Colombian Peso exchange rate and related issues

[Hioctane]

1925 to 1 for dollars at the moment at cambios average.

1820-1850 at the ATM'S.

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.

[Bbrocs]

Coming to the Mansion in two weeks. What type of rate will I likely see?

1925 to 1 for dollars at the moment at cambios average.

1820-1850 at the ATM'S.

[Miami Bob]

Coming to the Mansion in two weeks. What type of rate will I likely see?

[Member #4394]

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?

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.

[Vegas Jeff]

How are these cambios able to offer exchange higher than the official TRM? https://twitter.com/trmcolombia.

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?

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.

[Bbrocs]

How are these cambios able to offer exchange higher than the official TRM? https://twitter.com/trmcolombia.

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?

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.

[Island Dreamz]

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!

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.

[Almotu]

How are these cambios able to offer exchange higher than the official TRM? https://twitter.com/trmcolombia.

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?

[Bbrocs]

Yup. Bring Cash. 1997 at both of these places currently.

http://www.interdolar.co/

http://www.unicambios.com.co/

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

[Vegas Jeff]

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!

Yup. Bring Cash. 1997 at both of these places currently.

http://www.interdolar.co/

http://www.unicambios.com.co/

[Hioctane]

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.

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!

[Vegas Jeff]

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.

[Hioctane]

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.

[Bbrocs]

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.

[DmeHcg]

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