getting cash in CO

[Jook]

Besides robbing a laundromat, what's the best way to get money and pay bills in CO? My bank charged almost a 30% transaction fee on my credit card transactions. ATM fees for my debit card typically ran about the same or more on 400.000 pesos, the maximum amount any machine would allow, at least that I could find. It seemed the exchange rate was about the same for both my credit card and debit card, and seemingly not a bad rate. However, I'm wondering if it makes more sense to go to a bank to get an advance on either a debit or credit card or if this is even feasible. Or is there a better way.

[Micky10]

Jook -

I have U.S. bank and they do not charge any extra fees at all. Before I head back though, I am going to open a CitiBank acct. They have three branches in Medellin. I am doing this just for when I need larger amounts in the future. As far as paying bills in Colombia, do you mean bills from the U.S., or the bills IN Colombia? For U.S., set up online payments. For Colombia, send the plata to your novia through Western Union and let her pay the bills. Most bills can be paid at the bank, Exito, Carrefour or the like. Most all bills now are barcoded and things are pretty simple.

Love - Micky

[Tinto]

Jook,

I use a debit card through a credit union and I'm charged a 1% transaction fee while taking money out in Colombia. It used to be free but the credit union passed a Visa fee along to the members last year. If you are paying up to 30% for transaction fees it's time to get a credit union account.

Micky,

Are you sure that your bank isn't charging you a transaction fee? Also, I thought that Citi Bank in the US isn't affiliated with the Colombian Citi Banks so is transferring money between them done easily? Why not leave a debit card with your wife rather than use WU?

[LastLion]

Originally Posted by Jook

Besides robbing a laundromat, what's the best way to get money and pay bills in CO? My bank charged almost a 30% transaction fee on my credit card transactions. ATM fees for my debit card typically ran about the same or more on 400.000 pesos, the maximum amount any machine would allow, at least that I could find. It seemed the exchange rate was about the same for both my credit card and debit card, and seemingly not a bad rate. However, I'm wondering if it makes more sense to go to a bank to get an advance on either a debit or credit card or if this is even feasible. Or is there a better way.

That must be one of the italian style jersey o NYC banks!!!!!!

[Micky10]

Tinto -

I THINK CitiBank is CitiBank, but of course well check it out first. I was only telling Jook to use WU to send his novia money to pay the bills. When I get back to were my regular bank is I will have to find out about the money transfer. I got what I was told was the routing number for our account at BanColombia, but part of it does not look like a routing number to me, but it is Colombia, so I do not know. And I always have seperate accounts for him and her, just MUCH easier to keep track of what is where, for me. All ideas when it comes to a better way of moving and handling money, I am open to. My bank does charge a transaction fee, I was only saying they do not charge anything extra. I do not think that Jook was correct when he said that he was charged 30% when he would use his ATM, also I can get a max of 400,000 COP, but that is twice in the same day, for a total of 800,000 COP per day.

Love - Micky

[Jook]

I used 2 visa cards (HSBC credit card and Bank of America debit card) to pay for bills... hotel bill, etc. Transaction fees varied tremendously with no seeming rationale 10% to almost 40%. Phooey. The "cheapest" conversion was when the hotel more or less gave me 1 million pesos on my credit card. The transaction fee was "only" about 10%. And phooey on ATM machines.

In other sort of related news, I got some encouragement from Bank of America about my chances of winning my dispute with the hotel laundry charges. I'm disputing it based on illegitimate charges. They charged me $5, $5 f890'ing to clean each t-shirt. That's the price for a regular shirt. So the dispute is based on the technical term: HIGHWAY ROBBERY.

I've been sending money regularly to CM for bills and whatnot via Western Union. It costs me 4% but I don't know if WU takes a fee on her end.

CM doesn't have a bank account and I was told you have to jump through a million hoops to open one in CO. The money laundering thing I guess. Is it really that difficult?

[HonkyTonk]

"And phooey on ATM machines."

Say what

I have an ATM card thru my local bank that doesn't charge me a damn thing but $1 per month to have the card. I get the best rates using an ATM card, a good cambio is equal or 2nd best with the hassle of a passport and paperwork; unless you go underground like I did in Leticia.

Jook, don't you think you're getting fuc*ed with a dick that would make an elephant squeel with these charges of 10-40%? Forgive me but I have to ask...are you certain these are the rates they're charging you? I've never heard of charges this outrageous and it seems downright illegal.

Go ahead and "peese" on ATM cards, but unless something's drastically changed since last summer when I was down under, you're either mistaken or are being hosed by someone with the cards you're using.

Can anyone else verify being charged 10-40% simply for using a CC or DC in Colombia? I'd like to hear if it's the CC/DC or the vendor who is charging these seemingly outrageous rates.

One thing's for certain Jook, you need to find a better way... Good luck!

[Secret Agent 001]

Micky & Jook,

Several years ago my wife opened a CitiBank account thinking that it would simplify (and perhaps be cheaper) to wire money to Colombia. It wasn't. So check out the CitiBank angle thoroughly.

[Jook]

Originally Posted by HonkyTonk

"And phooey on ATM machines."

Say what

I have an ATM card thru my local bank that doesn't charge me a damn thing but $1 per month to have the card. I get the best rates using an ATM card, a good cambio is equal or 2nd best with the hassle of a passport and paperwork; unless you go underground like I did in Leticia.

Jook, don't you think you're getting fuc*ed with a dick that would make an elephant squeel with these charges of 10-40%? Forgive me but I have to ask...are you certain these are the rates they're charging you? I've never heard of charges this outrageous and it seems downright illegal.

Go ahead and "peese" on ATM cards, but unless something's drastically changed since last summer when I was down under, you're either mistaken or are being hosed by someone with the cards you're using.

Can anyone else verify being charged 10-40% simply for using a CC or DC in Colombia? I'd like to hear if it's the CC/DC or the vendor who is charging these seemingly outrageous rates.

One thing's for certain Jook, you need to find a better way... Good luck!

A BIG oops... I took a closer look and put on my glasses and the transaction fees were more like 10% on the credit card transactions. The bank tells me that these are fees imposed by Visa Int'l. While that might be partly true, I'm sure the bank tacks on fees of their own.

As for ATM charges, most of the charges I incurred were from the banks in Colombia, Bancolombia, etc. I'll have to check with my bank, but it appears that my bank only imposed something like $1.50 fee per transaction and the balance (around $5) was from the Colombian bank - for a 400.000 COP transaction.

I still say there's gotta be a better way.

[Tinto]

Your bank is giving you a line of BS. My credit union told me that Visa is charging them a 1% fee which they decided to pass on to their members. The ATM's that I use in Colombia do not take a percentage nor do they charge a fee (on top of the 1% fee incurred) plus I receive the best exchange rate possible. Time to look into joining a credit union before your next trip south.