Bogota Reports

[YippieKayay]

Not a good idea. Colombia is a 95% cash-based place.

If you're paying with a credit card, unless it's a pharmacy a supermarket or a gas station, you're almost certainly overpaying like crazy.

Get cash and use it. If you're worried about theft, get a money belt.

So I walk into an Exito and buy something off the shelf that is 5,200 COP I pay more if I use my credit card? I'm not sure I am following you. Where else other than pharmacy, supermarket, gas station, restaurants etc. are you using your credit card at?

Smaller businesses may be cash only but I rarely interact with them. If you're staying in the northern part of Bogota you almost never need cash.

[Bango Cheito]

Using a Schwab Investor Checking Visa Debit card at Colpatria ATM's has been the sweet spot for me. I've been able to go up to 780,000 pesos with $0 fee.

THIS! If you're a frequent traveller outside the US GET A SCHWAB ACCOUNT. You will hold on to so much of your money!

Servibanca ATMs are the best not just because of the highest limit, but they seem to work flawlessly with whatever card you may have. YMMV with other ATMs. Davivienda also seems to work perfectly all the time, they have a limit of 400 k per withdrawal but have a lower fee than Servi.

Routard is a great long-standing member here and I respect him, but he couldn't be more wrong on this one. Do NOT bring USD or any other hard currency into Colombia! Colombia is trying to get RID of all the excess foreign currency floating around. Every time I leave Colombia for abroad I actually go to Cambios Vancouver and liquidate everything I can into USD then put it right back into my US account ASAP and I usually make around 10% on my money right there. If you try the operation in reverse you are going to be doing 15% or worse off of market rates.

[Bango Cheito]

Well, what pre-paid cash card are you talking about, something you can get in Colombia (as a non-resident), or something else? I would be interested to get one myself.

Not a good idea. Colombia is a 95% cash-based place.

If you're paying with a credit card, unless it's a pharmacy a supermarket or a gas station, you're almost certainly overpaying like crazy.

Get cash and use it. If you're worried about theft, get a money belt.

[YippieKayay]

Do you have to carry your original ID on you there, and not a copy? That would be a pretty serious thing to lose if you got robbed! In the DR I never took my ID out with me. Why do you carry it, in case you get asked for it by the cops? What are the chances of that happening?

Yes in Bogota I was carded multiple times. In Cartagena if I'm heading back from the old city to Bocagrande late at night (3 AM) there will be road blocks. I carry original driver's license. I don't care if it gets stolen. I'm not carrying my passport and no cop has ever asked for it. If they want it I have a digital copy on my phone (photo).

[Coupe66]

I've always have 1 ATM card (debit), 1 credit card (mastercard or visa), and a piece of ID on me.

Do you have to carry your original ID on you there, and not a copy? That would be a pretty serious thing to lose if you got robbed! In the DR I never took my ID out with me. Why do you carry it, in case you get asked for it by the cops? What are the chances of that happening?

[Coupe66]

Wouldn't the best option be to top up a pre-paid cash card with your credit card? Then you can leave your credit card and ATM card in your hotel safe and move around with the cash card and just enough cash for chicas.

Well, what pre-paid cash card are you talking about, something you can get in Colombia (as a non-resident), or something else? I would be interested to get one myself.

[YippieKayay]

Wouldn't the best option be to top up a pre-paid cash card with your credit card? Then you can leave your credit card and ATM card in your hotel safe and move around with the cash card and just enough cash for chicas.

I've always have 1 ATM card (debit), 1 credit card (mastercard or visa), and a piece of ID on me. Then I carry a roll of cash for chicas in my other pocket. I use a card wallet since I almost NEVER have cash on me in north america; I'd maybe have a 5 dollar bill folded in with my cards.

In North America and Europe I carry all three credit cards on me at once (Mastercard, Amex, Visa). Every 2-3 years an unauthorized charge shows up on one of my credit cards, I call to get the charge removed and they issue a new card in the mail 3-5 business days.

At home I sometimes only carry my cellphone and use my phones payment system to pay and tap at machines.

You don't need to take so many precautions in Colombia unless you're doing things like going to centro Medellin where I'd only carry cash on me and ID.

[MrDebt]

Using a Schwab Investor Checking Visa Debit card at Colpatria ATM's has been the sweet spot for me. I've been able to go up to 780,000 pesos with $0 fee.

[Turgid]

Wouldn't the best option be to top up a pre-paid cash card with your credit card? Then you can leave your credit card and ATM card in your hotel safe and move around with the cash card and just enough cash for chicas.

[Mr Enternational]

Major bank ATMs in Colombia don't seem to charge fee for withdrawal. I've used several (one called Itau comes to mind) and never paid a penny, and their exchange rates are real market. Not the ripoff bank or forex cash rates.

Sure they charge a fee. Last night I took out 600,000 pesos from Banco de Bogota. On the screen it showed a fee of 13,200 pesos that I had to agree to. At today's rate 600,000 pesos is $192.56. $197.26 has been taken out of my account. So the fee is about $4.20, but as you said, the exchange rate they gave is somewhat close to the interbank exchange. And I do have Schwab, so the $4.20 will be returned at the end of the month.

[BlueCar]

Any ATM debit card would be better than that.

I disagree, there are many American / European banks that rip you off. For instance I used to use my shitty Santander bank. I would have to pay Santander $6 for an international withdrawal fee along with the $5 Colombian bank withdrawal fee and Santander also has some stupid fee "International Cash Withdrawal or Purchase using your Debit Card: 4% of the amount in USA Dollars of any transaction made outside the 50 United States using a Debit Card. *.

So to withdraw $100 dollars I would have to pay the Colombian bank $5 and my Santander bank a total of $10.

Some you. S / Europe banks really screw you over.

[Kib123]

First, no bank in Colombia has a 'private agreement' with any bank in the USA Second, whatever bank ATM you use to take out money, the withdrawal goes through a central system so you could take out some money from one machine in Colombia and some money from another but the daily total is what is counted. All bank ATMs have a daily limit. This was misstated by someone earlier. The limit total withdrawal limit is set by who knows who? But there is a limit. There actually are banks here in Colombia that do not charge a withdrawal fee even though they ask 'want to see what your bank is going to charge you'. Someone mentioned BBVA. And that might be one that does not charge. I am almost sure it does not charge. Me. I like using the Cap360 and Capone credit cards. No charges for anything, by the way, on the other end. Nobody should ever use a money exchange house. Never. Any ATM debit card would be better than that. So it seems by using Capone and BBVA you can transfer money to Colombia totally free. As I do. (I used Bancolombia for a year before I realized I was really getting ripped off. One by the ATM charge and two by a lower conversion rate on the peso).

It has been discussed about using cash vs cards. I have been ripped off twice using my card instead of cash here in Colombia. So. I try to stick to cash except at known places like Exito. When it happens you have to get new cards. A pain. Pura Vida.

PM, I agree with your assessment fully. I have found that using a CC without foreign transaction fee (I happen to have CapOne as well and use it extensively) is the best deal in Colombia and most other foreign destinations for getting cash. Major bank ATMs in Colombia don't seem to charge fee for withdrawal. I've used several (one called Itau comes to mind) and never paid a penny, and their exchange rates are real market. Not the ripoff bank or forex cash rates.

[Turgid]

They probably include the fee in the conversion rate.

BTW, sorry to the larger audience for starting an ATM discussion, haha.

Don't be sorry I'm continually seeking the best options.

[PirateMorgan]

First, no bank in Colombia has a 'private agreement' with any bank in the USA Second, whatever bank ATM you use to take out money, the withdrawal goes through a central system so you could take out some money from one machine in Colombia and some money from another but the daily total is what is counted. All bank ATMs have a daily limit. This was misstated by someone earlier. The limit total withdrawal limit is set by who knows who? But there is a limit. There actually are banks here in Colombia that do not charge a withdrawal fee even though they ask 'want to see what your bank is going to charge you'. Someone mentioned BBVA. And that might be one that does not charge. I am almost sure it does not charge. Me. I like using the Cap360 and Capone credit cards. No charges for anything, by the way, on the other end. Nobody should ever use a money exchange house. Never. Any ATM debit card would be better than that. So it seems by using Capone and BBVA you can transfer money to Colombia totally free. As I do. (I used Bancolombia for a year before I realized I was really getting ripped off. One by the ATM charge and two by a lower conversion rate on the peso).

It has been discussed about using cash vs cards. I have been ripped off twice using my card instead of cash here in Colombia. So. I try to stick to cash except at known places like Exito. When it happens you have to get new cards. A pain. Pura Vida.

[JjBee62]

They probably include the fee in the conversion rate.

BTW, sorry to the larger audience for starting an ATM discussion, haha.

There may be one other option. Check with your bank. Some banks will do currency exchange for you, although they usually need a few days to get the currency. Just go to your local branch and ask if they can get Colombian pesos for you.