Colombian bank ATM fees

ColombiaBoard says on May 14, 2009, 16:13:

Yes, each bank has different rates for each type of transaction, but the worst offense is to use another bank´s debit card at an ATM, I think there´s a bank that charges, hear this, $12,000 pesos for using a debit card from another bank. No wonder they´re the only business sector that grew more than 20% the first quarter of 2009.

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rem97 says on May 14, 2009, 16:53:

OK, so to be certain: I have a Bank of America ATM/debit card. Tomtom, are you saying that the Colombian bank is not going to charge me a cent to withdraw pesos out of that bank's ATM?

I sure hope that's the case.. that would be wonderful for me. But it sounds off, as BBVA is gouging you at every turn... why would they let a foreign bank withdrawl go without sticking it to the Bank of American customer?

Bottom line is I'm moving to Colombia, want to be able to pay my first month's rent in Colombian Pesos to my landlady and I'm wondering how the exchange is going to be. For what is' worth to buy COP from Bank of America, they offer a very low exchange rate.

Thanks for the insight.

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offshoreadvisor2009 says on May 14, 2009, 17:04:

I've been here for a year and a half, and have used my wells fargo ATM card all the time. WF dings me everytime I hit the ATM for 5 bucks, but there has never been any fee from the bank providing the ATM. When I've needed to pay rent or large expenses I go into the bank and do a cash advance, not sure what they charge for that but I believe it's small.
You may want to consider an offshore bank account with ATM card, that way you pull funds in any country as needed. HSBC offers these accounts as well as other banks.

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HToma says on May 14, 2009, 17:17:

02/17/2009 02/15 #000354104 WITHD
RWL B/QUILLA B/QUILL -$1.59
02/17/2009 02/16 #000377039 WITHD
RWL B/QUILLA B/QUIL... -$5.00

Here is a copy from my Bank of America ATM card. I was charged $5.00 and additional $1.59 for taking around $158 us dollar $400,000 pesos at the time.

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Pirate2late says on May 14, 2009, 19:37:

Wow! Some of those charges seem extreme! I use two different but local ATM cards (U.S.) on a regular basis and I am charged $1.00 (U.S.) max for each transaction, no matter the withdraw.

"Fly it until the last part stops moving!"

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pedro says on May 15, 2009, 07:11:

TomTom, I'm a BBVA customer too, and I don't get charged some of those things you mention.

You can withdraw money from the teller for free, as far as I know. And you or someone else can deposit for free, as long as they use a branch in the same city your account is held in. If it's in another city, it will cost you about 10k.

"this may seem a strange post but it is not...when in colombia men need to be aware that colombia women may try to be seductive and entice a travelling gringo to have sex with them..to be forewarned is to be forearmed..." -- pow wow

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scumbuster says on May 15, 2009, 07:13:

I was using my normal debit and found I was hit with a 3% fee from my bank on international uses and then a fee at the Colombian bank machine. I just got back from Colombia a couple days ago and had used a new account through National InterBank. There were no international fees and they will reimburse you any other bank fees up to 5 per month. You can open an account over the internet and make mail deposits to your account. I was happy with this new bank. It’s a little inconvenient sending a check to another bank by mail, but figure it saved me quite a bit this last trip. It has an 800,000 limit per day on the card but my wife also has one and she was able to also take 800.000 per day too. No bank fees with them either as long as you sign up for the E statements rather than a paper one.

Tomas Jefferson “When the people fear their government, there is tyranny; when the government fears the people, there is liberty.”

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Gator says on May 15, 2009, 09:04:

With my Citibank Gold we are reimbursed for any charges.

"Bene, cum Latine nescias, nolo manus meas in te maculare" .

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rem97 says on May 15, 2009, 10:51:

Thanks for all the information... I was orginally going to study Spanish in Oaxaca, Mexico... and all Santander banks allow you to use your BofA car there without fees. Then the swine flu swept in, I called the airline and they let me change my flight for free to go to Cartagena. Easy call there! But now I just may have to pay some ATM fees is all.

HToma - thanks for the BofA-specific information. You know, I called BofA and told them I was moving to Colombia and they *allegedly* waived all their fees on their end... might be worth a phone call to BofA at 800-432-1000... maybe you can save the BofA side of the fees.

Tomtom, you write: "I use CapitalOne and National InterBank. Neither charges any fees at all. If you have multiple accounts, you can gather larger amounts of money for bigger purchases."

I sent off for a Capital One *credit card* but I was thinking that would only be for purchases... do you use it for cash withdrawls, too? And can you explain in a little more detail what you mean by gathering "larger amounts of money for bigger purchases" ?

I'm going to look into National Interbank now... good suggestion.

Thanks again for the great posts on this question!

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Paisa/Calena/Luver says on May 15, 2009, 13:36:

http://poorbuthappy.com/colombia/post/its-been-proven-now-fidelity-sma...

"PAY ATTENTION! I wonder if that person knows that when we push the FUNNY button, its because we are reading something outrageous, trying to be cynical, derogatory, sarcastic and/or obnoxious!"

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pedro says on May 15, 2009, 15:01:

tomtom33 (☼Travelguide writer) says on May 15, 2009, 13:15 (today): flag

Pedro, I pay 8900 per month for them to have the use of my money. A teller withdrawal 2 days ago cost me 6000. The deposits are made in Cartagena at 9100 plus IVA(10%?) .
---

So your account is domiciled in Medellin (was opened in Medellin). If the account had been opened at a Cartagena branch, that deposit in Cartagena would be free of charge.

Transfers by internet banking between two BBVA accounts anywhere in Colombia are also free of charge. So if your correspondent is a BBVA customer too, you can have them do the deposit to their own account, then transfer to you.

"this may seem a strange post but it is not...when in colombia men need to be aware that colombia women may try to be seductive and entice a travelling gringo to have sex with them..to be forewarned is to be forearmed..." -- pow wow

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davidslc46 says on May 15, 2009, 15:57:

Just an associated issue. I was happy this week to be able to again withdraw 2,000,000 pesos with one transaction off my credit card account at citibank san diego. It is actually a prepaid credit card account which functions like your debit cards.
The debit card limit may be 800,000 I am not sure. It still beats the heck out of Bancolombias 300,000 transaction limit.

I find both Citibank san diego and el poblado pretty comforable to walk in and walk out of fully loaded. San diego works well in that I just buy gas at the texaco next door and then after I have paid just walk over to citibank and come directly back.

I have yet to suspect that I had anyones attention beyond what is normal for me walking down a street.

David

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davidslc46 says on May 15, 2009, 16:08:

I apologize I cannot use bancolombia, it is the servi.............. Yes but my fees are about $5 per transaction as I was not as fortunate as you to have a card that does not charge fees, so for the rest of us less fortunate ones it might be nice to know.

TT,

you cannot take 10 million out of your bancocolombia account in one day, but you could if you had my account, for $25 as you pointed out.

David

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cvivaspoorbuthappy says on Jun 3, 2009, 16:29:

I have an account with RBC Centura in Florida and they do not charge any fees when withdrawing money in Colombia. I withdraw at Davivienda and they do not charge a fee either.

The exchange rate is pretty good everytime, they change the dollar at the offical TRM so it is better than taking dollars and exchanging them at the casa de cambio.

CV

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RogueOne says on Jun 3, 2009, 19:30:

BBVA charges like $5 / ATM withdrawal, and also limits you to 300,000 / 400,000 pesos. No good IMO.

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