moving to Colombia - what to do with my money i bring

fieldy says on May 6, 2006, 13:21:

$$$$$$$ I would leave the money in your account and draw it from an ATM when you need it with your US ATM card.
Ask your bank in the US what they charge you per transaction, it´s usually $2 per transaction.
Forcast weekly how much in Pesos you will need and draw from your account weekly. "Davivienda" Bank allows for the highest withdrawals at $500,000 pesos at a time.

Each transaction from an ATM gives you the very highest exchange rate.

Internet banking with your US bank is also a good idea to keep track of your balances.

You will be able to open an account when you are settled and your papers are in order.

Hope that may help you. Good luck with your move to Colombia.

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SingSling says on May 6, 2006, 14:17:

Cash There are many threads on this subject, just scroll back over the last three or four pages, but to summarise, NEVER bring cash into Colombia you will get a far worse rate trying to change bank notes, sometimes up to 10 % less than they are worth.

Either use an ATM to withdraw money (any of them will be better than using cash but look at past threads for pros and cons of each particular bank), or transfer it all in one go (using a telgraphic transfer TT) to an existing account in Colombia held by a friend or colleague then withdraw the money when you arrive, the rate you get will depend on the bank but it will be fair.

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caslug says on May 6, 2006, 14:45:

i recommend citibank acc't in the US. Then in cali you can simply withdrawl as you need fr two citibank branches(one near avienda sexta, one near unicentro IRC). Then we you get a job you can a) keep your paycheck as cash or b) deposit it in col citibank acc't. if your COL job pays enough to live one, then you don't even have to touch your citibank US funds!

That's what my plan was if I moved to COL to work. Good luck!

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Gator says on May 6, 2006, 19:38:

Go With CITY Bank Be SURE and contact their INTERNATIONAL banking section in NYC.
We use the branch at Cra. 9A No. 99-02 in Bogotá as well as using Conavi as our local bank.

"SIC FRIATUR CRUSTUM DULCE. OBESA CANTAVIT."

"Credidi pretio parvo emere et magno vendere tibi in animo fuisse!" .

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Gomezman5 says on May 6, 2006, 20:28:

I know that bank well....bunch of .......... So I went there (the Citibank at Cra 9a con 99) when I wanted to change dollars to pesos. First the lady on the phone told me that they did. So I went there, and then someone told me that they would do it only if I had my passport or an account there. A photocopy of my passoport did not suffice. So I went back with my passport, and then I was told that they did not change the money period.

I said to myself......welcome to Colombia.

Nice to know that when I go to Mexico, I walk into any one of the 67 million branches of Banamex, no ID, no passport, just plain old me, and in a matter of seconds, I can get my dollars changed to Mexican pesos.....just like that.

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Gator says on May 6, 2006, 22:15:

The Banks... casa de cambios will want either your cedula or ORIGINAL passport before changing money. Have no idea about Mexico's procedures. Are you a customer of Citibank? or did you just "pop" in and try to change $$$?

"SIC FRIATUR CRUSTUM DULCE. OBESA CANTAVIT."

"Credidi pretio parvo emere et magno vendere tibi in animo fuisse!" .

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Gomezman5 says on May 6, 2006, 23:00:

Well Gator..... I do not have a bank account with Citibank, but I used just a bit of logic and figured if it's an American bank, or at least an affiliate of an American bank, which it must be because it's the same logo, and you can get info from the American Citibank website, that if I would show up with an American (as in US) passport, then I would be able to make such an exchange. Was I that far off in my logic? I guess so. But if I am that far off in my logic, than you will have to tell me why I can change money at Banco de Bogota, which by all accounts, is a Colombian bank. So please explain that logic to me?

Although, I have to tell you that Banco de Bogota was less than kosher in the way they handled the entire procedure. The teller looked at the passport photo with alternating eyes as if he had some type of nervous condition. He then asked me to wait (albeit politely) while he went to round up a supervisor. The supervisor and the teller talked, and then the supervisor's eyes went through the "nervous eye" routine as well. After about 6 or 7 minutes, they agreed to make the change....but they limited my conversion to 250 American dollars. I had asked for a greater amount. I guess they had some doubt as to whether I was indeed that person in the photo, so they would only risk up to 250. Who the hell knows?

What was most strange about the whole ordeal, was the fact that they put a stamp in the back of my passport indicating that I was at thier bank and making this transaction. It had the branch number, the date, and the amount, with the signature of the supervisor. They never even asked me my permission. Anyone that knows anything about passports will readily tell you that this act was unlawfull in that passports can only be stamped by govenments, and not private entities. I guess nobody told that to Banco de Bogota. Besides, who would want to have that in their passport any way The stamp was so large, it took up 3/4 of an entire page.

In the end I thought.."Welcome to Colombia." Yet I imagine that Juanalejo will come on here, and apply that twisted logic of his in an endeavor to explain how all the above was both appropriate and justifiable. On the other hand, Juan knows,as well as everyone else, that Colombia is the capital of the world for the prodcution of counterfeit dollars. What a dubious distinction. So tell me that there isn't a culture of lawlessness over there. It takes a lot of guts to print counterfeit currency of another country.

As to Mexico again, I do know. No passports needed. No ID's needed. No waits. No questions. Banamex. Downtown Guadalajara, Jalisco on Avenida Juarez. They change your dollars into pesos, no questions asked.

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lpdiver says on May 7, 2006, 05:04:

Well I had No Problems changing dollars. I always had a colombiana (wife or sister in law) accompany me and vouch for me. Colombia;like many countries has money regulations.

Gee I guess money laundering never crossed your mind? I had great difficulties banking in Aruba.

Travellers checques were interesting also. They actually called and verified for each one. Eventually I got all my money took about an hour each time. I came into the country with the 10,000 dollar limit and would have been discovered if I had tried to exchange more.

I found ATM's to be the most convienient.

Sometimes their regulations are wearisome but I didn't find them outrageous.

t

"cook some rice!"

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Gomezman5 says on May 7, 2006, 08:08:

lpdiver......money laundering? really? A few points.

Do people money launder $500. To think that money laundering occurs in such a small denomination is laughable.Besides almost everyone who walks into a bank to exchange currency, does so in denominations that does not even remotely approach the realm of money laundering.

My second point is that to the extent money laundering does occur, that is not a reason to prohibit a lawfull activity completely is it? We don't stop people from driving cars because there are people that drive drunk.Do we? The hardships imposed on people because of their inability to exchange dollars, and thereby forcing them to go to these less than scrupulous casa de cambios, is to me, a more signifcant problem than worrying about the few people who want to launder dollars.

To think that an American bank would not allow a fellow American with the appropriate Identification to exchange currency is absurd no matter how you look at it.

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Gator says on May 7, 2006, 08:12:

Different Banks Have Different Rules It not really an "American Bank"it is a "Colombian Bank" that has to follow its internal rules and well as Colombian law. Conversely Bancolombia in Miami is required to follow US banking rules. Solve you prolem and use an ATM

Again what does Mexico's bank rules have to do with Colombia? (Sic friatur crustum dulce.

"SIC FRIATUR CRUSTUM DULCE. OBESA CANTAVIT."

"Credidi pretio parvo emere et magno vendere tibi in animo fuisse!" .

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Gomezman5 says on May 7, 2006, 08:31:

Gator.....I hear ya but Defending a system that is absurd to begin with because of the rules of the country does not make make the system any better or user friendly for that matter.

Also, the fact that Citibank cannot or would not exchange my currency has nothing to do with any law or rule of Colombia. If that were the case, I would not have been able to make the exchange at Banco de Bogota. No? Furthermore when I inquiered of Citibank why they would not make the exchange, they told me they just didn't make exchanges.They never told me it was prohibited by law.

Gator, youu forget one thing, when it comes to currency, there is no better form than dollars.....it has world wide acceptance, that said, why would a country that expects to compete on the global state prevent it's banking industry from exchanging dollars. If Colombia did have a rule of this nature, all this borscht around here about Colombia being a rising star in the global economic arena would be just that....borscht.

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poco says on May 7, 2006, 08:42:

Good idea Ask your bank in the US what they charge you per transaction, it´s usually $2 per transaction.

I agree with this entire post. I spend 6 months a year in Colombia and under NO circumstances outside “business” would I ever want a bank account, NEVER.

I recently posted that I’d found a bank with FREE checking, FREE checks and NO ATM fee internationally. They paid some paltry amount of interest. I haven’t used this bank ATM yet but what the heck, I’ll give FREE a try, plus they are sending me a FREE smoothie maker.

You might want to open an account with some of the money you get out of the ATM. I did but it is in my GF’s name and separate from her account. I did this “just in case” the ATM’s “quit” ie: bad communications. I do this to be absolutely sure I have some pesos.

You might also use Moneygram to send yourself $500 before you leave. I personally send my GF the money and we pick it up when I arrive.

Cash in the form of U.S. dollars on your person is not recommended. You will “take a beating” when you exchange. Banks can NOT exchange as far as I know. Also checks are unheard of. Ha,, hear they tried it years ago,, toooooo much fraud. Oh,, don’t go looking for a mail box.

Colombian Banks are just another place to stand in line.

Besides almost everyone who walks into a bank to exchange currency,
PS: Gman,, what bank exchanges dollars for pesos? I must admit I've never spent much time in a city but I thought you needed a "special" place to exchange money where they bend you over on the exchange rate and don't supply the KY jelly.

"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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Gomezman5 says on May 7, 2006, 09:06:

Poco I can't speak for today, but a few years ago, I was able to exchange my dollars at Banco de Bogota. As I discussed above, I have the stamp in my passport to prove it. Now like I said, that was a few years ago, so things might have changed since then. However, if things have changed, that is a sign that things in Colombia have taken a turn for the worse and not for the better. A country that does not have financial institutions that will exchange dollars for its national currency is not exactly a rising star.

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poco says on May 7, 2006, 09:34:

Exchange rates There is no doubt you were there. I’ve been there 4 years and not one bank, especially Banco de Bogota or BancColombia will exchange currency. However, a city like Bogota might have “special” arrangements with the government controlled exchanges and have the service available within the bank but I believe it has nothing to do with the bank except they might be renting the space.
This is a current exchange using a Banco de Bogota ATM.

04/26/2006 Debit / ATM WITHDRAWAL - $128.03 (300,000 pesos) exchange rate of 2343

04/26/2006 Interbank rate 2406 using FX history.

So, 60 pesos or 2.5 cents difference per dollar according to the FX history conversion chart set to the interbank rate. I use FSX and have found it fairly accurate for ATM’s.

During this particular time the PESO has experienced wider than normal exchange swings.

Credit cards are accepted almost everywhere. In a pinch you could get a 2 to 5 million cash advance at most banks. I wouldn’t recommend using one at a hotel unless you know the exchange rate. This is of course world wide.

Oh,, about using the internet at a “café” to conduct business. I’d avoid this like the plague. A key stroke “saver” is a very common piece of software. Just what you need,, someone who could look up your user name and password when you leave.

Just another reason to have separate ATM cards for Colombia with LOW daily withdrawal limits. I have internet at my house in Colombia so no problem with software installed by others.

"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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cali373 says on May 7, 2006, 19:43:

I would not patronize Citibank.

Smile if you are a thinker!

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Gomezman5 says on May 7, 2006, 21:08:

cali373.....after my experience I would not either!!

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omargue says on May 8, 2006, 07:55:

well im going to look into CITI Bank because it could work for me. Also where is a BanColombia in Miami? i am assuming that if i start a checking account with BanColombia here in Miami, then when i go to Cali it will have the same acct. #, (hence being the same acct.) if this is true, then BanColombia seems the best bet right?

just to note......i have my dual citizenship so i dont have to wait for any papers.....also i do not want to keep my US bank because i will be in Colombia for a number of years and it is pointless to keep having a charge with my US bank acct. i would feel more secure that if a problem arises to be able to go into the bank and deal with them instead of making an international call, being put on hold and not be able to solve anything.

Thanks for all the help!

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johna says on May 8, 2006, 08:10:

Whats the beef with citibank? just curious as I may open an account there.

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Gator says on May 8, 2006, 08:59:

Been Open A Couple of Years BANCOLOMBIAMiami, 1111 Brickell Avenue, Suite 1550',
Tel (305) 373-39 69



"SIC FRIATUR CRUSTUM DULCE. OBESA CANTAVIT."

"Credidi pretio parvo emere et magno vendere tibi in animo fuisse!" .

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lpdiver says on May 8, 2006, 13:46:

Ypu would be surprized I got a counterfeit coin the was produced from two other legitamate coins and took a great deal of labor...maybe for a profit of 20 pesos.

It is not an american bank bank per se. It may be american owned but it is located in Colombia and must follow their rules and regulations as another poster stated.

There are things that are dificult to do in Colombia but you just have to be patient and learn the ropes.

T

"cook some rice!"

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