This bank has free atm charges in Colombia......

expatriate says on May 18, 2007, 14:57:

Real Deals Those ATM cards are good only in the US and Canada.
Here is what is on Wescom Credit Union's website:
"With your Wescom Check Card, you can do your banking at more than 25,000 CO-OP ATMs across the United States and Canada."

Here are some real deals. For ANY US citizen wanting a free checking account that does not charge international ATM fees, there is National Interbank in Indianapolis and Affinity Bank in Ventura, CA. Both banks allow you to open an account by mail.

In a nation ruled by swine, all pigs are upwardly mobile.

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tomtom33 (☼Travelguide writer) says on May 18, 2007, 15:03:

griffbos says on May 18, 2007, 16:16:

hmmm tomtom I think it is the network the atm's are part of that set the exchange rates, I have used the same bank in Colombia using 2 different atm cards and the exchange rate was different , the transactions were done with in minutes of each other , we not talking a big difference it was 2411 compared to 2409 pesos per dollar

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gringoloid (Trustee board) says on May 18, 2007, 17:35:

In reply..... what I meant to say was that they are not robbing me on the exchange rate to make up for the fact that they are not charging an atm fee.

If I have to send money to Colombia from Orange County, CA through Dolex, I have to pay a fee plus I only send 1990 pesos per dollar. The fee from Dolex is only $3 per hundred so that is far better deal than Western Union.

I use my wescom card a couple times a week, and have never been charged a fee while in Colombia. On their Visa credit with rewards, I pay just a 1% foreign transaction fee.

I'm sure there are other banks in this country with a good deal, but many people have stated here that they are paying as much as 3.5% fee on their atm cards, and a 7.5% foreign transaction finance fee, (on top of everything else).

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gringoloid (Trustee board) says on May 18, 2007, 17:42:

Now that we're on the bank subject..... I was told at my Citibank in Bogota that they would be glad to open an account for me if my business partner, who is a colombian lady who owns property there, also has her name on the account. No checks can be written without my signature on the account. I do not have a cedula so this looks like a very easy way to open an account. The minimun is a $10,000 initial deposit.

The guy at the bank says that the money is held at a Citibank in Miami in dollars.

Aside from the obvious of having another person on the account with my money, what else is wrong with this, if anything?? Have you ever heard of this?

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tomtom33 (☼Travelguide writer) says on May 18, 2007, 18:29:

gringoloid (Trustee board) says on May 18, 2007, 18:32:

tomtom if they have no control, then why does Dolex give me such a bad rate? And I mean a really bad rate! that is, compared to wescom.

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tomtom33 (☼Travelguide writer) says on May 18, 2007, 18:41:

panthdave says on May 18, 2007, 19:37:

I think Mastercard International and Visa International They both have a say in the exchange rate too at ATM's..if you use a debit card..

My Bankfirst card only passes the 1% from Mastercard International
BankofAmerica Debit Card passes 1% from Visa plus charge additional 1% for themselves..

Gringoloid very interested what I heard for you with Citibank but don't understand you will have a US Dollar account in Miami but you can withdraw Pesos like a Citibank Peso account Please explain.. Interesting the minimum amount is 10,000 thats pretty high for Citibank..Whats the difference than having a Citibank Dollar account and withdrawing in Pesos won't you get hit with an exchange fee anyways..

I would only want a Peso account so I can remove the exchange fee but I heard Banks in Colombia have high transaction fees anyways..



panthdave Miami

panthdave Miami

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gringoloid (Trustee board) says on May 19, 2007, 10:01:

Basically pantdave..... I don't have a cedula; i travel back and forth when my visa expires. i can't open a bank account as a result.

i just mentioned it because some other people here, like myself do not have cedulas.

From what I see, this is a very cool way to avoid the exchange rate problems and I thought I would let you guys have your say. Because i'm pretty sure i'm going to do this.

It's also a great way to avoid the issue of bringing too much money into the country, because you are really not. the account stays in miami.

I'll be returning soon to bogota and I'll fill you in on all the details.

I'm opening up a restaurant, and this is a great way to avoid all the hassels.

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panthdave says on May 19, 2007, 10:36:

Please let me know How Citibank absorbs the Fees With them holding dollars for you In Miami and no exchange fees when you go to the bank and pull Pesos unless in Miami they are holding Pesos for you..



panthdave Miami

panthdave Miami

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gringoloid (Trustee board) says on May 20, 2007, 12:52:

Panthdave, one more question..... do I have to go back to the U.S. when my tourist visa expires, or can I go to Panama or Venezuela, and from one of these places, return to Bogota.

DAS does not have any problem letting me stay for the six months as long as I pay the fee, I think it is 60.000 COP each time, and they give me 90 days; but after 6 months you have to leave and come back.

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Miguel_Clavo says on May 20, 2007, 12:56:

any other country is fine... Just my opinion...

Miguel_Clavo =)..aka, DragonSlayer..2-0..Colombia es pasión!

"I would rather die living life, than to live a dying life."........ Oh, and my PM is always ON. Great Bumper Sticker: "Home of the Free, Because of the Brave"

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gringoloid (Trustee board) says on May 20, 2007, 12:58:

Pantdave....keep in mind that I have a co-signer who is colombiana and owns property in Bogota. It is a way to have an account in pesos in colombia, if you don't have a cedula.

To put my name on the account, I have to keep $10,000 in dollars in the Miami branch. I won't be touching this.

The bank manager on Avenida 19 seemed very pleased that I would do this, as he gets credit for the money at his bank, not in Miami.

The whole thing is legal because of the co-signer.

I'll start a new thread with all the fine print so you guys can challenge it.......

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tomtom33 (☼Travelguide writer) says on May 20, 2007, 15:52:

gringoloid (Trustee board) says on May 20, 2007, 19:15:

yeah, i hear you tom33..... I am in Los Angeles right now trying to decide what kind of visa I can get. On the pensionado visa, you have to pay income tax on that after 5 years.

Estaban the lawyer guy, says that you can come in on a student visa, invest $20,000 USD, and then you can get an "owner of a business visa" after 2 years. I'm checking on the validity of this.

Any help with visa suggestions would be greatly appreciated.

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Miguel_Clavo says on May 20, 2007, 19:24:

look at www.colhouston.org....look at business visa vs investors visa....

Just my opinion...

Miguel_Clavo =)..aka, DragonSlayer..2-0..Colombia es pasión!

"I would rather die living life, than to live a dying life."........ Oh, and my PM is always ON. Great Bumper Sticker: "Home of the Free, Because of the Brave"

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darwel says on May 20, 2007, 19:33:

citibank atm's are free As of March this year all USA based accounts can access many international ATM's (all in Colombia for example) and can access up to $1000 US per account per day with no fees.

However, using the card at a store went from 1 - 3 %.

darwel

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tomtom33 (☼Travelguide writer) says on May 21, 2007, 05:00:

rocinante says on May 31, 2007, 11:27:

tomtom US $24,000 in cash and/or stock in a US account? Like a Roth IRA or something like that?

"World economic indicators point to a democrat winning 2008. It will surely be Obama. Not that the US president actually runs the US." Feb 5, 2008

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panthdave says on May 31, 2007, 15:05:

Darwel..So Citibank will absorb Conversion Fee.... First time hearing that usually Citibank will charge the pass thru cost from Visa/Mastercard International of 1% so now there going to absorb that fee cannot believe.. I can believe if you use there Citibank card at any Citibank ATM maybe they will absorb the fee..My reasoning is that Citibank United States needs to convert your dollars over to Pesos to Citibank Colombia which maybe is not a cost for them but to another Colombian Bank I would say they will not absorb that fee..because they would need to convert Pesos and transfer to another bank which is not under there umbrella.



panthdave Miami

panthdave Miami

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panthdave says on May 31, 2007, 15:22:

Gringoloid very interesting Now I understand.. The dollars sit like in a Savings or CD in a Miami branch and those dollars are not touched. On top you will then deposit pesos to start up a checking account with Citibank Colombia...along with your cosigner...Without a Cedula not bad..

panthdave Miami

panthdave Miami

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gringoloid (Trustee board) says on May 31, 2007, 15:37:

dave..... i'll still be here in Los Angeles for a few more days before I can return to Colombia next week.

when i get back i'll open the account and tell you what happened. the manager at the Bogota citibank seemed very happy to get the deposit.

I was at the Colombian Embassy yesterday......what a runaround. But they gave me an extension for time in Colombia until I get my rentista visa.

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