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Answers: What's the best and cheapest way to exchange US Dollars for Colombian PThis forum post has messages dated from 09/05/10 through 10/01/11, please be sure to read all the messages. If you feel it is old or outdated, please follow up with a question or comment and someone may be able to update it, or reply with newer information if you have it.
| Answers: What's the best and cheapest way to exchange US Dollars for Colombian P I will be traveling to Medellin, Colombia in a few weeks and I've been told the best way to get Colombian pesos is to arrive in the country and use my ATM card to pull out Colombian Pesos. I called my bank and asked what they charge for this, and they said it is 3% plus $3. So if I pull out the equivalent of $500, I will be charged $18. Seems kind of steep. Is there no better way to do this? I've heard banks and cambios in Colombia require a lot of paperwork and your passport and fingerprinting to exchange dollars to pesos, and the rate isn't good. Is this true too? Please help. Thanks. |
| "Get a new bank!"
If you shop around you'll find a bank that offers international use of your ATM card without a fee.The other think to watch out for with the fees is the max withdrawal limits. Last time I was in Colombia it was generally 300, 000 COP. or about US$150. So if you pay 3% + $3 per transaction, the cost to take out US$450 would be: 450 x .03 = $13.50 + 3 transactions at $3.00 = $9, totaling $22.50 not $18. Ask your bank what the service charges and limits are if you go to a tell in a bank and get cash. |
| "Money Exchange in Medellin"
I have an online bank account and a credit card with Capital One. They do not charge any foreign transaction fees so I get the rate of the day when I take money out of any ATM that here that works with this type of ATM card ( about half of them do but not Bancolombia). Hope this helps |
| I am thinking of having a vacation in the country of Colombia with my wife. A friend of mine is already living in there and I would like to take that opportunity to visit that friend of mine. If you could share here any good tips and suggestions as to the best travel destinations in the said country then those would be a lot of help. Any good links would be great as well. |
| If you really want to get a cheaper way of exchanging money to another currency, you better try to open a new bank account. But, I think it is not applicable for all. There are some people who would prefer to use their international VISA card and withdraw their money to local currency. There is a charge but other still prefer to use this method. You can check other options from the bank. |
| "Change the rates"
Go to different places and change the exchange rates. Once I wanted in line at a bank on Colombia for close to an hour to exchange some money. The rate I got was much worse than other legit exchange options. |
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