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Post by pilotguy68 on Jun 28, 2016 10:57:58 GMT -5
Got a little shock today. Peso up to 3053 yesterday. Soooo. I figured take out a little money today. Rates were 2970 per USD. Usually the banks use yesterday closing, which is 3053, today is 3006, so what the hell ? Seems they have decided to discount the exchange heavily. Normally, I get the yesterday closing rate. Anybody shine light on this? What am I missing? Joe
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Post by scumbuster on Jun 28, 2016 11:31:59 GMT -5
Its been a while since I needed to go to the ATM in Colombia, but your past experience is what I usually found to be the case when I withdrew money.
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Post by wendymor on Jun 28, 2016 15:30:25 GMT -5
When using an ATM, the transaction is processed by the card logo ... Visa, Master Card, Amex, etc. They are the ones who set the exchange rate and then charge your bank in US in dollars. The Colombia bank is refunded pesos by Visa then Visa uses it's exchange rate and debits your bank in US dollars. The best that I've tracked is that Visa is a day behind on the XE rates. You can check for yourself at the website for Visa but today's exchange thru Visa is listed at 2974 approximately. usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html
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flaco
New Member
Posts: 24
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Post by flaco on Jun 28, 2016 17:41:22 GMT -5
Using my Schwab Visa today at approx 4:30 pm at BancoLoco, I received 2976/1
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Post by marazul on Jun 28, 2016 19:24:16 GMT -5
I haven't been in Colombia since November 2015, but then, the conversion using a Schwab debit card was within pennies of XE.Com on both purchases and ATM transactions.
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Post by livinginmedellin on Jun 28, 2016 19:40:04 GMT -5
Using my ATM card today at around noon I received 3025 per USD.
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