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Admin
01-01-07, 01:00
Thread Starter.

Medellin Rum
05-18-07, 16:33
The dollar is sinking further in value against the peso. One dollar gets you 1, 975 pesos. Colombia is becoming one of the most expensive destinations compared to a year ago (dollar was 2605).

Compare..$200,000.00 at 2600 (June 2006) was 520,000,000 pesos

$200,000.00 at 1975 (today) is 395,000,000

You just lost 125,000,000 pesos!

Your comments please.

Medellin Rum
06-06-07, 05:49
With the decline of the dollar against the peso, Colombia is no longer a bargain destination or a place to buy property.

Its just common sense and easy math that concludes its time to go elsewhere.

Example: June 2006, one dollar = 2600 pesos
June 2007, one dollar = 1870 pesos

If you exchanged $200,000 to pesos in June, 2006 you would receive 520,000,000 pesos.

Today your $200,000 is worth 374,000,000 pesos! You just lost 146,000,000

Now what could you buy with 146,000,000 pesos that you don't have anymore.

If you recently purchased an apartment in Medellin your still losing money. Just try and sell it and after fees and taxes you'd be upside down!

Medellin Rum
12-28-07, 02:51
The dollar is sinking further in value against the peso. One dollar gets you 1, 975 pesos. Colombia is becoming one of the most expensive destinations compared to a year ago (dollar was 2605).

Compare..$200,000.00 at 2600 (June 2006) was 520,000,000 pesos

$200,000.00 at 1975 (today) is 395,000,000

You just lost 125,000,000 pesos!

Your comments please.

Juanambu
12-29-07, 02:46
I have lived in Cali for the last 3 years.

In 2007 the dollar lost around 10% and with Colombia's 5.41 inflation rate gringos have lost over 15% in one year!!

Yes indeed, it is getting more expensive here.

Frescas Flores prices have shot up and the quality is way down.

Cleanhead
12-29-07, 19:12
The dollar has fallen against most currencies. When do you think it will come back?

I miss Colombia.

Escort King
12-29-07, 21:08
With the decline of the dollar against the peso, Colombia is no longer a bargain destination or a place to buy property.

Its just common sense and easy math that concludes its time to go elsewhere.

Example: June 2006, one dollar = 2600 pesos
June 2007, one dollar = 1870 pesos

If you exchanged $200,000 to pesos in June, 2006 you would receive 520,000,000 pesos.

Today your $200,000 is worth 374,000,000 pesos! You just lost 146,000,000

Now what could you buy with 146,000,000 pesos that you don't have anymore.

If you recently purchased an apartment in Medellin your still losing money. Just try and sell it and after fees and taxes you'd be upside down!If you bought a couple of years ago and were trading back to US, but real estate goes up and keep the money in the country and you have avoided the drop.

Medellin Rum
12-29-07, 22:17
Nice of you to start this thread!


Thread Starter.

Gimmedub
12-30-07, 04:13
I bank with Wachovia and typically use Davivienda ATM's to withdraw my $ - today I got 2000pesos/1US... with ATM fees included it's $1946 pesos/1US$ (I take out the max $500,000pesos)...

Now I gotta find a citi-bank ATM so I can stop getting ripped off on these international and non-wachovia banking fees.

Medellin Rum
12-30-07, 13:36
Might want to check Capital One. The will absorb the exchnge fee on Money Market accounts. If you live in Texas or Louisana Capital One will let you withdraw from a checking account. Citibank is great with a 1%-2% fee.


I bank with Wachovia and typically use Davivienda ATM's to withdraw my $ - today I got 2000pesos/1US... with ATM fees included it's $1946 pesos/1US$ (I take out the max $500,000pesos)...

Now I gotta find a citi-bank ATM so I can stop getting ripped off on these international and non-wachovia banking fees.

Malodr
12-30-07, 15:03
I bank with Wachovia and typically use Davivienda ATM's to withdraw my $ - today I got 2000pesos/1US... with ATM fees included it's $1946 pesos/1US$ (I take out the max $500,000pesos).

Now I gotta find a citi-bank ATM so I can stop getting ripped off on these international and non-wachovia banking fees.I use paypal and they give a good rate and the fee is only $1.

Bango Cheito
12-31-07, 04:39
That's 1% :P

Tom 33
12-31-07, 12:41
The CapitalOne Money Market account allow up to 5 checks to be written on the account per month. There is no fee at all, not even the 1% international transaction fee. And they currently pay around 4. 4% on your money.

I use their Plus ATM at Bancafe, BBVA, and AV Villas in Colombia. Plus is not serviced by Bancolombia, Davivienda, and Servibanca.

Malodr
12-31-07, 15:47
That's 1% :PTake out the maximum and pay a fee of $1.

Mr Lotto
01-02-08, 04:32
The dollar is sinking further in value against the peso. One dollar gets you 1, 975 pesos. Colombia is becoming one of the most expensive destinations compared to a year ago (dollar was 2605).

Compare..$200,000.00 at 2600 (June 2006) was 520,000,000 pesos

$200,000.00 at 1975 (today) is 395,000,000

You just lost 125,000,000 pesos!

Your comments please.I only know two ways to protect peso strengthening - buy real estate here and keep bank accounts here and in the US. In terms of dollars our homes here are appreciating around 10% a year or more just on the peso stregthening. Whenever the dollar rallies 10% I start bankwiring to my Colombian bank account and use that account for my ATM cash withdrawals. If you do the ATM with your own bank cajera you don't pay any fees at all.

Tom 33
01-02-08, 12:13
If you do the ATM with your own bank cajera you don't pay any fees at all.Which Colombian bank do you use?

I have an account at BBVA. They charge 7200 pesos per month for just to keep the account open. I believe that Bancolombia charges more. They charged a commission of 7500 pesos on my last deposit of 880, 000 pesos. They charge for various taxes.

I have yet to make an ATM withdrawal from this account because I'm sure that they will charge me for each 300, 000 peso withdrawal at a BBVA ATM.

Justafool
01-02-08, 17:53
Until this month Citibank did not charge for using a Citibank ATM in Colombia. Starting this month they will be charge on any location outside the US. 2%


I bank with Wachovia and typically use Davivienda ATM's to withdraw my $ - today I got 2000pesos/1US... with ATM fees included it's $1946 pesos/1US$ (I take out the max $500,000pesos)...

Now I gotta find a citi-bank ATM so I can stop getting ripped off on these international and non-wachovia banking fees.

Bango Cheito
01-02-08, 20:29
Take out the maximum and pay a fee of $1.When I did it, they charged me a 1% fee and gave the interbank rate. No additional fees.

Malodr
01-03-08, 00:48
Until this month Citibank did not charge for using a Citibank ATM in Colombia. Starting this month they will be charge on any location outside the US. 2%That really sucks. I have used Paypal for 3 years now and i am very happy with the $1 fee and the higher exchange rate.

Evel Knievel
01-03-08, 03:13
Frescas Flores prices have shot up and the quality is way down.I also have noticed a deterioration in the quality of women at the upscale places (Flores Frescas, Loutron, Lucitania, etc.) compared to several years ago. Generally, the women are less attractive currently than in the past.

Also, the "marriage agencies" in Colombia cannot attract and retain beautiful women like they did in the past either. Many agencies are bankrupt or close to bankrupt. Even some of the oldest and largest - for example TLC Worldwide - are bust. Technically, TLC is a "romance tour" operator (not a marriage agency) but they are conceptually similar enterprises.

I think that the quality decline is due more to the incredible rise in popularity of the "prepago" networks, not to Colombia's limited economic progress. Of course both are a factor, but I think that the women vastly prefer the "prepago" system because they can protect their reputations much better. A woman cannot protect her reputation at Flores Frescas or plastered as featured merchandise on the web site of a marriage agency.

If I were a beautiful Colombian woman temporarily in need of extra money and/or seeking to meet an affluent man for an ongoing relationship, I certainly would prefer the "prepago" route over the alternatives.

Almotu
01-03-08, 10:25
If I were a beautiful Colombian woman temporarily in need of extra money and/or seeking to meet an affluent man for an ongoing relationship, I certainly would prefer the "prepago" route over the alternatives.Well put! My problem is how to get hooked up into this "prepago" network? Know any reliable sources?

Tom 33
01-03-08, 20:17
Well put! My problem is how to get hooked up into this "prepago" network? Know any reliable sources?The true prepago is not for sale to anyone. Thus it can be hard for anyone else to hook you up. Some are open to introductions, many are not.

A friend of mine asked for a phone number for a girl whose photos I had sent to him. I gave him the number, but the girl shut him down. I spoke to her later, and she said that she was a little shy. Had I introduced them in person, it may have been a different story.

Juanambu
01-03-08, 20:29
I also have noticed a deterioration in the quality of women at the upscale places (Flores Frescas, Loutron, Lucitania, etc.) compared to several years ago. Generally, the women are less attractive currently than in the past.

Also, the "marriage agencies" in Colombia cannot attract and retain beautiful women like they did in the past either. Many agencies are bankrupt or close to bankrupt. Even some of the oldest and largest - for example TLC Worldwide - are bust. Technically, TLC is a "romance tour" operator (not a marriage agency) but they are conceptually similar enterprises.

I think that the quality decline is due more to the incredible rise in popularity of the "prepago" networks, not to Colombia's limited economic progress. Of course both are a factor, but I think that the women vastly prefer the "prepago" system because they can protect their reputations much better. A woman cannot protect her reputation at Flores Frescas or plastered as featured merchandise on the web site of a marriage agency.

If I were a beautiful Colombian woman temporarily in need of extra money and/or seeking to meet an affluent man for an ongoing relationship, I certainly would prefer the "prepago" route over the alternatives.After living here in Cali for over 3 years I find your observations hit the mark exactly. I have said the same thing many times.

Evel Knievel
01-03-08, 20:42
Well put! My problem is how to get hooked up into this "prepago" network? Know any reliable sources?I'll answer your question in the "General Info" thread because the answer doesn't belong here.

Oschino2
01-04-08, 06:58
I'm not a complete stranger to Colombia, but I hear the word "prepago" thrown around here a lot. What exactly does this mean? A prepaid part-time novia? Help me with this.

Medellin Rum
01-04-08, 22:05
Greetings everyone,

I have decided not to delete Medellin Rum's post because it serves as a shining example of DISINFORMATION by a Forum Member whose only real agenda is to DISCOURAGE anyone from visiting Colombia, which he considers his personal playground.

This post, along with his numerous antagonistic posts that I've deleted in the past few days, has identified Medellin Rum as the second Serial Antagonist to be exposed and banned since Full Moderation went into effect last week.

I appreciate everyone's patience as I seek to rid the Colombia Forum of these Serial Antagonists and Disinformation Propagandists.

Thanks,

Jackson

=======================================================

Iím back in Medellin after living here for 18 months. This is my second visit in less then two months. Its no surprise to me that Medellin is experiencing double digit inflation and growth. Every month I see prices creep up to almost USA levels and sometimes higher not to mention the exchange rate of about 2000 pesos for your dollar. I truly believe Medellin will continue to fall as a desirable resort destination due the rising cost of everything. It was never on the chart as a top destination to begin with. It doesnít matter whether youíre a Money Guy or No money guy because Medellin is becoming one of the most expensive destination in South America. The other issue (HUGE) is people are starting to dislike Gringos. Well, we probably brought that on ourselves or at least some gringos did. Take a look for yourself and form your own opinion. Additionally, and the last issue is the Chicas are starting to gain weight and act like American women. Gosh, so much for Medellin! Your thoughts please.

Now why would anyone not post this?

Malodr
01-05-08, 00:43
The true prepago is not for sale to anyone. Thus it can be hard for anyone else to hook you up. Some are open to introductions, many are not.

A friend of mine asked for a phone number for a girl whose photos I had sent to him. I gave him the number, but the girl shut him down. I spoke to her later, and she said that she was a little shy. Had I introduced them in person, it may have been a different story.Now this is what I want, an exclusive at a very good price. wait, I think I may have a few.

Luver Of Chicas
01-05-08, 14:47
When I did it, they charged me a 1% fee and gave the interbank rate. No additional fees.The fees I've seen:

Suntrust charges US$5, Etradebank charges $0, so they are the best if withdrawing money. Most internet only banks will credit you back the charge so the withdrawal is free.

Luver Of Chicas
01-05-08, 14:52
After living here in Cali for over 3 years I find your observations hit the mark exactly. I have said the same thing many times.I agree as well, as I've been going to Colombia for over 10 years, but still is a lot of fun. I think the smart money guys are probably heading to Venezuela, Hugo Chavez is our friend is scaring everyone off. I need to check that Caracas out again, a few years back I thought it pricey, but noone talks much of going there now.

Tom 33
01-05-08, 18:37
I'm not a complete stranger to Colombia, but I hear the word "prepago" thrown around here a lot. What exactly does this mean? A prepaid part-time novia? Help me with this.The term comes from pre-paid phone cards. You pay her, she plays. She can usually do what you want within limits. She is not a pro. She may have a boyfriend or husband. You will never see her hustling on the street or in clubs. She prefers to entertain you for an hour or two in your place. And then she leaves. Me encanta.

Malodr
01-05-08, 19:13
I took a taxi (Metered) from Poblado to Centro for $7 and went to a casa for $14 and had lunch for $2.50. I was buying snacks of the street vendors for 40-75 cents.

Things are getting expensive here, I may have to stay in NY where a taxi from Queens to Midtown is only $40.

Bango Cheito
01-05-08, 22:20
The fees I've seen:

Suntrust charges US$5, Etradebank charges $0, so they are the best if withdrawing money. Most internet only banks will credit you back the charge so the withdrawal is free.E-trade doesn't charge you because they give you a shitty exchange rate, so when you look at it that way you are still being "charged" 3-4%

Luver Of Chicas
01-06-08, 02:37
E-trade doesn't charge you because they give you a shitty exchange rate, so when you look at it that way you are still being "charged" 3-4%I reviewed my Etrade bank statement, I withdrew 100,000 pesos on December 30, 2007 from BBVA bank and my etrade statement shows $49.95, that is an exchange rate of 2,002 pesos to US$1. My info shows the exchange rate on that date was around 2000 pesos + or - 10 pesos to the US$1 so not sure where your getting the 3-4% charge.

Bango Cheito
01-06-08, 09:36
Are you using xe.com's rates or something similar as a benchmark?

I didn't get an e-trade account because the guy trying to get me to sign up admitted that they give a shitty exchange rate.

Tom 33
01-06-08, 16:27
I took a taxi (Metered) from Poblado to Centro for $7 and went to a casa for $14 and had lunch for $2.50. I was buying snacks of the street vendors for 40-75 cents.

Things are getting expensive here, I may have to stay in NY where a taxi from Queens to Midtown is only $40.14K sounds a bit high from Poblado to Centro.

ElCastillo
01-06-08, 18:18
I took a taxi (Metered) from Poblado to Centro for $7 and went to a casa for $14 and had lunch for $2.50. I was buying snacks of the street vendors for 40-75 cents.

Things are getting expensive here, I may have to stay in NY where a taxi from Queens to Midtown is only $40.The ride to Centro is 7k pesos. Which is about 3.50. How can these guys make a living. $14 is about 28k pesos. Is that casa in another city? Bello is 30minutes away and it is a 15k taxi ride.

Malodr
01-06-08, 18:59
14K sounds a bit high from Poblado to Centro.You are right, I think it was 8,000 actually.

Escort King
01-06-08, 19:30
Are you using xe.com's rates or something similar as a benchmark?

I didn't get an e-trade account because the guy trying to get me to sign up admitted that they give a shitty exchange rate.I use gocurrency.com for my rates. And they have good travel info.

Luver Of Chicas
01-06-08, 20:03
Are you using xe.com's rates or something similar as a benchmark?

I didn't get an e-trade account because the guy trying to get me to sign up admitted that they give a shitty exchange rate.I went to xe.com and looked up the historical rate on December 30, 2007, the rate was 2010 pesos to the dollar on that day, so my cost was 8 centavos off the midday rate vs the 2002 rate used or a 0.3% difference.

I've been using Etrade for over 15 years mainly in Brazil and Colombia and I swear the rate has always been nearly spot on the official rate with no extra ATM fees, actually they get charged sometimes, but Etrade credits them back as that's their deal, no ATM fees.

A lot of the time I keep cash in the savings account they offer at 5.05% and then log on somewhere and quicktransfer it over to my checking.

Maybe the Etrade guy was referring to their global trading account, I admit on there when you covert US$ to buy stocks in a foreign currency they ding you on the exchange rate.

Bango Cheito
01-07-08, 07:01
That's great info. That guy was an idiot in that case, I woulda signed up that very day. :P

Kdogg21
01-07-08, 23:49
i took a taxi (metered) from poblado to centro for $7 and went to a casa for $14 and had lunch for $2.50. i was buying snacks of the street vendors for 40-75 cents.

things are getting expensive here, i may have to stay in ny where a taxi from queens to midtown is only $40.it is getting expensive here. the metro went up to 1400 for one ride and 2550 for 2. no more 10 ride tickets. but still cheraper than the taxi.

Xion149
01-09-08, 19:35
http://www.cnn.com/2008/WORLD/americas/01/09/colombia.rebel/

I suppose I should be happy they're making progress. Tho everytime they make progress the exchange rate tanks a little more.

Strong peso makes me a sad panda :(

Gimmedub
01-10-08, 22:42
Hey guys. Thought I'd share the information I learnt over the past few days as I'm considering purchasing a house in Colombia.

In short the best option for financing is to obtain the line of credit wherever you live. Much better rates than in Colombia PLUS you don't need a co-signer and you repay with your own currency. Move your $ to Colombia using Bancolombia (or other colombian bank). Called today and their exchange rates was what's posted on xe.com. 0. 5%. That's right 0. 5%. Much better than the 3. 5% quoted by other institutions. Also they have special individuals that deal with foreign investments. Call the Gerencia Comercial Filiales del Exterior for the area you're interested in.

http://www.bancolombiacayman.com/cayman/serCliente/oficinas/oficinas.asp

As for the form 4&11 - the bancolombia individual I spoke with knew all about it and will process it with you.

Hope this helps!

Tom 33
01-11-08, 13:07
Hey guys. Thought I'd share the information I learnt over the past few days as I'm considering purchasing a house in Colombia.

In short the best option for financing is to obtain the line of credit wherever you live. Much better rates than in Colombia PLUS you don't need a co-signer and you repay with your own currency. Move your $ to Colombia using Bancolombia (or other colombian bank). Called today and their exchange rates was what's posted on xe.com. 0. 5%. That's right 0. 5%. Much better than the 3. 5% quoted by other institutions. Also they have special individuals that deal with foreign investments. Call the Gerencia Comercial Filiales del Exterior for the area you're interested in.

http://www.bancolombiacayman.com/cayman/serCliente/oficinas/oficinas.asp

As for the form 4&11 - the bancolombia individual I spoke with knew all about it and will process it with you.

Hope this helps!Avoid Bancolombia at all costs. I used them for a purchase in Jan. Of last year. Those motherfuckers put me through hoops that I still can't believe.

They refused to allow me to open an account 3 different times over 2 years. And I had a current Colombian cedula each time. I finally had to have the money wired into my novia's account.

Then about 9 million pesos was stolen from that Bancolombia account. Bancolombia told us that it would take up to 6 months to get the money back to me. It has now been 3 months, and I have heard nothing.

I recommend trying BBVA or Davivienda.

AddictedToWomen
01-19-08, 17:36
Then about 9 million pesos was stolen from that Bancolombia account. Bancolombia told us that it would take up to 6 months to get the money back to me. It has now been 3 months, and I have heard nothing.Have you tried making a complaint to the ombudsman? Got fast results when we tried it.

Tom 33
01-20-08, 14:22
Have you tried making a complaint to the ombudsman? Got fast results when we tried it.Thanks for the suggestion.

My novia did that.

MiamiHeatLuver
02-27-08, 16:49
It is now at 1850cop=$1and declining. This is ridiculous, when will it end. The Worst I have ever seen it in my 3 years going.

USD-COP 1854.9250 -15.9500 -0.8525% 10:38

I withdraw a $1000 worth at a time, Just in January I was getting at least 2mil with would have gave me 2,000,000 de pesos,, now my same $1000 is giving me 1,800,000 SURPISE you just lost $100 or 200.000 cop

Colombian peso on an 8 year HIGH!
http://www.bloomberg.com/apps/news?pid=20602096&sid=acojf5N5M.eY&refer=world_currencies

AddictedToWomen
02-27-08, 19:27
The lowest its been for well over 5 years.

When will it stop indeed. Not until the US stops its policy of devaluing the dollar I suspect.

Sailor2006
02-27-08, 23:20
Some of the english contractors I work with were calling the dollar the new american pesos.

With the Fed continuing to cut intrest rates on loans, artiffically trying to boost the "dow jones average" to keep the "waller streeters happy", and keep the average american spending well probly see more and more of a decline in the dollar, It doesnt help that the colombians keep increasing their rates so lenders make more on money loans.

Its a pretty bad situation for those living on dollar incomes, inflation is high here about 10% and the dollar declined like 20% so cost of living went up close to 30%.

The price of pussy has been on the rise here for example
San Diego prices 2006=70,000 COP(2250ish exchange)=31.0USD
San Diego prices 2008=100,000 COP (1850ish exchange)= 54.0 USD

Thats a 23 USD increase in 2 years!

Its basically the same at every strip club or message parlor.

What was said before about loosing 100USD for every 1, 000 USD spent is true, not too mention ATM fees, or visa charges.

Our only hope is if the Fed decided to increase intrest rates to stem inflation which could be likely, or if drastically we went to gold standard, or if Colombia artifically pegged their currency to the dollar in order to keep selling flowers, coffee and goods to their number 1 trading partner or if the farc blew something up hurting the Colombian economy. Otherwise we could see a 1500 to one pesos exchange rate!

Loumann
02-28-08, 05:03
Maybe I don't understand. But from what you say. "You had to put the money in your Novia's account" I have a feeling the money was taken out by her (stolen). Not the bank. I WILL BET ON THAT. As my grandfather would say. A holes a hole. Put them against the wall. F them all.


Avoid Bancolombia at all costs. I used them for a purchase in Jan. Of last year. Those motherfuckers put me through hoops that I still can't believe.

They refused to allow me to open an account 3 different times over 2 years. And I had a current Colombian cedula each time. I finally had to have the money wired into my novia's account.

Then about 9 million pesos was stolen from that Bancolombia account. Bancolombia told us that it would take up to 6 months to get the money back to me. It has now been 3 months, and I have heard nothing.

I recommend trying BBVA or Davivienda.

Tom 33
02-28-08, 12:43
Maybe I don't understand. But from what you say. "You had to put the money in your Novia's account" I have a feeling the money was taken out by her (stolen). Not the bank. I WILL BET ON THAT. As my grandfather would say. A holes a hole. Put them against the wall. F them all.Well you'd lose that bet. We have been dating for 4 years now. I had money transferred to her account to buy an apartment in MedellŪn last year because Bancolombia refused to open an account for me even though I held a VISA and owned property in Colombia since 2003.

Bancolombia has acknowledged the theft and says that it will take up to 6 months to investigate.

AddictedToWomen
02-28-08, 16:29
Some of the english contractors I work with were calling the dollar the new american pesos.

With the Fed continuing to cut intrest rates on loans, artiffically trying to boost the "dow jones average" to keep the "waller streeters happy", and keep the average american spending well probly see more and more of a decline in the dollar,

...

Our only hope is if the Fed decided to increase intrest rates to stem inflation which could be likely, or if drastically we went to gold standard, or if Colombia artifically pegged their currency to the dollar in order to keep selling flowers, coffee and goods to their number 1 trading partner or if the farc blew something up hurting the Colombian economy. Otherwise we could see a 1500 to one pesos exchange rate!There was an article in The Economist several years ago showing how the value of the dollar has declined in the long term against world currencies. And with unfriendly foreign governments holding so much dollar wealth now -- enough to sink the Great Ship USA if they decided to unload -- it would be very useful to be able to repay them with a couple of bags of rice and a broken Chinese (lead free!) toy.

When I first came to Colombia it was about 1500 (or less?). Shame I want to buy a house now.

Jchipper
02-29-08, 00:33
Next time ask for help. I could have got the money here thru my contatcs at BanColombia, they would have opened you your own account, as WC Fields said, ; There's one born everyday!

Tjmee
03-14-08, 07:25
If you want to save some money and kinda slow down of paying the chicks, stop going there for a couple weeks. Like strike for a couple weeks and they will go lower..

Rodeo9112
03-14-08, 22:58
I've heard in Caracas, Venezuela there are street guys who will sell you Bolivares (currency) at a better exchange rate (of course some have real currency and some have fake); anyone know of such guys being prevalent in Bogota?

Rodeo

Papi Que Rico
03-15-08, 04:34
I've heard in Caracas, Venezuela there are street guys who will sell you Bolivares (currency) at a better exchange rate (of course some have real currency and some have fake); anyone know of such guys being prevalent in Bogota?

RodeoThere has been a black market in Ven. for years. The Colombian peso is too strong for that type of action.

Davidb3069
04-06-08, 16:12
The week of 3/29 to 4/2 the exchange rate was 1,700 COP. The worst I've ever seen it. Compare that to a year+ ago when it was 2,100-2,200+.

Tom 33
04-06-08, 22:39
The week of 3/29 to 4/2 the exchange rate was 1,700 COP. The worst I've ever seen it. Compare that to a year+ ago when it was 2,100-2,200+.I don't know where you got that rate. It has not gone below 1800. A no-fee ATM card would have gotten you over 1800 that week. Here is one example of a no-fee ATM card: http://www.capitalone.com/

Davidb3069
04-07-08, 15:05
I don't know where you got that rate. It has not gone below 1800. A no-fee ATM card would have gotten you over 1800 that week. Here is one example of a no-fee ATM card: http://www.capitalone.com/I got that rate by buying pesos in Cartagena that week with dollars. You are right that the credit card (debit card) rate was a bit higher. Mine came out to 1821 (1803 with exchange fees). Still pretty poor.

David

Davidb3069
04-08-08, 15:37
Avoid Bancolombia at all costs. I used them for a purchase in Jan. Of last year. Those motherfuckers put me through hoops that I still can't believe.

They refused to allow me to open an account 3 different times over 2 years. And I had a current Colombian cedula each time. I finally had to have the money wired into my novia's account.

Then about 9 million pesos was stolen from that Bancolombia account. Bancolombia told us that it would take up to 6 months to get the money back to me. It has now been 3 months, and I have heard nothing.

I recommend trying BBVA or Davivienda.Sounds like the banks here in Ecuador where I live. The locals tell me that they take money from people's accounts to cover other people's (unrelated) bounced checks. Now that's security. Glad I keep my money in US banks and just withdrawl it when I need it.

David

Gimmedub
04-10-08, 18:48
What is making the peso such a strong currency?

Especially with the pending vote in congress for the FTA that might not go through.

Can anyone shed some light into this?

Bango Cheito
04-11-08, 05:22
Could be the fact that Colombia's economy is booming, inflation is low and the credit bubble is bursting in the USA? That combined with the fact that Colombia doesn't need the USA just to be decent.

Bango Cheito
04-11-08, 05:29
If you think it's bad now wait till OPEC dumps the USD. You ain't seen nothing yet.

Tom 33
04-11-08, 14:35
What is making the peso such a strong currency?

Especially with the pending vote in congress for the FTA that might not go through.

Can anyone shed some light into this?The booming Colombian economy paired with a busting US economy. Some people are predicting 1500 by mid-2009.

My guess is that the Colombian boom will bust as most booms do sooner or later and that the US will recover.

Davidb3069
04-11-08, 14:52
What is making the peso such a strong currency?

Especially with the pending vote in congress for the FTA that might not go through.

Can anyone shed some light into this?What generally makes a currency strong is "demand". There are lots of dollars flowing into Colombia from tourists. Couple that with the weak dollar (no demand) and you've got the recipe for a lousy exchange rate for tourists.

David

Sailor2006
04-11-08, 17:45
Colombias Interest rates are 10%, has has only moved upward.

US Intrest rates keep falling, to spike investment and lending on consumer level

If you were a large investment bank, looking to loan, or invest large sums of money would you want dollars at 2% or pesos at 10%?

Doubt98
04-11-08, 18:56
Don't forget that all this is cyclical. The dollar may eventually not be the main world currency but, for now it is. If anything, eventually a change from dollars to the Chinese yaun is more plausible. The Euro is currently the talk of the town but inflation is more of a problem there than it is here. Also, the actual GDP of the entire Euro zone is less than California and Florida.

If you look at the dollar exchange rate, several months ago there was a spike in the value of the dollar. It was directly related to global unrest. Countries enjoy talking big when things are looking up, but when things look like they are going to go South they come running to the dollar.

Gonzo
04-11-08, 19:31
I generally agree with Tom here. Go to this website to view historical ups and downs between two currencies:

http://www.oanda.com/convert/fxhistory

I plugged in 1999 to 2004 and if you do, you will see the USD-COP fluctuations ranging from just above 1500 to nearly 3000! That's the way the market bounces! It's just a bad time now - BUT the silver lining is that it may discourage others from making the journey. If so, that means more of a buyers market (IF and ONLY IF you don't go when the European guys are around).

I also wouldn't just yet count out the US economy - it is still quite strong and resilient, despite our 9 TRILLION dollar debt.
The booming Colombian economy paired with a busting US economy. Some people are predicting 1500 by mid-2009.

My guess is that the Colombian boom will bust as most booms do sooner or later and that the US will recover.

Tom 33
04-11-08, 21:16
What generally makes a currency strong is "demand". There are lots of dollars flowing into Colombia from tourists. Couple that with the weak dollar (no demand) and you've got the recipe for a lousy exchange rate for tourists.

DavidYou are correct about demand. But I don't think that tourism is leading the charge. Look at the interest rate spread between the US and Colombia. Money tends to seek the best return.

Tom 33
04-12-08, 13:06
I also wouldn't just yet count out the US economy - it is still quite strong and resilient, despite our 9 TRILLION dollar debt.The absolute size of our debt is mind-boggling. When you look at debt in terms of the percentage of GDP, there are a lot of countries with a heavier debt burden. I seem to remember around 40% for the US and around 130% for Japan, the current number 1.

Davidb3069
04-12-08, 13:23
You are correct about demand. But I don't think that tourism is leading the charge. Look at the interest rate spread between the US and Colombia. Money tends to seek the best return.If the spread is that much, I'd say you're right. It's a combination of all factors leading to demand of the peso over the dollar that's causing the poor exchange rate.

Davidb3069
04-12-08, 13:28
The booming Colombian economy paired with a busting US economy. Some people are predicting 1500 by mid-2009.

My guess is that the Colombian boom will bust as most booms do sooner or later and that the US will recover.If places like Cartagena follow the trend of the US with the flipping of properties (especially like those $250,000 condos going up in Cartagena), the bust will come sooner than later more than likely. As with the US, once it's discovered the prices are way inflated, they are in for the same history lesson as is going on with the US right now.

Tom 33
04-12-08, 14:36
If you think it's bad now wait till OPEC dumps the USD. You ain't seen nothing yet.That event would have absolutely zero consequence. I can buy a dollar's worth of oil for 1791 COP today. It simply doesn't matter what currency the price is quoted in.

They can change to Venezuelan Bolivares for all I care.

Sexmetv
04-17-08, 04:23
Don't forget that all this is cyclical. The dollar may eventually not be the main world currency but, for now it is. If anything, eventually a change from dollars to the Chinese yaun is more plausible. The Euro is currently the talk of the town but inflation is more of a problem there than it is here. Also, the actual GDP of the entire Euro zone is less than California and Florida.

If you look at the dollar exchange rate, several months ago there was a spike in the value of the dollar. It was directly related to global unrest. Countries enjoy talking big when things are looking up, but when things look like they are going to go South they come running to the dollar.Some Thoughts:

Caliornia's GPD is approx. $2 trillion and Florida's GPD is approx 800 billion (I think New York might have been a better example); The European Union has a 17 trillion GPD. If memory serves me correct I think Germany's GDP by itslef is greater than California's.

The US problems are not cyclical they are sturctural and they include trillions of dollars debt (gov't treasuries) owned by the Chinese, a $62B trade deficit that keeps growing and must be financed and a 29 trillion dollar unfunded medicare liability that keeps growing, the last one being the scariest because that DOES have to get paid eventually.

You are likely the only person outside of China that believes the Chinese Yaun which is a fixed/rigged/regulated currency is a more "plausible" alternative to the Euro.

The US dollar is going and it ain't coming back until the good people of America elect some adults to run the country.

Cheers,

Sexmetv
04-17-08, 04:50
That event would have absolutely zero consequence. I can buy a dollar's worth of oil for 1791 COP today. It simply doesn't matter what currency the price is quoted in.

They can change to Venezuelan Bolivares for all I care.I think you missed the point here, currently in order for countries to buy oil they need to purchase US dollars as oil (with the exception of Iran) can ONLY be purchased with US$. That means EVERY country in the world that needs oil MUST buy and hold US dollars.

If this were to change and oil was sold say in Euro's it follows that the demand for US$ would fall sharply as countries unwind their US$ positions to purchase Euros and given the enormous global appetite (i.e China, India and most of the world) for oil this would not be an insigificant event. So using your example, your $1US would not be worth 1791 COP but rather a much lower amount as the US$ devalues sharply given the reduced demand for US$.

That said, the reality is that OPEC won't drop the US$ as the currency of choice as Saudi Arabia has the ability to block this and we all know who looks after Saudi Arabia...;)

Bango Cheito
04-17-08, 05:29
The Sauds are mightily pissed off over the whole Iraq thing right now. If, for example, US military pulls out of Iraq and then the Shiites take over, the Sauds would very likely withhold their veto.

Aussie Greg
04-17-08, 09:23
Sexmetx,

If you need to know any information on the price of pussy here in Colombia mate just let me know, and I'll do like wise with the price on oil and the currency exchange with you!

You seem to know what your talking about.

AG


I think you missed the point here, currently in order for countries to buy oil they need to purchase US dollars as oil (with the exception of Iran) can ONLY be purchased with US$. That means EVERY country in the world that needs oil MUST buy and hold US dollars.

If this were to change and oil was sold say in Euro's it follows that the demand for US$ would fall sharply as countries unwind their US$ positions to purchase Euros and given the enormous global appetite (i.e China, India and most of the world) for oil this would not be an insigificant event. So using your example, your $1US would not be worth 1791 COP but rather a much lower amount as the US$ devalues sharply given the reduced demand for US$.

That said, the reality is that OPEC won't drop the US$ as the currency of choice as Saudi Arabia has the ability to block this and we all know who looks after Saudi Arabia...;)

Tom 33
04-17-08, 11:07
I think you missed the point here, currently in order for countries to buy oil they need to purchase US dollars as oil (with the exception of Iran) can ONLY be purchased with US$. That means EVERY country in the world that needs oil MUST buy and hold US dollars.I do understand your point. But I do not believe that the demand argument holds water. The world currency markets operate very efficiently these days.

Davidb3069
04-17-08, 22:47
Sexmetx,

If you need to know any information on the price of pussy here in Colombia mate just let me know, and I'll do like wise with the price on oil and the currency exchange with you!

You seem to know what your talking about.

AGJust imagine if pussy goes the way of oil in the future and requires the purchase of US dollars. Then we're really screwed (not in the real sense though).

David

UrbanWildlife
04-23-08, 19:12
Unfuckingbelievable!

This is at Banco Colombia y casa de cambios.

Sailor2006
04-24-08, 00:20
1775 ironic no. Well thats the exchange rate, I would even tolerate it with out complaint but our cosins across the sea see 2600 Plus, showing its the US economy and not the strength of Colombia so to speak! We could see 1500 COP

Heres a glimps of life at 1500 COP per Dollar.

Sex
Loutron 175,000 COP = 116 USD
S.D. 100,000 COP = 66.6 USD
Beer@S.D. 10,000 COP = 6.60 USD
Rum S.D. 45,000 COP = 30.00 USD
F2 150,000 COP = 100 USD
Rum and Coke SD 12,000 COP = 8.00 USD

Food (dinner in park illares average plate costs 21,000 to 26,000 COP)
Plate 26,000 COP = 17.33

Transport
Airport rides 50,000 COP = 33.33 USD
Min Ride 3500 = 2.30 USD

Now you can say still cheaper then U.S.A. but its getting expensive.

Mw1030
04-24-08, 14:05
1775 ironic no. Well thats the exchange rate, I would even tolerate it with out complaint but our cosins across the sea see 2600 Plus, showing its the US economy and not the strength of Colombia so to speak! We could see 1500 COP

Heres a glimps of life at 1500 COP per Dollar.

Sex
Loutron 175,000 COP = 116 USD
S.D. 100,000 COP = 66.6 USD
Beer@S.D. 10,000 COP = 6.60 USD
Rum S.D. 45,000 COP = 30.00 USD
F2 150,000 COP = 100 USD
Rum and Coke SD 12,000 COP = 8.00 USD

Food (dinner in park illares average plate costs 21,000 to 26,000 COP)
Plate 26,000 COP = 17.33

Transport
Airport rides 50,000 COP = 33.33 USD
Min Ride 3500 = 2.30 USD

Now you can say still cheaper then U.S.A. but its getting expensive.It is becoming discouraging seeing the dollar drop so fast againts the peso. This will trully affect mongering fun. Can anyone advise where can i get the best exchange? I was told from a friend that the max ammount you can take out on an atm is about 500,000 pesos. When you do the math that is not much in dollars. Any comments??

King Dong
04-24-08, 19:34
Don't forget that all this is cyclical. The dollar may eventually not be the main world currency but, for now it is. If anything, eventually a change from dollars to the Chinese yaun is more plausible. The Euro is currently the talk of the town but inflation is more of a problem there than it is here. Also, the actual GDP of the entire Euro zone is less than California and Florida.

If you look at the dollar exchange rate, several months ago there was a spike in the value of the dollar. It was directly related to global unrest. Countries enjoy talking big when things are looking up, but when things look like they are going to go South they come running to the dollar.You must be joking, or are you just trying to play the stereotype of an ignorant and arrogant and somehow stupid USamerican?

http://en.wikipedia.org/wiki/List_of_countries_by_GDP_%28PPP%29
http://en.wikipedia.org/wiki/List_of_countries_by_GDP_%28nominal%29

The only long term trend for the US dollar will be downwards, mainly because your government gives out billions (or simply big amounts without return, except what goes directly to private company's) for breakfast and has been doing that for years.

But I really don't understand the high "quality"pussyprice, like the 50-150usd for a session(<1hr), that I read about in the colombia and general latin america forums. Mafia? foreigner prices? not many slim beautifull women willing to do the trade despite poverty? No poverty? Many middlemen?

Tom 33
04-24-08, 22:39
It is becoming discouraging seeing the dollar drop so fast againts the peso. This will trully affect mongering fun. Can anyone advise where can i get the best exchange? I was told from a friend that the max ammount you can take out on an atm is about 500,000 pesos. When you do the math that is not much in dollars. Any comments??You can get whatever your home bank sets as a limit per day from any ATM. You may just have to do several transactions in a row to get this. I generally get 900K by doing 3 transactions. My CapitolOne card has no fees at all.

If you want more, get more ATM cards. Ten ATM cards with a US$500 daily limit each will get you 9 million pesos in one day.

AddictedToWomen
04-24-08, 22:59
It is becoming discouraging seeing the dollar drop so fast againts the peso. This will trully affect mongering fun. Can anyone advise where can i get the best exchange? I was told from a friend that the max ammount you can take out on an atm is about 500,000 pesos. When you do the math that is not much in dollars. Any comments??Ctibank. Open an account in the US then use their branches in Colombia.

Gonzo
04-25-08, 03:40
It's all relative. The peso has been at 1600 or higher since mid-1999, just b4 (or at the start of) the sh*t hittin the fan with the drug wars.

In 1995 the peso was 950 to the dollar. So count your blessings! But does take some getting used to. 150K is no longer a 'cheap' price.


1775 ironic no.

MJG Dogs
04-25-08, 04:44
You must be joking, or are you just trying to play the stereotype of an ignorant and arrogant and somehow stupid US American?Again this is proof again that Europeans can be smug and arrogant. At least the americans ( while a little overweight, and most have never heard of the son of satan- named Javier Solana), shower and brush their teeth and do not smell.

At least while some of our people may be naive, we do not attack tourists from europe, curse at them and spit on them.

Sorry Jackson, but sometimes you can't sit there and take their shit.

LocoGringo
04-25-08, 05:05
I have a hard time accepting the drop in dollar value to other currencies, mainly the COP. I have been in Colombia since 2000 and seen it go as high as 3000 per dollar (few days) to the low now of 1760 bank to bank now. The Colombian governement is trying to reverse the trend with some manipupualation as they did 2 years ago by buying dollars to prop it up, didn't work after 3 months then, not sure what will happen now.

I hav 3 gringo cards tied to checking accounts in the USA. Citibank allows up to $1000 a day and the other 2 are $500 a day. They have varying fees but Citibank is the most expensive. I also have a personal account in Citibank of Colombia, can take 700, 000 out daily. There is no financial benefit from having accounts with Citibank in both countries except that you can exchange Citibank travelers checks, the ATM fees still apply. I also have an account with BankColombia (business) but rarely use it. My understanding is that all funds transferred into Colombia from a US bank use Citibank as an intermediary, at least that is what I was told 2 years ago by the head of Citibank in Cartagena. A peso is still a peso here but a dollar is getting to be close to the play money Bolivars and COPs once were. By the way, if everyone was honest about what pussy really cost Uncle jack isn't the only one paying a lot. The most expensive pussy I have had here is what is not charged for.

Tom 33
04-25-08, 15:13
Ctibank. Open an account in the US then use their branches in Colombia.Citibank Colombia and Citibank US are two different companies.

Gimmedub
04-25-08, 16:27
Check this report out. Uribe says the peso is too strong

http://www.bloomberg.com/apps/news?pid=20601086&sid=ahisEIHq0VeA&refer=latin_america

Tom 33
04-25-08, 20:41
My understanding is that all funds transferred into Colombia from a US bank use Citibank as an intermediary, at least that is what I was told 2 years ago by the head of Citibank in Cartagena.Not quite. When I transferred money from the US to Bancolombia, it went via Citibank in New York. When I transferred money to BBVA, it went directly to BBVA in MedellŪn.

UrbanWildlife
04-26-08, 00:55
In the houses of cambio en Bocagrande the exchange is still 1650CP to the dollar. At Banco Colombia in Bocagrande it is 1700CP to the dollar. It sucks but it is what it is.

Tom 33
04-26-08, 09:16
In the houses of cambio en Bocagrande the exchange is still 1650CP to the dollar. At Banco Colombia in Bocagrande it is 1700CP to the dollar. It sucks but it is what it is.Let's not make it any worse than it is. Cambio rates are misleading at best. The Interbank rate is 1773. That is nearly the rate you get at any ATM. And there are debit cards with no fees. I use one and get 1773.

AddictedToWomen
04-26-08, 16:09
Citibank Colombia and Citibank US are two different companies.Of course. Doesn't matter. Use their ATMs for no-fee txs at a reasonable fx rate. And you can pull a reasonable amount at one go.

AddictedToWomen
04-26-08, 16:11
Not quite. When I transferred money from the US to Bancolombia, it went via Citibank in New York. When I transferred money to BBVA, it went directly to BBVA in MedellŪn.Each bank has their own nominated partner bank in the US. Davidienda, pe, use Wachovia.

Sailor2006
04-26-08, 19:24
It is all relative, but being stuck between a hard and a hard place with your finger trapped in a snach isnt fun!!! Many people are correct you can look at the exchange rate on the el colombiano website and see the rates daily from 1926 to today, you will basically see a mountain, with the peak at 3000.

Whats really important isnt the exchange rate, its the price of goods, or how much your money buys you!! example when the exchange rate of 950 COP to 1 USD, what was the price of a gallon of gas, milk, the price per plate, or 12Oz beer, or 1 hour of sex at loutron!!!???? my first vist to colombia was 1993 (family trip) the exchange wasnt high probly 900COP but prices were low!!!

The value of the dollar always use to keep up with the inflation in colombia, IE why it continued its upward climb (exceptions taken into account) until 2006 when i droped and is continuing its drop; the dollar should really be at 3500 COP to 1 USD if our economy was strong and healthy and we continued the trend of keeping up with colombian inflation which is still 10% plus a year.

Bottom line is americans in colombia with dollar incomes are seeing bad times, if you made 100K dollars a year, in 2006 you had 260,000,000 million COP income, and you have seen your income, or purchase power decline to 170,000,000 million COP per year thus loosing almost 90,000,000 COP income. were are loosing lots of buying power, pretty much daily!! The price of goods in pesos is increasing, the value of the dollar droping, and the increase of sex, beers, and dinners is increasing due to tourist inflation which makes for a costly colombia,medellin and poblado and loutron!


It's all relative. The peso has been at 1600 or higher since mid-1999, just b4 (or at the start of) the sh*t hittin the fan with the drug wars.

In 1995 the peso was 950 to the dollar. So count your blessings! But does take some getting used to. 150K is no longer a 'cheap' price.

Davidb3069
04-28-08, 14:49
It is all relative, but being stuck between a hard and a hard place with your finger trapped in a snach isnt fun!!! Many people are correct you can look at the exchange rate on the el colombiano website and see the rates daily from 1926 to today, you will basically see a mountain, with the peak at 3000.The only problem is that the exchange rate is the only indicator that savvy travelers have before booking flights and choosing where to go. They aren't going to have any idea if it's a "cheap" time or a "more expensive" time in terms of local food prices, etc. And once you change those dollars to pesos, you are forced to spend them or take a huge hit.

I have gotten better at hitting the airport with few if any pesos in hand (without blatantly spending them on something in order to use them up), although sometimes that doesn't happen. The exchange window is often closed at CTG depending on which flight you take. And using currency exchange in the US in ugly.

In other words, the exchange rate can still play a big part in travel. I'm not talking about the person changing a few dollars. I'm talking about the people staying weeks or months and spending $5000-10000 or more.

David

Rodeo9112
05-04-08, 03:04
1762 pesos to the dollar!

When is this freefall gonna end?

Rodeo

Artisttyp
05-04-08, 13:58
1762 pesos to the dollar!

When is this freefall gonna end?

RodeoAccording to the el mundo website it's at 1,756.25

I Jags
05-19-08, 09:13
1762 pesos to the dollar!

When is this freefall gonna end?

RodeoSadly never, this country is done. 75,000 showed up for a rally where the candidate thinks there is 57 states. Peso 1000/1 this time next year.

Gonzo
05-20-08, 16:41
The peso in the last 15 years has gone below 1000 at times, in the mid 90s. I don't expect (maybe it's plain hope) that the dollar doesn't fall that far (or the peso become that strong). It's in the interest of too many countries, many of them our trading partners, to keep that from happening. It is still the major currency of oil trading, and nobody wants to play with monopoly money.

There are a lot of reasons why it is so low, none of them happen to be Obama's fault, but several happen to be the right-wing Republicans' fault. This is includes the intention to have a weak dollar, in contrast to the Robert Rubin years, apparently to shore up the worsening trade debt, the massive 9 trillion national debt, 8 trillion of that brought to you by Reagan and the 2 Bushes, the printing of money (and the lack of reporting of it by the M3 report by the Fed), the forcing of low rates by the Fed, and a host of others.

As far as the Obama quote, you opened the door. John McBush said on several occasions that Iran was helping Al Queda terrorists, which is sheer idiocy. He was even corrected once, then repeated himself. For those who don't know, like McBush, Al queda is a Sunni based organization and Iran is a Shiite nation; the Sunnis and Shiites have been getting along for centuries like the Hatfield and McCoys, and a significant part of the Iraq debate.


Sadly never, this country is done. 75,000 showed up for a rally where the candidate thinks there is 57 states. Peso 1000/1 this time next year.

AddictedToWomen
05-20-08, 22:44
Sadly never, this country is done. 75,000 showed up for a rally where the candidate thinks there is 57 states. Peso 1000/1 this time next year.According to an Economist article a few years back the USD has been falling for decades as a way to pay down external debt. A bloody good job at the moment given the amount of stock held by foreigners.

Wish I could find that article though. Anyone here got access to the economist's archive?

Rodeo9112
05-22-08, 02:28
Just wondering, what are the rates some folks are getting from various ATM machines? If I remember correctly, this is the best way to get the best rate of exchange (as opposed to at a bank or exchange).

Rodeo

Davidb3069
05-22-08, 14:06
Just wondering, what are the rates some folks are getting from various ATM machines? If I remember correctly, this is the best way to get the best rate of exchange (as opposed to at a bank or exchange).

RodeoATMs are the best way to go most of the time. You just have to keep in mind what your bank charges you and what the machine charges you.

David

Max Mojo
05-22-08, 17:42
According to an Economist article a few years back the USD has been falling for decades as a way to pay down external debt. A bloody good job at the moment given the amount of stock held by foreigners.

Wish I could find that article though. Anyone here got access to the economist's archive?ATW, I think the article your referring to may be:

LEADERS: Currencies

On the slide

The dollar's decline seems finally to be under way. It still won't balance America's books
May 18th 2006

Also, the Big Mac index was just published as well. It states the following

Country % over (+)/under (-)
valued against $

Colombia +3
Costa Rica -36
Peru -12
Brazil +6
Argentina -22

MiamiHeatLuver
05-29-08, 20:26
http://www.bloomberg.com/apps/news?pid=20602096&sid=aLputzFGMgpk&refer=world_currencies

USD-COP 1741.5000 -25.4250 -1.4389% 15:22

Dodger Bulldog
05-30-08, 00:13
Dollar Disaster! Worst Ever Exchange Rate I Have Ever Seen!
http://www.bloomberg.com/apps/news?pid=20602096&sid=aLputzFGMgpk&refer=world_currencies

USD-COP 1741.5000 -25.4250 -1.4389% 15:22Yes, Miami, I had a sinking feeling today when I saw how much the bank took out when I used my debit card.

Oh well. Unlucky in cards, but lucky in love.

DB

George Toms
05-30-08, 10:47
1762 pesos to the dollar!

When is this freefall gonna end?

RodeoItís not going to end anytime soon Iím afraid. Many predict the dollar will eventually crash. Of course, itís all by design thanks to the globalization agenda. As many of you live in SA, youíll soon start to hear more about a South American Union, and a common currency. The same will be proposed in America, called the Amero, combining the Mexican, American, and Canadian currency into one common currency. Itís already taken place in Europe with a few European countries still having their own currency, but itís just a matter of time before they lose their currency too. Welcome to the brave new world, and be sure to enjoy your last days of freedom because those days are coming to a close. But it even gets better, in the future; South America and North America will be joined to create the American Union. There are many books written about it, some as far back as the 70ís and 80ís. Thanks to NAFTA and CAFTA, itís starting to take shape more and more every day. Thatís why America and Europe have been getting bombarded with illegal immigrants, part of destroying the current culture, so itís easier for the natives to accept the changes that will take place. Will people rise up and stop it? Good question, but if anybody is waiting for the multi-billion dollar corporate controlled media to inform them, then itís hopeless. For those that donít have the time to read, there are some good documentaries on Google video about the Federal Reserve Bank, check it out some time.

P.S. Yes, itís my first post, but Iíve lurked for a long time in the hopes of visiting SA, but my current situation wonít allow it. Looks like fun, enjoy and good luck! Here's some links.

http://video.google.com/videoplay?docid=5232639329002339531&q=federal+reserve&ei=HcQ_SI_IIoWyrgKh1eDKCA&hl=en
http://video.google.com/videoplay?docid=5355374476580235299&q=freedom+to+fascism&ei=wco_SNX4F474rAL0lvjjCA&hl=en
http://video.google.com/videoplay?docid=-5581854975245721437&q=north+american+union&ei=-so_SPKoK4P8rQKOhsXmCA&hl=en
http://video.google.com/videoplay?docid=6236995543851596035&q=CFR&ei=hss_SIeFOYvCrwKRkb3WCA&hl=en

Superboy1
05-30-08, 21:27
Itís not going to end anytime soon Iím afraid. Many predict the dollar will eventually crash. Of course, itís all by design thanks to the globalization agenda. As many of you live in SA, youíll soon start to hear more about a South American Union, and a common currency. The same will be proposed in America, called the Amero, combining the Mexican, American, and Canadian currency into one common currency. Itís already taken place in Europe with a few European countries still having their own currency, but itís just a matter of time before they lose their currency too. Welcome to the brave new world, and be sure to enjoy your last days of freedom because those days are coming to a close. But it even gets better, in the future; South America and North America will be joined to create the American Union. There are many books written about it, some as far back as the 70ís and 80ís. Thanks to NAFTA and CAFTA, itís starting to take shape more and more every day. Thatís why America and Europe have been getting bombarded with illegal immigrants, part of destroying the current culture, so itís easier for the natives to accept the changes that will take place. Will people rise up and stop it? Good question, but if anybody is waiting for the multi-billion dollar corporate controlled media to inform them, then itís hopeless. For those that donít have the time to read, there are some good documentaries on Google video about the Federal Reserve Bank, check it out some time.

P.S. Yes, itís my first post, but Iíve lurked for a long time in the hopes of visiting SA, but my current situation wonít allow it. Looks like fun, enjoy and good luck! Here's some links.

http://video.google.com/videoplay?docid=5232639329002339531&q=federal+reserve&ei=HcQ_SI_IIoWyrgKh1eDKCA&hl=en
http://video.google.com/videoplay?docid=5355374476580235299&q=freedom+to+fascism&ei=wco_SNX4F474rAL0lvjjCA&hl=en
http://video.google.com/videoplay?docid=-5581854975245721437&q=north+american+union&ei=-so_SPKoK4P8rQKOhsXmCA&hl=en
http://video.google.com/videoplay?docid=6236995543851596035&q=CFR&ei=hss_SIeFOYvCrwKRkb3WCA&hl=en

Yes i have heard about this too, I think it has something to do with the New World Order. Soon you will not be able to do anything without someone knowing about it.Freedom gone, this world will turn into a prison world.

Superboy

Bango Cheito
05-31-08, 04:46
Such melodrama. If we had a common currency nobody would ever have to worry about this kind of volatility again, and banks would no longer be able to skim 3% off of the top of every transaction that involves more than one currency, so there would be LESS concentration of wealth.

AddictedToWomen
05-31-08, 12:09
stuff Where does one start with this?

The joint European currency, the EURO, is under severe strain as the single fixed interest rate is not suitable for all its constituents. Whilst there's some pressure for other currencies, most notably that of the ever the euro-phobic Brits to join, there's also a lot a opposition.

I don't see the Mexican peso in a common currency with the US Dollar any time soon either. Nor the Canadian dollar, and that would be a lot more acceptable to the great unwashed masses.

That's why we're "getting bombarded with immigrants"? Pleeze.

NA & SA will form a common union? Last time I checked the neighbours in the north of SA were barely on speaking terms.

Davidb3069
05-31-08, 13:11
Itís not going to end anytime soon Iím afraid. Many predict the dollar will eventually crash. Of course, itís all by design thanks to the globalization agenda.I believe the euro was more of an issue of making the exchange of currency between european countries easier. For anyone that has visited Europe, they know that pre-euro was a pain in the ass. I remember having to buy currency every time I got off the train in a different country. Like the US states, many countries are a short ride from one another. I passed through 5-6 countries in just a day or two on the train. Each was a currency purchase.

David

MiamiHeatLuver
06-03-08, 18:25
http://www.bloomberg.com/apps/news?pid=20602081&sid=a._0EdhC2D3s&refer=benchmark_currency_rates

Sesimo
06-10-08, 02:04
Anybody wants to change dollar to pesos pm me.

I got great rate better than casa de cambio.

Mw1030
06-13-08, 15:09
Anybody wants to change dollar to pesos pm me.

I got great rate better than casa de cambio.Can anyone tell me at what rate are they buying dollar these days?

AddictedToWomen
06-17-08, 19:39
1,651.5

When paying for your coffee with USD please remember to do so at the beginning: the price will have gone up by the time you're finished.

Welcome to the Bushmar Republic.

Gonzo
08-27-08, 01:59
Just go to:

http://www.eluniversal.com.co/

And look down the right hand side of the newspaper. Easier than having to enter data into xe.com

MiamiHeatLuver
08-27-08, 04:09
Just go to:

http://www.eluniversal.com.co/

And look down the right hand side of the newspaper. Easier than having to enter data into xe.comEven Better option: Just go here and always ONLINE and you can see all of South America as well: http://www.bloomberg.com/markets/currencies/americas_currencies.html

AddictedToWomen
08-28-08, 12:10
Even Better option: Just go here and always ONLINE and you can see all of South America as well: http://www.bloomberg.com/markets/currencies/americas_currencies.html

Or, should you care to be spoilt for choice use

http://finance.yahoo.com/charts?s=usdcop%3Dx#chart1:symbol=usdcop=x;range=1y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

to see the history (ignore the plateaus in March/April: there was some problem)

(Opened at over 1900/USD today. Keep on falling baby!)

Shamester
09-12-08, 17:29
finance.yahoo.com/currency/convert?amt=1&from=USD&to=COP&submit=Convert

Mw1030
09-18-08, 13:44
finance.yahoo.com/currency/convert?amt=1&from=USD&to=COP&submit=ConvertGentlemen,

As of 09-18 it is almost at 2200 pesos per dollar!

Simpleminded
09-28-08, 18:35
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?

Tom 33
09-28-08, 22:36
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?Figure on paying 6 to 8% for cambios.

Most of them operate on the same spreads.

Kdogg21
09-28-08, 23:56
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.

Member #4258
09-29-08, 02:16
Can anyone comment on exchange rate from an ATM in Cartagena?

Any chance of getting an offshore rate at a bank?

Thanks,

Hoser

Tom 33
09-29-08, 13:29
Can anyone comment on exchange rate from an ATM in Cartagena?

Any chance of getting an offshore rate at a bank?

Thanks,

HoserThe 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.

MJG Dogs
09-29-08, 17:33
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..

Polvo
09-29-08, 22:29
.....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

MiamiHeatLuver
09-30-08, 04:26
Can anyone comment on exchange rate from an ATM in Cartagena?

Any chance of getting an offshore rate at a bank?

Thanks,

HoserATM 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!

Tom 33
09-30-08, 20:45
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.

Member #4258
10-01-08, 04:19
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

AddictedToWomen
10-01-08, 08:15
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.

MiamiHeatLuver
10-01-08, 17:55
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.

Sandman0011
10-03-08, 00:49
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!

AddictedToWomen
10-03-08, 08:52
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.

AddictedToWomen
10-03-08, 09:05
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.

MiamiHeatLuver
10-03-08, 17:00
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/currencies/americas_currencies.html

MiamiHeatLuver
10-03-08, 17:20
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..

Member #4258
10-04-08, 01:18
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!There was some resistance at 2200 so it's easier for it to go higher now.

Hoser

AddictedToWomen
10-04-08, 13:28
@MHL:

Citi: Thanks, I'll be writing 'em.

Fx: ubc/o&a seem to have diverged from yahoo/banrep. No idea what the story is.

Member #4258
10-04-08, 15:03
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/currencies/americas_currencies.htmlAccording to ADVFN it was at 2200 for 15 minutes but never broke through. Seems to be resistance at 2200.

I've got 2 months before I go to Cartagena so who knows where it will be. I'll be happy with anything over 2000.

AddictedToWomen
10-07-08, 16:57
Its official. banrep trm > 2250.

In the last few months the price of colombian pussy* has fallen by 20%.

(Assuming, of course, your bank is gracious enough to allow you access to your money.)

ATW

* and maybe some other less important things too

Papi Que Rico
10-07-08, 21:59
According to ADVFN it was at 2200 for 15 minutes but never broke through. Seems to be resistance at 2200.

I've got 2 months before I go to Cartagena so who knows where it will be. I'll be happy with anything over 2000.Well that resistance is over 2285 is a nice number!

World Travel 69
10-08-08, 06:12
Here is a few places to Check:

http://www.oanda.com/convert/classic

http://www.dataifx.com/

http://www.xe.com/ucc/

http://finance.yahoo.com/currency/co...submit=Convert

AddictedToWomen
10-08-08, 16:32
Well that resistance is over 2285 is a nice number!If You like that, you'll love this: according to adv current spot price is 2322.

Looking at the long term history I was hoping it would go to 2300. Anything more, at least in the short term, would be a bonus.

Justafool
10-09-08, 00:16
As Citibank explained it to me the first time I noticed the fees, they had been charging it all the time they used to include it in the withdrawal. One amount for the fee and withdrawal. They seperated it out and they are now itemizing the fee.

The fee is 2% from a Citibank ATM, I do not know what they would charge at a non-Citibank ATM. Citigold customers are only charge 1%. Any better ideas to save the fees; they add up over three weeks. THe fees in three weeks could find me love three or four times.

Anyone can recommend to me a bank to open a saving account? I tried Citibank for the low transfer but they will not allow one who cannot prove employment in Colombia to open an account.

Thanks,

Mike


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.

Member #4258
10-11-08, 14:57
If You like that, you'll love this: according to adv current spot price is 2322.

Looking at the long term history I was hoping it would go to 2300. Anything more, at least in the short term, would be a bonus.Nice news that it's over 2300 now. I doubt if anybody knows where it could go although it should continue move more in our favor. A few more COP to spend on the Calenas. Small consolation though considering the money we lost in the markets this week. I'd rather a COP of 1600 and have the Dow go back to 11,000+.

Justafool
10-30-08, 04:19
I took 1. 000. 000 COP out of my account at Citibank 10/28/2008 at 1523 Medellin time and the bank only deducted 417. 52 from my account. The will deduct another 1% ($4. 1752) later but this is still a great rate. I hope it keeps climbing for now and the prices of things (and love) do not rise as well.

AddictedToWomen
10-31-08, 17:11
Nice news that it's over 2300 now. I doubt if anybody knows where it could go although it should continue move more in our favor. A few more COP to spend on the Calenas. Small consolation though considering the money we lost in the markets this week. I'd rather a COP of 1600 and have the Dow go back to 11,000+.Not me. I'd much rather the SM stayed low: I'm still buying in.

Member #4258
11-01-08, 00:55
Not me. I'd much rather the SM stayed low: I'm still buying in.I agree with that. I'm still buying in too. In a few years we'll probably be better off because of this crash.

The COP broke 2400 but dropped back down a bit. It should keep going in our favor unless the Colombian goverment decides to stop it. I just need it to continue for one more month!

Hoser

Player2
11-04-08, 01:18
Hi Guys:

I am visiting Colombia first time and too many zeeros in pesos sounds very confusing to me.

What should I do to over come this problem.

Thanks,

Player2

Max Mojo
11-04-08, 16:01
Try going to http://www.oanda.com/convert/classic. On the left side of screen under Currency Tools, click on FX cheet sheet. The rest is self explanatory. Print out the currency converter for COP to USD, take to Kinkos and have it laminated. Carry in pocket while in country.

Black Page
11-04-08, 19:43
Hi Guys:

I am visiting Colombia first time and too many zeeros in pesos sounds very confusing to me. What should I do to over come this problem.

Player2Just refresh yr school math. Some tips:
divide by 10 -> take off 1 zero
divide by 100 -> take off 2 zeroes
divide by 1000 -> take off 3 zeroes
....
Sounds still confusing?

Justafool
11-05-08, 17:15
No zeros in Peso only one®O®

This morning before 0900; for a withdrawal of 1.000.000 deducted 426.80 (later the 1%)

Drop the last three zeros and divide by 2 (or 2.3). you will be doing better then that at this time.


Hi Guys:

I am visiting Colombia first time and too many zeeros in pesos sounds very confusing to me.

What should I do to over come this problem.

Thanks,

Player2

AddictedToWomen
11-07-08, 15:27
Thanks guys for all your help.

Which increments the pesos comes in.Do you mean what's the smallest value coin you can get? Or what's the smallest difference prices can be? If the latter, anything. If the former, I think I've got a 20 peso coin somewhere. Studio F routinely price their stock at xx90 and, thanks to a new law a few years back, are obliged to give change, which suggests that 10 peso coins might be available.

You can find notes of lower denomination but I suspect their value is a bit higher to numismatics that to Carulla.

Member #4258
11-08-08, 04:48
What's the usual COP limit at an ATM?

Artisttyp
11-08-08, 13:54
What's the usual COP limit at an ATM?I was getting 900k at citibank on the pedestrian path (el centro).

Tom 33
11-08-08, 14:37
What's the usual COP limit at an ATM?300K per withdrawal. However, you can make as many withdrawals consecutively until you reach the daily limit set by your home bank.

Some ATMs allow only 200K per. Bancolombia and Servibanca, among others, allow 400K. Davivienda allows 500K. If you are a Citibank cardholder, you may be able to get 700K from a Citibank ATM.

If you have a card like CapitalOne, there are no fees whatsoever.

Xxxgoat
11-08-08, 17:18
Depending on the location I have seen from 300,000 to 600,000.

Usually you can run the card thru multiple times.


What's the usual COP limit at an ATM?

Goga Fung
11-08-08, 18:46
What's the usual COP limit at an ATM?Usually it' 300,000 COP, and sometimes 400,000 COP

But it also depends on you bank, you can actually withdraw several times, as much as you need.

But your bank may block your card once in a while. You might want to call your banks prior travel to Colombia to tell them that you're going there. Otherwise they may block cards/transactions if they think they are fraudulent. This does not happen often, but it may happen sometimes.

My card was blocked once when trying to use an ATM in Medellin, I had to call the bank, and they were not even able to reactivate it! Somehow they got a report it was taken by ATM, even though I had the card with me. So they reissued a new card.
You need to have several cards in case one of them gets blocked.

Bonhead
11-08-08, 18:49
What's the usual COP limit at an ATM?Depends on the bank you withdraw from.

3-400mil at most banks upto 900mil at Citi atms

Justafool
11-09-08, 21:44
Have not tried more and only at Citibank locations.

Citibank customers can take their US limit, usually $1000.

I have only used ATMs at Citibank in Cali and Medellin.


What's the usual COP limit at an ATM?

Artisttyp
11-10-08, 21:54
I can't believe I am getting over 2300 for my dollar. This summer I think I was getting 1500 can someone remind me.

Also I haven't noticed any price increases just a higher valued dollar. Is everyone getting the same vibe? I just came in last night so I am not accustomed yet.

Doc Bill
11-11-08, 05:08
Iīm only getting 3-400K at a time, and itīs a real pain in the ass. I need to find a Citibank. And to boot, thereīs one bank, Iīm sorry I forgot the name, that when you ask for 400 it gives you 300. Someone told me about it later and I, not having counted what I withdrew, was relieved to find out I wasnīt spending as much as I thought.

Member #4258
11-11-08, 21:40
Thanks everyone for the info on the ATM's. That's the best response I've had to ANY question!

The COP is really volatile right now. It broke 2400 then dropped to 2240 briefly. IF the USD goes on another tear the COP should easily go over 2400. I'm crossing my fingers for 2500 when I get there in 2 weeks.

Hoser

Member #4258
11-11-08, 21:47
I can't believe I am getting over 2300 for my dollar. This summer I think I was getting 1500 can someone remind me.

Also I haven't noticed any price increases just a higher valued dollar. Is everyone getting the same vibe? I just came in last night so I am not accustomed yet.One thing I've realized in my travels is the girls don't have a handle on exchange. Don't tell them that we're getting more COP's!

Manizales911
11-11-08, 23:28
O.K. here's my question:Has anyone tried making money by withdrawing pesos from an atm in Colombia,exchanging them to USD while in Colombia and taking the USD back to the states? Unless I am missing something there is a 15-20% profit to be made.I travel to Colombia once a month and I would love to offset some or all of my travel expenses.

Malodr
11-12-08, 00:39
Iīm only getting 3-400K at a time, and itīs a real pain in the ass. I need to find a Citibank. And to boot, thereīs one bank, Iīm sorry I forgot the name, that when you ask for 400 it gives you 300. Someone told me about it later and I, not having counted what I withdrew, was relieved to find out I wasnīt spending as much as I thought.200,000 lasts me about 24 hours, in Medellin.

Bango Cheito
11-12-08, 06:14
Works just fine. Use a reputable money change place though, don't try and do it on the street.


O.K. here's my question:Has anyone tried making money by withdrawing pesos from an atm in Colombia,exchanging them to USD while in Colombia and taking the USD back to the states? Unless I am missing something there is a 15-20% profit to be made.I travel to Colombia once a month and I would love to offset some or all of my travel expenses.

Member #4258
11-12-08, 22:57
Works just fine. Use a reputable money change place though, don't try and do it on the street.Please explain the math on this one. I don't get it.

Thanks,

Hoser

Artisttyp
11-12-08, 23:00
One thing I've realized in my travels is the girls don't have a handle on exchange. Don't tell them that we're getting more COP's!Believe me I won't. Even I don't know what the true rate is. Medellin is one of those cities that you don't see exchange rates all over the place at least I haven't.

I look at xe converter but I've never gotten the same rate in any country just in the close proximity.

Malodr
11-13-08, 00:30
O.K. here's my question:Has anyone tried making money by withdrawing pesos from an atm in Colombia,exchanging them to USD while in Colombia and taking the USD back to the states? Unless I am missing something there is a 15-20% profit to be made.I travel to Colombia once a month and I would love to offset some or all of my travel expenses.And how does this work exactly?

Malodr
11-13-08, 00:33
One thing I've realized in my travels is the girls don't have a handle on exchange. Don't tell them that we're getting more COP's!Thats funny cause last year I was paying 150,000 for TLN, when it was about 2,000 to the dollar. and in the summer, it was about 1,800 to the dollar and the chicas all understood and are very aware of the rates. I was able to pay less.

Doc Bill
11-13-08, 05:17
Malodr, and there you had me thinking you were so frugal!

Goga Fung
11-13-08, 13:41
O.K. here's my question:Has anyone tried making money by withdrawing pesos from an atm in Colombia,exchanging them to USD while in Colombia and taking the USD back to the states? Unless I am missing something there is a 15-20% profit to be made.I travel to Colombia once a month and I would love to offset some or all of my travel expenses.Are you saying that in Colombia you can buy USD cheaper than the official bank USD/COP exchange rate? It does not make sense.

Something like this would work in countries without "free USD conversion"(there was at least one country like this) where they have two exchange rates - official and a higher black market rate. In that case you need to have the privilege and access to the official exchange rate in order to profit. Or at least you sell USD on a black market to get better value for your money.

BTW, I looked at my bank statement. For each ATM withdrawal in Colombia I was charged $2 ATM access fee, and $5.70 foreign exchange fee. Total is almost $8 or almost 20,000 COP! I do not know what would be the CITI Bank ATM fee for Citibank account holders.

Next time think how much you wanna withdraw. Regardless of the drawn amount you might pay extra 15-20,000 COP each time when getting money from your USA account. I'm wondering if it's cheaper to exchange cash for COP.

Polvo
11-13-08, 17:10
O.K. here's my question:Has anyone tried making money by withdrawing pesos from an atm in Colombia,exchanging them to USD while in Colombia and taking the USD back to the states? Unless I am missing something there is a 15-20% profit to be made.I travel to Colombia once a month and I would love to offset some or all of my travel expenses.Not sure this would work. If I make an assumption that your bank account is in US Dollars, when you withdraw Pesos they will charge you the exchange rate. Look lots of Pesos!

Then, when you change the Pesos back to USD you will get exchanged at very close to the same rate. And that is before we start talking about ATM fees, currency exchange transaction charges and the difference between buy and sell exchange rates. For Joe Public Forex trading is not a good idea unless you can move hundreds of thousands as you then get closer to the interbank rates.

Where you will gain, is simply that your dollar buys more pussy. Sink in and enjoy.

Suerte!

Polvo

Tom 33
11-13-08, 17:11
O.K. here's my question:Has anyone tried making money by withdrawing pesos from an atm in Colombia,exchanging them to USD while in Colombia and taking the USD back to the states? Unless I am missing something there is a 15-20% profit to be made.I travel to Colombia once a month and I would love to offset some or all of my travel expenses.I have looked into this several times and decided that it was not worth the trouble. If you hit it just right, it may be worth it. Remember that it will cost around 8% to buy dollars with pesos. You can do it for less than 8%, but then you are dealing with people that I do not want to know.

Member #4258
11-13-08, 22:15
Thats funny cause last year I was paying 150,000 for TLN, when it was about 2,000 to the dollar. and in the summer, it was about 1,800 to the dollar and the chicas all understood and are very aware of the rates. I was able to pay less.Sure, word gets around. Overall my experience in CR is paying in CRC is way cheaper with the Tica's.

Malodr
11-14-08, 00:37
Malodr, and there you had me thinking you were so frugal!I get paid market rate at my job so I see no reason to pay people more than they deserve.

Tom 33
11-14-08, 13:27
BTW, I looked at my bank statement. For each ATM withdrawal in Colombia I was charged $2 ATM access fee, and $5.70 foreign exchange fee. Total is almost $8 or almost 20,000 COP! I do not know what would be the CITI Bank ATM fee for Citibank account holders.

Next time think how much you wanna withdraw. Regardless of the drawn amount you might pay extra 15-20,000 COP each time when getting money from your USA account. I'm wondering if it's cheaper to exchange cash for COP.My CapitalOne card has no fees what so ever. There are several other US banks that have the same deal. It costs around 8% to exchange cash. Even with a card that charges a 1% foreign transaction fee, you are 7% ahead with an ATM. Of course, if you want to take 10K at a time with a $2. 00 transaction fee, then you might be better off with cash.

Fla Fun
12-02-08, 00:39
Just FYI, today, the exchange rate was 2315 to the dollar.

Member #4258
01-31-09, 12:49
In the fall there was resistance at 2200, 2300 and then utimately at 2400. This time broke through 2400 no problem. Should test 2650 if the USD continues to value and commodities continue to tank.

Hoser

John Gault
02-01-09, 18:34
My CapitalOne card has no fees what so ever. There are several other US banks that have the same deal. It costs around 8% to exchange cash. Even with a card that charges a 1% foreign transaction fee, you are 7% ahead with an ATM. Of course, if you want to take 10K at a time with a $2. 00 transaction fee, then you might be better off with cash.I use a ATM card from E-Trade with no fees that I can see. When I do the math it comes out close to what the real exchange rate is. Last I looked it was just over 2400 pesos per dollar. Wow, I just hope it lasts. Whatever you do, do not deal with the exchange place at the airport. It is the worst rate possible.

AddictedToWomen
02-02-09, 14:00
In the fall there was resistance at 2200, 2300 and then utimately at 2400. This time broke through 2400 no problem. Should test 2650 if the USD continues to value and commodities continue to tank.

HoserNot according to Bloomberg. Their reported expectation is for it to continue to weaken a bit this month, but harden in February as USDs are sold to pay local taxes, then to finish the year at about 2500.

Not that they've ever been right before :)

I'd love to see something better though.

EDIT: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ap73kHGQNa3A might help matters along.

Paesano63
02-05-09, 04:23
Guy,

You better be safe and call your bank before you go to Colombia, my bank "ameded" the agreement and installed a 3% foreign transaction fee and 3% currency exchange fee. So then I called my credit union and they had the same fees. I asked the agent to reduce the fees and she said she couldn't so I said I won't bother to use the card. And she said sorry I can't do it. I did have plenty of cash so I went to San Diego mall and on the 2nd floor are two currency echange places. Back in January on the day I exchanged, the peso was around 2234 and they gave me 2170. I was happy. I do it again. In the future.

Tom 33
02-05-09, 12:58
Guy,

You better be safe and call your bank before you go to Colombia, my bank "ameded" the agreement and installed a 3% foreign transaction fee and 3% currency exchange fee. So then I called my credit union and they had the same fees. I asked the agent to reduce the fees and she said she couldn't so I said I won't bother to use the card. And she said sorry I can't do it. I did have plenty of cash so I went to San Diego mall and on the 2nd floor are two currency echange places. Back in January on the day I exchanged, the peso was around 2234 and they gave me 2170. I was happy. I do it again. In the future.Get an ATM card from CapitalOne or National InterBank. They have no fees at all. The foreign transaction fee, normally 1% or 3%, is common for most other ATM cards.

AddictedToWomen
02-05-09, 14:19
Guy,

You better be safe and call your bank before you go to Colombia, my bank "ameded" the agreement and installed a 3% foreign transaction fee and 3% currency exchange fee. So then I called my credit union and they had the same fees. I asked the agent to reduce the fees and she said she couldn't so I said I won't bother to use the card. And she said sorry I can't do it. I did have plenty of cash so I went to San Diego mall and on the 2nd floor are two currency echange places. Back in January on the day I exchanged, the peso was around 2234 and they gave me 2170. I was happy. I do it again. In the future.I have a citi usd card and haven't had any of this shit (yet). Discovered this week they've even reduced the minimum I need to keep in the ac for free banking to zero.

Strange to say it, but Go Citi!

Tom 33
02-06-09, 00:01
I have a citi usd card and haven't had any of this shit (yet). Discovered this week they've even reduced the minimum I need to keep in the ac for free banking to zero.

Strange to say it, but Go Citi!Try taking money from a non-Citi ATM.

Member #4258
02-06-09, 00:59
Not according to Bloomberg. Their reported expectation is for it to continue to weaken a bit this month, but harden in February as USDs are sold to pay local taxes, then to finish the year at about 2500.

Not that they've ever been right before :)

I'd love to see something better though.

EDIT: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ap73kHGQNa3A might help matters along.Forex is a pretty crazy thing to predict. I would like 2500 next November because that's the next time I'm going to Colombia. I go onto some forums where the experts battle it out on their predictions and short term they can be pretty accurate, but long term they might as well toss a coin.

Hoser

Muff01
02-06-09, 16:48
Try WaMu free checking, they only charge the 1% international transaction fee, no ATM fee.

AddictedToWomen
02-06-09, 16:53
Try taking money from a non-Citi ATM.Citi's network suits my needs just fine. I have another a/c I use for other networks, but tx costs are the least of my worries there: its in sterling. Might as well be zim dollars.

World Travel 69
02-06-09, 20:31
If you live or are visiting Northern California open an account with this bank.

There are no ATM fees anywhere. If the bank you are using in said country charges you, Mech Bank will re-inverse you.

This bank is financial sound and did not need a bail out.

http://www.mechbank.com/mechbank/tmbwebsite.nsf/about/locations

More:
WaMu's Fees are: Non-WaMu ATMs $2. + 1%.
Citi Bank 1%, I have to check again, but I believe Non-Citi is 3%.

James Bond 007
02-07-09, 03:58
Try WaMu free checking, they only charge the 1% international transaction fee, no ATM fee.I am pretty sure Wamu charges a $3 + 3% fee.

I still think Capital One is the best without any transaction fee.

AddictedToWomen
02-08-09, 22:54
Citi Bank 1%, I have to check again, but I believe Non-Citi is 3%.Odd. I pay NADA for citi withdrawls from citi atms. And in BogotŠ I can't move without tripping over one of those. And the exchange rate seems roughly correct too, sometimes, though not often enough, better than I see online.

Muff01
02-09-09, 18:55
I am pretty sure Wamu charges a $3 + 3% fee.

I still think Capital One is the best without any transaction fee.I have this account and I only get charged the 1 % international fee.

FreshWind
02-11-09, 16:59
The COP at 2500 per dollar! Now that is a beautiful thing. The COP was at 1800 per buck when I was there in August. I hope this last through May.

Member #4258
02-13-09, 03:31
The COP at 2500 per dollar! Now that is a beautiful thing. The COP was at 1800 per buck when I was there in August. I hope this last through May.Yes the Colombian peso and the Mexican peso are both very nice right now.

Latina pussy, cheaper by the Peso!

AddictedToWomen
02-13-09, 17:10
I'm betting it will continue. Uribe gets to stack the board soon and even the existing members are talking of further interest rate cuts:

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=asoE1KDNS0tk

Gonzo
02-14-09, 06:14
Thanks for the info WT69. I checked it out and with a certain account with Mechanics Banks ("free and easy checking"? ), requiring either direct deposit, or $1000 in the account, they told me that they will not only give you free international checking, they will reimburse your for any fees imposed by the foreign bank/ATM, as you said. They're on the Star Cirrus and NYCE networks.


If you live or are visiting Northern California open an account with this bank.

There are no ATM fees anywhere. If the bank you are using in said country charges you, Mech Bank will re-inverse you.

This bank is financial sound and did not need a bail out.

http://www.mechbank.com/mechbank/tmbwebsite.nsf/about/locations

More:

WaMu's Fees are: Non-WaMu ATMs $2. + 1%.

Citi Bank 1%, I have to check again, but I believe Non-Citi is 3%.

Justafool
02-17-09, 16:31
I am not sure what rates are used in Colombia but the Bloomberg link below lead me to where it appears to be $1 > 2563.00, what are the banks in Colombia giving?

Tom 33
02-17-09, 22:42
I am not sure what rates are used in Colombia but the Bloomberg link below lead me to where it appears to be $1 > 2563.00, what are the banks in Colombia giving?They give the TRM rate from the previous day. The TRM is set by Banco de la Republica: http://www.banrep.gov.co/

The website lists the current TRM as 2509.50.

Liathain
02-20-09, 23:36
Colombia Peso Drops to Lowest Since June 2006

Feb. 20 (Bloomberg) -- Colombiaís peso fell to its lowest level since June 2006 on mounting concern the deepening economic slowdown will curb demand for the countryís exports.

Colombiaís peso tumbled 1.1 percent to 2,582 per dollar at 3:38 p.m. New York time, from 2,554.25 yesterday, according to the Colombian foreign-exchange electronic transactions system, known as SET-FX. The currency has declined 3.3 percent this week, the biggest drop since the period ended Jan. 30.

Investors shunned Latin American currencies including the Colombian peso amid a rout in commodities. Oil, the biggest source of export revenue for Colombia, Mexico and Venezuela, slid 1.4 percent to $38.94 per barrel, leaving it down 74 percent from a July record.

ďWith the exception of very few, currencies are dropping worldwide as investors seek refuge in the dollar,Ē said Alfredo Coutino, an economist at Moodyís Corp.ís Economy.com Inc. in West Chester, Pennsylvania.

Colombiaís widening current account deficit and decline in foreign direct investment prompted Credit Suisse Group AG to lower its year-end forecast for the peso. The currency will weaken to 2,610 per dollar, down from the firmís earlier projection of 2,450, Carola Sandy, a Credit Suisse economist in New York, wrote in a report today.

The yield on Colombiaís 11 percent bonds due in July 2020 rose six basis points, or 0.06 percentage point, to 9.98 percent, according to Colombiaís stock exchange. The bondís price fell 0.442 centavo to 106.678 centavos per peso.

Last Updated: February 20, 2009 15:51 EST

Member #4258
02-21-09, 21:10
I'm betting it will continue. Uribe gets to stack the board soon and even the existing members are talking of further interest rate cuts:

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=asoE1KDNS0tkIt's going to be interesting to see how much these latin american currencies devalue in the upcoming months.

At one point I thought 2650 would be a good test for the COP but now I'm thinking 3000.

Many things contribute to the dynamic, but considering the world seems to think the USD is a "safe haven currency", even 3000-1 isn't much of a stretch.

Hoser

AddictedToWomen
02-23-09, 14:46
It's going to be interesting to see how much these latin american currencies devalue in the upcoming months.

At one point I thought 2650 would be a good test for the COP but now I'm thinking 3000.

Many things contribute to the dynamic, but considering the world seems to think the USD is a "safe haven currency", even 3000-1 isn't much of a stretch.

HoserIts fascinating following it! Any concept of long term direction can be lost in a moment on some piece of news.

iirc 2900/usd is about the lowest its been, before the world started viewing Colombia as a safer place to invest under Uribe.

So its its 2500/usd now, where could it go in the current economic climate if bank rates fall and Uribe looks likely to loose the next election?

I could easily be persuaded that 3000/usd or more is on the cards.

Furysys
02-23-09, 18:38
This drop in the peso and Pero sol must just be killing the Ecuadorian economy. They have all the same problems, with Correa as a leader on top of that, and they can't use their currency to kind of soften the pain.

AddictedToWomen
02-25-09, 03:41
Spot went over 2600/usd today before falling back.

Member #4258
02-26-09, 02:14
Its fascinating following it! Any concept of long term direction can be lost in a moment on some piece of news.

iirc 2900/usd is about the lowest its been, before the world started viewing Colombia as a safer place to invest under Uribe.

So its its 2500/usd now, where could it go in the current economic climate if bank rates fall and Uribe looks likely to loose the next election?

I could easily be persuaded that 3000/usd or more is on the cards.Ten years ago is was at 1400 then six years ago it was almost 3000. Last June is was as low as 1800! So anything can happen but it looks like it will take a run at 3000.

Hoser

Rodeo9112
02-26-09, 05:43
Its fascinating following it! Any concept of long term direction can be lost in a moment on some piece of news.

iirc 2900/usd is about the lowest its been, before the world started viewing Colombia as a safer place to invest under Uribe.

So its its 2500/usd now, where could it go in the current economic climate if bank rates fall and Uribe looks likely to loose the next election?

I could easily be persuaded that 3000/usd or more is on the cards.To be more accurate, Uribe is not likely to lose the next election, he is just not able to run again, having exhausted his two terms as defined by the country's constitution. However, there was a movement which collected over 3 million signatures and, i believe approved by Congress to allow him to run for a 3rd term. He is reluctant to do so, for fear of being lumped in with the rest of the Latin American leaders who are clenching power by extending term limits and circumventing democratic institutions in the name of democracy. Arias and Santos, either of which would be supported by Uribe are/were members of his cabinet and would likely continue his Democratic Security Policy against the FARC. However, with scandals brewing, Uribe has not ruled out taking on the third term for the sake of continuity.

AddictedToWomen
02-26-09, 19:44
To be more accurate, Uribe is not likely to lose the next election, he is just not able to run again, having exhausted his two terms as defined by the country's constitution. However, there was a movement which collected over 3 million signatures and, i believe approved by Congress to allow him to run for a 3rd term. He is reluctant to do so, for fear of being lumped in with the rest of the Latin American leaders who are clenching power by extending term limits and circumventing democratic institutions in the name of democracy. Arias and Santos, either of which would be supported by Uribe are/were members of his cabinet and would likely continue his Democratic Security Policy against the FARC. However, with scandals brewing, Uribe has not ruled out taking on the third term for the sake of continuity.That's not quite the way I see it.

He had to have the constitution changed to enable him to seek a 2nd term: it was not like that originally.

There is a growing anti-Uribe sentiment amongst both the population at large, and the government technocrats: Uribe is a one-issue politician with seemingly little knowledge of other matters of government, but an obsessive need to control them nevertheless to the detriment of the country as a whole. That's got to have consequences in the long term.

There's a rise in support of the new parties rejecting the old colors-conflict.- my color, right or wrong is gone. There are now viable alternatives to Uribe in the minds of the voters. This, to my mind, is the real reason Uribe is wavering on standing for 3rd term: he won't stand if there's not a very good chance of his winning.

My conjecture is that neither option.- Uribe president for a 3rd term, or Uriber not president.- will inspire confidence in Colombia in the short term.

Bijou
03-03-09, 20:11
I'm planning my first trip to Colombia this May and wanted to know if it would be better for me to exchange dollars to pesos before arriving in Colombia or to wait until I get there. I just didn't want to lose out on the current favorable exchange rate. If it is better for me to exchange in the US, any recommendations as to where to get the best exchange rate?

Thanks

Gimmedub
03-04-09, 03:29
Open a Capital One or State Farm bank account and take your money out of an ATM. Best exchange rate, no fees, and with the way things are going the peso is only going to go down not up.


I'm planning my first trip to Colombia this May and wanted to know if it would be better for me to exchange dollars to pesos before arriving in Colombia or to wait until I get there. I just didn't want to lose out on the current favorable exchange rate. If it is better for me to exchange in the US, any recommendations as to where to get the best exchange rate?

Thanks

World Travel 69
03-04-09, 06:04
On my last trip in November my buddy brought dollars. They will not give you a good rate. You will not get a good rate at home either. ATMs give you the best rate. Especially if you use a bank that does not charge fees.

Mechanics Bank in California does not.

My buddy worked something out with Wells Fargo for no fees.

Citi will do the same if you have a mortgage with them. They were free, but now it is 3%.


I'm planning my first trip to Colombia this May and wanted to know if it would be better for me to exchange dollars to pesos before arriving in Colombia or to wait until I get there. I just didn't want to lose out on the current favorable exchange rate. If it is better for me to exchange in the US, any recommendations as to where to get the best exchange rate?

Thanks

Rodeo9112
03-06-09, 17:32
2610.97 COP to the dollar as of today, and rising!

Bijou
03-06-09, 20:40
I just opened an account with Capital One. No fees associated with international ATM withdrawals and the exchange rate would be the exchange rate of the particular ATM machine.

Thanks for all the good info guys!

AddictedToWomen
03-11-09, 02:03
2610.97 COP to the dollar as of today, and rising!Didn't last long.

Member #4258
03-14-09, 15:03
It dropped to 2450 very fast.

Actually it was the USD that dropped across almost all currencies.

Anyone that got it at 2600, I hope you had a good time!

John Gault
03-15-09, 19:05
It dropped to 2450 very fast.

Actually it was the USD that dropped across almost all currencies.

Anyone that got it at 2600, I hope you had a good time!Just got 2525 per dollar at the atm the other day but In San Andres I was quoted 1800 per dollar at the hotel desk. I thought the airports are bad but this was almost a joke.

AddictedToWomen
03-16-09, 18:14
Just got 2525 per dollar at the atm the other day but In San Andres I was quoted 1800 per dollar at the hotel desk. I thought the airports are bad but this was almost a joke.The hotel rates are a joke. Note they won't use that same rate when converting your bill from usd to cop, can't imagine why.

Dollar's on the slide again today.

AddictedToWomen
03-17-09, 13:13
Holy mother of god.

It's fallen off a cliff:

http://www.advfn.com/p.php?pid=forexqkchart&curcode1=USD&curcode2=COP

Mw1030
03-17-09, 15:39
The hotel rates are a joke. Note they won't use that same rate when converting your bill from usd to cop, can't imagine why.

Dollar's on the slide again today.Any reason why the dollar is on the slide?

AddictedToWomen
03-17-09, 19:25
Any reason why the dollar is on the slide?Get 3 fx analysts in a room to receive a dozen different opinions.

The latest from Bloomberg (http://www.bloomberg.com/apps/news?pid=newsarchive&sid=afuLmcKqH0hQ) contains the following cracking quote:

ďThe global optimism in the past few days seemed unfounded and little by little that optimism is being diluted.Ē

No shit, Sherlock. Hello? Its 1929 all over again folks.

Client 9
03-17-09, 23:44
Any reason why the dollar is on the slide?Yes, money around the world is shifting from "safe" assets towards "risky" assets in the past two weeks.

AddictedToWomen
03-18-09, 14:13
Yes, money around the world is shifting from "safe" assets towards "risky" assets in the past two weeks.Plus Colombian pension funds changing their dollar strategy. Plus businesses selling dollars to pay taxes. Plus?

BdR is expected to lower its intervention rate again later this month though, so it all might turn around yet.

AddictedToWomen
03-19-09, 17:23
Plus Colombian pension funds changing their dollar strategy. Plus businesses selling dollars to pay taxes. Plus?

BdR is expected to lower its intervention rate again later this month though, so it all might turn around yet.Except the US have started QE.

Watch out below.

Furysys
03-19-09, 18:59
I love the new politically correct term (QE), quantitative easing. Back in the 1970's it was referred to as monetary stimulus. Different term, same shit, massive inflation to come.

AddictedToWomen
03-20-09, 16:50
I love the new politically correct term (QE), quantitative easing. Back in the 1970's it was referred to as monetary stimulus. Different term, same shit, massive inflation to come.Back in the 30's it was referred to as what it really is. Printing money.

Pay before drinking your coffee 'cause the price will be higher afterwards.

Mugabe's gonna have the last laugh.

Manizales911
03-21-09, 16:17
Was in Manizales from March 8th to the 13th. Early in the week I got a rate of 2585. I emptied a few ATM's and brought back about 13 million pesos, so glad I did.

I also had a five hour layover in Bogota so I spent some of that time withdrawing more pesos and exchanging them in the airport for dollars, made about a 9% profit on those transactions. Totally safe because I wasn't leaving the airport and my next stop was the USA

Fellow mongers should consider doing this whenever you are in a major airport with time to kill if you have the ability to withdraw some significant dollars. I deliberately book a long layover in Bogota and cover the cost of my plane fare by doing this.

AddictedToWomen
03-22-09, 04:56
was in manizales from march 8th to the 13th. early in the week i got a rate of 2585. i emptied a few atm's and brought back about 13 million pesos, so glad i did.

i also had a five hour layover in bogota so i spent some of that time withdrawing more pesos and exchanging them in the airport for dollars, made about a 9% profit on those transactions. totally safe because i wasn't leaving the airport and my next stop was the usa

fellow mongers should consider doing this whenever you are in a major airport with time to kill if you have the ability to withdraw some significant dollars. i deliberately book a long layover in bogota and cover the cost of my plane fare by doing this.careful not to overdo this. exit the country with more than $10k on you and they'll confirep001e the excess.

Rodeo9112
03-27-09, 15:46
I saw the Peso go down to around 2300/dollar end of last week now its back up to almost 2500. What happened? Or is that fluctuation normal...or really insignificant. More importantly, is the trend likely to continue?

Member #4258
03-27-09, 23:22
I saw the Peso go down to around 2300/dollar end of last week now its back up to almost 2500. What happened? Or is that fluctuation normal. Or really insignificant. More importantly, is the trend likely to continue? It's volatility from the USD loosing favor for a couple of weeks. Tough to say what's going to happen this year. If the United States didn't need to keep borrowing money and such an insane rate I'm sure we'd see the COP easily go to 3000 this year. This pair is on a tear right now though. We'll see if it breaks 2600.

Hoser

Member #4258
03-28-09, 17:59
Was in Manizales from March 8th to the 13th. Early in the week I got a rate of 2585. I emptied a few ATM's and brought back about 13 million pesos, so glad I did.

I also had a five hour layover in Bogota so I spent some of that time withdrawing more pesos and exchanging them in the airport for dollars, made about a 9% profit on those transactions. Totally safe because I wasn't leaving the airport and my next stop was the USA

Fellow mongers should consider doing this whenever you are in a major airport with time to kill if you have the ability to withdraw some significant dollars. I deliberately book a long layover in Bogota and cover the cost of my plane fare by doing this.Can you explain in detail the actual transations behind this? I've heard of this before but I don't get it.

Thanks,

Hoser

World Travel 69
03-30-09, 14:16
When I got to the Miami airport I had 50k and had read of what you said. So I thought I see how much profit I would make. They afford me $16 for the 50k. The rate then was about 2. 2-3 to one.

Am I missing something?

What profit?

QUOTE=Manizales911]Was in Manizales from March 8th to the 13th. Early in the week I got a rate of 2585. I emptied a few ATM's and brought back about 13 million pesos, so glad I did.

I also had a five hour layover in Bogota so I spent some of that time withdrawing more pesos and exchanging them in the airport for dollars, made about a 9% profit on those transactions. Totally safe because I wasn't leaving the airport and my next stop was the USA

Fellow mongers should consider doing this whenever you are in a major airport with time to kill if you have the ability to withdraw some significant dollars. I deliberately book a long layover in Bogota and cover the cost of my plane fare by doing this.[/QUOTE]

Rodeo9112
03-30-09, 17:34
I read an article that revealed that the Economic leaders of the Colombian government just learned Friday that their GDP was lower than expected. They came to the realization that in contrast to what many thought, Colombia has not been spared from the economic hardship that has fallen on the rest of Latin America and the world in general. My guess (and I'm definitely not an economist) is we should start seeing the dollar rise against the COP in the near term next few weeks, or month or two and then start to normalize in fluctuation. At least that's what I'm hoping with my upcoming trip looming!

Rodeo

Manizales911
03-31-09, 04:21
When I got to the Miami airport I had 50k and had read of what you said. So I thought I see how much profit I would make. They afford me $16 for the 50k. The rate then was about 2. 2-3 to one.

Am I missing something?

What profit?


Was in Manizales from March 8th to the 13th. Early in the week I got a rate of 2585. I emptied a few ATM's and brought back about 13 million pesos, so glad I did.

I also had a five hour layover in Bogota so I spent some of that time withdrawing more pesos and exchanging them in the airport for dollars, made about a 9% profit on those transactions. Totally safe because I wasn't leaving the airport and my next stop was the USA

Fellow mongers should consider doing this whenever you are in a major airport with time to kill if you have the ability to withdraw some significant dollars. I deliberately book a long layover in Bogota and cover the cost of my plane fare by doing this.The reason you didn't make a profit is because you did the exchange in the USA Instead of in Colombia.

Due to the glut of USA Dollars floating around Colombia (drug money) the exchange houses sell dollars for about an average of 9. 5 percent more than you can get pesos out of an ATM. If anyone doesn't believe me all you have to do is the next time you are in the airport in between flights go over to the money exchange booth and look at what they are SELLING dollars for, I guarantee you it is 9-10% more than what you will BUY pesos for out of the ATM. It is as simple as that amigos.

P.S.. If you don't want to wait until your next trip to Colombia to verify what I am talking about go to Portafolio.com. Co and look at the exchange rates there. Today the exchange houses (casa de cambio) were selling dollars (venta dolares) for 2360. The TRM for today was 2560. As the saying goes, DO THE MATH

Rodeo9112
03-31-09, 15:53
. Exchange houses sell dollars for about an average of 9. 5 percent more than you can get pesos out of an ATM.Amigo,

Does this mean that we should exchange dollars for pesos at an exchange house in Colombia rather than pulling from an ATM? I always thought the best rates were with the ATMs.

Or, are you saying that we should pull money out of an ATM in Colombia for a good (better than exchange houses either in Miami or Colombia) rate, then sell the pesos back in Colombia to get more dollars back than we originally withdrew (in equivalent pesos)? The latter makes more sense and might alter my financing plans significantly!

BTW, I'm still heading out to Bogota. Wish you were still able to join me!

Rodeo

AddictedToWomen
04-01-09, 00:23
Amigo,

Does this mean that we should exchange dollars for pesos at an exchange house in Colombia rather than pulling from an ATM? I always thought the best rates were with the ATMs.

Or, are you saying that we should pull money out of an ATM in Colombia for a good (better than exchange houses either in Miami or Colombia) rate, then sell the pesos back in Colombia to get more dollars back than we originally withdrew (in equivalent pesos)? The latter makes more sense and might alter my financing plans significantly!

BTW, I'm still heading out to Bogota. Wish you were still able to join me!

RodeoThe later.

Daves Pison
04-01-09, 01:21
I just got back from medellin and, the atm was the best rated 2450.00 col pesos.
don't go to exchange house was paying 2230 per dollar and. I was told by my friend that todays rate was 2500 so is pretty good.

Manizales911
04-01-09, 14:33
Just a heads up my fellow mongerers:

King Of Sluts (KOS) has been flooding me with PM's telling me to stop posting the info about how to make money at the exchange houses because I am going to ruin it for him and myself.

First of all, if he understood how many millions of USA Dollars in drug money is floating around in Colombia he would understand that there is NO WAY we mongerers could affect the exchange rate by taking our own little "piece of the pie", legally of course.

Secondly, I post this info to help out my friends here as I have been helped many, many times.

If anyone needs info don't hesitate to pm me.

Except KOS, he can go to hell that racist bastard.

Client 9
04-02-09, 06:03
Manizales911, I just want to make sure I understand.

If I understand correctly, there are five steps:

1. Go to Colombia

2. Withdraw pesos from an ATM

3. Exchange pesos for dollars at a "casa de cambio"

4. Leave Colombia

5. Deposit dollars in the United States

Manizales911
04-02-09, 11:37
Manizales911, I just want to make sure I understand.

If I understand correctly, there are five steps:

1. Go to Colombia

2. Withdraw pesos from an ATM

3. Exchange pesos for dollars at a "casa de cambio"

4. Leave Colombia

5. Deposit dollars in the United StatesExactly. Thanks for putting it in a step by step format for everyone.

Tom 33
04-02-09, 13:59
This can work if you hit it right. I have lived in Colombia for over 6 years now and have gone back to the US many times. Sometimes you can lose money and sometimes the spread is so small that it is not worth the hassle.

And there is a risk of counterfeit currency to consider.

AddictedToWomen
04-02-09, 15:23
Peso's again doin' its wh0re's drawers impression:

http://www.advfn.com/p.php?pid=forexqkchart&curcode1=USD&curcode2=COP

Manizales911
04-02-09, 22:54
This can work if you hit it right. I have lived in Colombia for over 6 years now and have gone back to the US many times. Sometimes you can lose money and sometimes the spread is so small that it is not worth the hassle.

And there is a risk of counterfeit currency to consider.Tom 33,

I respect your infinite knowledge of Colombia very much,please explain to me how I can lose money. If I go online and check the exchange rate so I know how many pesos to the dollar I am going to get at the ATM,and then check what the the exchange house is selling dollars for BEFORE I hit the ATM I know what the deal is BEFORE I pull the trigger. In all due respect sir,I fly to Colombia almost every month and have done this many times and have not lost money yet.

Napalm
04-03-09, 07:07
This can work if you hit it right. I have lived in Colombia for over 6 years now and have gone back to the US many times. Sometimes you can lose money and sometimes the spread is so small that it is not worth the hassle.

And there is a risk of counterfeit currency to consider.Tom,

Do you mean pulling pesos from the ATM's there is a risk of funny money? Or do you mean when you change the pesos for dollars at the cambio shops? And if you're doing it all at the airport it "should" all be good to go right?

Sounds like a good way to make a little cash if things go smoothly. I would be hesitant about loading up too much except for at the airport before your flight back to the states. Also something to consider is a situation such as this: http://www.youtube.com/watch?v=XMB6L487LHM

Where the guy was harassed by the TSA for carrying cash. Of course, listening to the video the guy was clearly looking to test the boundaries and I imagine that as long as you declare anything over $10k (or better yet stay under 10k) you should be fine. And unlike the guy in the link things would probably go easier if you had a reason for having the cash and willingly offered it when asked. Heck even telling the truth. You were making some money on the exchange rate would probably do the trick.

Tom 33
04-03-09, 12:50
Tom 33,

I respect your infinite knowledge of Colombia very much,please explain to me how I can lose money. If I go online and check the exchange rate so I know how many pesos to the dollar I am going to get at the ATM,and then check what the the exchange house is selling dollars for BEFORE I hit the ATM I know what the deal is BEFORE I pull the trigger. In all due respect sir,I fly to Colombia almost every month and have done this many times and have not lost money yet.My point was that the exchange rates do not always allow for a profit. The discussion was get pesos and buy dollars. Look at your response to Client 9. Sometimes you will lose money doing this. And sometimes the profit is not worth the hassle.

Tom 33
04-03-09, 12:55
Tom,

Do you mean pulling pesos from the ATM's there is a risk of funny money? Or do you mean when you change the pesos for dollars at the cambio shops? And if you're doing it all at the airport it "should" all be good to go right?I have never had a problem with pesos I got from an ATM.

I would be concerned about the cambios but less so with an airport cambio.

Colombia has ways to fuck you that you never would have imagined.

Gordon Gecko
04-03-09, 13:19
i agree with tom33, many bills are counterfeit and it is dangerous to walk around colombia with cash. also remember that customs will ask you where you got the cash if they notice alot of money in your luggage or wallet. customs could confirep001e the money, and if you declare more than 10,000, you pay taxes on the money. not worth the risk in my opinion.

Relapse1952
04-03-09, 15:36
.Where the guy was harassed by the TSA for carrying cash. Of course, listening to the video the guy was clearly looking to test the boundaries and I imagine that as long as you declare anything over $10k (or better yet stay under 10k) you should be fine. And unlike the guy in the link things would probably go easier if you had a reason for having the cash and willingly offered it when asked. Heck even telling the truth. You were making some money on the exchange rate would probably do the trick.Never carry cash over $9,500.00 US!

Relapse

Manizales911
04-03-09, 19:16
i agree with tom33, many bills are counterfeit and it is dangerous to walk around colombia with cash. also remember that customs will ask you where you got the cash if they notice alot of money in your luggage or wallet. customs could confirep001e the money, and if you declare more than 10,000, you pay taxes on the money. not worth the risk in my opinion.if you read my post you will see that i mentioned several times that i do this at the airport as i am leaving the country,i know very well the risks of what i am doing and have reduced the risk to next to nothing by dealing with an airport atm and an airport cambio. and i always keep it just under $10,000. usd. i could have $9,999. and they can't say shit because the law says $10,000. and the law is the law and most importantly you would be dealing with a u.s. customs agent that will stick to the law not a colombian official that might make shit up as he went along.

there is no question that if you are a fuck up and don't follow the guidelines that i have laid out here that you could get screwed. i for one am not a fuck up and have done this many times and have been very successful with it.

Member #4258
04-04-09, 00:27
Exactly. Thanks for putting it in a step by step format for everyone.1. Go to Colombia

2. Withdraw pesos from an ATM

3. Exchange pesos for dollars at a "casa de cambio"

4. Get robbed by banditos

5. Return to United States with no money.