Colombian Peso exchange rate and related issues

[Buscar]

I have a Schwab Debit Card but have not used it outside the USA yet. So I called to confirm. I was told there is no ATM or foreign Transaction / conversion fees.

I have a Schwab card, and I recommend the bank and the card, but I don't think they give me the mid-market rate from ATM machines. It always seems lower, even 2% lower (as someone said, though I haven't seen a source for that). It's hard to say exactly because of the way the peso has been flying around, 100+ point swings everyday. Also, I don't think most ATMs in Colombia charge fees anyway. I've only seen one machine list a fee and haven't seen any on bank statements. In some countries, Schwab is definitely nice because ATM fees are 5-6 bucks and max withdrawals are low. Here, it doesn't seem to matter much, unless your bank charges a big fee itself.

Well, enjoy peso 3000, at these prices a percent or two isn't much.

[Manizales911]

Actually, for me, Schwab refunds all ATM fees at the end of the month. It's still a fantastic deal, but it's worth pointing out.

Correct, Schwab does it at the end of the month, NOT the next business day.

[JoBobTheClown]

Just like I have been saying for quite some time now. It is the best deal going. No ATM fees for E-Trade either but they charge a one percent "foreign transaction fee" even in Ecuador and Panam, which use the US dollar. To be precise, both Schwab and E-Trade refund any ATM fees that are charged by the owner bank. E-Trade does it within seconds but Schwab does not do it until the end of the following business day. I can live with that.

Actually, for me, Schwab refunds all ATM fees at the end of the month. It's still a fantastic deal, but it's worth pointing out.

[LatinaLover#1]

For those with a Schwab or capital one no Forex fees bank account the current spread between ATM and casa de cambio is about 9%.

In short you can take out pesos from the ATM and buy back dollars and make 9%.

http://www.interdolar.co

They give you a formal piece of paper. This year has been especially great as I've gotten between 7-10% on these types of transactions. So on the 10 k non declared limit that's about $800. Pays for the airfare if not more!

Cheers

What is the going exchange rate at the ATM's now?

[Gimmedub]

For those with a Schwab or capital one no Forex fees bank account the current spread between ATM and casa de cambio is about 9%.

In short you can take out pesos from the ATM and buy back dollars and make 9%.

http://www.interdolar.co

They give you a formal piece of paper. This year has been especially great as I've gotten between 7-10% on these types of transactions. So on the 10 k non declared limit that's about $800. Pays for the airfare if not more!

Cheers

[Almotu]

Is there a Citi bank in that complex?

Coltefinanciera building is located at the end of Blvd de Junin, a pedestrian mall. There is a huge CitiBank branch inside the Centro Commercial El Union which is part of Blvd de Junin. Personally, I have not used them since I don't spend a lot of money. I like to withdrawal every couple of days. This is one of the safer parts of Centro.

[Vitrea]

May be I will use both cards at the same time and see what the deal is. It is clearly not a bid deal but would be fun to find out.

[LatinaLover#1]

There are numerous ATMs of various banks in this huge complex called Coltefinanciera Calle 52 #47-42.
My transaction from 8/27 with a Banco de Bogota ATH atm yielded me exchange rate of 3237! My withdrawal of 300,000 COP only debited $92.66 from my account.

Is there a Citi bank in that complex?

[Gimmedub]

CapitalOne also does no forex on CC and ATM's if you keep over a 5 k balance in the account. I use them vs. Schwab. CC gives 1.5% back and I have the ATM limit set to 1.6 k US. You know for those wild weekends.

Just like I have been saying for quite some time now. It is the best deal going. No ATM fees for E-Trade either but they charge a one percent "foreign transaction fee" even in Ecuador and Panam, which use the US dollar. To be precise, both Schwab and E-Trade refund any ATM fees that are charged by the owner bank. E-Trade does it within seconds but Schwab does not do it until the end of the following business day. I can live with that.

[Dickhead]

I have a Schwab Debit Card but have not used it outside the USA yet. So I called to confirm. I was told there is no ATM or foreign Transaction / conversion fees.

Just like I have been saying for quite some time now. It is the best deal going. No ATM fees for E-Trade either but they charge a one percent "foreign transaction fee" even in Ecuador and Panamá, which use the US dollar. To be precise, both Schwab and E-Trade refund any ATM fees that are charged by the owner bank. E-Trade does it within seconds but Schwab does not do it until the end of the following business day. I can live with that.

[Sun08]

Actually you do if you use American express Blue Bird. They do charge $2 transaction fee so I take out 600,000 at a time. Charles Schwab and Capital do not charge and ATM fee but they have a built in 2% FX conversion fee.

I have a Schwab Debit Card but have not used it outside the USA yet. So I called to confirm. I was told there is no ATM or foreign Transaction / conversion fees.

[Almotu]

Where and or which bank ATM did you get the 3,101 rate.

There are numerous ATMs of various banks in this huge complex called Coltefinanciera Calle 52 #47-42.
My transaction from 8/27 with a Banco de Bogota ATH atm yielded me exchange rate of 3237! My withdrawal of 300,000 COP only debited $92.66 from my account.

[Dickhead]

Charles Schwab ... has a ... 2% FX conversion fee.

It may vary based on the type of account you have, but my Schwab ATM withdrawals receive the average of the wholesale bid / ask rate for that day. No 2% conversion fee. I don't even have that much money with them, less than $100 k.

[Vitrea]

I landed on 8/17. I always have pesos left over from a previous trip so I don't even use the ATMs at the airport anymore. (their exchange rate is lower than those in town). In town, from BancoColombia I used my Schwab card and immediately got 2965. So far this week, the highest I have received is 3101.

Remember most of the published exchange rate websites post a bank to bank rate, you never actually get that.

Actually you do if you use American express Blue Bird. They do charge $2 transaction fee so I take out 600,000 at a time. Charles Schwab and Capital do not charge and ATM fee but they have a built in 2% FX conversion fee.

[Almotu]

Where and or which bank ATM did you get the 3,101 rate.

I stay in Centro. There are a great number of ATMs in the Centro Commercials all along Junin. I happen to be using the Bancolombia ATM near La Playa which is Calle 52 I think. I always like ATH atms also which can be connected to Banco de Bogota or Banco de Occidente. That's which ATM I got the 3101 rate on 8/24 when OANDA was listing above 3200 on that day.