Post: #1

Heading out in a couple days to Medellin for the first time in Colombia. Any suggestions on getting pesos would be appreciated. Get in USA or Colombia? Get all at once? Use of Amex or Mastercard and ATMs in Colombia? Thanks. Can't wait to get the flag and hoping one of the dates I have preset comes through with a big connection in person!

Post: #2

Find a bank in your home country that has branches in Colombia (like Citibank and HSBC) and see if you can get into one of their premier programs (for Citi it was the gold checking) that way you can get free withdrawals abroad with the best exchange rate.

Post: #3

(07-19-2010 09:56 AM)kerouac Wrote:  Find a bank in your home country that has branches in Colombia (like Citibank and HSBC) and see if you can get into one of their premier programs (for Citi it was the gold checking) that way you can get free withdrawals abroad with the best exchange rate.

this is EXACTLY what I do. I am a citigold customer, and there are 2 CITibank branches in Medellin, 2 in Bogota, and 1 in Cali...ATM's work, with no exorbitant fees from your bank.

DO NOT USE Bank of America - their fees will KILL you while abroad. I use to pay about 30USD per day in fees!!! I switched to Citibank Gold...and could not be happier!

Keep in mind that ATM's in many Latin American countries have a single withdraw limit...that is, you cna only withdraw up to 200USD at a time, so, if you needed 201USD, it woudl be another ATM transaction, with additional fees! Thsi is not an issue with Citi Gold, at foreign Citibanmk branches.

Mixx

Post: #4

Avoid exchanging at the airport because their rates are the worst. Even the touristy areas in any city's centro have better rates.

I take very little cash on me upon arrival (~$50), and then when I arrive at the airport I go straight to the ATMs (there usually are several) and make a withdrawal. Be sure to call your bank beforehand and tell them which countries you are going to so the transaction works. ATMs give the best rates.

Do not withdraw cash with a credit card because they tack on a "cash advance fee." Use your checking account. BUT check your bank's rates and shop around. They probably charge a 3% "foreign transaction fee." A bank like Everbank.com charges 1%. Google is your friend.

I left Brazil with a lot of real's because the exchange rate at the airport was a joke. Instead I cashed them in Cordoba's centro, where it was nearly 15% better.

Bottom line: if you value your money, do not exchange at the airport and do not use credit cards

Post: #5

use atm's

Post: #6

Get a Schwab Investor Checking Account.

http://www.schwab.com/public/schwab/bank...g/checking

You will freaking love it

-No foreign transaction fees
-All ATM fees get reimbursed to you
-Online Banking
-Its VISA, so use at pretty much any ATM around the world.

Post: #7

(07-22-2010 11:48 PM)gringoed Wrote:  Get a Schwab Investor Checking Account.

http://www.schwab.com/public/schwab/bank...g/checking

You will freaking love it

-No foreign transaction fees
-All ATM fees get reimbursed to you
-Online Banking
-Its VISA, so use at pretty much any ATM around the world.

I use paypal debit card which charges a one dollar withdrawal fee with the same exchange rate has very other VISA debit card I have without the 5 dollar transaction fee.

I usually look for a BanColombia ATM because they let you withdraw 400,000 pesos at a time while some other banks limit you to 300,000 peso per withdrawal.

They daily limit for cash withdrawals on a paypal debit card is $400 but if you get a second card on the account you can withdraw up to $800 a day from just one account.

Post: #8

Gringoed hit it, I remember watching a money manager program out there, one of those network financial advisors, they said the best two were charles schwab and I think the capitol one card were the best for international. Citibank I looked into because I had an account, its only really good for larger amounds unless you have 50k sitting in an account to be gold and they still charge a transfer charge. Unless this has changed since I went into their Colombian branch 3 years ago.

They said they are seperate companies and you had to open an account in Colombia, then transfer to local account blah blah....

I had USAA they did the same refunding of ATM fees.

Post: #9

(08-27-2010 01:34 PM)clr Wrote:  Gringoed hit it, I remember watching a money manager program out there, one of those network financial advisors, they said the best two were charles schwab and I think the capitol one card were the best for international. Citibank I looked into because I had an account, its only really good for larger amounds unless you have 50k sitting in an account to be gold and they still charge a transfer charge. Unless this has changed since I went into their Colombian branch 3 years ago.

They said they are seperate companies and you had to open an account in Colombia, then transfer to local account blah blah....

I had USAA they did the same refunding of ATM fees.

Capital One is my card of choice abroad...With a $25K limit and no International Fees...Good as gold when I travel. If I'm using cash I just make one or two ATM withdrawls...I bank with Bank of America and with Scotia Bank, Barclays and another British Bank, Deutche Bank, BNP Paris, Chinese Contruction Bank and a few others they do not charge. If I cant find one of those I just eat the fee and make large withdrawls. I need to start looking into one of those PayPal cards since I already have an account with them.