General Info

[QUOTE=YippieKayay;2138551]Curious how do you know it was 600,000 versus 612,000? I know you can google the market rate but no bank out there will give you market rate exactly. It's always going to be off by a bit. I remember a while back someone mentioning that BanColombia doesn't tell you about the charge but there's a charge in there. Maybe what's happened is they have just started posting the 12 k charge on the receipt. In the past the receipt amount appeared mostly correct to me since the conversion was close enough to market rate.[/QUOTE]Hi Yippie. You are correct about your report data, I am going to tell you how I know they charged me the 12,000 pesos fee.

The market rate was 2815.5 according to my conversion application. I was charged $217.37 for a 600,000 withdrawal and $75.29 for a $200,000 pesos withdrawal. Multiply $217.37 by 2815.5 and you get 612,005. Multiply $75.29 x 2815.5 and you get 211,979 which is around 12,000 pesos in both instances. That is how I know why I have been charged 612,000 pesos instead of 600,000 and 212,000 pesos instead of 200,000. Have a nice day.

[QUOTE=PirateMorgan;2138459]Boricauaonline says Bancolombia charges 12,000 for withdrawal using foreign card. Not so! The machine receipt says there is a charge. But there isn't. I made 3 withdrawals this morning. I asked for 600,000 pesos. Received 600,000 pesos. 3 times. The receipt said charge. Bad info.

Really, not only no charge but Bancolombia pays out the best payout. Usually the retail rate. Few things around here are win win win![/QUOTE]For almost two years now, I have used Bancolombia ATM's. The exchange rate I have received is very close to the previous day's rate on [URL]xe.com[/URL]. Yesterday, I received 2843.69/$1 at Davivienda, and I received 2787.84/$1 at Bancolombia. I don't remember the exchange rate on [URL]xe.com[/URL] on Tuesday, but I think it was close to 2846.

I determined the rate I received by looking at the actual dollars taken out of my account. If Bancolombia shows a 12,000 fee in the tranaction with Schwab, then Schwab will refund that fee to me. That will make the Bancolombia rate almost the same as Davivienda. For now, I will walk the extra eight blocks to use Davivienda.

[QUOTE=Eszpresszo;2138481]Of course, we still have to consider what happen politically and economically on the Colombian side as well. That's just the other side of the equation. Oil has been Colombia's primary export, but the amount it exported was minor compared to Venezuela. In hindsight, Colombia is fortunate not to have the petroleum reserves that their neighbor to the east has. Colombia might not have gotten wealthy off of petroleum exports, nor are they starving when the world decided it doesn't need oil near as much as it needs cell phones.[/QUOTE]Venezuela wouldn't be starving either if they weren't run by a incompetent bus driver who has no idea how a economy works. Blew over 100 billion dollars with giveaways to buy votes, should have diversified their economy instead and put some into infrastructure and keeping their oil fields running. (oil output has dropped by almost 1/2).

Add no floating currency, insane 3 level currency exchange, price controls on food during hyper inflation due to over printing money, giving away gas at $.37 a gal, running off foreign investment and oil expertise with seizures and non-payment and what you get is what they got.

The only way to confirm what I said is this.

Withdraw 600,000 pesos. Confirm the number you actually receive from the machine. Go home. Look at your bank statement online. You will see a dollar debit to your account. And you will NOT see any other ATM charges from Colombia. Divide the 600,000 by that debit amount on your bank statement. The result is your NET conversion rate which should be very close to the X-rates. If you are a Schwab customer or have one of the good TDBANK accounts you will NOT be getting a rebate at the end of the month because there was no charge in the first place. Pura Vida.

[QUOTE=PirateMorgan;2138841]The only way to confirm what I said is this.

Withdraw 600,000 pesos. Confirm the number you actually receive from the machine. Go home. Look at your bank statement online. You will see a dollar debit to your account. And you will NOT see any other ATM charges from Colombia. Divide the 600,000 by that debit amount on your bank statement. The result is your NET conversion rate which should be very close to the X-rates. If you are a Schwab customer or have one of the good TDBANK accounts you will NOT be getting a rebate at the end of the month because there was no charge in the first place. Pura Vida.[/QUOTE]Using your formula I retired 600,000 pesos and was charged $217.37 in my bank statement. 600,000 / 217.37 = 2760.27.

I withdraw 200,000 pesos at the airport and got a $75.29 bank statement charge. 200,000 / 75.29 = 2,656.39.

In both instances, if I add a 12,000 fee I get close to the conversion rate of over 2800 pesos per dollar: 612,000 / $217.37 = 2815.47; 212,000 / 75.29 = 2815.78.

I can conclude that 1) I was charged 12,000 pesos and it was shown separately on the ATM receipt but not shown separately on my bank statement 2) If using Bancolombia try to retire the most $ possible in a single transaction because you get more pesos per dollar given the fact that you are going to be charged the same amount regardless of your withdrawal amount.

[QUOTE=FunLuvr;2138789]For almost two years now, I have used Bancolombia ATM's. The exchange rate I have received is very close to the previous day's rate on [URL]xe.com[/URL]. Yesterday, I received 2843.69/$1 at Davivienda, and I received 2787.84/$1 at Bancolombia. I don't remember the exchange rate on [URL]xe.com[/URL] on Tuesday, but I think it was close to 2846.

I determined the rate I received by looking at the actual dollars taken out of my account. If Bancolombia shows a 12,000 fee in the tranaction with Schwab, then Schwab will refund that fee to me. That will make the Bancolombia rate almost the same as Davivienda. For now, I will walk the extra eight blocks to use Davivienda.[/QUOTE]The Bancolombia machines that I've been using for years in Cartagena and Barranquilla just started charging the 12 mil fee. I first noticed in December. How did I notice? 1) The onscreen dialogue informs me of such fee now, which it never did during the previous 11 years; 2) like you, I've always received the exchange rate = to the most recent closing rate less 1%, but now with the added 12 mil fee, when I do the math of dollars taken from my account, the same pesos cost more because of the new 12 mil fee; 3) My bank (Ally) in January reimbursed the December Bancolombia fee by adding $4+ back to my account for each Bancolombia withdrawl. My bank just did the same in February for my January transactions.

So the three things I just mentioned are all new occurrences from my December and January trips, none of which have ever transpired previously after using Bancolombia machines literally hundreds of times over the past 11 years. That Bancolombia now has a separate 12 mil fee is true at least as it pertains to the machines I regularly use in Cartagena and Barranquilla. For me, I'm glad that it is a separate ATM fee, as my bank's policy is to reimburse all such ATM fees.

If you receive exactly the amount requested for withdrawal. Say 600,000. Then the bank has not taken this so called 12,000 fee (assuming the the payout is done at x-rates or close to the number). If the bank has not reduced the payout, as other banks here do, and the bank has no way to debit your USA Account, then how in the world can there have been a 12,000 peso charge. Again, what the screen says on the machine or what the printed receipt says means nothing. It is the actual number of pesos you have in hand. If you ask for 600,000 and get 600,00, no charge. If I remember correctly, Citybank actually reduces the payout by the amount of the charge and the payout is not as good as BC. If anyone has trouble. Come and use the ATM at carrera 15 calle 100 and stop by for breakfast. Pura Vida.

The Bancolombia machines that I use in Cartagena and Barranquilla are now charging a 12 mil peso ATM fee. I have used the same machines hundreds of times over the past 11 years. That they are charging a 12 mil fee is new beginning sometime between November / December of 2017.

Whatever illogical reasoning one can concoct to state otherwise is pure gibberish.

I withdrew 600 mil pesos, I received 600 mil pesos, duh, but 612 mil pesos was deducted from my account. The beginning of the following month, my bank reimbursed Bancolombia's 12 mill ATM fee, as it is their policy to cover the cost of other banks' ATM fees.

This ain't rocket science.

I retired 600,000 from Colcolombia bank ATM inside of Jumbo carrera 65 in front of Sudamericana train station. No fees were charged. The ATM says no fees for transactions and no fees were charged. BTW Jumbo is a nice superstore in Carrera 65 with a food court with over 15 restaurants, a lot of banks, pet hospital, Western Union, drugstore and movie theaters.

[QUOTE=PirateMorgan;2138925]If you receive exactly the amount requested for withdrawal. Say 600,000. Then the bank has not taken this so called 12,000 fee (assuming the the payout is done at x-rates or close to the number). If the bank has not reduced the payout, as other banks here do, and the bank has no way to debit your USA Account, then how in the world can there have been a 12,000 peso charge. Again, what the screen says on the machine or what the printed receipt says means nothing. It is the actual number of pesos you have in hand. If you ask for 600,000 and get 600,00, no charge. If I remember correctly, Citybank actually reduces the payout by the amount of the charge and the payout is not as good as BC. If anyone has trouble. Come and use the ATM at carrera 15 calle 100 and stop by for breakfast. Pura Vida.[/QUOTE]WTF?

Many times in the US and Canada I've had to use ATMs which specifically state there will be an additional charge to use the ATM. Each time I've had to click to approve the charge and continue the transaction. At no time did an ATM ever deduct $3.95 from my withdrawal and dispense $296.05. With my bank it has always shown up as an additional ATM fee.

Withdrawing the same amount from 2 different bank ATMs, minutes apart, the ATM which has a service charge has always charged my account more than the ATM without a charge.

I haven't found a Colombian ATM yet which dispenses 2000 peso notes, so it's going to be difficult for the ATM to deduct 12 k from the amount it dispenses.

No. Not gibberish. It seems that there are two different software systems at BC. If a bank statement from the USA Shows a rebate, then something must have been charged. In my 16 months here I still have not had such charges nor rebates. Alfred E. Neuman is at work here.

[QUOTE=BoricuaOnline;2138943]I retired 600,000 from Colcolombia bank ATM inside of Jumbo carrera 65 in front of Sudamericana train station. No fees were charged. The ATM says no fees for transactions and no fees were charged. BTW Jumbo is a nice superstore in Carrera 65 with a food court with over 15 restaurants, a lot of banks, pet hospital, Western Union, drugstore and movie theaters.[/QUOTE]Yes it is. It's much nicer than Jumbo Las Vegas. Just stopped in for dinner on my way home from El Centro, than walked to HomeCenter for some necessary items.

[QUOTE=YippieKayay;2125942]fuck me in the ass Colombia prison.[/QUOTE]I certainly hope you aren't speaking from a personal experience Mr Sensible.

Yesterday, being like a native of Medellin, I did some walking for exercise. I checked all the ATM's I could find on Ave Poblado between Calle 10 and near the Mansion. Three banks, Banco Caja Social, Citibank, and Bank of Bogota, have been charging fees for a long time, so I did not check them. Also, I did not check Bancolombia because I (and others) have reported their recent fees. The ones with fees, that I checked, are Banco de Occidente, Banco Popular, Servibanca, and AV Villa. The fees appear to be about 1. 9% of the transaction. They did not appear to be a fixed amount like Bancolombia, because on 600,000 it was 11,400, and on 700,000 it was 13,300. I did not check different amounts at the same ATM.

The two banks that do not charge a fee are Davivienda and BBVA, but there is something strange in their exchange rate. The closing rate on [URL]xe.com[/URL] Friday was 2937/$1 (up 60 points), but both banks were giving 2862/$1 over the weekend and today. Earlier last week, the rate was tracking very close to the previous day's close.

And, for those curious, I am not spending all my time checking ATM's. I usually do money runs in the mornings and have the afternoons and evenings to enjoy Medellin's finest.

Every night the central bank sets an official exchange rate. The local banks then implement that as their ATM reference point 48 hours after so [URL]xe.com[/URL] rates takes two days (more over weekends / holidays) to show up at the ATM.

FYI from my experience Banco Caja Social does not charge a fee and neither does Colpatria.

[QUOTE=FunLuvr;2140421]Yesterday, being like a native of Medellin, I did some walking for exercise. I checked all the ATM's I could find on Ave Poblado between Calle 10 and near the Mansion. Three banks, Banco Caja Social, Citibank, and Bank of Bogota, have been charging fees for a long time, so I did not check them. Also, I did not check Bancolombia because I (and others) have reported their recent fees. The ones with fees, that I checked, are Banco de Occidente, Banco Popular, Servibanca, and AV Villa. The fees appear to be about 1. 9% of the transaction. They did not appear to be a fixed amount like Bancolombia, because on 600,000 it was 11,400, and on 700,000 it was 13,300. I did not check different amounts at the same ATM.

The two banks that do not charge a fee are Davivienda and BBVA, but there is something strange in their exchange rate. The closing rate on [URL]xe.com[/URL] Friday was 2937/$1 (up 60 points), but both banks were giving 2862/$1 over the weekend and today. Earlier last week, the rate was tracking very close to the previous day's close.

And, for those curious, I am not spending all my time checking ATM's. I usually do money runs in the mornings and have the afternoons and evenings to enjoy Medellin's finest.[/QUOTE]