General Info

[PirateMorgan]

" they say these costs are for locals and expats pay considerably more". That is be. S.

[Jingo10]

I have attached a link to a site called "Numbeo". If you want to evaluate the cost of living for Colombia (or any where else for that matter) this site will be a big help.

https://www.numbeo.com/cost-of-livin...by_country.jsp

I use this and expatitan but when I dig into forums they say these costs are for locals and expats pay considerably more? I am looking to retire somewhere this year so would be good to know expat views.

[Villainy]

I have attached a link to a site called "Numbeo". If you want to evaluate the cost of living for Colombia (or any where else for that matter) this site will be a big help.

I used it initially to screen various countries and cities abroad that might be a good place to retire and practice a hobby that we all seem to share. It isn't a commercial.

Site, doesn't cost anything, doesn't require a sign up or anything.

https://www.numbeo.com/cost-of-livin...by_country.jsp

[Arcangel]

Currently, living in a rural area, my best option has 1 branch 40 km away.

My bank with the free Visa card doesn't have branches, it's online only. Is this kind of banking not common in the US these days? I closed my last account with a traditional bank some fifteen years ago, because they annoyed me. I haven't needed to visit a branch since.

If I remember correctly, my bank charges 5% in fees for foreign ATMs

As the European writer Brecht once noted: What is the robbing of a bank compared to the founding of a bank?

If you're using a no fee card, ATMs are your best option. If you're using a card that charges fees, Casas de Cambios might be a better option.

Agreed, but you should really look for a better bank.

One other note is that the Davivienda ATM had a maximum withdrawal of 2 million.

The withdrawal limit at Davivienda depends on the card. I've seen this. On my card (most cards, I guess) the menu goes up to 320 k but you can go to "other amount" and enter 400,000. 00.

but there's usually people waiting to use the ATM and I feel bad about taking more time to do two withdrawals.

Don't be shy. Be a man and do what you have to do when it's your turn. Colombians will understand.

But in a monger's case, isn't the rich sending to the poor? So they are taking from the rich horny walking ATMs to give to the rich.

You are quite right, of course. But Western Union's main business is taking money from poor migrant workers who are sending small amounts to their poor families back home.

Oh, and mongers shouldn't be sending money to providers who are far away, but handing it over in person.

[Pilot Pete]

When I translate (Google Translate) it seems the women want a "retailer". When they read my profile or I say something nice to them they tell me I am a "Retailer". A man with a job? Smooth talker? Merchant?

Looking for IRL interpretation.

[JjBee62]

What number do you input to the ATM to get a higher amount than their standard displayed amounts? I have tried, but have always been rejected. Do you ignore the two zeros to the right of the decimal that are displayed. Now I just select the 320,000 and make two withdrawals. That always works, but there's usually people waiting to use the ATM and I feel bad about taking more time to do two withdrawals.

I was just with a guy today and Davivienda only let him pull 400 k. I didn't try that ATM, but when I go to withdraw 1,020,000 and 2,000,000 are my 2 highest options.

[Fun Luvr]

One other note is that the Davivienda ATM had a maximum withdrawal of 2 million.

What number do you input to the ATM to get a higher amount than their standard displayed amounts? I have tried, but have always been rejected. Do you ignore the two zeros to the right of the decimal that are displayed. Now I just select the 320,000 and make two withdrawals. That always works, but there's usually people waiting to use the ATM and I feel bad about taking more time to do two withdrawals.

[JjBee62]

During the last few trips in Medellin, I have received rates at the ATM's that are almost the same as the xe.com rates of two days prior to my transaction. I have checked those rates for every withdrawal and it stays true. I use a Schwab card and ATM's at Davivienda and BBVA (rates are the same at those banks).

Now I am confused by the rate you received at Davivienda. I think you stated in another post that you arrived Sunday. Using my method of calculation, you should have received Thursday's rate, which was 3196. Sunday's rate was 3211. It appears that the rate is determined by the bank that issues the card because I have never had that much of a difference using the Schwab card.

I should clear that up. That was the actual rate I received after my bank threw in their charges, not the rate charged by the bank. I also didn't note the xe rate at time of withdrawal and may be slightly off. Using your numbers I get 5.8%. If I remember correctly, my bank charges 5% in fees for foreign ATMs, which puts the bank rate 0. 8%. My interest was in comparing my actual costs of the different methods.

If you're using a no fee card, ATMs are your best option. If you're using a card that charges fees, Casas de Cambios might be a better option.

One other note is that the Davivienda ATM had a maximum withdrawal of 2 million.

[Fun Luvr]

When I reached Medellin I withdrew 1,020,000 from a Davivienda ATM. Rate was 3011.42-$1. Cost was 6%.

Today I exchanged $300 for 918000, rate of 3060, cost of 4. 5%.

During the last few trips in Medellin, I have received rates at the ATM's that are almost the same as the xe.com rates of two days prior to my transaction. I have checked those rates for every withdrawal and it stays true. I use a Schwab card and ATM's at Davivienda and BBVA (rates are the same at those banks).

Now I am confused by the rate you received at Davivienda. I think you stated in another post that you arrived Sunday. Using my method of calculation, you should have received Thursday's rate, which was 3196. Sunday's rate was 3211. It appears that the rate is determined by the bank that issues the card because I have never had that much of a difference using the Schwab card.

[Mr Enternational]

Western Union makes me sick, taking from the poor to give to the rich.

But in a monger's case, isn't the rich sending to the poor? So they are taking from the rich horny walking ATMs to give to the rich.

[JjBee62]

It amazes me how everybody is getting ripped off by their banks.

My bank in europe gives me a Visa credit card with no yearly fee, no foreign transaction charges and no ATM charges at any ATM worldwide. They don't reimburse any charges that the ATM puts on top, but there are enough free ATMs in Coombia: Banco Pichincha (1000 k per withdrawal), Banco Caja Social (700 k), Davivienda (400 k).

I just checked my bank statement and compared the exchange rate I got to the day's interbank rate. It's always almost the same, less than 0. 5% difference. I got 1 EUR = 3605 COP on 7/7/2019.
So I'm happy with the deal I'm getting. You guys need to shop around for a decent bank.

I get the same rate when using the card to pay for purchases which I rarely do to keep my card out of harm's way. Because my card is mission crutical, and it has bern blocked on occasions, I carry another card as backup. A Master Card from a different bank, also free yearly and worldwide with excellent exchange rate.

The best way to transfer money to a Colombian bank account that I've found is xend.com, a new fintec grom UK. They have great rates and low fees. For Colombia you need to send as USD which Bancolombia will convert to pesos minus about 2%.

Western Union makes me sick, taking from the poor to give to the rich.

I'm fairly certain banking regulations in Europe are different from banking regulations in the US. European banks probably do a lot more foreign currency transactions as well.

Currently, living in a rural area, my best option has 1 branch 40 km away. A better option puts me 100+ km away from an office, in the wrong direction. And I've found that the farther I live from an actual branch the more likely I will need to visit the branch.

Moving to Europe and commuting weekly to work in the US seems like a bad deal to save 4% on 3 transactions a year, but I would rack up the airline miles.

[Arcangel]

If you're getting under 4. 5% cost from your bank, you're beating the system.

It amazes me how everybody is getting ripped off by their banks.

My bank in europe gives me a Visa credit card with no yearly fee, no foreign transaction charges and no ATM charges at any ATM worldwide. They don't reimburse any charges that the ATM puts on top, but there are enough free ATMs in Coombia: Banco Pichincha (1000 k per withdrawal), Banco Caja Social (700 k), Davivienda (400 k).

I just checked my bank statement and compared the exchange rate I got to the day's interbank rate. It's always almost the same, less than 0. 5% difference. I got 1 EUR = 3605 COP on 7/7/2019.
So I'm happy with the deal I'm getting. You guys need to shop around for a decent bank.

I get the same rate when using the card to pay for purchases which I rarely do to keep my card out of harm's way. Because my card is mission crutical, and it has bern blocked on occasions, I carry another card as backup. A Master Card from a different bank, also free yearly and worldwide with excellent exchange rate.

The best way to transfer money to a Colombian bank account that I've found is xend.com, a new fintec grom UK. They have great rates and low fees. For Colombia you need to send as USD which Bancolombia will convert to pesos minus about 2%.

Western Union makes me sick, taking from the poor to give to the rich.

[JjBee62]

Before this trip I decided to fully explore the money exchange issue. Which one really is best? YMMV on this. I don't have a Scwab card. My ATM withdrawal was using a card from a major US bank.

The Medellin airport rate was 2400-$1. That's a cost of 25.1% to exchange money at the airport.

Buying pesos directly from my bank. Their rate on that day was 2755-$1 at a cost of 16%.

Now to the methods I actually used.

A few weeks prior to my trip I sent 1 million pesos to my old roommate. This won't work for most, because most don't know anyone they can trust. My reasoning was to have an emergency fund. If I got robbed, lost my card, or had a bank problem, I'd at least have enough to eat.

Sending Western Union rate was 2966.83-$1 at a cost of 8. 5%.

When I reached Medellin I withdrew 1,020,000 from a Davivienda ATM. Rate was 3011.42-$1. Cost was 6%.

Today I exchanged $300 for 918000, rate of 3060, cost of 4. 5%.

The cost value is how much under that day'srate I received.

I didn't check every casa de cambios. Checked 2 and picked the best rate. Based on my experience, with my bank, the casa de cambio is the best bargain.

If you're getting under 4. 5% cost from your bank, you're beating the system.

[Bango Cheito]

There's certainly no end of confusion on this subject. I know that all the Canadian banks set their own exchange rates by adding between 2.5 and more percent to the mid market exchange rate. They buy and sell at something close to the mid market rate. Probably close to the published buy / sell numbers. When I withdraw money from an ATM in Colombia or wherever I pay whatever fees the ATM charges (sometimes nothing) plus the fees my bank charges ($5/ per transaction from a foreign ATM or bank) plus the 2.5 or more percent my bank collects. Whether they pay some of that to the foreign bank or not I'm not sure of. But when I check conversion rates that's how it seems to roll.

Also, I doubt you ever get more than the mid market rate in reality. Likely you are comparing the wrong numbers. For example you do a transaction at 2 in the afternoon, but the currency has changed by the end of the day, etc. I have noticed this when I check back. The quoted rates are end of day usually, sometimes average for the day. And your bank may use the rate plus their markup from a specific time.

I don't know how American banks do it. But I believe that in Canada it is my bank that determines the exchange rate. The Colombian bank on the other end gets pesos for pesos in effect. My bank exchanges the Canadian bucks for pesos and sends the pesos to the Colombian bank and its ATM.

I've lived all over Canada and the US. If you really knew how much worse Canadian banks are compared to your US counterparts you'd probably burst into tears, and then immediately figure out how you could get a Schwab account. .

[Zeos1]

People might be getting confused because you have to subtract all the fees to calculate the exchange rate. Your bank potentially has multiple fees. The owner of the ATM usually has fees; those should not be used to calculate the exchange rate:

Respectfully, I disagree. Many times I have received more than the current rate posted on X-rates. Multiple fees or not (my Colombian bank has none charged) I have received different rates on the same day from 2 different banks. But in the end the contra bank has no say so in the transaction. It is determined here in Colombia.

There's certainly no end of confusion on this subject. I know that all the Canadian banks set their own exchange rates by adding between 2.5 and more percent to the mid market exchange rate. They buy and sell at something close to the mid market rate. Probably close to the published buy / sell numbers. When I withdraw money from an ATM in Colombia or wherever I pay whatever fees the ATM charges (sometimes nothing) plus the fees my bank charges ($5/ per transaction from a foreign ATM or bank) plus the 2.5 or more percent my bank collects. Whether they pay some of that to the foreign bank or not I'm not sure of. But when I check conversion rates that's how it seems to roll.

Also, I doubt you ever get more than the mid market rate in reality. Likely you are comparing the wrong numbers. For example you do a transaction at 2 in the afternoon, but the currency has changed by the end of the day, etc. I have noticed this when I check back. The quoted rates are end of day usually, sometimes average for the day. And your bank may use the rate plus their markup from a specific time.

I don't know how American banks do it. But I believe that in Canada it is my bank that determines the exchange rate. The Colombian bank on the other end gets pesos for pesos in effect. My bank exchanges the Canadian bucks for pesos and sends the pesos to the Colombian bank and its ATM.