General Info

[QUOTE=Dccpa;2138282]Oil is starting to correct and that should improve the COP / USD rate. Weak oil seems to lead to a weak COP. I am watching copper. If it breaks down, the commodity sector usually follows.[/QUOTE]Here's some news for the amateur economists here: The COP is stable at 3500 to the EUR. Looked at this way, it's the USD that's weak.

And if you are able to predict the price of oil and exchange rates, you should apply your cleverness and invest in commodities and forex. With your huge profits you will then be able to pay for your time in Colombia at any exchange rate.

If. Well if your aunt had balls she'd be your uncle!

I have verified Bancolombia now charges an ATM fee. It is 12,000 for withdrawing 600,000. Davivienda is not charging a fee at this time. I haven't checked BBVA. I think all the other banks charge a fee. I have the Schwab card, so I will get the fee back, but I don't like the charges.

[QUOTE=Arcangel;2138289]Here's some news for the amateur economists here: The COP is stable at 3500 to the EUR. Looked at this way, it's the USD that's weak.

And if you are able to predict the price of oil and exchange rates, you should apply your cleverness and invest in commodities and forex. With your huge profits you will then be able to pay for your time in Colombia at any exchange rate.[/QUOTE]Thanks for bringing the Euro to my attention. I have had a projection for a multi-year top on the Euro in the 125-126 area and it got that high earlier this month. I would like the Euro to bounce back to that area before buying EUO.

Buying and selling currencies is not investing. It is speculating. I am not saying there is anything wrong with doing it, but the stock market has an upward bias. Bonds have risk premiums. Raw land has scarcity in absolute terms and residential / commercial real estate has scarcity in the short run. Trading currencies, not so much. For every winner, there is an equal and opposite loser, as with any futures trading. So, the long-term winners tend to be the brokers and the exchanges. And if you hold physical currencies and not futures or forward contracts, you have risk of theft or cost to insure, and so forth.

[QUOTE=ChinaBoy1;2137690]Opinions needed. A group of guys (8) from LOS Angeles are headed to Columbia in May. We are 50 years old and looking for outdoor fun (ATV, hiking, zip line etc) and in the evenings, great restaurants to eat, then of course clubbing and action (from ladies). We will be there Wednesday night to Tuesday night. Which location is best for all of this Medellin or Bogota. Much appreciated.[/QUOTE]Here's what makes up my mind:

Bogota, alt near 10,000 ft-too high for strenuous activities for a sea level dweller like me. Also means can get cold. Pop. 8 million=too big for me.

Medellin: 5,000 ft-weather warm to cool. Pop. 2. 4 million. Also demographically 114 women per 100 men.

[URL]https://en.wikipedia.org/wiki/Medell%C3%ADn[/URL]#Demographics.

Both have touristy activities and lots of women.

[QUOTE=FunLuvr;2138355]I have verified Bancolombia now charges an ATM fee. It is 12,000 for withdrawing 600,000. Davivienda is not charging a fee at this time. I haven't checked BBVA. I think all the other banks charge a fee. I have the Schwab card, so I will get the fee back, but I don't like the charges.[/QUOTE]I was charged 12,000 too, not good.

[QUOTE=Dickhead;2138416]Buying and selling currencies is not investing. It is speculating.[/QUOTE]Dickhead is absolutely right, but off topic. What I was trying to say with subtle irony is that it's pointless to argue macroeconomics in this forum. Too subtle, I guess, and it backfired.

Said straight: For the purposes of the topic of this forum it's enough to know what the current exchange rate is. If you think you can predict what it will be in the future, you're fooling yourself, or others, or both. If you enjoy gambling on financial markets, fine, but don't talk about it here except if you then went and spent your money in Colombia.

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=Dickhead;2138416]Buying and selling currencies is not investing. It is speculating. I am not saying there is anything wrong with doing it, but the stock market has an upward bias. Bonds have risk premiums. Raw land has scarcity in absolute terms and residential / commercial real estate has scarcity in the short run. Trading currencies, not so much. For every winner, there is an equal and opposite loser, as with any futures trading. So, the long-term winners tend to be the brokers and the exchanges. And if you hold physical currencies and not futures or forward contracts, you have risk of theft or cost to insure, and so forth.[/QUOTE]Well, about 4 years ago 4 or 5 major banks were caught colluding to manipulate the currency markets. They had been doing it for some time, probably with billions in profits. The fine was something like $100 million. I'm sure a 1% fine scared them away from trying that again. Wink wink, nudge, nudge.

[QUOTE=BoricuaOnline;2138434]I was charged 12,000 too, not good.[/QUOTE]Bancolombia and Servibanca have a 12 k service charge. I believe Citibank is 15 k. Davivienda has no fee and some of their atms, depending on your bank, allow up to 2 million cop per withdrawal.

Banco Pichincha (I think there are only 3 in Medellin) has no fee, allows up to 1 million per withdrawal and you can make multiple withdrawals without starting over. Just enter your pin each time. Doesn't work with all cards.

[QUOTE=Arcangel;2138448]Dickhead is absolutely right, but off topic. What I was trying to say with subtle irony is that it's pointless to argue macroeconomics in this forum. Too subtle, I guess, and it backfired.

Said straight: For the purposes of the topic of this forum it's enough to know what the current exchange rate is. If you think you can predict what it will be in the future, you're fooling yourself, or others, or both. If you enjoy gambling on financial markets, fine, but don't talk about it here except if you then went and spent your money in Colombia.[/QUOTE]I will redirect any future comments on this issue to the Chit Chat forum.

However, I personally can predict with absolute certainty what currency exchange rates will do in the future.

They will fluctuate.

[QUOTE=Dccpa;2138282]Oil is starting to correct and that should improve the COP / USD rate. Weak oil seems to lead to a weak COP. I am watching copper. If it breaks down, the commodity sector usually follows.[/QUOTE]In the post Bretton Woods-era, an increase in the price of oil has a tendency to put pressure on the USD, and vice-vers. Higher interest rates (which are headed our way) put pressure on commodities (including oil) and traditionally it strengthened a currency if interest rates significantly exceeded the rate of inflation (for obvious mathematical reasons). Though none of that is written in stone. You strategy of watching the price of "King Copper", while speculative, is interesting, and I'll keep an eye on it, as well.

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=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]Hi Pirate. I did the math just now. Based on the amount discounted to my bank statement and current exchange rate I should have received 612,000. I received 600,000. I retired 200,000 pesos on the airport yesterday and again, based on the amount discounted and current exchange rate I should have received 212,000 pesos so the fee is 12k regardless of retirement amount.

[QUOTE=BoricuaOnline;2138548]Hi Pirate. I did the math just now. Based on the amount discounted to my bank statement and current exchange rate I should have received 612,000. I received 600,000.[/QUOTE]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.