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12-17-23 14:29 #7154
Posts: 1092Originally Posted by BangoCheito [View Original Post]
In my case it is 2. 5 or 3. 5 percent and my bank (and all other Canadian banks) charge that. And in the past they did not use Visa or Mastercard for clearing, but now some do I think, but the minimum is 2. 5%. Anyway.
So with those using American banks. Who pays the 1% and do you see it on a statement anywhere or does Shwab just pay it directly to the clearing house.
All I know is that my cost is usually around 3% and I can get pissed off about it, or I can own bank stocks and collect dividends to recoup their highway robbery.
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12-17-23 14:24 #7153
Posts: 91Originally Posted by Gabacho [View Original Post]
Colpatria used to be free but is 18.5 k for up to 900 k, since like half a year ago.
Banco de Bogota reportedly up to 1500 k for 18.5 k fee.
Banco Pichincha had no fee but they closed up the branch in centro, the is another ATM and branch in Poblado apparently but a bit is too far away for me to travel just for that.
Caja Social gives me up to 300 k option, no fee, but unspecified error when withdrawing on both Visa and Mastercard, so it doesn't work.
BBVA 600 k for around 20 mil fee if I remember correctly.
So at the moment for me Servibanca comes as the cheapest and most convenient with up to 2000 k withdrawal for 22.5 k fee (and it works).
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12-17-23 07:47 #7152
Posts: 1281Originally Posted by Gabacho [View Original Post]
What's up in the air is whether Davivienda's fees get refunded or not, since they appear not to appear as separate fees, or maybe they do.
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12-16-23 22:23 #7151
Posts: 1241Originally Posted by BangoCheito [View Original Post]
I walk past their atms whenever I go to terminal de norte and I used to always go right past them at the entrance there to go inside and use Davivienda, this was months ago tho.
I never knew they were also a fee-free ATM, I only knew about Davivienda and Caja Social and before March of this year BBVA.
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12-16-23 18:15 #7150
Posts: 1241Originally Posted by AdamWl [View Original Post]
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12-16-23 18:11 #7149
Posts: 1241Originally Posted by FunLuvr [View Original Post]
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12-16-23 18:03 #7148
Posts: 1042Originally Posted by Gabacho [View Original Post]
Originally Posted by Gabacho [View Original Post]
I did the two withdrawals at 1:15:53 pm and 1:17:47 pm, local time (6:15:53 pm UTC). So the exchange rate should have been the same for both. I was charged $503.82 for one transaction. Using the Visa exchange rate (3999.43), I should have received 2,014,922.82, or 2,015,000 rounded. I received 2,000,000. $383.81 for the other transaction, which should be 1,535,021.23, or 1,535,000 rounded. I received 1,520,000. That is how I deciphered that there was a 15,000 fee. I'm fairly certain the exchange rate from Visa didn't change between the two transactions.
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12-16-23 17:52 #7147
Posts: 1241Originally Posted by AdamWl [View Original Post]
I last used the ATM on Dec 4th and will be using it again this coming Monday and will report back here what happens.
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12-16-23 17:31 #7146
Posts: 91Davivienda fee
Yes, Davivienda started charging 15 k fee somewhere at the beginning of this month.
What's fucked up is they don't put any warning at the ATM and paper receipt says fee equals 0.
I have Visa debit card and I see the fee on my ATM statement in the app (Revolut).
Other people reported this too, check Medellin Expats FB group.
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12-16-23 16:26 #7145
Posts: 1241Originally Posted by DiscoverFL [View Original Post]
I think he is declining the Davivienda exchange rate and he is trying to say that Davivienda is somehow sneaking a 15 k COP into the mid-market rate calculated by visa or mastercard. This is evidenced by his original post when he stated he was charged 2 different rates of 3969 per dollar and then 3960 per dollar. What in fact happened is that each day during the week the rate changes at the ATM at around 3 pm and his firdt withdraw was before they changed for that day and his second withdraw (even if it was back to back) was most likely right after the rate had been changed for the day.
If you look at the screen shots I posted the closing rate on Wednesday was at 3970 per dollar and the day after that it closed around 3960.
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12-16-23 16:19 #7144
Posts: 1042Originally Posted by DiscoverFL [View Original Post]
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12-16-23 16:02 #7143
Posts: 113Originally Posted by FunLuvr [View Original Post]
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12-16-23 15:00 #7142
Posts: 1241Originally Posted by FunLuvr [View Original Post]
Every other ATM that charges a fee such as Bancolombia and the others all disclose their fee and give the option to decline or accept it. If it wasn't required to disclose it, I'm sure the other banks wouldn't ask they would just hide the fee too. So how do you explain that Davivienda could legally hide a fee in their exchange rate and the other banks can't?
Furthermore, after doing some research I found that the exchange rate isn't even determined by the ATM owner, it is determined by either visa or mastercard (depending on the logo on your debit card) and it is based off of something called the midmarket exchange rate at 5:30 pm UTC time from two business days prior.
So with that being the case how exactly would Davivienda be able to sneak a 15 k hidden fee into the exchange rate if they aren't even able to control the exchange rate?
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12-16-23 14:23 #7141
Posts: 1241Originally Posted by FunLuvr [View Original Post]
If you look on Google (or I assume XE as well) you will notice the exchange rates start going up and down starting around 8 am (on business days) and it can peak and dip through out the day until around 5 pm. But those peaks and dips are called Intraday and mean nothing, only when it stops moving for the day around 5 pm that is the rate that will affect the ATM rate in the days that follow.
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12-16-23 07:10 #7140
Posts: 1042Originally Posted by Gabacho [View Original Post]