money advise needed

what do you guys recomend?
while in colombia for banking should I;
1) use my credit and or atm card to get money from a machine. (how hard are appropriate machines to find?)

2) take travelers checks.

3) take american money.

4) some combination of above.


going to bogota in sept.
rich

[Bill123]

An ATM card is best, especially the ones that can debit your account separate from the machines. In other words, the ones with a Visa or Master Card symbol on it. Just don;t lose it.

Credit cards are ok for purchases, but expensive to use at ATM machines.

Trav checks are way too much hassle.

And you needed take but maybe $100 in U,S, cash.

[Kent]

The best exchange rate I have ever gotten in Colombia has been in Bogota at the Cambio as you exit customs. One is on the left and one is on the right. The one on the left is a bank branch and the one on the right is a Cambio. The only draw back is they will only exchange $1000 a day. I usually bring cash and an ATM car as my back up with a credit card with $10-$15,000 limit just in case you end up in the hospital with a gun shot wound.
If you are traveling to another city and traveling thru Bogota it is best to exchange in Bogota rather than your desitination city. As an example, On my last trip I traveled to the San Andres Isle and the exchange on the Island was 400 pesos less per $ than in Bogota.

GOOD HUNTING!!!!

[Robert]

BILL'S ADVISE IS SOUND. THERE ARE ATM MACHINES ALL OVER THE PLACE THAT YOU CAN USE YOUR CARD AT. YOU WILL GET THE EXACT INTERNATIONAL EXCHANGE RATE. YOU MAY WANT TO TALK TO YOUR LOCAL BANK AND GET YOUR DAILY ATM WITHDRAWAL LIMIT RAISED. HERE IN CONNECTICUT THE TYPICAL DAILY LIMIT IS $400.00. I HAD MY LIMIT INCREASED TO $1,000.
THAT IS A " LOT " OF MONEY FOR COLOMBIA, BUT IF THERE EVER IS AN EMERGENCY YOU MAY NEED THE HIGHER WITHDRAWAL LIMIT. AGAIN, LIKE BILL SAYS, YOU PROBABLY DON'T NEED TO HAVE MORE THAN $100.00 usd HARD CASH ON YOU.
ROBERT
OWNER-LATIN WOMEN CONNECTION www.latinwomenconnection.com

[Bill123]

Let me comment of Robert's post above.

Using a debit card will NOT get you the exact international exchange rate, but close to it. The interbank rate is for transactions of $1 million dollars or more. But you will get between 2 to 4 per cent of that. Which is a heck of a lot better than exchanging cash. And even though travelers checks offer an equally good rate, they are such a hassle to deal with.

Bill is correct about the hassles involved with travelers' checks in Colombia. It is more difficult to change travelers' checks in Colombia than elsewhere in Latin America.

[Bill123]

What is wierd is that I have lately heard that people have had problems using ATM's down there. What's up with this--anyone know what is going on?

I can only offer my personal experience. First, I've gotten money out of ATM's in
Bogota without any problem. They aren't as common as they are in the US. Second, I've been able to exchange my travelers' checks at a couple of hotels. The better (more expensive) the hotel, the less of a problem this has been. If you want to, you could ask your hotel's policy before you go down there.

I carry a combination of money devices. First, I always carry cash and travelers cheques (American Express are the best for Colombia although a few banks only accept Visa TC's) but only as a back up, emergency fund.

ATM's are far and away the most convenient and cost efficient method to "exchange" money. The problem (and why you'll need the "emergency" fund of cash/TC's) is that in Colombia they often don't work !! Especially on Fridays and Mondays as they are out of money or the computer line connections with the ATM central processing system are overloaded or not working. This can be very frustrating, being short of money and spending hours to find an ATM that is functioning. However, they do generally work more than 50% of the time.

Changing money at a bank in Colombia is a huge hassle compared to most countries. But, aside from the ATM card, it offers the best rate. Using your Visa card is not very cost efficient and changing in hotels or at the Miami airport are the worst methods as the exchange rates border on crime !

So, the ATM is best, but don't depend on it 100%.

[LAI]

My experience has been that 99% ATM cards that are affiliated with Cirrus or Plus System work in Colombia. There are differnet banks that are afilliated with different systems. The best (more reliable and flexible) ATM machines throughout Colombia are called SERVIBANCA or BANCOLOMBIA.