Colombian Peso exchange rate and related issues

[MiamiHeatLuver]

If that is the case I'll be ditching my citi account.

Thanks for the heads up.

CITIBANK STATEMENT: You can see it adds up..

6/09 Foreign Transaction Fee 11.73
Av 5N # 23 AN 49 Cali VersalesCOCO
6/09 Cash Withdrawal on 06/07 09:31p #9855 586.51
ATM Av 5N # 23 AN 49 Cali VersalesCOCO


6/10 Foreign Transaction Fee 11.85
Av 5N # 23 AN 49 Cali VersalesCOCO
6/10 Cash Withdrawal 01:09p #9855 592.59
ATM Av 5N # 23 AN 49 Cali VersalesCOCO

Shitty Rate in May and June around 1700..

[MiamiHeatLuver]

I don't know where o&a get their feed from but I've had issues with it in the past. UBC though, who I would trust, agree. Yahoo, unreliably, are not showing it breaching 2200. Banrep haven't got their figures out.

According to yahoo it was last at over 2000 in 1/2008, albeit briefly.

I agree 100% I have Bloomberg currencies on my desktop which is ONLINE and I never touched 2200, it briefly got to 2178.. but then took a dive... with it even going down lower now to 2150.. http://www.bloomberg.com/markets/cur...urrencies.html

[AddictedToWomen]

The COP finally bronke 2200 today to close at 2234 (Onanda).

Can't remember when it was above 2000 but probably sometime back in early 2007.

Thank god, the price of "Poke-Her" has finally gone down!

I don't know where o&a get their feed from but I've had issues with it in the past. UBC though, who I would trust, agree. Yahoo, unreliably, are not showing it breaching 2200. Banrep haven't got their figures out.

According to yahoo it was last at over 2000 in 1/2008, albeit briefly.

[AddictedToWomen]

THAT USED TO BE THE CASE, but as of Jan 08 they changed their rules and raised it to 3% then reduced it to 2%. I used to use my Ctitbank card ALL the time prior to 2008 in all parts of Colombia and was so happy to have no fees attached but NOW I avoid it at all costs due to the 2% on cash withdrawls and charges. Im gonna see if I can dig up some older statements and see if I can cut and paste a few innocuous withdrawls from Citibank ATM'S for examples.

If that is the case I'll be ditching my citi account.

Thanks for the heads up.

[Sandman0011]

The COP finally bronke 2200 today to close at 2234 (Onanda).

Can't remember when it was above 2000 but probably sometime back in early 2007.

Thank god, the price of "Poke-Her" has finally gone down!

[MiamiHeatLuver]

Using a citibank card in their own atm is fee-less. And it would appear, you get the NYC (?) rate rather than the banrep rate, which is oftentimes better.

THAT USED TO BE THE CASE, but as of Jan 08 they changed their rules and raised it to 3% then reduced it to 2%. I used to use my Ctitbank card ALL the time prior to 2008 in all parts of Colombia and was so happy to have no fees attached but NOW I avoid it at all costs due to the 2% on cash withdrawls and charges. Im gonna see if I can dig up some older statements and see if I can cut and paste a few innocuous withdrawls from Citibank ATM'S for examples.

[AddictedToWomen]

Try to avoid CITIBANK's 2% fee.

Using a citibank card in their own atm is fee-less. And it would appear, you get the NYC (?) rate rather than the banrep rate, which is oftentimes better.

[Member #4258]

My CapitalOne debit cards have no fees.

And my CapitalOne Visa cards have no international transaction fees.

Bank of America charges me 1% plus a $5 ATM fee. When I travel I usually just withdrawl from ATMs but as a backup I always bring some USD that I usually exchange at some point. In Costa Rica I stood in a bank for an hour to exchange my USD. Got a good rate though!

Hoser

[Tom 33]

I heard some Capital One cards are NO FEE cards.

My CapitalOne debit cards have no fees.

And my CapitalOne Visa cards have no international transaction fees.

[MiamiHeatLuver]

Can anyone comment on exchange rate from an ATM in Cartagena?

Any chance of getting an offshore rate at a bank?

Thanks,

Hoser

ATM is the absolute best way to get pesos. They will always pay you the best rate but make sure you check your individual bank on transaction fees first because they can be quite exorbitant. Try to avoid CITIBANK's 2% fee. Are you American? I heard some Capital One cards are NO FEE cards.. If you MUST exchange cash USE the Western Union stores. Pretty good rates and safe!

[Polvo]

.....Hell you would be lucky to speak to a teller in less than an hour. Stay the fuck out of Colombian banks at all costs.

Laughed my ass off when I read this. It is true anywhere in Central and South America with, IMO, Guatemala being the absolute worst!

Suerte!

Polvo

[MJG Dogs]

They are in business to make money. What Tom Tom says about a 6 to 8% spread makes sense.

Kdogg is also correct, last week in CTG, the atm was giving around 2100 cop, the banks were buying dollars at around 1935-1950 COP.

All options considered the ATM is the best way, also you do not have to deal with standing in line in the bank and having rude colombians cut in front of you, or being waived in front of you by tellers either..

[Tom 33]

Can anyone comment on exchange rate from an ATM in Cartagena?

Any chance of getting an offshore rate at a bank?

Thanks,

Hoser

The exchange rates from all ATMs in all of Colombia are generally quite good.

"Offshore rate?" Hell you would be lucky to speak to a teller in less than an hour. Stay the fuck out of Colombian banks at all costs.

[Member #4258]

Can anyone comment on exchange rate from an ATM in Cartagena?

Any chance of getting an offshore rate at a bank?

Thanks,

Hoser

[Kdogg21]

I will be in Medellin Oct 4th and I prefer to bring cash with me to exchange into pesos. The realtor that I am renting my apartment from said that I should use the ATMs because the cambios charge 20%. Is this correct? I was in Cartagena in July and the cambios charged about 6% or less. Is the 20% rate just for the outskirts like Poblado where I'm staying or is it the same in Centro also? Does anyone know where to get the best exchange rates from cambios in Medellin?

I am not sure about 20%, the cambios just do not give a good rate. I compared and found I was better off using ATMs, even when my bank charged my $5 per transaction. Cambios I find give bad rates everywhere.