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Post by jafo19d on Dec 8, 2018 9:27:29 GMT -5
About a week ago I wasn’t able to use my TD card at Servibanca (they allow you to take out 780k and the exchange rate is ok). I thought it was the ATM machine that was temporarily down and didn’t give it much thought.
Yesterday I tried again and same thing. Also tried a Banco de Bogotá and nothing. I called the bank to up date the travel advisory and he said I was good to go. Tried those two ATM machines again with the same result. Went to Davivienda and it worked but the exchange rate was 3009.
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Post by búfalo on Dec 8, 2018 9:45:25 GMT -5
Wow, good to know. Last time there I had no problem with mine.
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Post by scumbuster on Dec 8, 2018 10:48:16 GMT -5
wow. Davivienda used to give you a decent rate. 3009 is terrible.
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Post by sedelen on Dec 8, 2018 11:30:04 GMT -5
wow. Davivienda used to give you a decent rate. 3009 is terrible. I got 3174 on the 6th and 3196 on the 5th using Davivienda. Yesterday I used bank Colpatria or something like that because I could withdraw more, and I got 3162, (all these rates exclude fees). There's been big downside fluctuations to the dollar exchange rate over the last week. |
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Post by jafo19d on Dec 8, 2018 12:26:06 GMT -5
It looks like Davivienda didn’t charge me a fee but instead gave me a bad rate
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Post by barrumundi on Dec 8, 2018 14:43:26 GMT -5
I did some withdrawals yesterday from both Davivienda and Bancolombia. Bancolombia had the better rate. The difference between the two, for an amount of approx. AUD $300, was 18 mil. That's enough for lunch for two.
I liked Davivienda because I could withdraw larger amounts per transaction but they can get stuffed now!
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Post by búfalo on Dec 8, 2018 16:10:21 GMT -5
Cancel whatever I posted before. I do remember being refused at a few ATM's come to think of it. I also stuck with a no-fee one when I found it but then yup, got a really sucky rate.
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Post by mudd on Dec 8, 2018 16:23:13 GMT -5
I did some withdrawals yesterday from both Davivienda and Bancolombia. Bancolombia had the better rate. The difference between the two, for an amount of approx. AUD $300, was 18 mil. That's enough for lunch for two. I liked Davivienda because I could withdraw larger amounts per transaction but they can get stuffed now! strange, i used davianda and bancolombia, davianda gave me the better rate.. |
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Post by elexpatriado on Dec 8, 2018 18:27:08 GMT -5
It doesnt matter what rate you "get"..it matters what rate they give you compared to the XE.com rate or other "official" rate at COB the previous business day. You can only manage what you can control
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BTW Buen pues..I went to a Colpatria Bank WO Scotia Bank markings on it and they gave me roughly same exchange rate as Davivienda..XE rate minus 3% ..on CAD $ mind you..
Pero hay un gato encerrado aca..
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bob88
New Member
Posts: 12
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Post by bob88 on Dec 9, 2018 8:55:50 GMT -5
Went to Davivienda and it worked but the exchange rate was 3009. I'm curious how you calculated 3009 as the exchange rate. Are you taking
Davivienda's ATM fee into consideration? What fees does your bank
charge for foreign ATM withdrawals?
From my experience, the exchange rate is always Visa or Mastercard's official rate (ignoring any fees by the ATM or your bank). |
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Post by sedelen on Dec 9, 2018 10:03:56 GMT -5
I did some withdrawals yesterday from both Davivienda and Bancolombia. Bancolombia had the better rate. The difference between the two, for an amount of approx. AUD $300, was 18 mil. That's enough for lunch for two. I liked Davivienda because I could withdraw larger amounts per transaction but they can get stuffed now! Interesting, I've used both with about the same rates, but Bancolombia charges a hefty fee, which doesn't matter if you have a card that reimburses you. I am also able to get 200 mil more out of Bancolombia than Davivienda. |
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Post by elexpatriado on Dec 9, 2018 15:11:20 GMT -5
wow. Davivienda used to give you a decent rate. 3009 is terrible. Yep- the official $USD to Colombian exchange rate never changes.LOL People are funny. I dont know how many times this has been covered on previous threads, but it doesnt seem to sink in. Very simple basic finances. The $USD to Colombia COP official change rate changes daily , weekly etc, (SURPRISE, SURPRISE!). The official $USD to COP exchange rate has actually dropped by over a 100 COP in the last week or so. If you want to see how much any Colombian Bank ATM is charging you; 1.Take the XE. Exchange rate (or if you prefer, Banco de la Republica official rate) on COB the last working day (That would be the previous day 5 PM on weekdays, or on Previous Friday on weekends and Lunes Festivos) www.xe.com/es/currencyconverter/convert/?Amount=1&From=USD&To=COPwww.dolar-colombia.com/2.Compare it to the actual rate you get at the AtM when you pull the money out. It doesnt matter what the "Published Fee" you see on the screenis (though it is obviously better to avoid the banks with published screen fees) or the additional "hidden" "exchange rate Fee", this is the total net fee they are charging you. This of course assumes your US bank is not charging you on their end. |
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Post by elexpatriado on Dec 9, 2018 15:19:46 GMT -5
For Canadian Dollars, I am still getting best rate from Davivienda and Colpatria -the ones that havent been taken over by Scotia Bank yet
When I paid my rent about 6 weeks ago I did an experiment and took money from 4 different banks. Davivienda, BBVA, Servinbanca and Banco Colombia .. the last 3 weere where ridiculous- charging 6.5% net. I didnt go back
I dont know if it has changed, but with my Canadian Debit card, they had a published fee of 12,600 to 13,600 COP per withdrawal and Davivienda and Colpatria (non-ScotiaBank) suposedly have zero "published" on screen fees..
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Post by barrumundi on Dec 9, 2018 15:54:51 GMT -5
wow. Davivienda used to give you a decent rate. 3009 is terrible. Yep- the official $USD to Colombian exchange rate never changes.LOL People are funny. I dont know how many times this has been covered on previous threads, but it doesnt seem to sink in. Very simple basic finances. The $USD to Colombia COP official change rate changes daily , weekly etc, (SURPRISE, SURPRISE!). We ALL know the exchange rate changes every day elex. DOH!!! That is not what we are discussing! What doesn't seem to sink in with YOU is that different banks charge different exchange rates ON THE SAME DAY! We are discussing WHICH banks tend to offer the best rate in general. (SURPRISE, SURPRISE!) |
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Post by wildstubby on Dec 9, 2018 18:33:16 GMT -5
barrumundi said: Just remember: You can tell elexpatriado, but you can't tell him much!  |
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Post by barrumundi on Dec 9, 2018 18:42:31 GMT -5
barrumundi said:Just remember: You can tell elexpatriado, but you can't tell him much! I used to think he had a problem with comprehension but lately I am thinking that he is so busy in his social life that he only has time to speed read everything and only touches down on every tenth word .......... so sometimes he doesn't get the correct gist of things. Obviously from his spelling he has a small smart phone and fat fingers. Am I the only one that wonders where he carries his phone when he is gadding about in his speedos? |
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Post by elexpatriado on Dec 10, 2018 12:49:20 GMT -5
Yep- the official $USD to Colombian exchange rate never changes.LOL People are funny. I dont know how many times this has been covered on previous threads, but it doesnt seem to sink in. Very simple basic finances. The $USD to Colombia COP official change rate changes daily , weekly etc, (SURPRISE, SURPRISE!). We ALL know the exchange rate changes every day elex. DOH!!! That is not what we are discussing! What doesn't seem to sink in with YOU is that different banks charge different exchange rates ON THE SAME DAY! We are discussing WHICH banks tend to offer the best rate in general. (SURPRISE, SURPRISE!) Then make a comparison to the XE:com or Banco De La Rupiblica or Official Visa exchange rate COB the day before, and dont compare to what you got at the same bank a week ago. That is all I am saying |
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Post by elexpatriado on Dec 10, 2018 12:54:08 GMT -5
barrumundi said:Just remember: You can tell elexpatriado, but you can't tell him much! I used to think he had a problem with comprehension but lately I am thinking that he is so busy in his social life that he only has time to speed read everything and only touches down on every tenth word .......... so sometimes he doesn't get the correct gist of things. Obviously from his spelling he has a small smart phone and fat fingers. Am I the only one that wonders where he carries his phone when he is gadding about in his speedos? Your the one who talks..cutting out only the contentious part of my post and not reading the important part OK I know I am very sarcastic I was one of the few who flunked Dale Carnagies course Seriousluy, you have to compare the rate you get to the official posted rate at Close of Business (COB) on the previous working day. S Sometimes, even 1 or 2 days can make a big difference |
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Post by barrumundi on Dec 10, 2018 14:37:50 GMT -5
Elex, Elex, Elex ...... you are driving me to desperation! If I need some cash today to buy groceries (for example) I don't give a rat's ass what the official rate was at COB yesterday (or last Friday).
I have no option other than to accept what ever the rate for the day is. I can't change it. It is what it is!
What I need to know is which of the three banks I have easy access to are going to give me the best rate.
Regardless of the official rate the banks decide what rate the are going to pay each day. It should be close to the official rate but it VARIES from bank to bank.
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Post by jafo19d on Dec 10, 2018 20:59:55 GMT -5
Went to Davivienda and it worked but the exchange rate was 3009. I'm curious how you calculated 3009 as the exchange rate. Are you taking
Davivienda's ATM fee into consideration? What fees does your bank
charge for foreign ATM withdrawals?
From my experience, the exchange rate is always Visa or Mastercard's official rate (ignoring any fees by the ATM or your bank). Good question Bob. It was published on the receipt. I usually don’t ask for the receipt but in this case it did and they put the rate they used. I also calculated manually COP 800k which yielded me $265.81 and it comes out at 3009 cop/usd. At least they didn’t charge me a fee. |
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Post by buenopues on Dec 23, 2018 7:46:58 GMT -5
I only use BBVA and Colpatria with my Capitol One 360 debit card. They both give the official rate with no transaction fee. A friend of mine gets his pension from a European country. For a couple of years he used the atm at a small bank in his village paying a transaction fee of about $15.000. I told him don't do that. Wait until you go to Tulua and use BBVA or Colpatria. That has saved him about $100.000 a month which is significant for him as his pension is well under two million. He nearly cried realizing how much of his money he'd given away to that small bank.
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Post by mudd on Dec 23, 2018 7:55:52 GMT -5
all the cards and banks give different rates and have different fees. one way or another, they get their money from you, or they would be losing money on each transaction.
find which bank works best for you, which gives a decent rate with a livable transaction fee. if your only using your card once per month, its not really gonna matter, but if your like me and use it multiple times per month, it adds up.
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Post by caliorbust on Dec 23, 2018 8:51:57 GMT -5
My US Citibank debit card works well with the Colpatria ATM, still no fees. Same with Scotia/Colpatria, but Colpatria gave me a better rate until recently when Scotia/Colpatria's rate was better. I usually try them both with 50 mil first (they are right next to each other) before I make a large withdrawal, calculator at hand.
Am stuck though with the 3% international ATM rate. Wish I had known about the 3% rate before I left the States and got a different bank account, like BankOne.
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Post by elexpatriado on Dec 23, 2018 11:46:04 GMT -5
My US Citibank debit card works well with the Colpatria ATM, still no fees. Same with Scotia/Colpatria, but Colpatria gave me a better rate until recently when Scotia/Colpatria's rate was better. I usually try them both with 50 mil first (they are right next to each other) before I make a large withdrawal, calculator at hand. Am stuck though with the 3% international ATM rate. Wish I had known about the 3% rate before I left the States and got a different bank account, like BankOne. Did you actually do the calculation against XE com ( or other equivelent) on COB last business day Cali? I keep consistently getting 3% difference with no published fees when I use Davivienda or Colpatria (non Scotiabank) My Bank in Canada swears that it is the hidden exchange rate conversión fee charged on the Colombian ATM banks end. They even showed me the clause in the account contract saying no fees are charged by them (TD) bank for foreign ATM withdrawals. This of course is converting CAD $ to COP. The 3% fee you talk about May be Colpatriaa conversion rate fee. Check with your US Bank to ensure whether they do or dont charges a fee. Myself, I really cant see way a Colombian ATM.would let a non- customer use their ATMs por free..Makes zero dense. |
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Post by elexpatriado on Dec 23, 2018 12:24:54 GMT -5
I'm curious how you calculated 3009 as the exchange rate. Are you taking
Davivienda's ATM fee into consideration? What fees does your bank
charge for foreign ATM withdrawals?
From my experience, the exchange rate is always Visa or Mastercard's official rate (ignoring any fees by the ATM or your bank). Good question Bob. It was published on the receipt. I usually don’t ask for the receipt but in this case it did and they put the rate they used. I also calculated manually COP 800k which yielded me $265.81 and it comes out at 3009 cop/usd. At least they didn’t charge me a fee. For Bob: Simple Math.Dont worry what it says on the screen or reciept that is white noise Let pesos recieved = X Let dollars withdrawn from your account recieved =y Let exchange rate recieved from transaction = Z Exchange rate recieved Z = X / y (x divided by Y) LeT oficial exchange rate determine from XE.Com ( or similar official source) on COB (Close of Business ..5 pm I believe)) on last working business day In Colombia =ñ Let pesos they are changing you on every USD =A A= Z-ñ (z minus ñ) Let net % they are charging you for the transaction = %NET %NET = ( A / ñ) x 100 Simple example Lets say you pull out $100 USD and you recieve 300000 pesos X DIVIDED by y = 300000 / $100 = 3000 cop/ $ exchange rate recieved Assume. ñ, official exchange rate on COB last working day in Colombia is 3300 A= 3300 -3000= 300.they charges yo 300 COP for every dollar you convert % net= (A ÷ ñ) × 100 = ( 300 / 3300) × 100 = 9.09 %. That are changing 9.1% on your transacción. This is very simplified.. Plug in the numbers for your case. |
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Post by barrumundi on Dec 23, 2018 13:07:06 GMT -5
The method caliorbust uses is very simple......... no brain strain. |
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Post by elexpatriado on Dec 23, 2018 19:00:43 GMT -5
I can see a lot of people dont remember grade 11 Match
I do the above in 30 seconds automatically. I hardly even need a calculator.
I just broke it down to a step by step basis por that Bob guy.
There is only one way to get the same answer..There is no "new math" and "old math". That was invented by the psycologists.
Math is math. You can.make a mistake, but if you do it right, math doesnt lie.
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Post by barrumundi on Dec 23, 2018 19:29:57 GMT -5
Dear algebra, stop asking us to find your X. She is never coming back...... and don't ask Y.
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Post by caliorbust on Dec 23, 2018 21:12:39 GMT -5
My US Citibank debit card works well with the Colpatria ATM, still no fees. Same with Scotia/Colpatria, but Colpatria gave me a better rate until recently when Scotia/Colpatria's rate was better. I usually try them both with 50 mil first (they are right next to each other) before I make a large withdrawal, calculator at hand. Am stuck though with the 3% international ATM rate. Wish I had known about the 3% rate before I left the States and got a different bank account, like BankOne. Did you actually do the calculation against XE com ( or other equivelent) on COB last business day Cali? I keep consistently getting 3% difference with no published fees when I use Davivienda or Colpatria (non Scotiabank) My Bank in Canada swears that it is the hidden exchange rate conversión fee charged on the Colombian ATM banks end. They even showed me the clause in the account contract saying no fees are charged by them (TD) bank for foreign ATM withdrawals. This of course is converting CAD $ to COP. The 3% fee you talk about May be Colpatriaa conversion rate fee. Check with your US Bank to ensure whether they do or dont charges a fee. Myself, I really cant see way a Colombian ATM.would let a non- customer use their ATMs por free..Makes zero dense. Since my funds come from the US and the exchange rate is determined in Colombia I am using a simple method, the TRM (Colombian peso to US dollar exchange rate) which is set by Banco de Republica. You have to wait a few seconds until the daily TRM appears on the the page.
In the past all Colombian banks used the TRM to exchange the USD but lately many banks seem to ignore the TRM and set their own rate, even change the rate in the middle of the day. So we are at the banks mercy from which we are withdrawing. The 3% international fee is added to the account by the American banks, not in Colombia and some cards are exempt from that fee, like gold cards or investment accounts. The reason I don't pay a fee at Colpatria and Scotia/Colpatria is because those banks used to belong to Citibank USA where my account has been for more then 30 years. There is another Colombian site regarding the US dollar exchange: www.dataifx.com/ |
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Post by elexpatriado on Dec 23, 2018 22:49:43 GMT -5
Did you actually do the calculation against XE com ( or other equivelent) on COB last business day Cali? I keep consistently getting 3% difference with no published fees when I use Davivienda or Colpatria (non Scotiabank) My Bank in Canada swears that it is the hidden exchange rate conversión fee charged on the Colombian ATM banks end. They even showed me the clause in the account contract saying no fees are charged by them (TD) bank for foreign ATM withdrawals. This of course is converting CAD $ to COP. The 3% fee you talk about May be Colpatriaa conversion rate fee. Check with your US Bank to ensure whether they do or dont charges a fee. Myself, I really cant see way a Colombian ATM.would let a non- customer use their ATMs por free..Makes zero dense. Since my funds come from the US and the exchange rate is determined in Colombia I am using a simple method, the TRM (Colombian peso to US dollar exchange rate) which is set by Banco de Republica. You have to wait a few seconds until the daily TRM appears on the the page.
In the past all Colombian banks used the TRM to exchange the USD but lately many banks seem to ignore the TRM and set their own rate, even change the rate in the middle of the day. So we are at the banks mercy from which we are withdrawing. The 3% international fee is added to the account by the American banks, not in Colombia and some cards are exempt from that fee, like gold cards or investment accounts. The reason I don't pay a fee at Colpatria and Scotia/Colpatria is because those banks used to belong to Citibank USA where my account has been for more then 30 years. There is another Colombian site regarding the US dollar exchange: www.dataifx.com/The TRM.is virtual idéntical to the XE.com site www.xe.com/es/currencyconverter/convert/?Amount=1&From=USD&To=COP Any site that gives an accurate estimation of the mid point buy- sell valúe for the exchange rate on COB is aceptable. You have to use the TRM rate based on COB the previous day Cali, NOT the instantáneos rate. Could make a difference sometimes. So Are you saying my Canadian Bank is lie-ing? Sounds like a case for a big lawsuit. How can you prove it?. I have heard from several sources the exchange rate is set by the Colombian Banks, and they make the extra 3 % in the exchange rate. I think you are mistaken. I nave done extensive research on this and some Colombian banks charges horrendos exchange rates in addition to their published fees. I admite I am speaking with Canadian Dollar conversión and not US, but did you specifically check with your US Bank if they charges you the 3%? |
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