Credit Cards and ATM machines in Medellin
This is my first report. I am a frequent visitor to Medellin and an occasional monger.
I have checking accounts at a big bank (BB), a credit union (CU), credit cards with both as well as with Citibank American airlines (AA), and Capitol One (CO). I have savings accounts with Capital One (CO) and debit cards with BB, CU, and two with CO. The problem with credit cards and debit cards in Medellin is that frequently things don't work the way they are supposed to and also there are extra charges to withdraw money, even from your own savings accounts.
On my last trip to Medellin it was very difficult to use my CO and CU credit cards. I finally paid my hotel bill with my CO credit card but the hotel had to make a phone call to a Colombian bank to arrange for that. Both my AA and BB credit cards charge 3 per cent for "foreign transactions" so I never use them in Colombia. My CU credit card charges 1 per cent, CO charges zero. For a list of major banks and what they charge for foreign transactions go to google and type in "banks foreign exchange fees". The second or third listing is [url]www.Flyerguide.com[/url] which is very helpful.
Bancolombia accepts my CU and BB debit cards but not my CO. Servibank accepts BB and CU but wants $5 per transaction. Optimal turns out to be to use a Citibank ATM machine (cajero) and an online Capital One account. Citibank charges zero and so does CapitalOne. CapOne has a $500 a day limit but this is on each account and you can open as many as you want. I found this out by opening two by accident. If you go to google and type in "citibank Colombia", the first entry is something like [url]www.Latam[/url]., click on servicios, then a new page pops up, go to sucursales and click on "mas info", another new page pops up and click on Bogota or "pais". You get a list of all the citibank cajeros in Colombia. For example, there are 20 in Bogota and 5 in Medellin.
Particularly convenient is the Citibank cajero in Centro Comercial San Diego in Medellin. It is open 24/7 and there is plenty of security around. It is located about 200 yards from Show San Diego although the two are separated by a major thoroughfare. It is about a mile from Fase Dos.
It took about ten days for me to set up the CapOne accounts. I deposited checks and it took that long for the checks to clear. They walk you through the process, you get one debit card for each account. If you want to withdraw, say, $2000 a day you will need 4 accounts. Type "Capital One online banking" into google.
How does one remember the 4 digit code for each account? Here is a method. Find a 4 digit number that is easy to remember. For example suppose your brothers birthday is July 4, 1988. Then 7488 is your code. Write the PIN number on the card but encode it first by adding modulo 10. If your PIN is 1234 then you write 8612 on the card, I. E. 1234 + 7488 = 8612. When you go to use the card just subtract, I. E. 8612. 7488 = 1234. Addition and subtraction modulo 10 are easier than ordinary addition and subtraction because you don't have to carry. Actually I write a couple of extra numbers on my cards and remember that they don't mean anything. X9718612 instead of just 8612.
Happy mongering,
O Velho.