How much money to take there?

poco says on Sep 17, 2007, 10:10:

I'd suggest taking enough money to cover your RETURN trip. IE: Cab ride home and purchase of "stuff" on airplane/airports.

Take at least two ATM cards with daily limits of say $300. Colombia is knee deep in ATM machines and the exchange rate is the best I've found.

Never have BOTH cards on your person.

Call the card security number and inform them of your travel dates. The chances are that if you don't security may put a block on your card. Getting it removed is easy,, the only problem I've found is that IT NEVER WORKS.

I'd also suggest keeping half a million pesos in a safe place.

The max. amount in one day on 90% of the machines is 300,000 pesos. BanColombia is 400,000 and Davienda (sp?) is 500,000.

I'd guess the major problem with the low amount is that the larger withdrawals might "clogup" the money dispenser, especially 20,000 notes.

There are several banks that offer "no transaction cost cards". Compass Bank being one of these.

Ideally, you should also have TWO accounts that can be accessed from the internert. One has a debit card and the other NO DEBIT CARD. When the debit card accout gets low you can do a transfer on line.

PS: Use a SECURE computer when accessing ANY accourt online. ie: I always use my laptop from my home. A key stroke saver is a simple piece of software.

Well, not having ANY money and losing BOTH cards would seem a problem. So, call home and have them MONEYGRAM some pesos. Relatively cheap and Moneygram offices are all over Colombia.



PS: Never exchange money with individuals. Colombia has some of the finest "funny money" in the world. I was asked by someone I know to exchange a $100 bill last week. It was the NEW style with the larger portrait. Could have been OK, then again, not OK. Avoid !!!

"When you men get home and face an anti-war protester, look him in the eyes and shake his hand. Then, wink at his girlfriend, because she knows she's dating a pussy." Quote - General Tommy Franks

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Chelesupercono says on Sep 17, 2007, 10:40:

P.S Don't forget to make a budget for PRE-PAGOS on the low end of the scale......what ever they ask for give them at least 25% less.......

never go to bed with someone crazier then you are, you will do it and you will regret it.......

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Robert Jorge says on Sep 17, 2007, 10:56:

I am sure poco suggested two accounts, because you have something to fall back on if you lose a card, a card gets stolen, whatever. It is just a little bit extra "insurance" if something unlucky were to happen. It's called taking every precaution. And like poco said, do not take them both with you when you are out. It defeats the purpose.

He who farts in church, sits in his own pew.

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miamimike says on Sep 17, 2007, 11:04:

If you meet a prepago, Introduction Agency Girl or Mujer Gasolina and she claims to have old College Bills that need to be paid off or a Sick Mother or grandmother that need a private duty nurse so she can have time to go out with you, avoid them like the Plague. Budget NO money for them,,,Also, If you invite these same women out for dinner, beware these same Chicas if they try to hook you into paying for the highest meal on the Menu or if they try to invite their friends or Family to Dinner with you and her. If she trys this, ask her if she plans on paying for those friends she invited,,,No Money in the Budget for this nonsense,,,

Avatar Legend: Bush "If any of you Reporters are wondering, it was a Size 10"

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poco says on Sep 17, 2007, 11:34:

Quote: I do not understand why TWO accounts, one with debit card and the other without debit card. Can you explain it tome, please ?

I read my post and thought, needs more explination and sure enough, you asked.

I spend months in Colombia. Not having money could be a big problem,, really big.

Plus, I don't relish the thought of losing money via the ATM machine. I can promise you I would NOT hesitate to give someone my PIN number if they held a knife or gun. I asked the bank and they said the money would be reimbursed if that happened,, Hummm, I'd suppose a police report would be necessary, still, not good to lose very much money.

To avoid ANY problem I use three banks and they each have two accounts plus I could use a credit card for a cash advance at the teller if needed.

I ONLY have one debit card per bank and that card and account is maintained at a relatively low balance. When it runs low I do an online transfer to "replenish" my ATM account

PLUS,, remember this !!!! Tell the bank NOT to transfer funds if one account has a negative balance. The banks LOVE to do automatic transfers and you DO NOT want an automatic transfer !!!!

I always do a moneygram before I leave. I never use that service when sending money if I'm NOT IN COUNTRY. Because I live in the mountains the nearest moneygram office in about a 2 hour bus trip I don't feel good about the girl taking a road trip with a bunch of cash.

There is an ATM nearby and she has one of the cards. Very handy. Recommended, especially the NO FEE card. Make sure to check the card expirations dates.

It will be a cold day in hell when I encounter an avoidable problem.

"When you men get home and face an anti-war protester, look him in the eyes and shake his hand. Then, wink at his girlfriend, because she knows she's dating a pussy." Quote - General Tommy Franks

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Lily03 says on Sep 17, 2007, 12:36:

Yup definitely bring your ATM card..just very careful about the "cloning" trend..there are a couple of good banks that have a 24 hour bank security..Citibank is good.
I believe Poco's tips are good...listen to the man, he seems to know.
I've been here for 4 months already buy my situation is a bit different as my wonderful company is paying for everything. Lucky me.

Enjoy your stay, where are you going to be going to School.?

Oh..and I do recomend staying away from those prepago girls...seriously guys, give better advise please. I am sure you will meet nice girls that are not interested in you being "extranjero", or your money. Dance a lot of Salsa her is the best ( I love Salsa and love dancing it)...although I found that in Bogota they don't play a lot of Salsa music they are more into electronica, TropiPop, and merengue and other new rhythms

Good luck and Enjoy!

-Lily

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Rob77 says on Sep 17, 2007, 12:51:

Christophe,

Maybe I could elaborate more on what Poco is trying to prepare you for, (in the worst case scenario, of course). There is something here called, "Paseo de Millonario", where a couple of criminals grab you, take you around town, and force you to withdraw the maximum money form different ATM's. A popular time to do this is a little before midnight. That way they make you take out the maximum daily amount allowed on both days (before and after midnight).

If you have 2 separate accounts, and only one linked to the debit card, you keep the majority of your funds in the account not linked to the debit card, so it looks like you have emptied your banks account. This keeps the rest of your funds safely out of access by your card.

Poco is also trying to warn against accessing your financial accounts in public places, like Internet Cafes. It is not uncommon for these places to install programs that record all your key strokes, giving them access to your accounts.

>R

PS. Paco, my US bank just started charging 1% on all transactions out side the US. I'm going to check out Compass Bank.

BOYCOTT CITGO - CHAVEZ SUCKS!!!

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JChrisusa says on Sep 17, 2007, 13:21:

Thanks a lot everyone, I really appreciate all this information and I am sure I will try to do as much as possible to keep my money safe.
I would like to know the amount of money you would budget daily if you stayed in Bogota.
How much money should i expect to spend there during my whole trip.

Thank you.

-Christophe-

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poco says on Sep 17, 2007, 13:49:

Quote: I would like to know the amount of money you would budget daily if you stayed in Bogota.

Ha, no answer but I'm sure a student or teacher will post the amount. Always entertaining.

Not fair for me not guess,, because everyone has different requirements.

I'd say $500 U.S.D. per month for a student should be OK for spending money. After that you need to calculate housing and utilities.

Medical insurance ??? Most U.S. policies do not pay BUT I understand some that WILL pay if you get authorization before you leave.

Quote: PS. Paco, my US bank just started charging 1% on all transactions out side the US. I'm going to check out Compass Bank.

News on TV says fees are going up. Some bank somewhere started charging more and the word is the rest will follow.

Someone posted a list of the banks that have NO FEE so do a search and verify they also refer to overseas. Compass is overseas BUT and this is not a big deal, the exchange rate is about 1 % DIFFERENT than the fee cards,, maybe a little less.

I like compass statements because there is NEVER a fee on my overseas (or state side) transactions but don't ask for a balance because there is a fee for that.

I hate seeing fees but until about a year ago they were unavoidable when using another banks machine.

"When you men get home and face an anti-war protester, look him in the eyes and shake his hand. Then, wink at his girlfriend, because she knows she's dating a pussy." Quote - General Tommy Franks

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jorgegdiaz (☼Travelguide writer) says on Sep 18, 2007, 19:07: