin to exchange cash dollars?
(casa de cambio, Bank, airport) , I do not have a no fee credit card.
Is it better to get traveler checks?
Thanks[/QUOTE]The best place I have found is a cambio at the Monterey Mall. It is on the first floor, but I always have to search for it. The last time I was in MDE, that cambio was paying 1820, and the Bancolombia ATM was paying 1728. The cambio at the airport is a ripoff, paying 16 something. I don't have any personal experience with travelers checks in MDE, but I have heard it is difficult to cash them.
Yesterday at the airport the rate on my ATM transaction was 1792 per buck. Later at another machine I got 1801. This was the rate when I added the fee's.
It sure was nice when the rate was above 2, 000.
[QUOTE=John Gault; 1197547]Yesterday at the airport the rate on my ATM transaction was 1792 per buck. Later at another machine I got 1801. This was the rate when I added the fee's.
It sure was nice when the rate was above 2, 000.[/QUOTE]Cartagena Laguito was 1700 per dollar Bocagrande 1740 I suspect El Centro was a bit higher but never made it to check.
Wow! [url]http://www.bloomberg.com/markets/currencies/americas/[/url]
Were does the world STILL feel safe even with the global recession. The $$$
U.S. Dollar heading towards 2-1 vs Brazil's Real... Something to consider.. http://www.bloomberg.com/news/2011-09-22/real-s-world-worst-plunge-may-trigger-intervention-reversal-brazil-credit.html
From what they're saying on Bloomberg, Colombia is the only country in South America with a progressing economy while the others have stabilized and digressed. If the $ does go over 2000, I don't think it will stay there for long.
Colombia, where investment from billionaires Carlos Slim and Sam Zell has kept economic growth accelerating, is the only country in Latin America where traders are predicting more interest rate increases to slow inflation.
While policy makers in Brazil are cutting borrowing costs to guard against a global slowdown and investors are abandoning calls for increases in Mexico and Chile, traders predict Colombia will lift its key rate this year. Banco de la Republica will boost the rate for a seventh time in 2011, bringing borrowing costs to 4. 75 percent by December from 4. 5 percent today, according to swaps data compiled by Citigroup Inc.
Colombia is benefiting from a decade of military victories over guerrillas that have opened up swathes of countryside for companies to explore for crude, coal and gold. Zell's investments in real estate and Slim's push into oil are helping fuel $9. 6 billion in foreign investment this year, the most in at least 12 years, spurring economic growth above 5 percent and pushing inflation to a two-year high.
'Colombia's economy is still accelerating, ' said Alejandro Arreaza, a Latin America analyst at Barclays Capital Inc. In New York. 'Other countries in the region are at a stage of moderating growth and so you see them shifting to a less restrictive monetary policy. '
Gross domestic product expanded 5. 1 percent in the first quarter, the fastest pace since the three months ended June 2008. The government statistics agency will report today that the economy grew 5. 2 percent in the second quarter, according to the median estimate of 28 economists surveyed by Bloomberg.
[url]http://www.bloomberg.com/news/2011-09-22/slim-lured-to-colombia-as-rebel-retreat-fuels-rate-increase-bets.html[/url]
Best Place I have found for changing Cash is Jordache Exchange in Gallerias Area behind the mall.
After all the concern that the USA is debasing its currency, the dollar beat stocks, bonds and commodities for the first time since May as investors sought refuge from slowing growth and Europe's sovereign-debt crisis.
The USA currency rose 6 percent in September, according to IntercontinentalExchange Inc. 's Dollar Index, beating returns of 1. 6 percent by Bank of America Merrill Lynch's USA Treasury Master Index. The MSCI All-Country World Index of stocks in 45 countries lost 8. 9 percent, the largest monthly drop since May 2010. Raw materials measured by the Standard & Poor's GSCI Total Return Index of 24 commodities slid 12 percent.
Gains for the world's reserve currency show investor confidence in the nation's creditworthiness after Standard & Poor's stripped the USA of its AAA rating two months ago. Even with Republican leaders in Congress joining critics of Federal Reserve stimulus measures, the currency bested all 16 of its most-traded counterparts in September for the first month in more than three years.
'In a time of crisis you want to be holding the most liquid currency out there, ' Aroop Chatterjee, a currency strategist at Barclays Capital Inc. In New York, said in a telephone interview Sept. 27. 'It waters down the argument for 'the end of the dollar as a reserve currency. '
Strategists reduced forecasts for the euro versus the dollar and sterling by the most since June 2010 last month. Predictions the Canadian dollar will gain against the greenback dropped the most since October 2008.
[url]http://www.bloomberg.com/news/2011-10-02/dollar-beating-all-assets-in-september-undermines-s-p-downgrade.html[/url]
[QUOTE=MiamiHeatLuver; 1202826]After all the concern that the USA is debasing its currency, the dollar beat stocks, bonds and commodities for the first time since May as investors sought refuge from slowing growth and Europe's sovereign-debt crisis.
The USA currency rose 6 percent in September, according to IntercontinentalExchange Inc. 's Dollar Index, beating returns of 1. 6 percent by Bank of America Merrill Lynch's USA Treasury Master Index. The MSCI All-Country World Index of stocks in 45 countries lost 8. 9 percent, the largest monthly drop since May 2010. Raw materials measured by the Standard & Poor's GSCI Total Return Index of 24 commodities slid 12 percent.
Gains for the world's reserve currency show investor confidence in the nation's creditworthiness after Standard & Poor's stripped the USA of its AAA rating two months ago. Even with Republican leaders in Congress joining critics of Federal Reserve stimulus measures, the currency bested all 16 of its most-traded counterparts in September for the first month in more than three years.
'In a time of crisis you want to be holding the most liquid currency out there, ' Aroop Chatterjee, a currency strategist at Barclays Capital Inc. In New York, said in a telephone interview Sept. 27. 'It waters down the argument for 'the end of the dollar as a reserve currency. '
Strategists reduced forecasts for the euro versus the dollar and sterling by the most since June 2010 last month. Predictions the Canadian dollar will gain against the greenback dropped the most since October 2008.
[url]http://www.bloomberg.com/news/2011-10-02/dollar-beating-all-assets-in-september-undermines-s-p-downgrade.html[/url][/QUOTE]Yes the dollar is strong, the food is great in the US, and everything works very well. Now if only the Gringas-
[QUOTE=John Gault;1202838]Yes the dollar is strong, the food is great in the US, and everything works very well. Now if only the Gringas-[/QUOTE]As much as the flights are right now, lower fuel costs, full planes. I just don't understand this shit. Flight to Colombia are $600+ from Miami WTF? I wonder where the fuck the money is going?
[url]http://www.bloomberg.com/news/2011-10-03/amr-falls-to-lowest-since-2009.html[/url]
[QUOTE=MiamiHeatLuver; 1202879]As much as the flights are right now, lower fuel costs, full planes. I just don't understand this shit. Flight to Colombia are $600+ from Miami WTF? I wonder where the fuck the money is going?
[url]http://www.bloomberg.com/news/2011-10-03/amr-falls-to-lowest-since-2009.html[/url][/QUOTE]Ever see the perks AA employees get?
[QUOTE=MiamiHeatLuver; 1202879]As much as the flights are right now, lower fuel costs, full planes. I just don't understand this shit. Flight to Colombia are $600+ from Miami WTF? I wonder where the fuck the money is going?
[url]http://www.bloomberg.com/news/2011-10-03/amr-falls-to-lowest-since-2009.html[/url][/QUOTE]American Airlines is the worst when it comes to losing your baggage. I will never ever check another bag with them. Two days in Cali wth no bags then they never paid me for the expense of having to go back to the airport to finally get my bags.
As far as fuel costs, everyday the price of oil is dropping yet they don't budge on their fares. They deserve to go broke, but that would only hurt us more with one less airline in operation.
This happened with Aires. They stopped going to Latin America, and Spirit has upped their fares quite a lot with almost no specials like they used to have. Nine dollar fare club my ass.
[QUOTE=MiamiHeatLuver; 1202879]As much as the flights are right now, lower fuel costs, full planes. I just don't understand this shit. Flight to Colombia are $600+ from Miami WTF? I wonder where the fuck the money is going?
[url]http://www.bloomberg.com/news/2011-10-03/amr-falls-to-lowest-since-2009.html[/url][/QUOTE]MIA-MDE on Copa is $520, with limited numbers of flights and those flights all being full they don't have to give the seats away.
What I find to be fucked up is for $50. more $570.,I can go from JFK-MDE,a trip almost twice as far. That makes no sense.
[QUOTE=Manizales911; 1202988]MIA-MDE on Copa is $520, with limited numbers of flights and those flights all being full they don't have to give the seats away.
What I find to be fucked up is for $50. More $570, I can go from JFK-MDE, a trip almost twice as far. That makes no sense.[/QUOTE]Bro its always like that for some fucking strange reason. Some other whacked shit it my friends from NYC are always ragging on me that when we hit the D. R. The pay like $280 from JFK and I was always paying like $400 from MIA. WTF? LOL
I did some research and this was the best answer I've gotten.
Prices are set the same way that they are set by any business. They are based on the cost of providing the service and what customers are willing to pay. Distance is not the primary criteria.
Some factors are:
A. The level of competition. A market that has many airlines serving it will typically have lower fares than one with a couple of airlines or a monopoly.
Be. Demand for seats. Fares will be higher on routes with very high demand for seats relative to supply. Fares will be lower on routes with lower demand for seats relative to supply.
See. The mix of traffic. Routes with high concentrations of business travelers will have higher fares than routes that cater primarily to leisure travelers. Why? Because business travelers have to get where they are going. It's not discretionary travel, so they will pay for it. Vacation travelers can cancel their trips, change the dates, or select a different destination when they are unhappy with fares.
In short, fares are set at the level that generates the highest revenue for the airline. If business drops off, they will lower fares in an attempt to generate more business. If flights are full, they will raise prices to take advantage of it.
[QUOTE=Ezyngo; 1203006]I did some research and this was the best answer I've gotten.
Prices are set the same way that they are set by any business. They are based on the cost of providing the service and what customers are willing to pay. Distance is not the primary criteria.
Some factors are:
A. The level of competition. A market that has many airlines serving it will typically have lower fares than one with a couple of airlines or a monopoly.
Be. Demand for seats. Fares will be higher on routes with very high demand for seats relative to supply. Fares will be lower on routes with lower demand for seats relative to supply.
See. The mix of traffic. Routes with high concentrations of business travelers will have higher fares than routes that cater primarily to leisure travelers. Why? Because business travelers have to get where they are going. It's not discretionary travel, so they will pay for it. Vacation travelers can cancel their trips, change the dates, or select a different destination when they are unhappy with fares.
In short, fares are set at the level that generates the highest revenue for the airline. If business drops off, they will lower fares in an attempt to generate more business. If flights are full, they will raise prices to take advantage of it.[/QUOTE]Why fares are so fricken high from Medellin to San Jose Costa Rica! That amazes me how high it is. It is only an hour trip and they are asking $788 American Dollars, and that was the cheapest.
[QUOTE=Palermo; 1203566]Now the USD is much stronger and the best I can get (outside of BOG) is 1800, and that's a struggle.
Anyone in BOG or MDE change $$ recently?[/QUOTE]I received 1870 COP per dollar in one of the Western Union office in El Centro in Medellin on Avenida Oriental.
To go to the ATMs to take out money, but their fee plus my bank charges %3 of all transactions international and who knows the rate you'll get or send money from here and keep it in an account which charges %4 but they give you wholesale rate. Today was 1980. I've always done the ATM but I'm thinking the send money from the US might be a better option.
[QUOTE=Nclpimp;1204152]To go to the ATMs to take out money, but their fee plus my bank charges %3 of all transactions international and who knows the rate you'll get or send money from here and keep it in an account which charges %4 but they give you wholesale rate. Today was 1980. I've always done the ATM but I'm thinking the send money from the US might be a better option.[/QUOTE]Its been discussed here in this thread a million times that a no fee card such as Capital one, Fidelity, Scott trade is by far the best bet. Best rates and no fee. You can also try and google "no international fee atms"
Another HUGE drop today. From almost hitting 2000. To going under 1900. All in the span on a week. WTF?
[url]http://www.bloomberg.com/markets/currencies/americas/[/url]
USD-COP 1, 911. 9300 -24. 9750 -1. 2894% 11:02
[QUOTE=MiamiHeatLuver; 1205320]Another HUGE drop today. From almost hitting 2000. To going under 1900. All in the span on a week. WTF?
[url]http://www.bloomberg.com/markets/currencies/americas/[/url]
USD-COP 1, 911. 9300. 24. 9750. 1.2894% 11:02[/QUOTE]The only consistency I have found is a drop that directly coincides with my days in country. I have resigned myself to being happy as long as it's above 1700.
[QUOTE=Doubt98;1205351]The only consistency I have found is a drop that directly coincides with my days in country. I have resigned myself to being happy as long as it's above 1700.[/QUOTE]I'm with you! Seems that when I'm in Colombia the guys runs to switch the numbers on me! IMO anything over $1900K is great vs the $1780K-$1890K it has been. Hope the $1900K holds.
This dollar strength we have was temporary. We went from 73 to 79 in a pretty short span. One day people will not pile into the dollar. It is no safe haven, and when people realize this, your dollars will be like toilet paper. You can thank Obamanomics and Bushonomics for that. When you have 2 of the most unqualified presidents back to back, there are going to be problems. Remember, Bush was president because of white privilege, and Obama because he is black. Affirmative action and quotas. They have completely destroyed this country in 12 years. Obama couldn't run a lemonade stand. He is another college boy that went straight into politics. Never had a real job or hired anyone. Never ran a business. A complete Clarence Thomas dope.
Wednesday, October 12, 2011
1 US Dollar = 1, 962. 23 Colombian Peso
1 Colombian Peso (COP) = 0. 0005096 US Dollar (USD)
Median price = 1, 900. 62/1, 962. 23 (bid / ask)
Minimum price = 1, 894. 40/1, 916. 50
Maximum price = 1, 914. 50/1, 973. 10
[QUOTE=John Gault; 1205645]Wednesday, October 12, 2011
1 US Dollar = 1, 962. 23 Colombian Peso
1 Colombian Peso (COP) = 0. 0005096 US Dollar (USD)
Median price = 1, 900. 62/1, 962. 23 (bid / ask)
Minimum price = 1, 894. 40/1, 916. 50
Maximum price = 1, 914. 50/1, 973. 10[/QUOTE]What site are you using JC because even on the official Colombian bank page its at [url]1913.http://www.banrep.gov.co/statistics/sta_exchange_d.htm[/url] and on Bloomberg its much worse at like -1897
[QUOTE=HelpRules;1205416]This dollar strength we have was temporary. We went from 73 to 79 in a pretty short span. One day people will not pile into the dollar. It is no safe haven, and when people realize this, your dollars will be like toilet paper. You can thank Obamanomics and Bushonomics for that. When you have 2 of the most unqualified presidents back to back, there are going to be problems. Remember, Bush was president because of white privilege, and Obama because he is black. Affirmative action and quotas. They have completely destroyed this country in 12 years. Obama couldn't run a lemonade stand. He is another college boy that went straight into politics. Never had a real job or hired anyone. Never ran a business. A complete Clarence Thomas dope.[/QUOTE]The doomsayers have been claiming that the dollar is going to be toilet paper now for years. What they don't fucking realize is that when the USA economy goes down so does a good chunk of the rest of the world's, look at Spain, Greece, Italy, etc, they are in much worse shape than the USA. Therefore the big players run to the dollar like they have been doing for the last century and will continue to do because believe it or not the USA is still the 500 pound gorilla in the room and the USA dollar is still and always will be the standard by which world currencies revolve around.
Thats what Britain thought. Thats what the Roman Empire thought. America is next. We are one big welfare state. Everyone has their hand out and thinks the government should take care of them for free. Medicare, social security, welfare, food stamps, section 8. Lets not forget the invention of the federal reserve and the income tax. Its over for America.
[QUOTE=MiamiHeatLuver; 1205654]What site are you using JC because even on the official Colombian bank page its at.
[url]1913.http://www.banrep.gov.co/statistics/sta_exchange_d.htm[/url]
And on Bloomberg its much worse at like. 1897[/QUOTE][url]Http://www.worldsexarchives.com/main.html[/url]
[QUOTE=Urbanislhao;1205819]The weathered old man cannot read so hopefully this will explain it all![/QUOTE]For your info Mr. Wise Guy, I don't even need glasses.
[QUOTE=HelpRules;1206075]Thats what Britain thought. Thats what the Roman Empire thought. America is next. We are one big welfare state. Everyone has their hand out and thinks the government should take care of them for free. Medicare, social security, welfare, food stamps, section 8. Lets not forget the invention of the federal reserve and the income tax. Its over for America.[/QUOTE]I was just about to say. It was biz as usual in Rome right up until the last day when the barbarians were at the gates.
Good thing I got my fucking vault filled with pure gold that I brought home from South Africa over the last 60 years. I am now 85 years old and am not worried about anything cause I have a big wheel barrel that if needed I can fill with my big gold nuggets.
[QUOTE=Bango Cheito;1206799]I was just about to say. It was biz as usual in Rome right up until the last day when the barbarians were at the gates.[/QUOTE]
Every great empire eventually falls and a new hungrier one takes it place. Every paper currency eventually goes to zero. Its like boxing. You work your ass off to get out of the ghetto and become champ of the world, and then get lazy once you get there. China is the new Buster Douglas. We are Tyson. We forgot what made us great.
[QUOTE=HelpRules;1206830]Every great empire eventually falls and a new hungrier one takes it place.[/QUOTE]Capitalism is going down like the Titanic. Why? 3 reasons: Greed, greed, and greed. I can feel some new (not necessarily better) form of economic doctrine gradually taking shape but I am yet not sure what it is going to be.
[QUOTE=HelpRules;1206830]Every great empire eventually falls and a new hungrier one takes it place.[/QUOTE]It is not hungrier one that takes the place.
[QUOTE=HelpRules;1206830]Every paper currency eventually goes to zero.[/QUOTE]Not true.
[QUOTE=HelpRules;1206830]China is the new Buster Douglas. .[/QUOTE]Chinese GNP surpassed Japanese recently and became the second largest in the world. But it is because of the population which counts 20% of the whole world population. Chinese GNP per Capita ranks around 80th, poorer than Mexico.
[QUOTE=Ezyngo;1207043]Capitalism is going down like the Titanic. Why? 3 reasons: Greed, greed, and greed. I can feel some new (not necessarily better) form of economic doctrine gradually taking shape but I am yet not sure what it is going to be.[/QUOTE]The economy itself is the problem.
Money has no value and should only be a tool.
[QUOTE=Matt Psyche; 1207060]It is not hungrier one that takes the place.
Not true.
Chinese GNP surpassed Japanese recently and became the second largest in the world. But it is because of the population which counts 20% of the whole world population. Chinese GNP per Capita ranks around 80th, poorer than Mexico.[/QUOTE]That's still a lot of economic weight to throw around, no matter how many people are part of it. You seem to be unclear on the concept. Nobody's lauding the Chinese standard of living here, but the fact that their GNP WILL surpass the US's means they WILL control world markets. They will be the new masters.
[QUOTE=You Can;1206812]Good thing I got my fucking vault filled with pure gold that I brought home from South Africa over the last 60 years. I am now 85 years old and am not worried about anything cause I have a big wheel barrel that if needed I can fill with my big gold nuggets.[/QUOTE]Spread a little around. You can't take it with you. No doubt in Colombia you can find many people whose lives you can make better. At 85 remember, you can't take it with you. Money can buy everything but love and time.
Only good energy
China is going to be the biggest economy in the world. Its not because they have alot of people. India has over a billion people, and they are nowhere near the biggest economy. China is becoming a more developed capitalist country. PERIOD! They are moving more towards capitalism and away from communism. We are going away from capitalism and towards socialism. This demise accelerated when we went off the gold standard in 1971. Its been debt, debt- wars, wars, ever since. No gold standard means politicians can print money to pay for everything. Thats what they have done for the last 40 years. Obama is now the biggest spender in history. One worthless stimulus program after another. All paid for by a printing press or China. His 800 billion stimulas didn't work, and now he wants a new 450 billion dollar one. His 8k housing credit didn't work. His cash for clunkers didn't work. He is clueless. Check out this chart: [url]www.infoplease.com/ipa/A0001519.html[/url]
[QUOTE=Bango Cheito;1208165]That's still a lot of economic weight to throw around, no matter how many people are part of it. You seem to be unclear on the concept. Nobody's lauding the Chinese standard of living here, but the fact that their GNP WILL surpass the US's means they WILL control world markets. They will be the new masters.[/QUOTE]The USA GNP is 30% higher than China, that's a lot of ground to make up and the only reason it is that close is because China has a much higher population. If you look at it per capita the USA is 600% higher. The USA will force China to revalue the Yaun and that will set them zipperheads back on their heals.
You Can,
Shouldn't you be spending your money before you die. I would have spent it all and lived off my social security when I hit 67. Get spending! There are chicas waiting.
[QUOTE=Manizales911;1208175]The USA GNP is 30% higher than China, that's a lot of ground to make up and the only reason it is that close is because China has a much higher population. If you look at it per capita the USA is 600% higher. The USA will force China to revalue the Yaun and that will set them zipperheads back on their heals.[/QUOTE]Are there more Chinese coming to the USA to buy gringo pussy than gringos going to China to buy chink pussy? I think the answer is undisputed. I rest my case.
Perhaps that means the USA, with 25% of the world GNP,"controls" the world market today, and it is the "master." In fact, it is controling very well.
[QUOTE=Bango Cheito;1208165]the fact that their GNP WILL surpass the US's means they WILL control world markets. They will be the new masters.[/QUOTE]
[QUOTE=Matt Psyche;1208187]Perhaps that means the USA, with 25% of the world GNP,"controls" the world market today, and it is the "master." In fact, it is controling very well.[/QUOTE]That 30% lead the US has on China is all smoke and mirrors. Watch what happens when the US gets REMOVED as a world reserve currency. When oil gets traded in some other currency, or in a basket. Watch what happens when China decided the jig is up and refuses to lend anymore. For that matter, when China DOES finally let its currency strengthen naturally, that alone will more than erase the 30% gap.
The US is the BORROWER now, China is the LENDER. And China is the one MAKING all the shit. The US is CONSUMING it. That's not exactly bringing anything to the table. And it puts the US in NO position to be calling the shots anymore.
On a less OT note I predict 1500 COP to the dollar within the next year to 18 months, TOUCH within 18 months and AVERAGE within 2-3 years. If not sooner.
[QUOTE=HelpRules;1205416]This dollar strength we have was temporary. We went from 73 to 79 in a pretty short span. One day people will not pile into the dollar. It is no safe haven, and when people realize this, your dollars will be like toilet paper. You can thank Obamanomics and Bushonomics for that. When you have 2 of the most unqualified presidents back to back, there are going to be problems. Remember, Bush was president because of white privilege, and Obama because he is black. Affirmative action and quotas. They have completely destroyed this country in 12 years. Obama couldn't run a lemonade stand. He is another college boy that went straight into politics. Never had a real job or hired anyone. Never ran a business. A complete Clarence Thomas dope.[/QUOTE]Obama isn't qualified to run a garage sale-he is a loser
A Fidelity Card Rep told me that while Fidelity does not charge fees, credit companies issueing the card (AMEX for my card) charge foreign transaction fee, which is 1% for AMEX. These fee systems are reminiscent of the fee system in centro strip clubs.
[QUOTE=MiamiHeatLuver; 1187445]Just this second gave me a rate of 1782.
Which is better than bloombergs posted rate of 1775, I have no fees whatsoever imposed on me by Citibank or Fidelity.[/QUOTE]
Got 1910 COP per dollar at Santa Fe mall today.
Cheers
Colombia will limit the amount banks can charge for cash withdrawals at automated teller machines in a new regulation opposed by the country's banking association.
Finance Minister Juan Carlos Echeverry said that under a new decree banks will be able to charge a maximum 3, 965 pesos ($2. 05) per ATM withdrawal outside their networks. ATM costs in Colombia are 'excessive' and among the highest in Latin America, Echeverry said.
'This is aimed at more inclusive banking and will attract more people to financial services, ' Echeverry told reporters in Bogota.
The fee ceiling may take away incentives for banks to install more ATMs and could reduce 'quality of service, ' Maria Mercedes Cuellar, head of Colombia's banking association, told CM& Noticias Dec. 14.
Just go to ATM's in nice areas. There will still be plenty of locations there and there will not be a drop off in services in those areas. The lower areas are where the issue will take the biggest toll. That is also the area with the highest risk for the banks (vandalism, theft, fake cards.)
And just in time for my upcoming trip. I was just at almost 2000 now at 1860.
[url]http://www.bloomberg.com/markets/currencies/americas/[/url]
[QUOTE=MiamiHeatLuver; 1235889]And just in time for my upcoming trip. I was just at almost 2000 now at 1860.
[url]http://www.bloomberg.com/markets/currencies/americas/[/url][/QUOTE]Not only is the dollar falling, but since the first of the year there has been a general price increase in MDE. For example the Metro in Sept. Was 155 pesos, and now it is 180 pesos. Also the hotels seemed to increase their prices by about 10%. Only good thing is the SW's are still reasonable.
[QUOTE=John Gault;1235958]Not only is the dollar falling, but since the first of the year there has been a general price increase in MDE. For example the Metro in Sept. Was 155 pesos, and now it is 180 pesos. Also the hotels seemed to increase their prices by about 10%. Only good thing is the SW's are still reasonable.[/QUOTE]I think your missing a zero at the end of the metro pricing big guy.
[QUOTE=MiamiHeatLuver;1235966]I think your missing a zero at the end of the metro pricing big guy.[/QUOTE]The Metro price now is 1800 pesos.
I guess it was wishful thinking. Sure be nice to drop a zero on all the prices. LOL
[QUOTE=John Gault;1235984]The Metro price now is 1800 pesos.[/QUOTE]I was there in the middle of December, just before Christmas. They raised the fare just a few weeks before that. I forgot to report on it.
Cheers.
I think I've seen a pattern here, it seems the peso always gets a bit cheaper around Christmas time and bounces back the 2nd week of January, usually right after I-ve had to change COP for USD because I usually have to fly up to the US in January :P
Doesn't look good for a while.
[url]http://www.bloomberg.com/quote/USDCOP:CUR[/url]
[QUOTE=MiamiHeatLuver; 1243554]Doesn't look good for a while.
[url]http://www.bloomberg.com/quote/USDCOP:CUR[/url][/QUOTE]OMG, sex is more expensive every month!
1785 and falling.
Yeah, tell that to Osama.
UOTE=Dermdoc58; 1216017]Obama isn't qualified to run a garage sale-he is a loser[/QUOTE]
Once again you get more in the cambio than out of atm. Atm = 1787, they were giving 1860 at several exchanges in Medellin yesterday. Government is buying $ to prop its value up again so they expect the $ value to increase. I have used atm for 12 years and occasionally (when $ value drops) cambio is the best bet.
By the way Obama didn't engage in 2 wars and give the biggest tax decrease to the 1, it is hard to stop a jump with no parachute.
[QUOTE=LocoGringo;1246582]Once again you get more in the cambio than out of atm. Atm = 1787, they were giving 1860 at several exchanges in Medellin yesterday. Government is buying $ to prop its value up again so they expect the $ value to increase. I have used atm for 12 years and occasionally (when $ value drops) cambio is the best bet.[/QUOTE]Cambios seem to lag maybe 2 weeks or so behind what actually happens in the market.
[QUOTE=LocoGringo;1246584]By the way Obama didn't engage in 2 wars and give the biggest tax decrease to the 1, it is hard to stop a jump with no parachute.[/QUOTE]Off topic, so I'll be pithy. When Bush ran for re-election, I was paying $1. 42 for a gallon of gasoline and the unemployment rate was 4. 2%. And he wasn't drumming up a war in Libya, Iran, or Syria.
[QUOTE=Iguana Six;1247633]Off topic, so I'll be pithy. When Bush ran for re-election, I was paying $1. 42 for a gallon of gasoline and the unemployment rate was 4. 2%. And he wasn't drumming up a war in Libya, Iran, or Syria.[/QUOTE]Bro "LONG TERM" 4 years 8 year is nothig to see the changes that laws and policy changes cause. We caused 2 wars and NOW we're feeling the brunt of that ugly!
[QUOTE=Iguana Six;1247633]Off topic, so I'll be pithy. When Bush ran for re-election, I was paying $1. 42 for a gallon of gasoline and the unemployment rate was 4. 2%. And he wasn't drumming up a war in Libya, Iran, or Syria.[/QUOTE]Let me guess, you got the "Mission Accomplished" banner hung at your home. During the Bush administration did you ever wonder why so many foreign service officers retired or quit?
[QUOTE=Slamcity7777;1247644]Bro "LONG TERM" 4 years 8 year is nothig to see the changes that laws and policy changes cause. We caused 2 wars and NOW we're feeling the brunt of that ugly![/QUOTE]Proper quote until the "we caused" part. But yes for policy changes it can take up to 4 years for it to show in the long term. But spending, tax, and protectionist type laws almost always have immediate effect. Whether you want to believe it or not, the market is intelligent and reacts to what it sees. I would venture this proposal, the market is being held down just as much by the uncertainty this administration exudes as their restrictive policies. The WSJ had an article on the the "new" bond market last Saturday. Read that and let's talk again about the timeline.
[QUOTE=Hanshin Baka;1247672]Let me guess, you got the "Mission Accomplished" banner hung at your home. During the Bush administration did you ever wonder why so many foreign service officers retired or quit?[/QUOTE]No, I didn't have to wonder. I know why many of them retired or quit. They were happy to serve in safe, cushy positions in modern first world countries. They were happy to push paper behind a desk in Paris or Tokyo or London, but when they were told they could either take on a tour doing actual work in places like Iraq or Afghanistan, living in tents, and getting their boots dirty, they decided it was time to apply for pensions that would scandalize the private sector.
$1. 40 gas. 4.2% unemployment, low inflation, and there was no attempt to justify extra-judicial killings of American citizens, or any of the potential democracy-killing aspects of the latest National Defense Authorization Act. I would be glad to trade 2004 for 2012.
Got 1800 pesos per dollar at cambio just down from entrance of parque lleras on calle 10, airport Tuesday was 1740 downstairs before exit and 1800 on second floor. Cambio in San Diego mall 1810 per dollar and a little better thanthat at Oviedo but the cambio on calle 10 no I'd bullshit, just channge the money!
[QUOTE=Hillbilly69;1255776]Got 1800 pesos per dollar at cambio just down from entrance of parque lleras on calle 10, airport Tuesday was 1740 downstairs before exit and 1800 on second floor. Cambio in San Diego mall 1810 per dollar and a little better thanthat at Oviedo but the cambio on calle 10 no I'd bullshit, just channge the money![/QUOTE]Its bad and getting worse! I haven't seen any substantial upswings in quite a while, a member down below was getting 1860 just recently, it might be worth the trip for me.
I know that cambio on calle 10 very well, as soon as I left it Police miraculously showed up out of nowhere and waived me over and asked to see my passport, thank god I always carry a copy which I thought I left at the apartment! I was getting that worried feeling in my gut.
Hill I bet they wait there to try and shake down tourists with no I'd's.
[url]http://www.bloomberg.com/quote/USDCOP:CUR[/url]
It appears that the strength of dollar moved opposite to the market movement in the past months.
When the market crashes or any military tension occurs somewhere in the world, it maybe a time to buy and keep pesos.
But the current rate is (only?) 10% lower than the high rate in early October when the market stumbled.
We just need to cut down expenses by 10%. It is not impossible. Thanks.
[QUOTE=MiamiHeatLuver; 1255782]Its bad and getting worse! I haven't seen any substantial upswings in quite a while, a member down below was getting 1860 just recently, it might be worth the trip for me.
I know that cambio on calle 10 very well, as soon as I left it Police miraculously showed up out of nowhere and waived me over and asked to see my passport, thank god I always carry a copy which I thought I left at the apartment! I was getting that worried feeling in my gut.
Hill I bet they wait there to try and shake down tourists with no I'd's.
[url]http://www.bloomberg.com/quote/USDCOP:CUR[/url][/QUOTE]
[QUOTE=MiamiHeatLuver; 1255782]Its bad and getting worse! I haven't seen any substantial upswings in quite a while, a member down below was getting 1860 just recently, it might be worth the trip for me.
I know that cambio on calle 10 very well, as soon as I left it Police miraculously showed up out of nowhere and waived me over and asked to see my passport, thank god I always carry a copy which I thought I left at the apartment! I was getting that worried feeling in my gut.
Hill I bet they wait there to try and shake down tourists with no I'd's.
[url]http://www.bloomberg.com/quote/USDCOP:CUR[/url][/QUOTE]I used to get shaken down from police but that was a long time ago, this trip is my 14th year in Medellin.
[QUOTE=Matt Psyche; 1255786]It appears that the strength of dollar moved opposite to the market movement in the past months.
When the market crashes or any military tension occurs somewhere in the world, it maybe a time to buy and keep pesos.
But the current rate is (only?) 10% lower than the high rate in early October when the market stumbled.
We just need to cut down expenses by 10. It is not impossible. Thanks.[/QUOTE]I'd say cut down expenses by bargaining harder. Start expecting more for your peso. Hopefully this will happen naturally.
[QUOTE=Jinxx;1255811]I'd say cut down expenses by bargaining harder. Start expecting more for your peso. Hopefully this will happen naturally.[/QUOTE]This is great advice, I don't even shop at pomona or exito anymore. I hit el centro with the locals. Hey people there are millions of people who have houses and support families with the 640k monthly minimum wage!
[QUOTE=Hillbilly69;1255797]I used to get shaken down from police but that was a long time ago, this trip is my 14th year in Medellin.[/QUOTE]Though not quite as long as you, I've been going to Colombia for quite a while as well but what does the random shake-down have to do with the amount of years you've been going to Medellin? I for example don't look Caucasian and could be from anywhere. Of course there are the usual nuances where if I guess you look like a very out of place lost Caucasian tourist you might have a higher propencity to get harrassed by the 5, O's.
[QUOTE=MiamiHeatLuver;1255815]Though not quite as long as you, I've been going to Colombia for quite a while as well but what does the random shake-down have to do with the amount of years you've been going to Medellin? I for example don't look Caucasian and could be from anywhere. Of course there are the usual nuances where if I guess you look like a very out of place lost Caucasian tourist you might have a higher propencity to get harrassed by the 5, O's.[/QUOTE]Nothing, shit happens to anyone, my response was longer but I am on my kindle fire and the spelling was fucked up so I deleted it. Point was I used to get shaken down alot by police and now not so much.
Correct. Plus, look for services 10% cheaper, reduce the amount of the services you usually buy by 10%, and/or reduce (or eliminate) the less important services by a larger percentage. It won't be too painful. Actually this could be a good opportunity to make a cost-effective mongering plan, and you may end up with a great mongering experience with lower cost. Who knows.
[QUOTE=Jinxx;1255811]I'd say cut down expenses by bargaining harder. Start expecting more for your peso. Hopefully this will happen naturally.[/QUOTE]
Or come to Rivera Beach for some crack ho's, hear it is 40-50, 000 pesos. Same price as some casas in Medellin.
Bought a lot of dollars and euros with me this trip. Cash is king and giving much better rates than my no fee debit card. After looking around quite a bit I found that in Premium Plaza the Mercado Libre de Divisas (right in the main door on the right) was giving the best rate of 1820 on Friday but went down to 1805 on Monday, and the euro was at 2230. Everything else was shit with the worst being ANY western union at 1730. My no fee credit card gave me 1760 the first night. Been here a week already with much success with my regulars and hot new girls. Havent needed a casa yet thank god! Life is good right now.
This shopping mall has a ton of money change places on the third floor. Very competitive. You can go around and ask each place their rate to change a certain amount into pesos. One will be the best. Fairly safe as well.
[url]http://www.avenidachilecentrocomercial.com[/url]
Calle 72 at K 10. Chapinero Bogota.
-zing
Can anyone advise me on good money exchanges in Medellin, that ex GBP Sterling at good rates.
Thanks
[QUOTE=Jasss; 1265276]Can anyone advise me on good money exchanges in Medellin, that ex GBP Sterling at good rates.
Thanks[/QUOTE]Jass, my two cents, the cambio's exchange to pesos either US dollars or euro's, the bank would have to exchange pound sterling. I am almost sure of this, but I could be wrong. My suggestion is if before your arrival you could get a good rate on euro's bring that and then exchange that at the cambio. If you can't exchange GBP for euros without giving up to much, then use the ATM's all around Medellin. Pref. A card that pays back the ATM fee and has no extra foreign exchange charges.
This is a heads up, yesterday all Cambio's lowered there rates dramatically on dollars to pesos. In fact it's now time to use the ATM's again, with your no fee cards. XE. Com reports the rate as of writing this at 1795 to 1. Cambio's I called yesterday were 1740 to 1 (Santa fee) .1750 to 1 (Monterray mall, my favorite). Anyone who tracks the peso knows sometimes the cambios give a better rate then the real exchange for various reasons. When they all re-opened after the holiday they all dropped there rates by 50-60 pesos per dollar. This is dramatic. One other comment about using a no fee card that pays back the ATM fee. You must use a bank ATM that clearly shows the bank ATM fee from the transaction, throughout Colombia most ATM's hide the fee inside the transaction. For example citibank ATM's seperate the fee from the transaction, no other machine comes to mind here that does this.
US DOLLAR-COLOMBIAN PESO Exchange 1, 809. 4000 +15. 5000 +0. 86% 12:38:38 and rising! .
I've always used ATM. Never a lower rate than the best cambio rate.
[QUOTE=MiamiHeatLuver;1282344]US DOLLAR-COLOMBIAN PESO Exchange 1, 809. 4000 +15. 5000 +0. 86% 12:38:38 and rising! .[/QUOTE]FUCK. Why does this ALWAYS happen right before I go up to the US? GOD DAMMIT!
[QUOTE=Bbrocs;1267860]This is a heads up, yesterday all Cambio's lowered there rates dramatically on dollars to pesos. In fact it's now time to use the ATM's again, with your no fee cards. XE. Com reports the rate as of writing this at 1795 to 1. Cambio's I called yesterday were 1740 to 1 (Santa fee) .1750 to 1 (Monterray mall, my favorite). Anyone who tracks the peso knows sometimes the cambios give a better rate then the real exchange for various reasons. When they all re-opened after the holiday they all dropped there rates by 50-60 pesos per dollar. This is dramatic. One other comment about using a no fee card that pays back the ATM fee. You must use a bank ATM that clearly shows the bank ATM fee from the transaction, throughout Colombia most ATM's hide the fee inside the transaction. For example citibank ATM's seperate the fee from the transaction, no other machine comes to mind here that does this.[/QUOTE]It doesn't matter if banks hide the fee or not. Just convert the money you received from the ATM with XE to see what exchange rate you are getting after fees (if the bank pays back the ATM fee subtract that first).
[QUOTE=MiamiHeatLuver;1282344]US DOLLAR-COLOMBIAN PESO Exchange 1, 809. 4000 +15. 5000 +0. 86% 12:38:38 and rising! .[/QUOTE]For the first time it is rising when I go to Colombia!
Just wishful thinking I bet though!
USD-COP 1, 826. 0000 +3. 1000 +0. 17% 12:15:03
Today, June 19, 2012, 1850 pesos per 1 dollar at the airport at the exchange place opposite Copa Airlines check-in counter upstairs, departure level.
Cheers.
Well it's the cold hard truth! I'm getting fat! Cracked my ATM card and this is my usual means to get out cash. I'd rather not do cash advances on my CC for obvious reasons. In Medellin hwere is a good spot to cash loot that offers fair rates?
Please advise! I don't have time to use the Search feature. The info will be dated as it seems most of the posts here are about rates and clearly thosse change day to day.
Thanks!
[QUOTE=Slamcity7777; 1307264]Well it's the cold hard truth! I'm getting fat! Cracked my ATM card and this is my usual means to get out cash. I'd rather not do cash advances on my CC for obvious reasons. In Medellin hwere is a good spot to cash loot that offers fair rates?
Please advise! I don't have time to use the Search feature. The info will be dated as it seems most of the posts here are about rates and clearly thosse change day to day.
Thanks![/QUOTE]Very good rates at premium plaza bro! As soon as you walk in on the right hand side alcove! I checked like 5 places and this was the best one between, PL, OVIEDO, TESORO, SANTE FE, you need your passport though! No passport? Use the one in parque lleras!
Here you go! http://www.mercadolibrededivisas.com/ Call to get todays rate!!
Some guy wrote he was getting like 1850 IN THE AIRPORT though, you're not going to go to rio negro just to find out lol
santos urges colombian central bank to consider rate cut.
by matthew bristow. jul 23, 2012 1:00 am et.
colombia's central bank should consider cutting interest rates after recent data show the economy losing speed, president juan manuel santos said.
policy makers should also step up their purchases of dollars, santos said in a july 20 speech to mark colombian independence day.
'i have asked the central bank to study a cut in interest rates, and evaluate a more aggressive purchase of dollars to increase our international reserves, ' santos said. 'this will also help us confront the phenomenon of revaluation. '
the government is worried by signs that the economy is slowing, even though growth remains faster than the world average, santos said. industrial output fell for a third straight month in may on a year-on-year basis, the national statistics agency said last week.
fourteen economists surveyed by bloomberg forecast that the central bank will hold its benchmark interest rate at 5. 25 percent at its july 27 policy meeting, while six analysts forecast a quarter-point cut.
colombia raised its benchmark rate nine times in the year through february, bucking a global trend for lower borrowing costs. the bank last cut rates in april 2010.
the colombian peso has appreciated 8. 9 percent this year, the biggest gain of 170 currencies tracked by bloomberg.
colombia's central bank has often ignored suggestions from santos and his predecessor, former president alvaro uribe. last month, policy makers kept their daily dollar purchases unchanged at $20 million, even after santos met with bank chief jose dario uribe and other board members and urged them to increase the amount.
in january, the central bank raised its benchmark interest rate a quarter point, after santos had said such a move wouldn't be 'appropriate. '
1710 today at the cambios. Wow, I had hoped only the prepagos were screwing me.
[QUOTE=Hanshin Baka;1310062]1710 today at the cambios. Wow, I had hoped only the prepagos were screwing me.[/QUOTE]Damn- that's pretty low! Try the cambios near Museo de Oro for better rate. That's Centro.
In Chapinero- theres some good ones near Gallerias.
Way North- Centro Comercio Santa Barbara.
Best ATM deal I've found DaviVienda bank 720 mil at daily rate +$5
[QUOTE=Hanshin Baka;1310062]1710 today at the cambios. Wow, I had hoped only the prepagos were screwing me.[/QUOTE]That is real BS considering the $ is almost approaching 1800. This place publishes online rates and is paying 1770 right now!
[url]http://www.mercadolibrededivisas.com/[/url]
There's been some talk here of the ATM scams that seem to be gaining popularity lately. I thought I'd post some photos of what one style of phony keypad looks like.
Reef
[blue][Pointless-Stupid-Idiotic Photo(s) Deleted by Admin][/blue]
[u][b]EDITOR's NOTE[/b][/u]: [blue]This report was edited or deleted to [u]remove Pointless-Stupid-Idiotic Photo(s)[/u]. Please do not post Pointless-Stupid-Idiotic Photo(s)in the Forum EXCEPT in the Jokes & Humorous Stories thread. Please read the Forum's Posting Guidelines for further information. [i]Thanks![/i][/blue]
[QUOTE=Reefski; 1311428]There's been some talk here of the ATM scams that seem to be gaining popularity lately. I thought I'd post some photos of what one style of phony keypad looks like.
Reef[/QUOTE]I am off to Colombia in 2weeks time, thanks for the info and pics, will look out for that.
US DOLLAR-COLOMBIAN PESO Exchange Rate Add to Portfolio.
USD-COP 1, 823. 4100 Price of 1 USD in COP 3. 8100 0. 21%
As of 12:11:53 ET on 08/17/2012.
As of Today the official rate is 1760 to 1. Monterray Cambio is 1790 to 1. Cambio is slightly ahead of the ATM rate for money changing.
If the rate stays at 1760, the cambio will come down closer to the 1760 figure, so change what you can now. The peso never did what it usually does in December go to 1940 to 1. I never saw December go higher then 1850, and that was during the first week of December.
I think it's going to cost more to come to Colombia this year. I believe you might see you paying 10% more on hard goods and services, combination of a little inflation and the dollar continued slip to the peso.
Rents, I see a increase in Administration fee's and utilities continue to rise. I see one of the biggest rental houses add a cleaning fee to every rental for 2013 and a 3% booking fee regardless if cash is paid or not. I do not blame them, price of doing it here has gone up. Something to consider when booking. It's been increasingly hard to find a furnished monthly place here. Good rentals do not want to give up short term money, because the demand out paces the amount of good places. That number changes all the time with buildings putting a end to short term rentals after a incident at the rental. But in the same breath new places replace trouble places every month. I can tell this from how many new VRBO ad's are out there, and how that number grew from 7 listings, when I first started.
Places like Alianza Valores will help you get money into Colombia legally. You can deposit money into citibank NY, and they buy it at market rate. Their commission. Then once here you can open a CD rates right now are between 4. 5.6. If you need money from your account you can request a check and cash it at banco Colombia. They have a office on Las Vegas Blvd in Medellin, and a office in Bogota, that I know about.
I am projecting more visitors to Colombia, with Jetblue rolling out service in the summer, more competition will provide better prices on airfare(fingers crossed.)
With me, I have not raised rates this year on apartments. Hoping not to have to.
[QUOTE=Bbrocs; 1374115]As of Today the official rate is 1760 to 1. Monterray Cambio is 1790 to 1. Cambio is slightly ahead of the ATM rate for money changing.
If the rate stays at 1760, the cambio will come down closer to the 1760 figure, so change what you can now. The peso never did what it usually does in December go to 1940 to 1. I never saw December go higher then 1850, and that was during the first week of December.
I think it's going to cost more to come to Colombia this year. I believe you might see you paying 10% more on hard goods and services, combination of a little inflation and the dollar continued slip to the peso.
Rents, I see a increase in Administration fee's and utilities continue to rise. I see one of the biggest rental houses add a cleaning fee to every rental for 2013 and a 3% booking fee regardless if cash is paid or not. I do not blame them, price of doing it here has gone up. Something to consider when booking. It's been increasingly hard to find a furnished monthly place here. Good rentals do not want to give up short term money, because the demand out paces the amount of good places. That number changes all the time with buildings putting a end to short term rentals after a incident at the rental. But in the same breath new places replace trouble places every month. I can tell this from how many new VRBO ad's are out there, and how that number grew from 7 listings, when I first started.
Places like Alianza Valores will help you get money into Colombia legally. You can deposit money into citibank NY, and they buy it at market rate. Their commission. Then once here you can open a CD rates right now are between 4. 5.6. If you need money from your account you can request a check and cash it at banco Colombia. They have a office on Las Vegas Blvd in Medellin, and a office in Bogota, that I know about.
I am projecting more visitors to Colombia, with Jetblue rolling out service in the summer, more competition will provide better prices on airfare (fingers crossed.)
With me, I have not raised rates this year on apartments. Hoping not to have to.[/QUOTE]Yes your right. It is murder here now. Not only has the dollar been very weak, but all prices are up. A few examples. Bus from airport is now 7K, Shared taxi from airport to just outside the city is now 15K instad of 12, 500, Metro is now 1800. The hotel I'm staying is now 48K up from 44k.
So you get hit from both sides. One the malo dollar, and then Colombian inflation.
[QUOTE=Bbrocs; 1374115]As of Today the official rate is 1760 to 1. Monterrey Cambio is 1790 to 1. Cambio is slightly ahead of the ATM rate for money changing.
If the rate stays at 1760, the cambio will come down closer to the 1760 figure, so change what you can now. The peso never did what it usually does in December go to 1940 to 1. I never saw December go higher then 1850, and that was during the first week of December.[/QUOTE]This official rate is the TRM right? I was looking for a place that can exchange a decent amount of USD for my next trip, are you saying you recommend a cambio located in the C. C. Monterrey? Do they require certain types of bills (ie. $100 bills dated 2005 or newer, etc) and do they require you to bring your passport or would a copy do the trick?
Appreciate any current info you have about this.
[QUOTE=Almotu; 1374178]This official rate is the TRM right? I was looking for a place that can exchange a decent amount of USD for my next trip, are you saying you recommend a cambio located in the C. C. Monterrey? Do they require certain types of bills (ie. $100 bills dated 2005 or newer, etc) and do they require you to bring your passport or would a copy do the trick?
Appreciate any current info you have about this.[/QUOTE]Yes TRM, anything big might require a drivers license or a passport to change.
I like changing money at monterray. There rates are good. But with that said we call like 4 places when I am changing 1, 000 or more dollars. We call Alianza cambio. This is not Alianza Valores. It's a cambio by exito in the san juan area.
We check the two cambios in poblado. The fourth is a whole in the wall in envigado.
No you don't have to worry about types of bills. I would not bring any ripped or torn bills to them.
I recommend cambio as of today it see-saws regularly here between ATM and a schwab card or a preferred card or credit union card and cambios. When it changes massively in any direction I try to give the heads up right here.
Listen on less then 300 it's small amount. But on larger transactions its a big difference. Could mean 60. 000. 90. 000 pesos in your favor by knowing what's best on exchange of $1, 000 dollars
[QUOTE=Bbrocs; 1374115]As of Today the official rate is 1760 to 1. Monterray Cambio is 1790 to 1. Cambio is slightly ahead of the ATM rate for money changing.
If the rate stays at 1760, the cambio will come down closer to the 1760 figure, so change what you can now. The peso never did what it usually does in December go to 1940 to 1. I never saw December go higher then 1850, and that was during the first week of December.
I think it's going to cost more to come to Colombia this year. I believe you might see you paying 10% more on hard goods and services, combination of a little inflation and the dollar continued slip to the peso.
Rents, I see a increase in Administration fee's and utilities continue to rise. I see one of the biggest rental houses add a cleaning fee to every rental for 2013 and a 3% booking fee regardless if cash is paid or not. I do not blame them, price of doing it here has gone up. Something to consider when booking. It's been increasingly hard to find a furnished monthly place here. Good rentals do not want to give up short term money, because the demand out paces the amount of good places. That number changes all the time with buildings putting a end to short term rentals after a incident at the rental. But in the same breath new places replace trouble places every month. I can tell this from how many new VRBO ad's are out there, and how that number grew from 7 listings, when I first started.
Places like Alianza Valores will help you get money into Colombia legally. You can deposit money into citibank NY, and they buy it at market rate. Their commission. Then once here you can open a CD rates right now are between 4. 5.6. If you need money from your account you can request a check and cash it at banco Colombia. They have a office on Las Vegas Blvd in Medellin, and a office in Bogota, that I know about.
I am projecting more visitors to Colombia, with Jetblue rolling out service in the summer, more competition will provide better prices on airfare (fingers crossed.)
With me, I have not raised rates this year on apartments. Hoping not to have to.[/QUOTE]Thank you for sharing this info Bbrocs.
[QUOTE=Bbrocs; 1374182]Yes TRM, anything big might require a drivers license or a passport to change.
I like changing money at monterray. There rates are good. But with that said we call like 4 places when I am changing 1, 000 or more dollars. We call Alianza cambio. This is not Alianza Valores. It's a cambio by exito in the san juan area.
We check the two cambios in poblado. The fourth is a whole in the wall in envigado.[/QUOTE]So which of these 4 gave the best rate? If you have addresses and phone numbers, that would be great as well. I remember trying to exchange money at the cambio in C. C. Oviedo. It was like 'pulling teeth', they were sooooo slow & the rate was horrible.
Fellas, I always have a Plan B for money, either a cash reserve or credit card. My last two trips to Colombia I've used my Plan B as my new Plan A!
My ATM card charges me 4% of the total transaction (They buried this nugget of information on my statement. My fault for being lazy all these years0 plus $6 flat fee. For a $700K COP with drawl it's running me $18-$22 a pop! You can get a great BJ for that in Colombia! Hahaha.
I've switched to a Paypal Debit card. Sign up for a PP account, assign a bank account, and transfer money to your PP. Then use the PP Master Card and they charge you a flat $1 fee! You can adjust your limits and stuff on line and it's free to move money to your PP from your checking.
I do not work for Mastercard or Pay pal! Hahaha! It's just a good way to go IMO.
Four ATM with drawls at $20 a pop is $80. With PPMC it's $4 USD! I'm not a cheap guy but that is a MAJOR savings!
Siam I agree PayPal is good, but schwab is better.
Schwab-no min, no monthly fee, same as PayPal.
Schwab- no dollar surcharge to withdraw, in fact if you use a ATM that has a ATM fee it gets refunded back at end of month. Lots of ATM in South America hide the fee inside transaction. So use citibank or BBVA. PayPal doesn't.
No foreign transaction percentage. Both PayPal and schwab same.
Max withdraw PayPal $400. Max withdraw schwab. Who knows but you can take out over a million pesos.
Funding account. Both PayPal and schwab allow you through the app to photo a check and make a deposit. But schwab it takes just a day or two. PayPal takes a week. You can also ACH the money through your bank. If your In New York you can deposit a check at a schwab branch through brokerage and xfer it into checking.
I lost my schwab card in colombia and they fed x it to me free of charge. PayPal will not.
Schwab great customer service via telephone.
Schwab no incoming wire fee. Outgoing fee for wire $25.
I do not work for either company and I use them both a lot everywhere.
I am cheap with myself
[QUOTE=Slamcity7777; 1386853]Fellas, I always have a Plan B for money, either a cash reserve or credit card. My last two trips to Colombia I've used my Plan B as my new Plan A!
My ATM card charges me 4% of the total transaction (They buried this nugget of information on my statement. My fault for being lazy all these years0 plus $6 flat fee. For a $700K COP with drawl it's running me $18-$22 a pop! You can get a great BJ for that in Colombia! Hahaha.
I've switched to a Paypal Debit card. Sign up for a PP account, assign a bank account, and transfer money to your PP. Then use the PP Master Card and they charge you a flat $1 fee! You can adjust your limits and stuff on line and it's free to move money to your PP from your checking.
I do not work for Mastercard or Pay pal! Hahaha! It's just a good way to go IMO.
Four ATM with drawls at $20 a pop is $80. With PPMC it's $4 USD! I'm not a cheap guy but that is a MAJOR savings![/QUOTE]
Hahah! We both should be pitch men for Mongering Money needs and services!
The customer service sounds amazing! That is always nice to have in your back pocket. One question; Schwab is a real bank right? So signing up for an account is a more involved process than just clicking "Sign Up" and filling in your checking account number?
If you have to go down to a Schwab branch and if there isn't one near your house, ect. Paypal is like 5 min to click up and sign up, then sign up for the card and then wait till it shows up and you're off and running.
Useful info on the Medeillin board! Somebody call El Tiempo! LOL!
[QUOTE=Bbrocs; 1386879]Siam I agree PayPal is good, but schwab is better.
Schwab-no min, no monthly fee, same as PayPal.
Schwab- no dollar surcharge to withdraw, in fact if you use a ATM that has a ATM fee it gets refunded back at end of month. Lots of ATM in South America hide the fee inside transaction. So use citibank or BBVA. PayPal doesn't.
No foreign transaction percentage. Both PayPal and schwab same.
Max withdraw PayPal $400. Max withdraw schwab. Who knows but you can take out over a million pesos.
Funding account. Both PayPal and schwab allow you through the app to photo a check and make a deposit. But schwab it takes just a day or two. PayPal takes a week. You can also ACH the money through your bank. If your In New York you can deposit a check at a schwab branch through brokerage and xfer it into checking.
I lost my schwab card in Colombia and they fed x it to me free of charge. PayPal will not.
Schwab great customer service via telephone.
Schwab no incoming wire fee. Outgoing fee for wire $25.
I do not work for either company and I use them both a lot everywhere.
I am cheap with myself[/QUOTE]
[QUOTE=Bbrocs; 1386879]but schwab is better.
Schwab-no min, no monthly fee, same as PayPal.
Schwab- no dollar surcharge to withdraw, in fact if you use a ATM that has a ATM fee it gets refunded back at end of month. Lots of ATM in South America hide the fee inside transaction. So use citibank or BBVA. PayPal doesn't.[/QUOTE]Are you talking about a credit card with Schwab? I know for sure it does not have / offer credit card service. Please elaborate. It sounds like an excellent deal.
Thanks.
[QUOTE=Ezyngo; 1387290]Are you talking about a credit card with Schwab? I know for sure it does not have / offer credit card service. Please elaborate. It sounds like an excellent deal.
Thanks.[/QUOTE]No I am not talking about a credit card. Did you go look at there site? Because all the info is on their site?
When you open a brokerage account with schwab, it also opens a checking account. You do not need to fund or use the brokerage account. The winner is the checking account. You fund it and request a debit card. Your then all set. They make you open a brokerage account no way around it but you do not need to use.
Hope that helps
[QUOTE=Slamcity7777; 1387262]Hahah! We both should be pitch men for Mongering Money needs and services!
The customer service sounds amazing! That is always nice to have in your back pocket. One question; Schwab is a real bank right? So signing up for an account is a more involved process than just clicking "Sign Up" and filling in your checking account number?
If you have to go down to a Schwab branch and if there isn't one near your house, ect. Paypal is like 5 min to click up and sign up, then sign up for the card and then wait till it shows up and you're off and running.
Useful info on the Medeillin board! Somebody call El Tiempo! LOL![/QUOTE]Its more of a real bank then Paypal. You can write checks, and do wires, and pay bills. No the process for paypal set up and schwab are the same time, same amount of easy to do. In both cases you have to request a debit card. Just with schwab everything takes a form and to fax it back.
It's the same set up for both basically. But the customer service for schwab is light years better then paypal. It is even tough to find paypal's phone number if you need them.
Schwab also gives a bit of interest on money sitting in schwab checking. Paypal cut that out.
You never need to walk into a schwab branch for anything. Everything can be done online, via phone, or through the app. Depositing checks via the phone app is awesome.
My favorite part is when I look on the 1st of the month and I see schwab has put 30+ dollars back into my account from atm fee's. Priceless.
This site has taken on more needs then just mongering. It's a lifestyle. Getting more bang for your buck is part of that.
I have been touting Schwab for years. It's awesome. BTW, do you have problems with Banco Colombia? It is the only bank which I cannot get the card to work at.
[QUOTE=Bbrocs; 1387298]Its more of a real bank then Paypal. You can write checks, and do wires, and pay bills. No the process for paypal set up and schwab are the same time, same amount of easy to do. In both cases you have to request a debit card. Just with schwab everything takes a form and to fax it back.
It's the same set up for both basically. But the customer service for schwab is light years better then paypal. It is even tough to find paypal's phone number if you need them.
Schwab also gives a bit of interest on money sitting in schwab checking. Paypal cut that out.
You never need to walk into a schwab branch for anything. Everything can be done online, via phone, or through the app. Depositing checks via the phone app is awesome.
My favorite part is when I look on the 1st of the month and I see schwab has put 30+ dollars back into my account from atm fee's. Priceless.
This site has taken on more needs then just mongering. It's a lifestyle. Getting more bang for your buck is part of that.[/QUOTE]
[QUOTE=Hioctane;1391027]I have been touting Schwab for years. It's awesome. BTW, do you have problems with Banco Colombia? It is the only bank which I cannot get the card to work at.[/QUOTE]Hi I don't use banco Colombia ATM with Schwab. It embeds the ATM fee in transaction so you won't get fee refunded. Stick to Citibank and BBVA. Also the ATM at occidente it's green ATM that are in other locations. Use ATMs that show you that your going to pay a fee so schwab will refund on 1st of every month. I don't like banco Colombia. They sometimes give lots if cirius based cards problems.
BB
Bbrocs,
Thank you for excellent info on Schwab. That is my fav bank as well, especially for international travel. In Europe, their ATM card allows you to draw 500 euros at a time.
For guys planning on using it, know that international wires cannot be done from Checking account. The debit card / ATM uses funds from checking or savings account but if you need to wire, you need to move funds to the brokerage account first. Not a big deal but other banks (say Wells Fargo) allow you to do international wires from checking or savings.
If you are going to be spending significant time in Medellin and are traveling from the states consider opening an account with Citibank in the States. There are many Citibank locations throughout Medellin. Put the funds you need in your Citibank account in the States and withdraw it out in Medellin. If you have a GOLD account. 25k or something like that, withdraws are free. Or you can do as I do and ask the person in the bank to switch your account for 90 days once a year to GOLD and they might. I find the customer service with the branch I use in the states to be very good.
In Poblado, where many of you may be staying, there is a branch next to the Oviedo Mall. It is a short walk from The Mansion. The limit per day for withdraws is $1000 and the exchange rate is competitive. I have no reference point to other banks in Medellin. I just thought I would pass on my experience with Citibank.
[QUOTE=Vegas Jeff; 1419179]If you are going to be spending significant time in Medellin and are traveling from the states consider opening an account with Citibank in the States. There are many Citibank locations throughout Medellin. Put the funds you need in your Citibank account in the States and withdraw it out in Medellin. If you have a GOLD account. 25k or something like that, withdraws are free. Or you can do as I do and ask the person in the bank to switch your account for 90 days once a year to GOLD and they might. I find the customer service with the branch I use in the states to be very good.
In Poblado, where many of you may be staying, there is a branch next to the Oviedo Mall. It is a short walk from The Mansion. The limit per day for withdraws is $1000 and the exchange rate is competitive. I have no reference point to other banks in Medellin. I just thought I would pass on my experience with Citibank.[/QUOTE]Hi VJ,
Your right if your rich Citibank gold is a great choice, so is all the private versions of big banking in the USA. BUT for the average folk who don't have 25K just sitting in checking. Schwab is the best, there is no equal I being willing to try something new. But with its no min, xfer via check from your regular bank to them in one day including weekends using a iPhone app to deposit your check. No foreign transaction. 1 million pesos withdraw. ATM reimbursement. I am looking for a better deal but can not find, plus very good customer service. I do not work for them. I am just a happy client.
Right now TRM is 1833 to 1. One of highest I seen in a long time. Medellin is on 12% discount to you with dollars from 5 months ago. Highest cambio I seen is 1810 to 1. Making the schwab card the way to go for pulling money out as of today. But remember its a see-saw. When they need more dollars the cambio will go up and sometimes pass the TRM.
[QUOTE=Bbrocs; 1419325]Hi VJ,
Your right if your rich Citibank gold is a great choice, so is all the private versions of big banking in the USA. BUT for the average folk who don't have 25K just sitting in checking. Schwab is the best, there is no equal I being willing to try something new. But with its no min, xfer via check from your regular bank to them in one day including weekends using a iPhone app to deposit your check. No foreign transaction. 1 million pesos withdraw. ATM reimbursement. I am looking for a better deal but can not find, plus very good customer service. I do not work for them. I am just a happy client.
Right now TRM is 1833 to 1. One of highest I seen in a long time. Medellin is on 12% discount to you with dollars from 5 months ago. Highest cambio I seen is 1810 to 1. Making the schwab card the way to go for pulling money out as of today. But remember its a see-saw. When they need more dollars the cambio will go up and sometimes pass the TRM.[/QUOTE]Good to hear of another good banking option. I did not even know that Schwab was in Medellin before reading this thread. Citibank's 1. 8 million pesos per day withdraw limit is the most important thing for me. That is almost double Schwab's and equals half the trips to the bank. You say that Schwab's exchange rate is high as well as other advantages which is important. I am not sure how Citibank compares. I am in Medellin for 5 months per year. 3 months in the summer and two other one month trips. I do not have a Gold account either but for the third year my bank has switched me to Gold for the summer at no charge. The other two trips I bring a little more on the plane and pay the withdraw fee for the few extra withdraws I make.
[QUOTE=Bbrocs; 1419325]Hi VJ,
Your right if your rich Citibank gold is a great choice, so is all the private versions of big banking in the USA. BUT for the average folk who don't have 25K just sitting in checking. Schwab is the best, there is no equal I being willing to try something new. But with its no min, xfer via check from your regular bank to them in one day including weekends using a iPhone app to deposit your check. No foreign transaction. 1 million pesos withdraw. ATM reimbursement. I am looking for a better deal but can not find, plus very good customer service. I do not work for them. I am just a happy client.
Right now TRM is 1833 to 1. One of highest I seen in a long time. Medellin is on 12% discount to you with dollars from 5 months ago. Highest cambio I seen is 1810 to 1. Making the schwab card the way to go for pulling money out as of today. But remember its a see-saw. When they need more dollars the cambio will go up and sometimes pass the TRM.[/QUOTE]Yep. Schwab is my bank of choice too. Got to love the ATM refunds!
Citibank is the WORSE for the average joe. Even though they have Citibanks everywhere they charge 3% on top of the ATM fee. I have an account too. If you can afford a Gold account, practically every bank will waive fees.
[QUOTE=Vegas Jeff;1419438]Good to hear of another good banking option. I did not even know that Schwab was in Medellin before reading this thread. Citibank's 1. 8 million pesos per day withdraw limit is the most important thing for me. That is almost double Schwab's and equals half the trips to the bank. You say that Schwab's exchange rate is high as well as other advantages which is important. I am not sure how Citibank compares. I am in Medellin for 5 months per year. 3 months in the summer and two other one month trips. I do not have a Gold account either but for the third year my bank has switched me to Gold for the summer at no charge. The other two trips I bring a little more on the plane and pay the withdraw fee for the few extra withdraws I make.[/QUOTE]Hi again VJ,
Schwab does not have a office in Medellin. But since they reimburse ATM fee's it's the same as using a local branch.
I said they do a million pesos, they might do even more I never tried to retrieve more then this at any one time. I bet if you spoke to customer service they would allow you to pull 2 million pesos or tell you there max withdraw.
This free card would make a great add on to your arsenal of travel accounts over the months where citi gold wasn't on.
For you married guys that don't want a record, bluebird card from Walmart. You get a temporary from Walmart for $5 dollars. Load cash on it at register. Take card with you to Medellin. Do this right before you leave for a trip. I think you have up to 14 to register with the company to receive the normal card. But while its no name they don't track. So spend and withdraw. Destroy the card before you return and empty it out. Next trip wash repeat. Never register the card.
[QUOTE=Bbrocs; 1419741]Hi again VJ,
Schwab does not have a office in Medellin. But since they reimburse ATM fee's it's the same as using a local branch.
I said they do a million pesos, they might do even more I never tried to retrieve more then this at any one time. I bet if you spoke to customer service they would allow you to pull 2 million pesos or tell you there max withdraw.
This free card would make a great add on to your arsenal of travel accounts over the months where citi gold wasn't on.
For you married guys that don't want a record, bluebird card from Walmart. You get a temporary from Walmart for $5 dollars. Load cash on it at register. Take card with you to Medellin. Do this right before you leave for a trip. I think you have up to 14 to register with the company to receive the normal card. But while its no name they don't track. So spend and withdraw. Destroy the card before you return and empty it out. Next trip wash repeat. Never register the card.[/QUOTE]I have been using Amex Prepaid. It looks very similar to bluebird, but the free in network ATM withdrawals is better with bluebird. Also, Amex Prepaid is limited to Banco Colombia ATMs. How wide is the MoneyPass network in Colombia?
BTW for all the WU guys. Prepaid is a way better option than WU!
Hi all, I get a lot of questions. But best money one is Hey I have just dollars and it's Sunday and all the cambio's and banks are closed what do I do?
Well several things, can you use a different ATM card to get you through the weekend?
Has the Cambios at Oveido and Santa fe closed?
You say yes to all of the above all you have is your credit card. Well no fear take your credit card to Allegre Casino on top of Premium Plaza Mall. Take your credit card and passport and proceed to the cage. Tell them you want 100, 000, or 200, 000 or even 500, 000. They will give you a cash advance and not charge you a dime for it. In most casinos they would then give you chips. Here they give you cash your free to walk right out the door. In a pinch this is great to know. If your card has points you will get the cash and the points. If its counted as a cash advance paying it back that very month wipes away most of the charges. You can even talk to your credit card company explain you were in a tight spot. They want you as a customer they will work with you and you still get the points.
Not only that have you seen both the girls that walk around in PP mall and San Diego? Wow.
SO if your out of cash due to a problem or over spending I never thought going to a casino to make a withdraw would work but it will for now.
[QUOTE=Bbrocs; 1420343]Hi all, I get a lot of questions. But best money one is Hey I have just dollars and it's Sunday and all the cambio's and banks are closed what do I do?
Well several things, can you use a different ATM card to get you through the weekend?
Has the Cambios at Oveido and Santa fe closed?
You say yes to all of the above all you have is your credit card. Well no fear take your credit card to Allegre Casino on top of Premium Plaza Mall. Take your credit card and passport and proceed to the cage. Tell them you want 100, 000, or 200, 000 or even 500, 000. They will give you a cash advance and not charge you a dime for it. In most casinos they would then give you chips. Here they give you cash your free to walk right out the door. In a pinch this is great to know. If your card has points you will get the cash and the points. If its counted as a cash advance paying it back that very month wipes away most of the charges. You can even talk to your credit card company explain you were in a tight spot. They want you as a customer they will work with you and you still get the points.
Not only that have you seen both the girls that walk around in PP mall and San Diego? Wow.
SO if your out of cash due to a problem or over spending I never thought going to a casino to make a withdraw would work but it will for now.[/QUOTE]Good advise and it is good for other destinations as well. I have gone to casinos and gotten chips and turned right around and cashed them out simply due to the great exchange rate most casinos give when paying with dollars.
[QUOTE=Manizales911;1420499]Good advise and it is good for other destinations as well. I have gone to casinos and gotten chips and turned right around and cashed them out simply due to the great exchange rate most casinos give when paying with dollars.[/QUOTE]I tested it out, here was the results.
So.
200,000 pesos taken from my credit card in Allegre casino Medellin Colombia.
Bank says that was $109 dollars or a exchange rate of 1834.86 to 1. (very good its the exact TRM as of 5/10/13)
Fee for cash advance $2.34 by bank, or what any normal ATM in america charges these days.
This is not a country to run out of money in, and sometimes people come in with dollars and expect that will be changed no problem.
Here in Colombia no one takes dollars for payments unlike Peru where the cash register is set to take Sols or Dollars for transactions.
[QUOTE=Vegas Jeff;1419438]Good to hear of another good banking option. I did not even know that Schwab was in Medellin before reading this thread. Citibank's 1. 8 million pesos per day withdraw limit is the most important thing for me. That is almost double Schwab's and equals half the trips to the bank. You say that Schwab's exchange rate is high as well as other advantages which is important. I am not sure how Citibank compares. I am in Medellin for 5 months per year. 3 months in the summer and two other one month trips. I do not have a Gold account either but for the third year my bank has switched me to Gold for the summer at no charge. The other two trips I bring a little more on the plane and pay the withdraw fee for the few extra withdraws I make.[/QUOTE]Actually Schwab's limit is 1000 dollars US.
[QUOTE=Hioctane; 1419533]Yep. Schwab is my bank of choice too. Got to love the ATM refunds!
Citibank is the WORSE for the average joe. Even though they have Citibanks everywhere they charge 3% on top of the ATM fee. I have an account too. If you can afford a Gold account, practically every bank will waive fees.[/QUOTE]I went to the bank in the US and got all the details for Citibank. You are correct about the 3% plus the ATM withdraw fee. This is a pretty steep price to pay for money.
Citigold account has many advantages if you have 50k. 2k per day withdraw limit. No fees.
I do not have a Citigold account. As I stated before, in my previous post, the person at my bank gives me 90 days of Citigold at no charge and I eat the fees for the few withdraws on the other trips.
Sounds like Schwab would be the best for most people. Put money in the account in the US. After fee reimbursement, take it out for free abroad.
I don't us ATMs. I always go to cambios. When you withdraw money do you get the xe. Com rate? If you get that rate, and don't get the 3% fee waived, isn't it a horrible deal and you're better off bringing cash. It seems to me that going to cambios is the best unless you are loaded and can get all fees waived.
[QUOTE=HelpRules;1422463]I don't us ATMs. I always go to cambios. When you withdraw money do you get the xe. Com rate? If you get that rate, and don't get the 3% fee waived, isn't it a horrible deal and you're better off bringing cash. It seems to me that going to cambios is the best unless you are loaded and can get all fees waived.[/QUOTE]You get a lower rate. When was in Cartagena a couple of weeks ago my friends used cash and the Cambio exchange rate was about 1760 compared to the xe rate of 1810-1830.
With Schwab, there isn't even a minimum deposit if I recall.
Morning the TRM hits the high for the year here at 1863 to 1. Cambios can not react in time and are either 1810, 1815 to 1 at present time.
They all just opened for the day and I am following it. In the see-saw battle for the next couple of days until the cambios play catch up to the climbing TRM its wise to just use your schwab card. On a $100 the difference could mean another 6. 000 pesos. I know it's not huge but it's lunch.
In different news here. There are so many projects going up all over town that I noticed while staying at 3 places of mine the water pressure during the day is way down because there working constantly on feeding the new projects water and god knows what else is causing this. Two of my places I couldn't even flush the toilet for a few hours because not enough water pressure.
Property tax here has gone up in some cases over 30%, to cover all the new roads and bridges. Everyone is upset and are fighting it but I don't know if anything will come from this. They had a meeting in Park Poblado over it, just expect higher rental prices to offset the taxes.
Gringo tower and my casa loma are now lost for short term rentals. At my place I can no longer rent to single males. At gringo tower I think you can rent but they take photos of all girls coming in and you must supply security with a list of your guests coming on your first day there and there cedula numbers. A impossible task, and most people renting have just given up, losing 5-6, 3 bedroom rentals and possibly a 4 bedroom. People have been scrambling to re-book there July 4th trips which is one of the busiest times I seen since Madonna played here. I think I have one open spot for the dates.
Fake money is on the rise everywhere here so make sure you check your bills very carefully.
The metro gets there version of metro cards and you could load multi trips onto the card for there subway. I tested it out and its a pleasure not to have to stand online every time for those little slips of paper they used to use.
Rain, Rain Rain, wow has it been raining, roof damage by strong rains and even hail. Best to find someone during the day to keep busy with. Bring your umbrellas.
That's the Medellin Minute
[QUOTE=Bbrocs;1425877]Fake money is on the rise everywhere here so make sure you check your bills very carefully.[/QUOTE]Has anyone heard of a Medellin Cambios paying out fake bills? I was in Holland once and received a fake 50 Euro from a Cambio. I got rid of it by buying something in a convenience store.
I use Inter Dolar at the entrance to Lleras. Usually exchange 2k to 2. 5k. The never ask for ID.
[QUOTE=Vegas Jeff;1425894]Has anyone heard of a Medellin Cambios paying out fake bills?[/QUOTE]But not at a casa de cambio. I got one fake 50K bill a while back at one of the exchange booths upstairs at MJC in Rionegro. I did not know until one of the chicas I paid noticed it. So now I check every single bill more than 20K they give me. What did I go with that counterfeit bill you asked? I used it to pay a taxista.
Cheers.
How do you spot the fake bills. What are the tell tale signs? For the reloadable metro cards, do you pay in cash or does it have to be credit card?
Dollar to peso spiked to 1882 yesterday. Wow the dollar is on a roll this year! Maybe it'll hit 2000 again!
[QUOTE=Hioctane;1426525]Dollar to peso spiked to 1882 yesterday.[/QUOTE]Hope the exchange rate will be the same or higher when I get to MDE in about 2 weeks. I think this is an attempt to attract summer tourists.
BTW, if you want to know how to spot fake bills from legit bills, look and feel a regular paper then the real bills and you will see the difference. Also look to see if there are five shiny, golden small rectangles lined up almost in the middle, from top to bottom on a 20K bills, and 4 such marks on the 50K bills. Hope that helps. I do not care so much about lower-valued currency.
Cheers.
USD is going crazy especially in relation to latin american currencies. 5% up against Brazilian Real.
I have a decent amount of Brazlian Reais left over from my earlier trip this year and was wondering if there's any place to exchange it for COP's near the Mansion?
Any info would be appreciated!
[QUOTE=Redsox911; 1434729]I have a decent amount of Brazlian Reais left over from my earlier trip this year and was wondering if there's any place to exchange it for COP's near the Mansion?
Any info would be appreciated![/QUOTE]Your best bet is upstairs at airport at the cambio. Not the downstairs one but upstairs.
The regular cambios only change euro, dollar, peso
The banks will change it but they will kill you on the rate.
So best bet after you arrive go upstairs with passport and change the reals.
[QUOTE=Almotu;1426200]How do you spot the fake bills. What are the tell tale signs? For the reloadable metro cards, do you pay in cash or does it have to be credit card?[/QUOTE]Metro card you pay cash. Just say cinco. It's 1. 800 a trip.
Then he hands you a white card. Look for the turnstile with the bigger slot.
The first 4 times you use card you lay it on top of the turnstile. It turns green you enter
The last trip your 5th you put card in slot machine takes back card and you enter.
The card is not reload-able. At least it isn't for visitors. I always just buy 5 trips at a time.
[QUOTE=Bbrocs; 1434760]Your best bet is upstairs at airport at the cambio. Not the downstairs one but upstairs.
The regular cambios only change euro, dollar, peso
The banks will change it but they will kill you on the rate.
So best bet after you arrive go upstairs with passport and change the reals.[/QUOTE]Big thanks Bbros! One other question. Do you think it will be open around 7pm at the airport?
[QUOTE=Redsox911; 1434729]I have a decent amount of Brazlian Reais left over from my earlier trip this year and was wondering if there's any place to exchange it for COP's near the Mansion?
Any info would be appreciated![/QUOTE]Unicambios in the Oviedo Mall is an option. This mall is a short walk from the Mansion.
If you are going to be exchanging to Colombian Pesos the fee is about 3% at current rate. Go to their website the day before you travel and get the rate. Check the airport rate and compare.
[QUOTE=Vegas Jeff; 1434796]Unicambios in the Oviedo Mall is an option. This mall is a short walk from the Mansion.
If you are going to be exchanging to Colombian Pesos the fee is about 3% at current rate. Go to their website the day before you travel and get the rate. Check the airport rate and compare.[/QUOTE]Thank you Jeff, I appreciate it.
[QUOTE=Redsox911; 1434729]I have a decent amount of Brazlian Reais left over from my earlier trip this year and was wondering if there's any place to exchange it for COP's near the Mansion?
Any info would be appreciated![/QUOTE]Unless you don't plan to go back to Brasil, I would keep the reais and get a fresh start by getting COP from the ATMs. I believe the exchange rate is better via ATM than a cambio in Medelllin to begin with unlike the abundance of cambio places in Copacabana geared to tourists. Since the cambio will have very little customers for your $Reais, the exchange rate will likely be brutal.
Dollar rallied big time against the peso. 1934. 00.
[QUOTE=Manizales911;1436555]Dollar rallied big time against the peso. 1934. 00.[/QUOTE]As nice as that is, the stock market is also taking a huge shit, LOL. The Dow is currently down 138 points.
[QUOTE=SavePros321;1436569]As nice as that is, the stock market is also taking a huge shit, LOL. The Dow is currently down 138 points.[/QUOTE]Ended down 353 points. Address your thank you notes to Mr. Bernanke.
[QUOTE=SavePros321;1436569]As nice as that is, the stock market is also taking a huge shit, LOL. The Dow is currently down 138 points.[/QUOTE]Finished down 354 points, I rolled out of the market a while ago so I didn't feel it any."sell in May and go away" is a well known saying that I have always lived by. Tomorrow could be ugly.
Can you use a credit card to exchange for money?
Thanks.
[QUOTE=Ezyngo; 1437867]Can you use a credit card to exchange for money?
Thanks.[/QUOTE]No. You can't. You will have to make a cash advance. And then exchange it.
[QUOTE=Ezyngo; 1437867]Can you use a credit card to exchange for money?
Thanks.[/QUOTE]The easiest thing to do would be get your PIN for your credit card and use it at an ATM, would save your the exchange fees because your bank that your credit card is from probably gets a better deal, but check the international fees I have read that they could be high
[QUOTE=Ezyngo; 1437867]Can you use a credit card to exchange for money?
Thanks.[/QUOTE]You can do this at Alegre casino cage for a good rate. Don't need to gamble just hand them passport, credit card and tell them his much. Service they provide for gamblers.
[quote=mojo bandit;1440919]the easiest thing to do would be get your pin for your credit card and use it at an atm, would save your the exchange fees because your bank that your credit card is from probably gets a better deal, but check the international fees i have read that they could be high[/quote]do not do this, you will get ass raped! i recommend for emergency use only!
Hello Brothers,
I am visiting MDE for the first time in August. I will be staying at the Mansion Plaza 1 hotel from 08/25. 08/29. I am planning to transfer some funds over to my Capital One checking account and use the ATM in MDE. The account I have doesn't have any foreign exchange fees or ATM fees (Even if there is a 3% fee, I think using the ATM will give you the current best rate possible). I would like to know if there is any ATM that accepts Master Card near the Mansion hotel. Thank you.
[QUOTE=Kuttappan; 1442325]Hello Brothers,
I am visiting MDE for the first time in August. I will be staying at the Mansion Plaza 1 hotel from 08/25. 08/29. I am planning to transfer some funds over to my Capital One checking account and use the ATM in MDE. The account I have doesn't have any foreign exchange fees or ATM fees (Even if there is a 3% fee, I think using the ATM will give you the current best rate possible). I would like to know if there is any ATM that accepts Master Card near the Mansion hotel. Thank you.[/QUOTE]First let me say Gracias for putting this in the proper spot! Most joker will just post in the Medellin topic; there by making the topic muddier and harder to find useful information.
You should be able to use any ATM to get loot. I like Davienda (Some junk like that; it has a little cartoon house as it's logo) because they have a high $720K limit and usually have $50 notes. There are also several Daviendas nere the mansion, a large one next to La Strada / Burger King and one in Olviedo. If I'm correct in my thinking they are both 2-3 blocks either left or right at the bottom of the hill from Mansion 1.
Tell me more about this Capital One checking account. I just signed up for a Cap 1 card to use while I'm down there. My old Visa / MC or Amex cost me $3-$10 USD per transaction in FE Fees x everything = Big bucks! I use a Paypal bebit card for cash. $1 flat fee per transaction vs $6 flat fee + exchange from my bank. Only draw back is that there is a 4-5 day lag time from my home checking account to my PP account.
[QUOTE=SlamCity7777; 1442383]First let me say Gracias for putting this in the proper spot! Most joker will just post in the Medellin topic; there by making the topic muddier and harder to find useful information.
Tell me more about this Capital One checking account. I just signed up for a Cap 1 card to use while I'm down there. My old Visa / MC or Amex cost me $3-$10 USD per transaction in FE Fees x everything = Big bucks! I use a Paypal bebit card for cash. $1 flat fee per transaction vs $6 flat fee + exchange from my bank. Only draw back is that there is a 4-5 day lag time from my home checking account to my PP account.[/QUOTE]Thank you for your suggestion. I looked in to PayPal debit card and I couldn't find the $1 flat fee per transaction. I read the rules and reg for PP Debit card and it clearly states 2. 5% foreign exchange fee. I maybe reading it wrong. Please re-confirm with PayPal about their foreign exchange fees.
I was given an offer by Capital One bank a while back. It offered a free checking account with no minimum balance and $0 US and Non-US ATM charges along with 0% Foreign transaction fees. I jumped on it because I travel to India once a year for 3 weeks (I am Indian). I don't carry no more than $500 in dollar bills and I always use an ATM in India to take money out. Using the ATM is great because it will give you the current MARKET RATE. I didn't get any foreign exchange charges when I used the Capital One card. I also recommend schwab account. It does require you to open a Schwab brokerage account but doesn't require you to use it. I hope this was helpful.
[QUOTE=From PayPal Website; 1442325]PayPal Debit Card Fees.
ATM Withdrawal US $ 1. 00 Per ATM Withdrawal within US (Plus any amounts charged by the ATM owner.)
Signature Withdrawal $ 3. 00 Per Signature Withdrawal if a signature is required to obtain cash.
Non-US ATM Transaction (Using an ATM machine that is not in the US) 1%; Per withdrawal from a non-US ATM. This fee will apply even if the transaction does not require a currency conversion.
Non-US Debit Card Usage (Making a purchase from a seller that is not in the US) 1%; Per purchase from a non-US merchant. This fee will apply even if the transaction does not require a currency conversion.
Exchange Rate & Fee The currency exchange rate is determined by The Bancorp Bank based on the current market price and includes a 2. 5% Fee. This Fee is variable and only applies when The Bancorp Bank performs the currency conversion.[/QUOTE]Above is from PAYPAL USER AGREEMENT FOR THEIR DEBIT CARD.
[QUOTE=Kuttappan;1442767]Above is from PAYPAL USER AGREEMENT FOR THEIR DEBIT CARD.[/QUOTE]Hmmm. I guess I should have read that a bit closer.
I don't know what to tell you. I have $250 (for example) hit $400COP on the ATM in Colombia clearly; and then go to my my transaction history and it shows the amount taken out of my account in USD (is their fee hidden in this notation?) plus $1. I have not noticed any 2. 4% FTF in my monthly statements. When I do use my regular debit card there is the $6 FTF and THEN the extra kick in the balls. ATM All I can say for sure is that it appears that Paypal is only taxing me the $1 flat fee. Maybe because I have not "confirmed" my bank account they can't just pull the extra loot out of my account they want to tax me?
[QUOTE=Kuttappan; 1442766]Thank you for your suggestion. I looked in to PayPal debit card and I couldn't find the $1 flat fee per transaction. I read the rules and reg for PP Debit card and it clearly states 2. 5% foreign exchange fee. I maybe reading it wrong. Please re-confirm with PayPal about their foreign exchange fees.
I was given an offer by Capital One bank a while back. It offered a free checking account with no minimum balance and $0 US and Non-US ATM charges along with 0% Foreign transaction fees. I jumped on it because I travel to India once a year for 3 weeks (I am Indian). I don't carry no more than $500 in dollar bills and I always use an ATM in India to take money out. Using the ATM is great because it will give you the current MARKET RATE. I didn't get any foreign exchange charges when I used the Capital One card. I also recommend schwab account. It does require you to open a Schwab brokerage account but doesn't require you to use it. I hope this was helpful.[/QUOTE]Thanks for this. I need to look into the Capital One Checking Account to use their ATM. Another member also has previously raved about the Schwab account. After the last two posts I did some digging and broke out the calculator. In my PP account when you see the ATM transaction you see the $1 fee clearly denoted and itemized. The FTF is NOT noted as such but imbedded in the total amount taken out. I have previously noted a slight variation but thought that due to the daily volatility of the COP vs USD. For example. I took out $720 COP from Davienda. I got the pasos and my PP count was deducted $377.23=$726, 167. 75, plus $1 in the fee. That's $6, 167.75 COP I didn't get ($3.31) My own fault. Odd thing another time I broke it down I was taxed an extra $8+.
My own fault for not reading the fine print. Still I can live with 1% plus $1 which is better than the $6 plus lord knows other fees my bank charges.
Just my 2 pesos. I have both the Schwab account (that refunds ATM fees) and Capital One / Platinum no foreign trx fee cards. I was recently in MDE (last month) and after arriving home, confirmed that the ATM rate was within fractions of the equivalent of the daily cambio rate (airport, Oviedo Mall, other) since I change at those and check their rates periodically. As to the Capital One credit card exchange rate was 1890 when the cambio was 1888-1889.
Both provide advantages to the user, the Schwab card refunds all ATM fees and the capital ONE (the correct card-there are many) also does not charge any foreign transaction fees.
The Schwab does require 2 accounts, a broker and a banking account. But that is probably for your protection since they transfer money almost immediately between them as an overdraft account or when you authorize it. I would suggest de-linking them for your own protection. For those who travel and keep a limited ATM account in the event of problems. Only upon proper request do you transfer money to the ATM account (debit account) so that you know your limits in the event of theft or duress.
Hope that helps.
[QUOTE=Muktar; 1442984]Just my 2 pesos. I have both the Schwab account (that refunds ATM fees) and Capital One / Platinum no foreign trx fee cards. I was recently in MDE (last month) and after arriving home, confirmed that the ATM rate was within fractions of the equivalent of the daily cambio rate (airport, Oviedo Mall, other) since I change at those and check their rates periodically. As to the Capital One credit card exchange rate was 1890 when the cambio was 1888-1889.
Both provide advantages to the user, the Schwab card refunds all ATM fees and the capital ONE (the correct card-there are many) also does not charge any foreign transaction fees...[/QUOTE]Thanks! I hope I never flame battle you! LOL.
So what about the Capital One 360 Checking account? Anybody have experience with this account and their ATM charges / fees and that sort of stuff. Paypal is ok, $1 and 1% is fine but I'd even be cool to save the 1. You know 1% of $388= $3 88 x 10 trips to the ATM in a month gets $$$$.
This has been the most informative thread on the Colombia board by far! LOL!
Looks like the 1900+ COP ride may be coming to an end as the dollar weakened on account of Bernanke agreeing that pumping inflated dollars into the economy via QE (Quantative Easing) is still needed.
[QUOTE=Bbrocs;1440963]You can do this at Alegre casino cage for a good rate. Don't need to gamble just hand them passport, credit card and tell them his much. Service they provide for gamblers.[/QUOTE]Not sure I know where it is located.
Thanks.
[QUOTE=Ezyngo; 1451763]Not sure I know where it is located.
Thanks.[/QUOTE]Top of premium plaza mall. Off avenida poblado. You can't miss it. In San Diego area
Closest metro stop is industrials.
I also do my homework before my Colombia trips to plan my exchange either here in the US or in Colombia. Just a few weeks ago it was like 1.9 and now it plunges drastically. I called my local exchange here in the US in Miami and they quoted me at 1.6 per dollar. I was pissed because I didn't know it had dropped that low. It's still better to take cash to Colombia and exchange upon arrival. The rates in the country are always better than in the US. For those that rather use an ATM be careful as you pay your bank an interest based on the amount. Useful info for new travelers.
[QUOTE=Razor77;1451774]I also do my homework before my Colombia trips to plan my exchange either here in the US or in Colombia. Just a few weeks ago it was like 1.9 and now it plunges drastically. I called my local exchange here in the US in Miami and they quoted me at 1.6 per dollar. I was pissed because I didn't know it had dropped that low. It's still better to take cash to Colombia and exchange upon arrival. The rates in the country are always better than in the US. For those that rather use an ATM be careful as you pay your bank an interest based on the amount. Useful info for new travelers.[/QUOTE]Ser tranquila mijo. It's still 1886 to a dollar, doublecheck your sources.
[QUOTE=Razor77;1451774]The rates in the country are always better than in the US. For those that rather use an ATM be careful as you pay your bank an interest based on the amount. Useful info for new travelers.[/QUOTE]I've read that you lose 3% to the cambios which is the same as using an ATM but you are spared the $5 international transaction fee. Can someone verify this for me? I've always been under the impression that bringing US dollars to Colombia is a waste of time minus a possible in cash discount for extended stays at hotels.
*This information of course is for people without a Charles Shwab or Capitol One card. I'm still not sold on either one.
Also do the customs guys at the airport still frisk passengers when they arrive? I believe they did this to me once. This worries me for obvious reasons. If you arrive with a lot of cash and they feel it on you that would be concerning.
[QUOTE=Bbrocs; 1451773]Top of premium plaza mall. Off avenida poblado. You can't miss it. In San Diego area
Closest metro stop is industrials.[/QUOTE]I've seen it a few times going to the Premium Plaza with my chica / novia. I just could not remember what the name of that casino was. Thanks a again. I want to use it as an emergency.
Cheers.
[QUOTE=Artisttyp; 1451853]I've read that you lose 3% to the cambios which is the same as using an ATM but you are spared the $5 international transaction fee. Can someone verify this for me? I've always been under the impression that bringing US dollars to Colombia is a waste of time minus a possible in cash discount for extended stays at hotels.
*This information of course is for people without a Charles Shwab or Capitol One card. I'm still not sold on either one.
Also do the customs guys at the airport still frisk passengers when they arrive? I believe they did this to me once. This worries me for obvious reasons. If you arrive with a lot of cash and they feel it on you that would be concerning.[/QUOTE]What's wrong with the Schwab card? I think it kicks ass, I use it on all my trips to Colombia.
[QUOTE=TheShadow2;1452026]What's wrong with the Schwab card? I think it kicks ass, I use it on all my trips to Colombia.[/QUOTE]+1.
And thanks Bbrocs for the Schwab tip! All your ATM fees are refunded (be sure to use ATM's that charge a fee like Citi Bank) and you can withdraw up to 860k pesos daily.
[QUOTE=TheShadow2;1452026]What's wrong with the Schwab card? I think it kicks ass, I use it on all my trips to Colombia.[/QUOTE]It's been discussed many times on this thread so I'd rather not clog up the forum with my opinions.
The question I have has to do with people bringing US Dollars to exchange into pesos. I notice that people are talking about it more. When I was going to MDE on a semi regular basis the consensus was NOT to bring dollars since they will be hard to exchange.
If the cambios charge you 3% like my bank does that would mean the risk of bringing a wad of cash would result in a $5 savings from not having to pay the international service charge. Is this what people are experiencing when they bring cash to Colombia? If so it would make sense to only bring a limited amount of cash and rely on your debit and credit card.
[QUOTE=Artisttyp;1451853]I've read that you lose 3% to the cambios which is the same as using an ATM but you are spared the $5 international transaction fee. Can someone verify this for me?[/QUOTE]The 3% is a charge that a bank commonly charges. You do not lose anything to the Cambios. Never exchange in the States unless you want a very small amount to arrive with. The bank has to have this rare currency sent to the local branch and this costs the bank money and they pass this on to you.
I have been using the exchange place below for years. It is at the entrance of Parque Lleras. No ID required and I have exchanged 2k-3k before.
Sell / Buy is one of the best. Current rate Interdolar sell 1915 buy 1880. Unicambios sell 1920 buy 1830. Notice the 35 basis points vs 90 basis points.
[url]http://www.interdolar.co/[/url]
Just a warning about ATM's in Colombia. Both my Mastercard and AMEX cards were cloned in Colombia on my last trip. The ATMs also limit the amount you canwithdrawal at a time. A real pain in the ass at times.
For this reason, I will be taking cash and using the casa de cambios, the only downside is that they usually always ask for your passport and you need to fill out a form. I'll report back my experience next week.
[QUOTE=Average Joe2; 1452258]Just a warning about ATM's in Colombia. Both my Mastercard and AMEX cards were cloned in Colombia on my last trip. The ATMs also limit the amount you canwithdrawal at a time. A real pain in the ass at times.
For this reason, I will be taking cash and using the casa de cambios, the only downside is that they usually always ask for your passport and you need to fill out a form. I'll report back my experience next week.[/QUOTE]Sorry you got taken advantage of. Blows and sucks!
I don't want this to sound like a "What do your keys look like?" type of stupid sounding question but where do you think the scam took place? What banks and branches did you use? Were you in any suspect areas? Did you buy stuff at a pop up shop? Leave your wallet un protected with a chica whom had a "chinger" (clone recording thing)?
Any possible areas of weakness will help the community better protect ourselves from this. Just saying.
[QUOTE=SlamCity7777; 1452279]Sorry you got taken advantage of. Blows and sucks!
I don't want this to sound like a "What do your keys look like?" type of stupid sounding question but where do you think the scam took place? What banks and branches did you use? Were you in any suspect areas? Did you buy stuff at a pop up shop? Leave your wallet un protected with a chica whom had a "chinger" (clone recording thing)?
Any possible areas of weakness will help the community better protect ourselves from this. Just saying.[/QUOTE]I'd be interested in those details as well. Seems very unlikely your two cards would have been cloned two different times, and more likely as SlamCity suggested, someone had access to your wallet. Did you do toda la noche with a working girl after a night of drinking?
Also as far as ATM limits, Schwab limits you to 1000 dollars a day, so like 2 million pesos. If that hampers you guys, I guess you all are spending it faster than I do.
[QUOTE=Average Joe2; 1452258]Just a warning about ATM's in Colombia. Both my Mastercard and AMEX cards were cloned in Colombia on my last trip. The ATMs also limit the amount you canwithdrawal at a time. A real pain in the ass at times.
For this reason, I will be taking cash and using the casa de cambios, the only downside is that they usually always ask for your passport and you need to fill out a form. I'll report back my experience next week.[/QUOTE]My credit card was also compromised once in MDE. I hate these damn ATM's. I would much rather go back to travelers checks.
Thank You to those that commented on my question. It's good to know that there are cambios now in MDE.
[QUOTE=Artisttyp; 1452583]My credit card was also compromised once in MDE. I hate these damn ATM's. I would much rather go back to travelers checks.
Thank You to those that commented on my question. It's good to know that there are cambios now in MDE.[/QUOTE]There were always cambios in MDE. How else would you get cash before credit cards?
I've used debit cards for ATM withdrawals in all my international travels with almost zero problems. The only problem I had once was that an ATM in Cartagena did not spit any money out. I called my bank and they refunded my money while they investigated (found that it was in fact a faulty ATM). For those that had problems, do you also use credit cards for dinner, purchases, casas etc?
Anyone know about any cambios located near a) C. C. Monterrey or near Poblado metro station, be) C. C. Premium Plaza or San Diego or see) in Laureles near Hotel Lincoln?
#Shadow2: I believe what AvJoe2 was trying to say is that even though your bank back in the US has a daily withdrawal allowance of $700-1, 000. What sucks about Colombian bank ATMs is that they only let you get a maximum of 400K per withdrawal so if you want to hit your home bank's limit you will have to try for multiple withdrawals. That was my experience last year with the Bancolombia and BBVA ATMs.
#AvJoe2: were the cards that were cloned - credit cards or atm/debit cards? Credit cards can be easily cloned at restaurants or shops, but I don't use them to get money from ATMs.
I'm pretty sure I know exactly which ATM machine they were cloned at because I only use my AMEX to withdraw money from ATM's, and in this particular case I tried my mastercard debit and amex on same ATM. I'll be in Mde this weekend and will take a pic of location. You guys are totally right about the chicas.
Thanks for all the feedback, I'll be more careful in the future.
[QUOTE=SlamCity7777; 1452279]Sorry you got taken advantage of. Blows and sucks!
I don't want this to sound like a "What do your keys look like?" type of stupid sounding question but where do you think the scam took place? What banks and branches did you use? Were you in any suspect areas? Did you buy stuff at a pop up shop? Leave your wallet un protected with a chica whom had a "chinger" (clone recording thing)?
Any possible areas of weakness will help the community better protect ourselves from this. Just saying.[/QUOTE]
[QUOTE=Almotu; 1452710]Anyone know about any cambios located near a) C. C. Monterrey or near Poblado metro station, be) C. C. Premium Plaza or San Diego or see) in Laureles near Hotel Lincoln?
#Shadow2: I believe what AvJoe2 was trying to say is that even though your bank back in the US has a daily withdrawal allowance of $700-1, 000. What sucks about Colombian bank ATMs is that they only let you get a maximum of 400K per withdrawal so if you want to hit your home bank's limit you will have to try for multiple withdrawals. That was my experience last year with the Bancolombia and BBVA ATMs.
#AvJoe2: were the cards that were cloned. Credit cards or atm / debit cards? Credit cards can be easily cloned at restaurants or shops, but I don't use them to get money from ATMs.[/QUOTE]If you want a higher limit, go to Citibank, HSBC or ServiBanca. They have a 800k limit.
[QUOTE=TheShadow2; 1452565]I'd be interested in those details as well. Seems very unlikely your two cards would have been cloned two different times, and more likely as SlamCity suggested, someone had access to your wallet. Did you do toda la noche with a working girl after a night of drinking?
Also as far as ATM limits, Schwab limits you to 1000 dollars a day, so like 2 million pesos. If that hampers you guys, I guess you all are spending it faster than I do.[/QUOTE]They don't need access to clone your cards. Posting this from memory. If a card has an RFID chip in it, the card can be cloned while it is in your wallet. The cloning device was available for about $100. In the video, the cloned someone's card at an airport. Then using that person's permission, they used another $100 device to transfer the cloned data to a hotel key card and then used the key card to buy something at one of the airport restaurants.
There is some kind of protective cover you can buy that will prevent this type of cloning. The old-fashioned cloning method is probably what happened to the poster, but this new method is something to be aware of and is easily prevented.
[QUOTE=Hioctane;1452770]If you want a higher limit, go to Citibank, HSBC or ServiBanca. They have a 800k limit.[/QUOTE]So you are telling me that at these particular bank's ATMs, there is an 800K withdrawal option in the menu so you can get that much COP out in one shot? Or is this the max daily allowance & you need mulitiple swipes at the ATM to get that much. I don't remember this being the case at the Citibank ATM inside the Blockbuster Video on Av. Poblado. I remember Davivienda used to have a 520K or 560K button in their withdrawal menu but I have always had bad luck with their machines. Always had to select a lower amount 300K or sometimes can't get any money out at all.
[QUOTE=Almotu;1454221]So you are telling me that at these particular bank's ATMs, there is an 800K withdrawal option in the menu so you can get that much COP out in one shot? Or is this the max daily allowance & you need mulitiple swipes at the ATM to get that much. I don't remember this being the case at the Citibank ATM inside the Blockbuster Video on Av. Poblado. I remember Davivienda used to have a 520K or 560K button in their withdrawal menu but I have always had bad luck with their machines. Always had to select a lower amount 300K or sometimes can't get any money out at all.[/QUOTE]I was at Citibank in El Poblado yesterday. Their limit is $2000 per day and $1000 per transaction. I withdrew $1.8 million twice for a total of 3.6 million ($1900). The options on the menu only reach 700,000k. If you want more choose other amount and type in what you want. I hope this answers your question.
GL
[QUOTE=Vegas Jeff; 1454239]I was at Citibank in El Poblado yesterday. Their limit is $2000 per day and $1000 per transaction. I withdrew $1. 8 million twice for a total of 3. 6 million ($1900). The options on the menu only reach 700,000k. If you want more choose other amount and type in what you want. I hope this answers your question.
GL[/QUOTE]Really? I didn't know you could take more than 700-800k in one shot. Nice to know.
[QUOTE=Vegas Jeff; 1454239]I was at Citibank in El Poblado yesterday. Their limit is $2000 per day and $1000 per transaction. I withdrew $1. 8 million twice for a total of 3. 6 million ($1900). The options on the menu only reach 700, 000k. If you want more choose other amount and type in what you want. I hope this answers your question.
GL[/QUOTE]But the question is would other Citibank ATMs around Medellin allow you to do that also? I think they would. I have to try it at other locations on my next trip with my newly issued Schwab Platinum Visa Debit Card. From what I read on this thread, the exchange rate is better from the ATMs than from any casas de cambio. If someone is in Medellin right now, can you check to see? I know exactly where the Citibank in Poblado is. Just hope other Citibank ATMs permit you to do the same.
Cheers.
[QUOTE=Ezyngo; 1454785]But the question is would other Citibank ATMs around Medellin allow you to do that also? I think they would. I have to try it at other locations on my next trip with my newly issued Schwab Platinum Visa Debit Card. From what I read on this thread, the exchange rate is better from the ATMs than from any casas de cambio. If someone is in Medellin right now, can you check to see? I know exactly where the Citibank in Poblado is. Just hope other Citibank ATMs permit you to do the same.
Cheers.[/QUOTE]There is also a Citibank ATM in Santa Fe Mall on the ground floor.
[QUOTE=Ezyngo; 1454785]But the question is would other Citibank ATMs around Medellin allow you to do that also? I think they would. I have to try it on other locations on my next trip with my newly issued Schwab Platinum Visa Debit Card. From what I read on this thread, the exchange rate is better from the ATM than from any casa de cambio. If someone is in Medellin right now, can you check to see? I know exactly where the Citibank in El Poblado is. Just hope other Citibank ATMs permit you to do the same.
Cheers.[/QUOTE]All of the Citibank branch offices allow $1,000 USD per transaction. The Sante Fe Mall has Citibank withdraw machines and the limit is 500,000k pesos ($270).
[QUOTE=Vegas Jeff; 1454239]I was at Citibank in El Poblado yesterday. Their limit is $2000 per day and $1000 per transaction. I withdrew $1. 8 million twice for a total of 3. 6 million ($1900). The options on the menu only reach 700, 000k. If you want more choose other amount and type in what you want. I hope this answers your question.
GL[/QUOTE]Your clear & concise answer is much appreciated. Did you withdraw from a Citibank account (which still charge 3% foreign transaction fee) or did you use an ATM card from another institution?
I have the same question. Can I withdraw a similar amount from an account with another bank?
[QUOTE=Almotu;1455244]Your clear & concise answer is much appreciated. Did you withdraw from a Citibank account (which still charge 3% foreign transaction fee) or did you use an ATM card from another institution?[/QUOTE]
[QUOTE=Vegas Jeff;1454792]All of the Citibank branch offices allow $1,000 USD per transaction. The Sante Fe Mall has Citibank withdraw machines and the limit is 500,000k pesos ($270).[/QUOTE]I've withdrawn 860,000k from Citibank with my Schwab account. The Davienda ATMS have a limit of 720,000k.
[QUOTE]I have the same question. Can I withdraw a similar amount from an account with another bank?[/QUOTE]Not sure about other banks policies but I would not withdraw from another bank's ATM unless I had a Schwab card. You will get hit with the 3%++ for sure.
[QUOTE=Almotu;1455244]Your clear & concise answer is much appreciated. Did you withdraw from a Citibank account (which still charge 3% foreign transaction fee) or did you use an ATM card from another institution?[/QUOTE]I use my Citibank ATM card due to the fact that I have an account with Citibank in the States. As I stated in a post awhile back in this thread, I do not have a special account with Citibank. All I did was sit down with one of the bankers in the States at Citibank and explained my situation. The banker said he could switch me to a Gold account at no charge for 3 months per year which allows me to avoid all fees during those 3 months. For my other trips I bring enough cash to avoid needing to withdraw from the bank.
Based on the information I have received on this thread over past year I would do one of the following three things and in this order:
1) If you have Citibank or another bank which allows you to withdraw abroad at no charge, I would do this.
2) If you have a short trip of less than 2 weeks bring cash and exchange at Interdolar at the entrance to Parque Lleras. They do not require ID which saves you time and gives you privacy. Current rate is 1890 which is the same as Citibank right now.
3) If you have an extended stay or don't want to bring cash get the Schwab card.
All have the same serial number invading Medellin in time for the Flowers Festival.
Cheers.
If this is the reason why 20K peso bills come from all the ATMs now whereas 50k bills used to come from them.
[QUOTE=Ezyngo; 1455763]All have the same serial number invading Medellin in time for the Flowers Festival.
Cheers.[/QUOTE]
[QUOTE]If this is the reason why 20K peso bills come from all the ATMs now whereas 50k bills used to come from the ATMs.[/QUOTE]I think it's because of the FdF, once the stack in the ATM is out of 50's it will spit out 20's. Just the volume of usage I'd imagine. For example when I go to the ATM later in the day or weekend I get 20's. Huge pain when you're getting 700K out!
When it comes to money. I do not like bringing several $1000 down to Colombia. I just don't. A few years ago there was a big stink about one member staying with a guy who had rooms. Next thing you know $1000-$3000 (I forget the actual amount) goes missing, Chica gets cute with some sleepy juice, Chica gets cute while you in shower (it does happen to both long timers and short timers) , you get drunk and sloppy and drop your roll. Cash has too many weaknesses IMO. In a hard life country like Colombians a $1000 jackpot is just too hard to resist.
Sounds right.
[QUOTE=SlamCity7777;1456050]I think it's because of the FdF, once the stack in the ATM is out of 50's it will spit out 20's. .[/QUOTE]
If you hand your Schwab Visa Debit card to a teller, what is the maximum amount of money you can withdraw? Please let me know if you've ever done that before.
Cheers.
[QUOTE=Ezyngo; 1462411]If you hand your Schwab Visa Debit card to a teller, what is the maximum amount of money you can withdraw? Please let me know if you've ever done that before.
Cheers.[/QUOTE]Not to the teller. At the ATM we take out max 1,500,000.
If that isn't enough I call schwab and I ask for my limits to be raised just for the day.
Just wanted to let everyone know how I got my pesos so far this trip. .
ATM withdrawal at the airport (8/27) checked my Schwab account afterwards, exchange rate came out as 1912 to $1.
Currency exchange at Premium Plaza (8/29) at "Mercado Libre de Divisas", exchange rate was 1880 to $1. I brought my passport (not a photocopy) and they use a fingerprint reader to complete the transaction.
Hi,
When I got here in August it was just under 19000 now its over that so thats cool then.
Well also I go to Bancolombia and get like 320 bucks 600 pesos thats the best I can't find any more other atm banks give me less that I can take daily.
I doubt the peso will ever go back to 2600 like in the old days but 1900 And over is better then 18000 or 17000 for sure.
[QUOTE=Almotu; 1465509]Just wanted to let everyone know how I got my pesos so far this trip. .
ATM withdrawal at the airport (8/27) checked my Schwab account afterwards, exchange rate came out as 1912 to $1.
Currency exchange at Premium Plaza (8/29) at "Mercado Libre de Divisas", exchange rate was 1880 to $1. I brought my passport (not a photocopy) and they use a fingerprint reader to complete the transaction.[/QUOTE]
I was at the Citibank near Oviedo. I was able to pull out 1,700,000 in one shot. I think the maximum is what you set your card limit to be. I had set the limit for $1000 for ATM withdrawals when I put a travel advisory on my Schwab card.
The rate came out to be about 1919 which was even better than the XE rate of 1915 on 9/14! And Schwab will refund the 9.745 fee that Citibank charges.
Can someone explain to me why I received less ATM fee rebate from Schwab if I withdrew more money. Here is an example. I took out 300 mil COP, got $5. 06 USD rebate. Other time I withdrew 700 mil COP but only received $5. 10 USD back into my account. I have not called Schwab to ask about this yet.
Thanks.
[QUOTE=Hioctane; 1473885]I was at the Citibank near Oviedo. I was able to pull out 1. 700. 000 in one shot. I think the maximum is what you set your card limit to be. I had set the limit for $1000 for ATM withdrawals when I put a travel advisory on my Schwab card.
The rate came out to be about 1919 which was even better than the XE rate of 1915 on 9/14! And Schwab will refund the 9. 745 fee that Citibank charges.[/QUOTE]Citibanks ATMs carry a limit of 2, 000, 000 COP per withdraw and charge a fee, as you said, of 9K COP and change.
As for the other question, better talk to Chuck LOL. I have no idea why the disparate refund amounts (or I guess proportions) , maybe it had to do with a separate fee? I would talk to your banker.
[QUOTE=Hioctane; 1473885]I was at the Citibank near Oviedo. I was able to pull out 1, 700, 000 in one shot. I think the maximum is what you set your card limit to be. I had set the limit for $1000 for ATM withdrawals when I put a travel advisory on my Schwab card.
The rate came out to be about 1919 which was even better than the XE rate of 1915 on 9/14! And Schwab will refund the 9. 745 fee that Citibank charges.[/QUOTE]Man I gots to get down on the Schwab account! I've noticed that a few banks have lowered thier maximums to the $400K area. I say there is a conspiracy to get more fees out of us travelers! LOL.
I usually don't exchange money but for those that do where do you frequent that is fair. I looked back several guys said they found the best rates at the Airport. I'm not going to spend half my day and the cost of ida why vuelta in a taxi to get a few pesos more! Hahaha! Is the place in Premium Plaza still good?
[QUOTE=SlamCity7777; 1488986]Man I gots to get down on the Schwab account! I've noticed that a few banks have lowered thier maximums to the $400K area. I say there is a conspiracy to get more fees out of us travelers! LOL.
I usually don't exchange money but for those that do where do you frequent that is fair. I looked back several guys said they found the best rates at the Airport. I'm not going to spend half my day and the cost of ida why vuelta in a taxi to get a few pesos more! Hahaha! Is the place in Premium Plaza still good?[/QUOTE]I changed clients dollars yesterday at inter-cambio across from Mondongos. I don't know why. But everyone on line but me was changing pesos for dollars. Including one guy in front of me who changed 2,800 dollars worth. Anyway when I changed my money the lady said the rate was 1960 to 1. Wow wow wow. I looked over each bill before leaving the window because twice friends of ours received a suspicious bill. All checked out and boggied out the door. I to use schwab. Max withdraw I noticed is 1,500,000. Davienda bank I'm sure I spelled it wrong lowered there withdraw limit down from 720,000 to 300,000. Bank of Colombia raised there's from 300,000 to 600,000. But schwab card will not work in bank of Colombia ATM. That's where my paypal card comes into play.
[quote=bbrocs;1489006]i changed clients dollars yesterday t inter-cambio across from mondongos. i don't know why. but everyone on line but me was changing pesos for dollars. including one guy in front of me who changed 2,800 dollars worth. anyway when i changed my money the lady said the rate was 1960 to 1. wow wow wow. i looked over each bill before leaving the window because twice friends of ours received a suspicious bill. all checked out and boggied out the door. i to use schwab. max withdraw i noticed is 1,500,000. davienda bank i'm sure i spelled it wrong lowered there withdraw limit down from 720,000 to 300,000. bank of colombia raised there's from 300,000 to 600,000. but schwab card will not work in bank of colombia atm. that's where my paypal card comes into play.[/quote]ok so i'm not nuts! hahaah! i thought that davienda (the little house logo) had a higher limit and banco colombia had the lower. citi bank has ungodly fees! almost $10,00cop per deal plus what ever your bank charges for foreign transactions. no gracias! odd as to why they switched. i'm sure it has some ass back wards logic that runs rampant in colombia. thanks for the tip on the intercambio on 10 or 10a. maybe as your peeps were showing up their peeps where leaving so that's why they were selling vs buying pesos. i do agree that seems odd. yeah man i have a pp card too. the 1% fee is second best to the reunfunded fees of schwab.
[quote=slamcity7777;1489333]ok so i'm not nuts! hahaah! i thought that davienda (the little house logo) had a higher limit and banco colombia had the lower. citi bank has ungodly fees! almost $10,00cop per deal plus what ever your bank charges for foreign transactions. no gracias! odd as to why they switched. i'm sure it has some ass back wards logic that runs rampant in colombia. thanks for the tip on the intercambio on 10 or 10a. maybe as your peeps were showing up their peeps where leaving so that's why they were selling vs buying pesos. i do agree that seems odd. yeah man i have a pp card too. the 1% fee is second best to the reunfunded fees of schwab.[/quote]the cambio is on the side street between calle 10a and calle 10b almost across from stairs to enter mondongos.
i think your looking at citibank wrong. yes they have a high rate to withdraw money. yes if your using there card they have a foreign fee. but who cares because i'm using my schwab card there and the fee gets reimbursed at the 1st of month. and schwab doesn't charge a foreign fee. in fact if your a schwab user you should only be looking for atm's that have a fee added because you get that back. the ones that don't show a fee hide it inside the transaction and you don't get it back. i use only citibank atm and that other rediculous green atm that sounds like servicho something. there max withdraw is 780,000 one shot with a 8,000 peso fee. but again you get it back from schwab. i do only modest withdraws and this month i got back $84 dollars in atm fees. that's nothing to sneeze at. remember your not saving money if your taking taxis back and forth to oviedo mall cambios. your better taking from the atm.
[QUOTE=Ezyngo; 1474043]Can someone explain to me why I received less ATM fee rebate from Schwab if I withdrew more money. Here is an example. I took out 300 mil COP, got $5. 06 USD rebate. Other time I withdrew 700 mil COP but only received $5. 10 USD back into my account. I have not called Schwab to ask about this yet.
Thanks.[/QUOTE]I'm not sure but it could be exchange rate fluctuations of the ATM fee from day to day.
[QUOTE=Nabru;1489529]I'm not sure but it could be exchange rate fluctuations of the ATM fee from day to day.[/QUOTE]It doesn't say what atm's you took the money from. But if the fee isn't stated then it's hidden inside the transaction and you don't get it back from schwab. Use the highest fee ATMs you can find because there the ones that have the closest to the official rate. Knowing full well that you will get the 6,000-9,000 back at end of the month.
Also don't way over think this. Just enjoy your vacation. Don't waste a hour walk or a 9,000 peso taxi ride to save 4, 000 pesos.
Time well spent counts for something and before you know it we seem, to all be back at work again. Wishing for another few hours back that we pissed away to save 7,000 pesos.
[QUOTE=Ezyngo; 1474043]Can someone explain to me why I received less ATM fee rebate from Schwab if I withdrew more money. Here is an example. I took out 300 mil COP, got $5. 06 USD rebate. Other time I withdrew 700 mil COP but only received $5. 10 USD back into my account. I have not called Schwab to ask about this yet.
Thanks.[/QUOTE]That actually makes sense because what Schwab is crediting you is just the ATM fee, which is unrelated to the amount you withdraw. The difference in 4 cents is probably due to fluctuation in exchange rate.
[QUOTE=Bbrocs;1489006]I changed clients dollars yesterday at inter-cambio across from Mondongos. I don't know why. But everyone on line but me was changing pesos for dollars. Including one guy in front of me who changed 2,800 dollars worth. Anyway when I changed my money the lady said the rate was 1960 to 1. Wow wow wow. I looked over each bill before leaving the window because twice friends of ours received a suspicious bill. All checked out and boggied out the door. I to use schwab. Max withdraw I noticed is 1,500,000. Davienda bank I'm sure I spelled it wrong lowered there withdraw limit down from 720,000 to 300,000. Bank of Colombia raised there's from 300,000 to 600,000. But schwab card will not work in bank of Colombia ATM. That's where my paypal card comes into play.[/QUOTE]This is the cambio I always use and they consistently have the best rates in town.
The folks that are buying dollars must be traveling out of the country. If you are Colombian traveling abroad it is much better to buy Dollars in Colombia than try to exchange them when you get to your destination. For example, the exchange rate from COP to $, in USA is pathetic.
[QUOTE=Vitrea; 1489632]This is the cambio I always use and they consistently have the best rates in town.
The folks that are buying dollars must be traveling out of the country. If you are Colombian traveling abroad it is much better to buy Dollars in Colombia than try to exchange them when you get to your destination. For example, the exchange rate from COP to $, in USA is pathetic.[/QUOTE]I just checked on it like a week ago, because supposedly in October the dollar is stronger due to very few Colombians leaving the country on vacation.
For the first time it was more expensive to buy USD at the cambios here in Bogota than it was to send it up via bank transfer. They gave me a rate of 1937, and the cambios wanted 2010!
Looks like gringos really aren't buying that much white stuff anymore :P
1970 to 1 USD. Exchanged at both Interdolar and Unicambios over the past two days. The Colombian Peso has been between 1700-2000 over the past three years. This is the highest that I have seen it. It is actually being offered at a slight arbitrage to the world market's 1950, so they obviously want dollars right now.
Went to Unicambios in the Oviedo Mall. 1967. 1 USD. Small line. Process took 15 minutes. I'd required. Exchanged 1k USD.
Went to Interdolar near Parque Llleras. 1970. 1 USD. Process took 2 minutes. No ID required. Exchanged 2. 7k USD.
I have had only good experiences with Interdolar.
[url]http://www.interdolar.co/[/url]
[url]http://www.unicambios.com.co/[/url]
I notice everyone only mentions best exchange cambio in MDE. I'm going to Cali, do anyone know best cambio in Cali?
[QUOTE=SirAssAlot;1504663]I notice everyone only mentions best exchange cambio in MDE. I'm going to Cali, do anyone know best cambio in Cali?[/QUOTE]Hit and miss but the best I found was at the airport, close to the ticket counter. All the major malls have them. Today 1940-1950 at money exchange. They try to give you 1880-1900, reject that.
Ok thanks! Appreciate that.
[QUOTE=LocoGringo;1505203]Hit and miss but the best I found was at the airport, close to the ticket counter. All the major malls have them. Today 1940-1950 at money exchange. They try to give you 1880-1900, reject that.[/QUOTE]
Hey fellas,
I wish I knew about the Schwab checking account years ago! It's probably too late for me to open, deposit and receive my debit card by this upcoming Sunday (When I leave for Colombia) but I'm going to try! How long did it take you guys to receive your cards?
I was also doing some research and found the Fidelity checking account to offer similar benefits as the Schwab. What are your thoughts?
Thanks,
YG
[QUOTE=SirAssAlot;1504663]I notice everyone only mentions best exchange cambio in MDE. I'm going to Cali, do anyone know best cambio in Cali?[/QUOTE]Chipichape Mall has a money exchange store.
[QUOTE=YG365;1506711]How long did it take you guys to receive your cards?[/QUOTE]In my case, it took 3 weeks. Good luck.
Cheers.
Has anyone exchanged US Dollars to Pesos in the centro? I usually take money out of the Citbank off the pedestrian pathway. Has anyone used that Citibank location to exchange or is the rate not worth it?
Thanks
[quote=slamcity7777;1489333]ok so i'm not nuts! hahaah! i thought that davienda (the little house logo) had a higher limit and banco colombia had the lower. citi bank has ungodly fees! almost $10,00cop per deal plus what ever your bank charges for foreign transactions. no gracias! odd as to why they switched. i'm sure it has some ass back wards logic that runs rampant in colombia. thanks for the tip on the intercambio on 10 or 10a. maybe as your peeps were showing up their peeps where leaving so that's why they were selling vs buying pesos. i do agree that seems odd. yeah man i have a pp card too. the 1% fee is second best to the reunfunded fees of schwab.[/quote]davivienda has lowered max withdraw twice in the past 6 months. and so has servibanca. servibanca was 820. 000 max withdraw for a 3k fee and now it is 780. 000 with a 6. 500 fee. was 6. 300 fee last month.
bancolombia never takes any of my 5 cards for a withdrawl. only my bancolombia card, go figure.
[QUOTE=Sailor Jim; 1520121]Davivienda has lowered max withdraw twice in the past 6 months. And so has Servibanca. Servibanca was 820. 000 max withdraw for a 3K fee and now it is 780. 000 with a 6. 500 fee. Was 6. 300 fee last month.
Bancolombia never takes any of my 5 cards for a withdrawl. Only my Bancolombia card, go figure.[/QUOTE]Hey Jim,
I've only seen this ATM in Gran Casino. Are there more in the general Poblado area? I've always gotten rejected by this ATM. Have you ever had any issues?
[QUOTE=Sailor Jim; 1520121]Davivienda has lowered max withdraw twice in the past 6 months. And so has Servibanca. Servibanca was 820. 000 max withdraw for a 3K fee and now it is 780. 000 with a 6. 500 fee. Was 6. 300 fee last month.
Bancolombia never takes any of my 5 cards for a withdrawl. Only my Bancolombia card, go figure.[/QUOTE]Wasn't Servibanca always 780.000? I never tried more because on screen it said 780.000 max.
[QUOTE=Hioctane;1520183]Wasn't Servibanca always 780.000? I never tried more because on screen it said 780.000 max.[/QUOTE]Servibanca was 820. 000 max about 8-10 months ago. You are right, now it maxes at 780. 000.
[QUOTE=SlamCity7777; 1520162]Hey Jim,
I've only seen this ATM in Gran Casino. Are there more in the general Poblado area? I've always gotten rejected by this ATM. Have you ever had any issues?[/QUOTE]Servibanca treats me right for some reason. I usually just have a problem with Bancolombia and foreign cards.
Servibanca's in Poblado according to their website, I can't be held responsible if their website is wrong.
Carulla / Jumbo. Santa Fe, Premium Plaza
Banco GNB Sudameris (43a 1S-88) right on Ave Poblado.
Casino Alegre (I think this is Poblado)
Confiar Poblado CR43 7D-61.
Exito Poblado
Unfortunately if your card does not work in one it won't work in any as they are all on the same network. This is a good choice (Servibanca taking out 780. 00, paying the 6. 500 Servibanca fee) instead of Davivienda 400. 000 twice. No Davivienda fee but your home bank charging $USD2. 50 or more per transaction.
[QUOTE=Sailor Jim;1520406]Servibanca was 820. 000 max about 8-10 months ago. You are right, now it maxes at 780. 000.[/QUOTE]I don't know about that. I've been using them for years and I don't recall them being more than 780. They are my go-to bank behind Citibank and HSBC. There are a lot more Servibancas around.
BTW, anyone have a problem with Bancolombia with their Schwab card? They always reject my card.
[QUOTE=Hioctane; 1520422]I don't know about that. I've been using them for years and I don't recall them being more than 780. They are my go-to bank behind Citibank and HSBC. There are a lot more Servibancas around.
BTW, anyone have a problem with Bancolombia with their Schwab card? They always reject my card.[/QUOTE]Schwab card does not work at banco Colombia. It works almost at every other ATM but them.
The stupid trend right now is all the banks are lowing the max withdraw. Went to citibank to find that they to lowered it to 800, 000 pesos with a healthy ATM fee, thank god for schwab returning the 9, 000 pesos they charge.
They have all lowered the max withdraw on average except (2) banks banco Colombia which I see on just some machines to be set at 600, 000 up from 300, 000.
Banco social (the blue sign bank) 700, 000 pesos.
Nice run up this week.
[QUOTE=Manizales911;1522211]Nice run up this week.[/QUOTE]The central bank talked about cutting rates a couple of weeks ago after a weak inflation read. Besides that deficits are getting worrisome and the USD is gaining against most others. I wouldn't wait for it to go too much above 2,000 without any kind of crisis, GDP growth expected around 4% with low inflation this year won't push the COP down much further. Nice little bonus for those of us getting paid in dollars though.
I'm from NY and I will be going to MDE this weekend. I always send myself money through money wire. I went to a casa de envio (it's like moneygram for South America). They have the dollar at 2,030 pesos. Which is pretty good. So now when I get to MDE I'll have that waiting for me to pick up. I find it to be the best way to exchange money. They charge $5 for every hundred dollars you send.
If you use an ATM for any transaction, including a balance inquiry, you may be charged a fee by the ATM owner even if you do not complete a withdrawal. This ATM fee is a third party fee amount assessed by the individual ATM operator only and is not assessed by us. This ATM fee amount will be charged to your Card.
As of March 4, 2014 the new fees will be as follows:
US ATM Withdrawal (Debit Card ATM Withdrawal From)
$ 1. 50 Per ATM Withdrawal within US (Plus any amounts charged by the ATM owner.)
Signature Withdrawal (Debit Card Cash Advance To)
$ 3. 00 Per Signature Withdrawal if a signature is required to obtain cash.
Non-US ATM Transaction-Using an ATM that is not in the US (Debit Card ATM Withdrawal From)
$1. 50; Per withdrawal from a non-US ATM. This fee will apply even if the transaction does not require a currency conversion.
Foreign Transaction Fee (Debit Card Signature Purchase To)
1%; Per purchase from a non-US merchant or use at a non-US ATM. This fee will apply even if the transaction does not require a currency conversion.
So other alternatives. I been playing around with walmarts bluebird Amex debit card. Works for withdraws at banco Colombia only. (trust me I tried). They say there is a $2 fee for withdrawing money. But they waive it if you send money via ach to it. Just linking PayPal to it and doing a transfer counts. Not sure about foreign fees. But I like the card. I can fund it at walmart at the register with either cash or another debit card. Money available immediately.
[QUOTE=Bbrocs; 1522982]I.
So other alternatives. I been playing around with walmarts bluebird Amex debit card. Works for withdraws at banco Colombia only. (trust me I tried). They say there is a $2 fee for withdrawing money. But they waive it if you send money via ach to it. Just linking PayPal to it and doing a transfer counts. Not sure about foreign fees. But I like the card. I can fund it at walmart at the register with either cash or another debit card. Money available immediately.[/QUOTE]I use Amex prepaid as an alternative to WU. Yes, if you use ACH, there is loading fee and they waive ATM fee. However, I believe they only waive the fee for US banks and not foreign banks. Loading it from Walmart or at any drugstore with greendot or vanilla is $3.95-$4.95 up to $500.
[QUOTE=CaptainOrgazm0;1522671]I'm from NY and I will be going to MDE this weekend. I always send myself money through money wire. I went to a casa de envio (it's like moneygram for South America). They have the dollar at 2,030 pesos. Which is pretty good. So now when I get to MDE I'll have that waiting for me to pick up. I find it to be the best way to exchange money. They charge $5 for every hundred dollars you send.[/QUOTE]If you think about it. $5 for every hundred dollars is 5% which is pretty crazy fee!
Cap1 CC is the best for purchases. No forex fees. The ATM card waives ATM fees if you keep over 5k in the acct. But usually I take US cash and change it at a cambio. Works out to about the same if you don't keep the min.
[QUOTE=Bbrocs; 1522982]If you use an ATM for any transaction, including a balance inquiry, you may be charged a fee by the ATM owner even if you do not complete a withdrawal. This ATM fee is a third party fee amount assessed by the individual ATM operator only and is not assessed by us. This ATM fee amount will be charged to your Card.
As of March 4, 2014 the new fees will be as follows:
US ATM Withdrawal (Debit Card ATM Withdrawal From)
$ 1. 50 Per ATM Withdrawal within US (Plus any amounts charged by the ATM owner.)
Signature Withdrawal (Debit Card Cash Advance To)
$ 3. 00 Per Signature Withdrawal if a signature is required to obtain cash.
Non-US ATM Transaction-Using an ATM that is not in the US (Debit Card ATM Withdrawal From)
$1. 50; Per withdrawal from a non-US ATM. This fee will apply even if the transaction does not require a currency conversion.
Foreign Transaction Fee (Debit Card Signature Purchase To)
1%; Per purchase from a non-US merchant or use at a non-US ATM. This fee will apply even if the transaction does not require a currency conversion.
So other alternatives. I been playing around with walmarts bluebird Amex debit card. Works for withdraws at banco Colombia only. (trust me I tried). They say there is a $2 fee for withdrawing money. But they waive it if you send money via ach to it. Just linking PayPal to it and doing a transfer counts. Not sure about foreign fees. But I like the card. I can fund it at walmart at the register with either cash or another debit card. Money available immediately.[/QUOTE]
[QUOTE=Hioctane;1523001]I use Amex prepaid as an alternative to WU. Yes, if you use ACH, there is loading fee and they waive ATM fee. However, I believe they only waive the fee for US banks and not foreign banks. Loading it from Walmart or at any drugstore with greendot or vanilla is $3. 95-$4. 95 up to $500.[/QUOTE]There is no fee to load bluebird from Walmart. I haven't seen the $2.00 come out when withdrawing money here in Colombia. I got to see if it's buried inside the transaction.
[QUOTE=Bbrocs;1523354]There is no fee to load bluebird from Walmart. I haven't seen the $2.00 come out when withdrawing money here in Colombia. I got to see if it's buried inside the transaction.[/QUOTE]I checked it out, Hioctane is right there is a 2 fee to withdraw foreign money here on bluebird.
Right now the cambios are trending 1920 to 1930, but the official rate was 2000 to 1 yesterday.
I personally still believe schwab is best method to take money from a ATM as of right now. That capital one card you need to loan them 5K to get that rate. Schwab nope.
The other option your pay 5 dollars on a hundred? Thats 5% lost
[QUOTE=Bbrocs; 1523779]I checked it out, Hioctane is right there is a 2 fee to withdraw foreign money here on bluebird.
Right now the cambios are trending 1920 to 1930, but the official rate was 2000 to 1 yesterday.
I personally still believe schwab is best method to take money from a ATM as of right now. That capital one card you need to loan them 5K to get that rate. Schwab nope.
The other option your pay 5 dollars on a hundred? Thats 5% lost[/QUOTE]If you have a total of 25, 000 deposited, checking and savings, TD does not charge ANY fee when using their ATM / Visa card.
[QUOTE=LocoGringo;1523955]If you have a total of 25, 000 deposited, checking and savings, TD does not charge ANY fee when using their ATM / Visa card.[/QUOTE]I believe it's $2,500 to be a premier member for them to refund ATM fees like Schwab. TD doesn't charge fees but the other bank will. Which they will refund if you are a premier member. I have them as my backup card now.
Ok guys a questions to the experts and updated. Last trip was better to exchange our dollars on the casas de cambio. ATMs had the official rate but casas de cambio had a way higher rate than official, even the ones at the airport, first time ever in any country that that I find an airport currency exchange higher than ATMs.
How are the things now? Thanks a lot.
[QUOTE=Dealdo; 1532872]Ok guys a questions to the experts and updated. Last trip was better to exchange our dollars on the casas de cambio. ATMs had the official rate but casas de cambio had a way higher rate than official, even the ones at the airport, first time ever in any country that that I find an airport currency exchange higher than ATMs.
How are the things now? Thanks a lot.[/QUOTE]I say cash is a better deal as long as you can secure it. I was getting anywhere between 1900 and 1920. You might do slightly better with the ATMs but then you have to pay all the fees. UNLESS of course you have these amazing FREE debit accounts from Chuck Shwab etc. But that's a whole other thread.
[QUOTE=Artisttyp;1532880]I say cash is a better deal as long as you can secure it. I was getting anywhere between 1900 and 1920. You might do slightly better with the ATMs but then you have to pay all the fees. UNLESS of course you have these amazing FREE debit accounts from Chuck Shwab etc. But that's a whole other thread.[/QUOTE]If that is all yo can get in the exchange kiosks I think ATMs are back on convenience, the official rate today is 2, 017 pesos per USD even with the 3% fee still OK and not being worry of carrying cash. But anybody knows for sure what is the rate today in the casas de cambio?
Because that rate I got it 2 months ago, is it the same still?
Thanks Artist
[QUOTE=Dealdo; 1532968]If that is all yo can get in the exchange kiosks I think ATMs are back on convenience, the official rate today is 2, 017 pesos per USD even with the 3% fee still OK and not being worry of carrying cash. But anybody knows for sure what is the rate today in the casas de cambio?
Because that rate I got it 2 months ago, is it the same still?
Thanks Artist[/QUOTE]This is the rate I received two weeks ago. Hopefully it went up for your sake.
[quote=dealdo; 1532872]ok guys a questions to the experts and updated. last trip was better to exchange our dollars on the casas de cambio. atms had the official rate but casas de cambio had a way higher rate than official, even the ones at the airport, first time ever in any country that that i find an airport currency exchange higher than atms.
how are the things now? thanks a lot.[/quote]things are back to normal. when i was in medellin in december cambios were higher than exchange rates at 2000. now exchanges are 2020 to 2035 and cambios 1950 to 2000.
if you are in el poblado interdolar, at the entrance to parque lleras, is a no brainer. i have exchanged $2500 many times. no i'd required. in and out the door in 3 minutes. consistently the highest rate.
in centro, on the corner of oriental and 49, there is skyscraper. it is at least 40 stories high. on the second floor there is a cambio. i exchanged $300 and got 1960 just a few days ago.
someone mentioned pacsafe on this forum awhile back. i bought one for $50 and i really like it.
[url]http://www.interdolar.co/[/url]
[url]http://www.youtube.com/watch?v=9-wbf-up1li[/url]
[quote=vegas jeff; 1533108]things are back to normal. when i was in medellin in december cambios were higher than exchange rates at 2000. now exchanges are 2020 to 2035 and cambios 1950 to 2000.
if you are in el poblado interdolar, at the entrance to parque lleras, is a no brainer. i have exchanged $2500 many times. no i'd required. in and out the door in 3 minutes. consistently the highest rate.
in centro, on the corner of oriental and 49, there is skyscraper. it is at least 40 stories high. on the second floor there is a cambio. i exchanged $300 and got 1960 just a few days ago.
someone mentioned pacsafe on this forum awhile back. i bought one for $50 and i really like it.
[url]http://www.interdolar.co/[/url]
[url]http://www.youtube.com/watch?v=9-wbf-up1li[/url][/quote]thanks a lot vegas. not a point at all to carry a lot of cash anymore.
Does anyone know which bank offers the highest available amount to withdrawal? I have used citibank atms in Medellíand and if I remember correctly the largest amount a could take out was 400 US. Is that max or standard if not what about the other banks? Thanks in advance
Today. 16:14DmeHcg.
Does anyone know which bank offers the highest available amount to withdrawal? I have used citibank atms in Medellíand and if I remember correctly the largest amount a could take out was 400 US. Is that max or standard if not what about the other banks? Thanks in advance.
Citibank is now max withdraw one shot 2 million pesos. With a 9500 peso bank fee if not a Citibank client
Next highest is banco Caja at 700, 000 peso withdraw. With ATM fee hidden inside transaction.
Third is newer banco Colombia machines with 600, 000 and fee embedded in transaction.
Citibank charges ATM fee even if you are a client (maybe you need to be a premier client).
ServiBanca (the green one) is 780.000.
For you guys who have upcoming trips to Medellin make sure to bring cash. I just was at Citibank today and rate was 1900 for withdraw. Most cambios are paying almost 2000. Just as recently as February it was the other way around with cambios paying 2000 while the bank rate was as high as 2040.
[QUOTE=VegasJeff;1582695]For you guys who have upcoming trips to Medellin make sure to bring cash. I just was at Citibank today and rate was 1900 for withdraw. Most cambios are paying almost 2000. Just as recently as February it was the other way around with cambios paying 2000 while the bank rate was as high as 2040.[/QUOTE]I'm about to head to Cartagena on Thursday. Are you saying the cambios are paying almost 100 more than the current XE rate of 1896? If so, I'll bring some cash!
[QUOTE=Hioctane;1583006]I'm about to head to Cartagena on Thursday. Are you saying the cambios are paying almost 100 more than the current XE rate of 1896? If so, I'll bring some cash![/QUOTE]Yup. Bring Cash. 1997 at both of these places currently.
[URL]http://www.interdolar.co/[/URL]
[URL]http://www.unicambios.com.co/[/URL]
[QUOTE=VegasJeff;1583196]Yup. Bring Cash. 1997 at both of these places currently.
[URL]http://www.interdolar.co/[/URL]
[URL]http://www.unicambios.com.co/[/URL][/QUOTE]Yes VJ is right the cambios are paying higher. But in order to see if it's worth it. How much are you exchanging? How much is the taxi round trip to cambio? How safe is the area around the cambio? For me changing a hundred dollars here and there I still use my schwab card at Citibank where the exact rate I figured was about 1900 after they refund the ATM fee. It's 7,000 pesos difference difference on a hundred dollars. Your not going to get very much in Cartagena with $3. 00 dollars any more. Now if your exchanging a $1,000 USD. That's a different story. We exchanged dollars yesterday and I think the rate was 1970 to 1. I never heard of a cambio giving uneven amounts. They always round to the 10th
How are these cambios able to offer exchange higher than the official TRM? [URL]https://twitter.com/trmcolombia[/URL].
Poblado cambios are also not convenient for me. Jeff can you save the business card from the place in Centro and post the info here next time? Plus any special requirements to receive the best rate (ie. Needs crisp bills, no tears or folds? Different rates for $20, $50 & $100 bills? Higher rate for bigger amount?
[QUOTE=Hioctane;1583006]I'm about to head to Cartagena on Thursday. Are you saying the cambios are paying almost 100 more than the current XE rate of 1896? If so, I'll bring some cash![/QUOTE]I just came back from Colombia. There are exchange offices at the airport and at some malls that will actually give you a better rate (1950) because they want your US dollar.
[QUOTE=Almotu;1583468]How are these cambios able to offer exchange higher than the official TRM? [URL]https://twitter.com/trmcolombia[/URL].
Poblado cambios are also not convenient for me. Jeff can you save the business card from the place in Centro and post the info here next time? Plus any special requirements to receive the best rate (ie. Needs crisp bills, no tears or folds? Different rates for $20, $50 & $100 bills? Higher rate for bigger amount?[/QUOTE]First you have to understand there main business is selling dollars to.
Colombians not pesos to gringos. This is why they can pay more. It's supply and demand to.
Get dollars to sell to Colombians traveling abroad.
If they buy dollars at 1970 or 1960 then turn around selling them at 2000.
It's a nice spread.
No you don't need big bills, perfect bills to get a rate.
You can maybe get 10 more pesos on dollar for changing a few thousand dollars.
Again figure our which is better for you. If you take money out in the states at ATM that charged you $3 dollars.
Then drive in taxi 6,000 pesos in each direction to go to a cambio to get a extra 14,000 pesos.
On $200 dollars. You didn't save anything.
[QUOTE=Almotu;1583468]How are these cambios able to offer exchange higher than the official TRM? [URL]https://twitter.com/trmcolombia[/URL].
Poblado cambios are also not convenient for me. Jeff can you save the business card from the place in Centro and post the info here next time? Plus any special requirements to receive the best rate (ie. Needs crisp bills, no tears or folds? Different rates for $20, $50 & $100 bills? Higher rate for bigger amount?[/QUOTE]As Bbrocs says, it is just supply and demand. If there is too much of one currency in one place the price will adjust to get back to balance.
I have only used two cambios outside of Poblado. One is in the Premium Plaza Mall. It is near the South entrance of the mall. The other is in El Centro on the corner of Calle 52 and Carrera 47. Located on this corner is one of the tallest buildings in Medellin. There are a couple of places on the bottom floor as you walk in.
The indication is that the official rate is not strictly based on supply and demand. Thats when there is a black market for currencies. Probably Colombian people have difficulty to buy dollars at the official places due to various regulations?
[QUOTE=VegasJeff;1583976]As Bbrocs says, it is just supply and demand. If there is too much of one currency in one place the price will adjust to get back to balance.
I have only used two cambios outside of Poblado. One is in the Premium Plaza Mall. It is near the South entrance of the mall. The other is in El Centro on the corner of Calle 52 and Carrera 47. Located on this corner is one of the tallest buildings in Medellin. There are a couple of places on the bottom floor as you walk in.[/QUOTE]
Coming to the Mansion in two weeks. What type of rate will I likely see?
[QUOTE=MiamiBob;1594158]Coming to the Mansion in two weeks. What type of rate will I likely see?[/QUOTE]1925 to 1 for dollars at the moment at cambios average.
1820-1850 at the ATM'S.
[QUOTE=Bbrocs;1594202]1925 to 1 for dollars at the moment at cambios average.
1820-1850 at the ATM'S.[/QUOTE]Is that a typo? You really only get 1800's at the ATMs now? I take it for granted that Schwab gives the XE rate. I'll have to check next time.
Cartagena exchange rates are usually 10-25,000 lover than Medellin or Bogota. Yesterday I got 1900 when I exchanged $1000. They will try to give you 1800-1850 but if you are exchanging $500 or more use the cambio that is in BocaGrande just before the caribe hotel. ATM's are at 1850 before fees. It was 1940 earlier in July, has started going down.
Is it more common to use pesos than dollars when you are out enjoying the nightlife and with girls? Or is it like Tijuana where you're quoted everything in dollars first and using pesos is the option?
I know using their currencies are always better, but I fear that my tequila induced brain cells will mess up on the math and cost me more in the long run.
[QUOTE=SlickVick;1600723]Is it more common to use pesos than dollars when you are out enjoying the nightlife and with girls? Or is it like Tijuana where you're quoted everything in dollars first and using pesos is the option?
I know using their currencies are always better, but I fear that my tequila induced brain cells will mess up on the math and cost me more in the long run.[/QUOTE]Divide by 2000 and add 10% gets you close enough for government work.
Anywhere that quotes dollars will convert to pesos at some rate they've just pulled out of their backsides. Avoid.
What I take from reading these posts is that the cambio market is not relative to the official forex market, and one should research and shop around to find which option is better at any given moment. That said, I noticed a spike in the forex chart where the dollar dropped to 1557 cop on July 3rd and 4th (then went back to the 1850 range). Did anyone in Colombia witness this fluctuation and was it reflected at the cambios?
I was running errands today and passed by a mall at cra 15 and cll 93 in Bogota. They are right now buying dollars at 1880. [URL]xe.com[/URL] showed the peso in the 1850's all day today.
Let's see, yesterday the peso went to 1880 on the ATM, dropped to 1870 at the cambio, go figure? Looks like it is going up today at the ATM, it's Colombia.
If you need to get pesos on arrival at MDE airport, just leave the arrivals and head to the departures hall. There is a row of ATMs including a Citibank ATM (see photo). Across the hall there is a currency exchange counter for cash with rates comparable to those in town - 1860 a couple of days ago when I went through.
FYI for Medellin:
Arrived 7/29 withdrew 300 K from BBVA ATM from Schwab Account. When I got into town, checked my online Schwab balance. I calculated my rate as 1847.85.
Then 7/30 exchanged cash at a cambio on Av Oriental and got 1865 same as Interdolar in Parque Lleras on that day.
Just landed yesyerday the Aug. 3rd 2014 the rate is down now at airport, one before custom exit is 1804, the one on the departure hall is 1800.
[QUOTE=RockTimes;1603969]Just landed yesyerday the Aug. 3rd 2014 the rate is down now at airport, one before custom exit is 1804, the one on the departure hall is 1800.[/QUOTE]Airport rates are always the worst. Just get a small amount there if you need for the cab ride and get the rest from Cambio in Parque Lleras. ATM is next best bet.
Thank you for the response.
I did follow this thread a while back, the general consensus is cash better than ATM, now it is reverse, I guess it is swerving left and right and confusing, oh by the way, it is confusing Colombia anyway, is it?
Interdolar in Parque Lleras is the one you refer to perhaps.
I am now on my way to Poblado.
Thank you all for helping this newbie.
[QUOTE=Vitrea;1604207]Airport rates are always the worst. Just get a small amount there if you need for the cab ride and get the rest from Cambio in Parque Lleras. ATM is next best bet.[/QUOTE]
I go to parque lleras today and use interdolar exchange, I get 1870, few days ago, the cambio at the airport ripped me off at 1800.
It was $1,878 for me this afternoon using the ATM at the airport in Bogata.
KR
Today, I got 1880 COP for 1 dollar at Interdolar Parque Lleras in Medellin.
The interbank rate is 1973. Interdollar in Parque Lleras should be giving at least 2000.
[QUOTE=RockTimes;1604321]Thank you for the response.
I did follow this thread a while back, the general consensus is cash better than ATM, now it is reverse, I guess it is swerving left and right and confusing, oh by the way, it is confusing Colombia anyway, is it?
Interdolar in Parque Lleras is the one you refer to perhaps.
I am now on my way to Poblado.
Thank you all for helping this newbie.[/QUOTE]Sorry I did not see this till now.
Yes it is a bit confusing but there is a logic to it. As a general rule: When you are traveling to countries that don't have a black (or back) market for dollar, ATM is the best. I consider it utterly foolish to carry USD to Europe and exchange at a Cambio.
But countries that have a black market for dollars, it is the opposite. Cambios offer more as they can sell the dollars back to the locals for more. Argentina is an extreme example. ATM exchange rate is 8. 4 pesos but in black market cambios you can get 11-12 pesos.
Back to Colombia: there is demand for black market dollars but not as much as in some other South American countries. The margin here is only 10-15% and not all cambios pass the saving to the sellers of dollars. Airport cambios all over the world prey on the immediate need of the customer and in general are a bad idea.
When redrawing on a card, not only does it give very good rates but also you are guaranteed to get real money.
A lot of fakes going around at the moment, so be careful. With 50's, you need to rub it against a blank white paper, if color comes from it, than its real.
[QUOTE=Aunsa;1643968]When redrawing on a card, not only does it give very good rates but also you are guaranteed to get real money.
A lot of fakes going around at the moment, so be careful. With 50's, you need to rub it against a blank white paper, if color comes from it, than its real.[/QUOTE]I want to make sure I read this correctly; "if the color comes off, it is real". That is counterintuitive. Are you sure? That means that if you stick a 50.000 peso bill in the pocket of a white cotton shirt, it will stain it? Can others confirm?
US $ is strong against the Colombian currency. US $=$2109.
[QUOTE=Aunsa;1643968]When redrawing on a card, not only does it give very good rates but also you are guaranteed to get real money.
A lot of fakes going around at the moment, so be careful. With 50's, you need to rub it against a blank white paper, if color comes from it, than its real.[/QUOTE]Someone on the boards mentioned (last year I think) that they got a fake from the ATMs. I don't believe it myself, but he insisted he did not go anywhere else before he spent the money.
Tip. Don't give taxi drivers big bills!
[QUOTE=Vitrea;1644052]I want to make sure I read this correctly; "if the color comes off, it is real". That is counterintuitive. Are you sure? That means that if you stick a 50.000 peso bill in the pocket of a white cotton shirt, it will stain it? Can others confirm?[/QUOTE]Yes, sometimes the clerk will rub it on your receipt.
Enough said. Time to head down to CO.
[QUOTE=Vitrea;1655515]Enough said. Time to head down to CO.[/QUOTE]Bring your ATM card with you. Only 2200 or so at cambios. With a no fee card the difference is about 5%-10% right now. Even if the bank charges 3%-5% it is still better than exchanging dollars.
In addition, no need to carry money through airports. At some point it will be the other way around but for now plastic is the way to go.
The peso is crashing! Should I withdraw out more and save for future trips?
[QUOTE=Hioctane;1655774]The peso is crashing! Should I withdraw out more and save for future trips?[/QUOTE]I looked at a 10 year chart recently and around $2500-1 is the highest point. The only time the USD was higher than that was at the 2002 peak ($2962-1).
[QUOTE=VegasJeff;1655550]Bring your ATM card with you. Only 2200 or so at cambios. With a no fee card the difference is about 5%-10% right now. Even if the bank charges 3%-5% it is still better than exchanging dollars.
In addition, no need to carry money through airports. At some point it will be the other way around but for now plastic is the way to go.[/QUOTE]Excellent advice.
Cambio make money by selling dollars to locals. The demand for dollars is low now due to high price. Logical if you think about it.
[QUOTE=Hioctane;1655774]The peso is crashing! Should I withdraw out more and save for future trips?[/QUOTE]I put more money in my Colombian account and converted more now with a future trip in mind.
[QUOTE=Vitrea;1655978]I put more money in my Colombian account and converted more now with a future trip in mind.[/QUOTE]Any reason behind the peso crashing.
[QUOTE=Aunsa;1657693]Any reason behind the peso crashing.[/QUOTE]Oil. It appears that oil and coal are the two biggest exports of Colombia, and oil is having a hard time.
[QUOTE=Chesscat;1657761]Oil. It appears that oil and coal are the two biggest exports of Colombia, and oil is having a hard time.[/QUOTE]If this continues, the real estate will crash too. Thank goodness, then I can buy something worth the price.
I think there is also some fear that the social unrest that is about to explode in Venezuela will spill over.
[QUOTE=Chesscat;1657761]Oil. It appears that oil and coal are the two biggest exports of Colombia, and oil is having a hard time.[/QUOTE]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.
[QUOTE=Aunsa;1657693]Any reason behind the peso crashing.[/QUOTE]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.
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.
[QUOTE=Manizales911;1658171]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.[/QUOTE]
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.
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.
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.
[QUOTE=Chesscat;1674221]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.[/QUOTE]Its the Peso in Colombia.
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 [URL]XE.com[/URL] which is showing 2451 pesos.
[QUOTE=JamesDandy;1684908]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 [URL]XE.com[/URL] which is showing 2451 pesos.[/QUOTE]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 [URL]xe.com[/URL] gets their rate. Most of the times it is more than the banks, but sometimes it is less.
2497 on be'Berg. Pretty awesome.
It's got to be the fact that oil is down.
[QUOTE=Chesscat;1686573]2497 on be'Berg. Pretty awesome.
It's got to be the fact that oil is down.[/QUOTE]Got 2455 on my credit card today, with the rate on XE showing 2502 at the time. Hope the trend continues!
[QUOTE=Chesscat;1686573]2497 on be'Berg. Pretty awesome.
It's got to be the fact that oil is down.[/QUOTE]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.
2535 as of 3-2-15 per Bloomberg. Pretty awesome for us tourists.
[QUOTE=Chesscat;1689182]2535 as of 3-2-15 per Bloomberg. Pretty awesome for us tourists.[/QUOTE]Even Better for Locals who get paid in Dollars.
[QUOTE=Woodman09;1689204]Even Better for Locals who get paid in Dollars.[/QUOTE]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.
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.
[QUOTE=JamesDandy;1689862]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[/QUOTE]Cajero Time Today.
To the moon!
[QUOTE=JamesDandy;1689862]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.[/QUOTE]Does this mean the Mansion is going to send out another Newsletter about them having to raise the prices of their rooms, LOL?
[QUOTE=SavePros321;1690884]Does this mean the Mansion is going to send out another Newsletter about them having to raise the prices of their rooms, LOL?[/QUOTE]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.
[QUOTE=JamesDandy;1692951]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.[/QUOTE]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.
[QUOTE=Dccpa;1693100]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.[/QUOTE]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.
[URL]http://colombiareports.co/dollar-might-appreciate-to-cop3k-sparking-fears-over-rising-food-prices-in-colombia/[/URL]
[QUOTE=JamesDandy;1692951]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.[/QUOTE]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!
[QUOTE=SavePros321;1693108]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![/QUOTE]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?
[QUOTE=JamesDandy;1693102]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.
[URL]http://colombiareports.co/dollar-might-appreciate-to-cop3k-sparking-fears-over-rising-food-prices-in-colombia/[/URL][/QUOTE]Newspaper articles like that are a good sign that we are at a temporary peak.
[QUOTE=JamesDandy;1693113]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?[/QUOTE]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.
[QUOTE=JamesDandy;1693113]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?[/QUOTE]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.
[QUOTE=Dccpa;1693151]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.[/QUOTE]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.
[QUOTE=TheShadow2;1693170]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.[/QUOTE]The peso will be at 3000 by the end of the year according to the sources at banco Bogota wooooo.
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.
[QUOTE=Bandy;1702302]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[/QUOTE]Best 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.
[QUOTE=Bandy;1702302]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.[/QUOTE]Best to use ATM -- Use Schwab bank account-- No ATM fee!
I had to change some peso. I got 2460 Peso per USD. With credit card the exchange rate was 2576 Peso per USD.
Bandy.
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.
We're getting about 7% less pesos per dollar than just three weeks ago. It was fun while it lasted.
It appears that prices are increasing in accordance w the depreciation of peso against dollar, which would maintain the same purchase power over all.
[QUOTE=JamesDandy;1704702]We're getting about 7% less pesos per dollar than just three weeks ago. It was fun while it lasted.[/QUOTE].
[QUOTE=MattPsyche;1714130]It appears that prices are increasing in accordance w the depreciation of peso against dollar, which would maintain the same purchase power over all..[/QUOTE]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!
[QUOTE=JamesDandy;1704702]We're getting about 7% less pesos per dollar than just three weeks ago. It was fun while it lasted.[/QUOTE]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.
I wish I could live there. I am sure your personality and communication skills help a lot too.
[QUOTE=Woodman09;1714137]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![/QUOTE].
At 2,374 pesos to the dollar, we're now 11.2% off the best rates seen in March.
Will today turn the short term trend, and the peso start to weaken against the buck again? Let's watch.
[QUOTE=Woodman09;1714137]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![/QUOTE]$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.
Just as I predicted.
[QUOTE=Woodman09;1723514]Just as I predicted.[/QUOTE]What do you think it will be a month from now?
[QUOTE=IguanaSix;1725111]What do you think it will be a month from now?[/QUOTE]As long as we have an oil glut the rate will be 2300-2500+ as COP is tied to oil.
[QUOTE=Woodman09;1725178]As long as we have an oil glut the rate will be 2300-2500+ as COP is tied to oil.[/QUOTE]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.
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.
[QUOTE=Dccpa;1725242]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.[/QUOTE]
[QUOTE=Gimmedub;1725338]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.[/QUOTE]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.
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!
Does anyone know the Sunday hours of the cambio at either Oviedo or Santa Fe mall?
[QUOTE=PapaJoe;1731766]Does anyone know the Sunday hours of the cambio at either Oviedo or Santa Fe mall?[/QUOTE]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!
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.
[QUOTE=Sun08;1738963]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.[/QUOTE]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.
[QUOTE=Sun08;1738963]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.[/QUOTE]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.
[QUOTE=Woodman09;1739132]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.[/QUOTE]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.
[QUOTE=Sun08;1739245]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.[/QUOTE]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.
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.
[URL]http://colombiareports.com/farc-attack-forces-ecopetrol-to-suspend-operations-in-northeast-colombia/[/URL]
[QUOTE=JamesDandy;1739127]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.[/QUOTE]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.
[QUOTE=Chesscat;1742566]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.
[URL]http://colombiareports.com/farc-attack-forces-ecopetrol-to-suspend-operations-in-northeast-colombia/[/URL][/QUOTE]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.
Nice, keep it going.
[QUOTE=Manizales911;1747012]Nice, keep it going.[/QUOTE]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.
[QUOTE=Manizales911;1742880]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.[/QUOTE]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.
[QUOTE=CJackSparrow;1747187]
Cocain can't be compared with a heavy industry like oil at all.
[/QUOTE]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.
[QUOTE=Manizales911;1747217]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.[/QUOTE]But how big can we estimate that the cocain economy really is?
Can you then give us some further info. ?
Of any kind!
The legal export 2014; $US 54.705. 991 [URL]http://www.trademap.org/Country_SelProductCountry_TS.aspx?nvpm=1|170||||TOTAL|||2|1|1|2|2|1|2|1|[/URL].
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.
[URL]http://www.infobae.com/2011/03/09/1020481-cocaina-el-negocio-mas-rentable-del-mundo[/URL]
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.
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.
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.
[QUOTE=Sun08;1749722]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.[/QUOTE]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.
[QUOTE=BlueChange;1749725]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.[/QUOTE]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.
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.
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: [URL]https://twitter.com/SFCsupervisor/status/623614180504027137?s=09[/URL].
[QUOTE=Dickhead;1749773]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.[/QUOTE]
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!
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.
That's one hell of an overshoot.
[QUOTE=Dccpa;1750618]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.[/QUOTE]
[QUOTE=Gimmedub;1750843]That's one hell of an overshoot.[/QUOTE]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.
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.
[QUOTE=Dccpa;1753293]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.[/QUOTE]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!
[QUOTE=SBeach25;1753308]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![/QUOTE]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.
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.
No plush condos here but I've started moving dollars to pesos for longer term investments. Local bonds and stocks.
[QUOTE=MrEnternational;1754352]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.[/QUOTE]
[QUOTE=MrEnternational;1754352]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.[/QUOTE]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.
[QUOTE=Manizales911;1754419]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.[/QUOTE]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.
2923-1 right now, holy shit.
[QUOTE=Manizales911;1755360]2923-1 right now, holy shit.[/QUOTE]Bogota Aug. 9-17, awesome exchange rate, I'll take full advantage of this! Much more fun to be had!
[QUOTE=Manizales911;1755360]2923-1 right now, holy shit.[/QUOTE]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.
[QUOTE=Manizales911;1754419]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.[/QUOTE]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.
First target area hit $2950 - 1.
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.
[QUOTE=Dccpa;1755954]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.[/QUOTE]
[QUOTE=Dccpa;1755954]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.[/QUOTE]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.
[QUOTE=Manizales911;1759574]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.[/QUOTE]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.
[QUOTE=Dccpa;1759726]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.[/QUOTE]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!
[QUOTE=Dccpa;1759726]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.[/QUOTE]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.
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.
3000 to 1 today fellas, good times are here again!
Looks like the rate is firmly at 3000:1.
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.
The peso is blowing out to the downside, at 3236 to the buck as I type.
[QUOTE=MiamiBob;1763472]Looks like the rate is firmly at 3000:1.[/QUOTE]Ummm duh get a Capital One card and don't pay 3%.
[QUOTE=JamesDandy;1764715]The peso is blowing out to the downside, at 3236 to the buck as I type.[/QUOTE]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!
[QUOTE=JamesDandy;1764715]The peso is blowing out to the downside, at 3236 to the buck as I type.[/QUOTE]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.
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.
[QUOTE=Surfer500;1764719]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![/QUOTE]I like how you think amigo!
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.
[QUOTE=Almotu;1766213]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.[/QUOTE]Where and or which bank ATM did you get the 3,101 rate.
[QUOTE=Surfer500;1766228]Where and or which bank ATM did you get the 3,101 rate.[/QUOTE]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.
[QUOTE=Almotu;1766213]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.[/QUOTE]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.
[QUOTE=Vitrea;1766806]Charles Schwab ... has a ... 2% FX conversion fee.[/QUOTE]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.
[QUOTE=Surfer500;1766228]Where and or which bank ATM did you get the 3,101 rate.[/QUOTE]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.
[QUOTE=Vitrea;1766806]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.[/QUOTE]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.
[QUOTE=Sun08;1768447]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.[/QUOTE]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.
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.
[QUOTE=Dickhead;1768455]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.[/QUOTE]
[QUOTE=Almotu;1767047]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.[/QUOTE]Is there a Citi bank in that complex?
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.
[QUOTE=LatinaLover#1;1769434]Is there a Citi bank in that complex?[/QUOTE]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.
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%.
[URL]http://www.interdolar.co[/URL]
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
[QUOTE=Gimmedub;1771051]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%.
[URL]http://www.interdolar.co[/URL]
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[/QUOTE]What is the going exchange rate at the ATM's now?
[QUOTE=Dickhead;1768455]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.[/QUOTE]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.
[QUOTE=JoBobTheClown;1771652]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.[/QUOTE]Correct, Schwab does it at the end of the month, NOT the next business day.
[QUOTE=Sun08;1768447]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.[/QUOTE]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.
This weekend I got 2600 pesos from one of the exchanges in poblado near lleras. Hotel Central Plaza gave me 2400 today. FYI.
[QUOTE=Davidb3069;1776671]This weekend I got 2600 pesos from one of the exchanges in poblado near lleras. Hotel Central Plaza gave me 2400 today. FYI.[/QUOTE]How much do you get at ATM?
[QUOTE=Davidb3069;1776671]This weekend I got 2600 pesos from one of the exchanges in poblado near lleras. Hotel Central Plaza gave me 2400 today. FYI.[/QUOTE]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.
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.
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.
[QUOTE=Almotu;1779348]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.[/QUOTE]The daily fluctuations are usually so small it would be crazy to run to the ATM at all hours.
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.
[QUOTE=ClubTed;1779705]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.[/QUOTE]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.
So if ATM gives the best rate why are a lot of people going to Casas exchange to get a shitty exchange rate.
[QUOTE=Cursnoop;1779931]So if ATM gives the best rate why are a lot of people going to Casas exchange to get a shitty exchange rate.[/QUOTE]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.
[QUOTE=Buscar;1780299]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.[/QUOTE]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.
[QUOTE=LatinaLover#1;1781766]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.[/QUOTE]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.
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?
[QUOTE=JoBobTheClown;1787309]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?[/QUOTE]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.
[URL]http://www.brecorder.com/money-a-banking/198/1235267/[/URL]
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
COP at 3175, nice.
Dec 2, 2015.
The Party continues as long as oil stays low.
[QUOTE=Chesscat;1808365]COP at 3175, nice.
Dec 2, 2015.[/QUOTE]
[QUOTE=Chesscat;1808365]COP at 3175, nice.
Dec 2, 2015.[/QUOTE]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.
Had a really nice GFE session for $60 mil ($19) at Fiebre in Bogota with Marcela Super hot 8-9.
[QUOTE=TheTallMan;1808397]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.[/QUOTE]
[QUOTE=Woodman09;1808401]Had a really nice GFE session for $60 mil ($19) at Fiebre in Bogota with Marcela Super hot 8-9.[/QUOTE]XE shows that the dollar is worth 3,305 COP today!
Time to plan my next trip!
The Tall Man.
[QUOTE=TheTallMan;1810415]XE shows that the dollar is worth 3,305 COP today!
Time to plan my next trip!
The Tall Man.[/QUOTE]It may go to 3500 when the fed raise's this month.
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.
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.
[QUOTE=Kick123;1816588]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.[/QUOTE]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.
[QUOTE=Kick123;1816588]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.[/QUOTE]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.
[QUOTE=Kick123;1816588]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.[/QUOTE]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?
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.
Thanks for current on the street info.
Try interdolar. Co.
[QUOTE=MiamiBob;1893271]Thanks for current on the street info.[/QUOTE]
[QUOTE=MiamiBob;1893271]Thanks for current on the street info.[/QUOTE]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.