Colombian Peso exchange rate and related issues

[Albarios]

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

[LatinaLover#1]

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?

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.

http://www.brecorder.com/money-a-banking/198/1235267/

[JoBobTheClown]

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?

[Buscar]

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.

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.

[LatinaLover#1]

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.

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.

[Buscar]

So if ATM gives the best rate why are a lot of people going to Casas exchange to get a shitty exchange rate.

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.

[Cursnoop]

So if ATM gives the best rate why are a lot of people going to Casas exchange to get a shitty exchange rate.

[LatinaLover#1]

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.

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.

[ClubTed]

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.

[LatinaLover#1]

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.

The daily fluctuations are usually so small it would be crazy to run to the ATM at all hours.

[Almotu]

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.

[LatinaLover#1]

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.

[Dccpa]

This weekend I got 2600 pesos from one of the exchanges in poblado near lleras. Hotel Central Plaza gave me 2400 today. FYI.

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.

[Questner]

This weekend I got 2600 pesos from one of the exchanges in poblado near lleras. Hotel Central Plaza gave me 2400 today. FYI.

How much do you get at ATM?

[Davidb3069]

This weekend I got 2600 pesos from one of the exchanges in poblado near lleras. Hotel Central Plaza gave me 2400 today. FYI.