Colombian Peso exchange rate and related issues

[SirAssAlot]

I notice everyone only mentions best exchange cambio in MDE. I'm going to Cali, do anyone know best cambio in Cali?

[Vegas Jeff]

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.

http://www.interdolar.co/

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

[Bango Cheito]

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.

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

[Vitrea]

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.

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.

[Vitrea]

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.

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.

[Bbrocs]

I'm not sure but it could be exchange rate fluctuations of the ATM fee from day to day.

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.

[Nabru]

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.

I'm not sure but it could be exchange rate fluctuations of the ATM fee from day to day.

[Bbrocs]

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.

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.

[SlamCity7777]

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.

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.

[Bbrocs]

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?

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.

[SlamCity7777]

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.

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?

[Member #4244]

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.

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.

[Ezyngo]

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.

[Hioctane]

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.

[Nibu Raphael]

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.

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.