Credit Cards, ATM & Cash

carolva77 says on Jun 9, 2008, 09:04:

I would love to know this answer too

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viajero123 says on Jun 9, 2008, 09:07:

A google search on this forum has many answers for this. Look at this thread.
http://poorbuthappy.com/colombia/post/credit-card-and-atm-fees/
Apparently, the trick is getting an account with Capital One, that will give you an ATM card that charges no international transaction fees or ATM fees. Banks in Colombia do not charge separate ATM fees when you use their ATMs.
For credit cards, get a Capital One credit card, they also do not have the international transaction fees.
Another option is to shoo around banks in your community and see whether they have those charges and are maybe willing to waive them for you.
Cash has a very bad exchange rate in Colombia, and you will almost always be better off using the ATM and the credit card, even if you end up pay all the charges.

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ColombianoGringo says on Jun 9, 2008, 09:09:

Whatever you do, don't take too much cash. Despite the fees, your ATM card is still better than the awful exchange rates you would get changing cash.

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romy says on Jun 9, 2008, 09:21:

I use my credit card as much as possible. Depends what kinds of places you will frequent, in upscale places you can live a 'plastic life' in Colombia.

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Cheers Terry says on Jun 9, 2008, 09:30:

I've never found a single cash exchange place anywhere that offered anything close to what I'd get at an ATM or on my credit card.

Cash exchange was ALWAYS a rip-off.

Cheers,
Terry

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wendell13 says on Jun 9, 2008, 09:35:

Exactly Terry...roughly you lose about 10%

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ietk says on Jun 9, 2008, 10:03:

Thanks to all you for the answers, I have a Capital One credit card too but if I withdraw cash from credit card account the interest rate will be the 20% I rather pay the 3% fee than that, is like if I was paying state taxes here, I decide I am going to take $100-200 in cash and I will use my ATM for the rest.

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Mononoke28 says on Jun 9, 2008, 10:06:

That is the best way ietk, only take enough in cash to land there and then use the ATMs to get more money. Just make sure you to an ATM that is located in a safe area, maybe a shopping mall or something like that. Other than that, you'll be ok and have a blast!

Diana

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tigredelnorte2 says on Jun 9, 2008, 10:45:

Get an account with a Bank that is on the SUM system. Do a google search. Banks and Credit Unions on the SUM system do not charge ATM fees, even for international withdrawals. Adives them that you are going to Colombia, so they don´t freeze your account. You will have an atm fee from the Colombian bank that you take the money. Additionally, I copied this info below from another PBH forum. I will probably us this info when I go back to the states.....see below

Get an account that does not charge ATM fees, and withdraw the money
from an ATM to get the best rate.
The two that I use are Affinity Bank in Ventura, Ca, and National
Interbank in Indianapolis. Both checking accounts are free and there
are no international ATM charges.
I also use a free Paypal account to transfer the money between all of
my accounts.

Most U.S ATM cards have a $400-$500 daily limit. You can use the ATM
machines more than once a day, as long as you stay under that limit.
In a couple of weeks you will have enough to pay cash for the truck,
and thus have the upper hand when bargaining the price.

Don't bring U.S. dollars to Colombia. You will get a poor exchange rate.

On a side note, if you are going back to the states anyway, withdraw
up to your limit from the ATMs every day, change the Pesos into USD at
a cambio house each day to lock in your profit, and then take the
dollars home and put it in your U.S. bank account (up to 10G's).

The spread (or profit) you will make by doing this is 5-7% at the present time.

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tomtom33 says on Jun 9, 2008, 10:52:

Use your $1500 to open a CapitalOne Money Market account. The debit card for that account will have no fees.

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panthdave says on Jun 9, 2008, 11:31:

TomTom said it.....

panthdave Miami

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docwilliam says on Jun 10, 2008, 13:16:

I pay less than $2.00/ATM transaction (Colombia). My Visa/Debit is through my Credit Union, no big bank.

"There's no time to panic"

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someguy says on Jun 11, 2008, 08:37:

Hey, thanks for the tip. I just read this & went to Capital 1. I called them & the info reported here is correct. No overseas/Capital One charge at ATM if at Plus system, but local ATM charge may apply. Took me 20 minutes to enroll & get an account. Only $1 US to enroll, up to 10 ATM withdrawals ($500 US max) per day; 6 internet transactions per month; no minimums, etc. No strings attached. Very sweet deal. High yield money market details: capitaldirect.com/ 866-346-6549 to open an account. Thanks again.

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someguy says on Jun 11, 2008, 08:39:

Forgot to add: They provide deposit link from your bank account to your Capital One money market account at NO COST. Cheers.

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panthdave says on Jun 11, 2008, 08:58:

Good choice Someguy..You should get there Credit Card too...No fees...for POS transactions and protection..Remeber the ATM Card will only be a plus card for ATM use only...

panthdave Miami

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ColombianoGringo says on Jun 11, 2008, 09:51:

Thanks for the additional info about Plus ATMs. I am headed to Bogota in a few days and will be trying out my new Capital One debit card.

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panthdave says on Jun 11, 2008, 13:29:

Citibank and Colpatria have the best rates for the plus card...Don't use any ATH Network ATM's for the plus card very bad rate(Banco Occidente,Popular)...Also remember Bancolombia, Davivendia,Avilles will not work for the Plus Card unless it has a Visa Logo...

panthdave Miami

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rhydewithdis says on Jun 11, 2008, 13:34:

Yesterday I pulled money out of my CitiBank account using the CitiBank located on Av. Poblado in the Blockbuster across the street from Ovideo shopping plaza. My rate given 1697.67 / dollar. No fees whatsoever.

They said I couldn't play football I was too small / They say I couldn't play basketball I wasn't tall / They say I couldn't play baseball at all / And now everyday of my life I ball.

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huskie says on Jun 11, 2008, 16:37:

I have heard that Capital One is bad news, they have a bad reputation. We heard from our friend who's cousin is a VP at Capital One.
Cheers

"Great spirits have always encountered violent opposition from mediocre minds-"

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tomtom33 says on Jun 12, 2008, 06:23:

I don't much care about rumors or innuendo. I have actually used CapitalOne debit and credit cards in Colombia since Sept. with absolutely no problem.

I have never seen a Colombian bank that charges for the use of non-customer debit cards. There is a small fee per transaction that is generally eaten by your bank. However, BBVA charges me 1200 pesos(I think) for each ATM withdrawal from my BBVA account using a BBVA ATM machine.

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huskie says on Jun 12, 2008, 06:27:

This is what I have heard, of course anybody can do as they please with their money.
Cheers

"Great spirits have always encountered violent opposition from mediocre minds-"

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