Advice on Currency Exchange

bjorn says on Nov 13, 2007, 01:32:

Use ATM. Even if you will to pay some commision to visa or the banks it will always be easier and more economical to draw local currency using your ATM. And ATMs are everywhere in Colombia. Take a few dollars with you just in case the ATM on the airport doesn't work, but you may safely rely on your ATM card for getting money in Colombia. Of course, take 2 visa card, from different bank, just in case one doesn't work that particular day

I have travelled in Colombia since 1995 only with my visa cards without any problems whatsoever. If you are in a town without ATM you can easily draw money on you card in most bank. Fortunately, there is ATM's everywhere, even in Leticia (the Amazon) and Quibdo (In the middle of the Choco jungle)

Just make sure your visa card is connected to the Cirrus/Plus networks (which it probably is) It's common to see ATM's in colombia which advertise "all cards accepted" I have only used VISA, but you will probably not have any problems with mastercard either.

(cirrus is mastercard, PLUS is visa, all ATM's in Colomba are usually connected to both)

Make sure you have a card with a 4 digit pincode though. This is essential.


One more thing: don't keep all you money on the account connected to your cards (in case you are taken on a "paseo millionario")

Just enoough for a coupe of weeks. Use internet banking to transfer money to the visa account once in a while

Good luck. You will love Colombia

Bjorn

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Medellin Traveler says on Nov 13, 2007, 03:20:

Leave the US dollars at home and use ATM's.

Have fun!!

"Huevos Rancheros en Medellin, No Quiero Taco Bell." - www.medellintraveler.com

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TonyMattei says on Nov 13, 2007, 04:24:

do a cash advance and deposit in your debt account your...then with draw your cash...recomendded that you do no t carry alot of cash on you.....i take out as needed and resturantes and large chain stores take visa/mastercard. atm debt is charge like 1 dollar in colombia and then i think $1.50 here in the states...... this seems to work for me....but take two cards just in case they think someone stole your card and make sure you inform your bank of yur trip to colombia.
good luck and have a nice trip

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Rob77 says on Nov 13, 2007, 05:37:

Travelingirl, if you bring a small amount of dollars, you can exchange them right in the airport (Bogotá). But you will not get the best rate. It will give you enough to get around in a taxi, and until you get to an ATM that works for you, to get Pesos.

Call your bank, ask for the visa dept, ask them what percentage they are charging for foreign currency transactions. 2% seems to be the most common. I am charged 1%. Tell your bank to make a note of the countries in which you will be traveling within each bank account, and within the credit card sections. banks employ secondary security firms to monitor for suspicious activity. But the firms responsible for credit card transactions may not be able to access notes left in the bank account sections. You can even contact Visa Int'l security dept directly and have them leave notes in their own system.

Even with notes in place, flags can still be raised due to unusual spending habits once you start your trip. When this happens, the security firms attempt to contact you. Even though they see you making transactions in another country, the only contact info they will have is what you left with your bank originally. If you have contact numbers in Colombia in advance, you can leave those with the bank, visa or both.

It is advisable to bring cards connected to two separate banks if you can. This way you walk around with the card from one bank only. If it is stolen, the one left home can still be used while waiting for a replacement card to arrive for the first account.

BOYCOTT CITGO - CHAVEZ SUCKS!!!

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Gator says on Nov 13, 2007, 06:27:

ATM's in the airport, must be six different banks, will work on your card for a withdrawal in pesos., if you are nervous, MAYBE a couple of hundred USD in travelers checks as an emergency back up. DO NOT USE THE TRAVELER'S CHECKS EXCEPT IN A REAL EMERGENCY. Cash them in when you return.

What we suggest people visiting us do and what we do when visiting the USA is scan copies of credit cards, front and back, and passports into our e-mail accounts (g mail and hot mail). Then sen that to ourselves. If lost we can open that e-mail and color copies of the documents are available.

"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

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Justafool4katol says on Nov 13, 2007, 07:58:

There are some branches of Citibank in areas of Colombia. Until Jan. 2008 they will not charge on Citibank transactions...

I have been looking to open an account at a Colombian bank which has a branch in the US but have not had any luck as yet. (I have been told I need six months of residence in Colombia before I can open an account there.)

Para Los Cuatro

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bradenmiami says on Nov 13, 2007, 08:46:

Where are you going? If in Medellin, I can help because I need some USD...

If not, and you use Citibank in the US, absolutely use the ATM. You will not be charged a penny and get the actual highest exchange rate for that day. For example, if I pull money out of my US Citibank account from a Citibank ATM and the current rate is 2040 per COP, I will get that rate rather than the probably 1800 that I would get from an exchange house.

If you don´t bank with Citibank, still pull from an ATM or advance from your credit card but be sure to check the fees before you come here... Most exchange houses in most situations are not the better deal....

The "lovemedellin website" is a piece of crap made by some moron who has only been to Medellin once...you'd be better off reading the Lonely Planet advice from a guy who never even came here!

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lpdiver says on Nov 13, 2007, 09:55:

My credit union ATM card gives great exchange rates and has zero transaction fees. I have only had one ATM not work and the ATM at the mall would only dispense 300,000 pesos.

Travellers checks are a hassle you will need a Colombian with a cedula to cash them.

I typically bring a thousand dollars cash and ATM cards from two different banks. I also brought a thousand dollars in travellers checks for emergencies and didn't use them.

t

"cook some rice!"

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travelingirl says on Nov 13, 2007, 13:58:

Thanks, everyone! Sounds like it will be best for me to just use my credit card for purchases and ATM card for cash. I found out that the Capital One credit card company doesn't charge anything when you use the card out of the USA (most charge anywhere between 1% and 3%) so I'll try to use it mostly. Thanks for the advice... I'll be sure to make copies of my cards and take more than one from different banks as well.

Around her hair she wore a yellow ribbon...

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Chriscan says on Nov 13, 2007, 14:08:

I like to trade my money at secure zones in airports. If your coming from the u.s, panama or ecuador, look for flights arriving from colombia and when you return, look for flights leaving for colombia. Because currency exchanges in Colombia take so much, it is easy to find takers and save money for both parties.

Back cards and credit cards are the way to go. Only is it easy to change money in Cartagena. Travellers cheques really are a pain in Colombia. My Canadian Capitol 1 card has been my most reliable.

************* WARNING ************* my words often come from my ass

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RUV says on Nov 14, 2007, 13:33:

I used my ATM cards today, but had a hell of time getting money from some of the ATM machines. I finally got some when I used Banco Bogota (I think that was it.).

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Rob77 says on Nov 14, 2007, 14:29:

RUV, which ones did you have trouble with? Did you match up the ATM networks to those on the back of your card?

BOYCOTT CITGO - CHAVEZ SUCKS!!!

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getting better says on Nov 19, 2007, 17:58:

I can actually withdraw money from an ATM and buy dollars with the pesos and make a small profit, the bureaux quote like 1750-1950 when the true rate is 2040.

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