Again on ATM fees in Colombia and wordlwide
[QUOTE=Hilltopper]J
Yes, you will want to use the ATM's. The vig charged by the money change houses on exchanging dollars will be steeper than what your bank charges you for a foreign transaction on your ATM card. Some bank ATM machines in Colombia do add a surcharge of 2 to 5 mil pesos. For example, the Servibanco machine in La Perla Casino now charges a transaction fee (started charging sometime last Summer/Fall). I know that the Santander Banco machines don't charge, so I mostly use them now, but it's not the one in La Perla Casino and sometimes you just go ahead and incur the transaction charge out of convenience/necessity.
(...)
Your own home bank will probably charge you the highest transaction fee, depending upon what bank you use in the States. For example, my main bank charges a 3% foreign transaction fee on all ATM withdraws and for transactions at restuarants, etc. Because I travel to Colombia frequently, I opened up accounts at a different bank online that charges 1% (I did have accounts with a bank that had a 0% fee, but alas they were closed down by the FDIC).[/QUOTE]Dear all,
I read several comments like this and I want to add my piece of information about using ATMs in Colombia and in other places of the world. I think this will be useful to many.
As I also duly reported in my reports on ISG, I've experience of using my MAESTRO card (just in the last 2 years) in Colombia, Peru, Bolivia, El Salvador, Panama, Bangladesh, Malaysia, Ghana and Uganda, not to mention USA and Europe. Sorry for listing, but it is just to make my claims below more trustworthy.
DONT USE CREDIT CARDS IN ATMs (if you can)
1) If you use the *credit* function of your credit card (e. G., VISA, MASTERCARD circuits), you will be charged:
- about +1% above the international exchange rate (the one you read on Yahoo Finance, so to speak)
- +4% as credit fee from your bank/VISA/MC
2) I know an US guy who also withdraws money from ATMs using his *revolving* credit card. This is crazy, because he also pays the high fee (10%? 15%?) for paying his debt later.
ASK YOUR BANK TO ISSUE YOU A MAESTRO CARD INSTEAD
1) WHAT is it?
Maestro is the debit card of Mastercard. If you have the Maestro logo on the card, you can take money from ATMs wherever in the world, at the OFFICIAL exchange rate (plus maybe 0. 5%), paying 2-3$ fee, from your bank account without the need of loading the card before.
By far, the most convenient and cheap way to get cash and to change currency abroad in any place. Forget Exchange Offices and hidden envelopes with 2000$ cash brought from home.
By the way, this is is not a debit card you have to load in advance. With this, you take money straight from your bank account.
2) WHERE to use it?
You can use it in ALL ATMs exhibiting the Maestro logo, that is all those exhibiting the MasterCard logo. This means almost all ATMs in all those countries above. I had some problems only in Bangladesh (only maybe 25% of ATMs in Dhaka) and Ghana (only 2-3 ATMs in Accra centrally located).
If you are in a place which is really off-track, use the "MasterCard Global ATM Locator"
[url]http://www.Mastercard.com/us/personal/en/cardholderservices/atmlocations/index.html[/url]
3) What are its FEES?
Maybe +0. 5% or less than +1% above the international exchange rate (the one you read on Yahoo Finance, so to speak) plus FIXED fee from your bank (2euro for my bank). No other hidden fees.
4) I know what someone is wondering now. Yes, I checked my bank statement. I did not find any hidden fee for all my MAESTRO ATM withdrawals in Colombia or other places. Only the fees I listed above.
Enjoy
[I](It seems that Jackson, upon posting my message, edited it to remove all uppercases and add many line breaks here and there. Since I used upper cases and line breaks purposely, to make headings more visible and improve readability, I edited my message to restore everything like it was. Please Jackson...)[/i]