Thread Starter.
Printable View
Thread Starter.
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.