Colombian Peso exchange rate and related issues

[LifeIsABeach]

Oil. It appears that oil and coal are the two biggest exports of Colombia, and oil is having a hard time.

If this continues, the real estate will crash too. Thank goodness, then I can buy something worth the price.

[Chesscat]

Any reason behind the peso crashing.

Oil. It appears that oil and coal are the two biggest exports of Colombia, and oil is having a hard time.

[Aunsa]

I put more money in my Colombian account and converted more now with a future trip in mind.

Any reason behind the peso crashing.

[Vitrea]

The peso is crashing! Should I withdraw out more and save for future trips?

I put more money in my Colombian account and converted more now with a future trip in mind.

[Vitrea]

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.

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.

[Dccpa]

The peso is crashing! Should I withdraw out more and save for future trips?

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).

[Hioctane]

The peso is crashing! Should I withdraw out more and save for future trips?

[Vegas Jeff]

Enough said. Time to head down to CO.

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.

[Vitrea]

Enough said. Time to head down to CO.

[MNPeter]

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?

Yes, sometimes the clerk will rub it on your receipt.

[Hioctane]

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.

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!

[Shamester]

US $ is strong against the Colombian currency. US $=$2109.

[Vitrea]

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.

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?

[Aunsa]

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.

[Vitrea]

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.

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.