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Post by Deleted on Aug 16, 2018 15:16:01 GMT -5
The best exchange rate I ever got was when we exchanged renting a house in Medellin for renting a house in Pintada - low priced small town living allows for less concern about the dollar - and if strengthens - the guaro is even cheaper. The other benefit is it is so hot you will sweat like hell and not need to pee even if you drink guaro all day long. |
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Post by buenopues on Aug 16, 2018 15:19:35 GMT -5
Scum I also got 3002.70 from Colpatria today.
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Post by sedelen on Aug 16, 2018 18:45:40 GMT -5
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Post by jabberwocky on Aug 16, 2018 19:43:20 GMT -5
Yep - hot but being from Florida - used to it - lots of pools to cool off in and in 40 minutes on the moto can be in Tamesis -go from 95 to 70 pretty quick. But you can pick most any small town and save quite a bit over Medellin - although I don't think the lifestyle would suit most under 40 - or if you were not connected to a small town through family or friends - the town only has 2 ATM's - wonder if you get the same exchange rate as you do in the city - they also frequently run out of money on the weekends ( that might be a good thing) - there is no bank in town - my XE app on my phone says - 3021 - so probably get about 3,000 at an ATM tomorrow never sure why the difference
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Post by caliorbust on Aug 17, 2018 9:48:36 GMT -5
Scum and buenopues, what kind of debit card did y'all use with the Colpatria ATM? I only got 2930 yesterday from Colpatria withdrawing 400 mil with my regular Citibank card.
But on the 14th. when the TRM was 2940 the day before, and 2983 on the 14th. they gave me 3004 for 250 mil
I want to confront them with it but wonder if you two have a preferred card. I've used the same ATM for a good couple of years when it belonged to Citibank, still pay no fees.
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Post by scumbuster on Aug 17, 2018 9:58:55 GMT -5
I used a Charles Schwab card. Pay no fees.
It's been awhile since I used an ATM in Colombia.
As long as I have a good stash in my bank here I only take out from the US if I get a good exchange rate.
I normally look for 3000 or over.
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Post by sedelen on Aug 17, 2018 10:21:37 GMT -5
Scum and buenopues, what kind of debit card did y'all use with the Colpatria ATM? I only got 2930 yesterday from Colpatria withdrawing 400 mil with my regular Citibank card. But on the 14th. when the TRM was 2940 the day before, and 2983 on the 14th. they gave me 3004 for 250 mil I want to confront them with it but wonder if you two have a preferred card. I've used the same ATM for a good couple of years when it belonged to Citibank, still pay no fees. Man, that was quite a hit being the exchange rate was well over 3K yesterday on Bloomberg. Remind me not to use Colpatria………… don't know if my cards would work there anyway. |
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Post by buenopues on Aug 17, 2018 14:53:36 GMT -5
Well today I got 3046 using Capitol one card at BBVA (no fee) so there seems to be some sort of delay as that is what I should have gotten yesterday.
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Post by billyb on Aug 19, 2018 15:55:03 GMT -5
You can thank Turkey.
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Post by elexpatriado on Aug 19, 2018 18:10:48 GMT -5
Yahoo is very much anti-Trump and will say anything to hurt him. I would take this article with a grain of salt.
Besides, the Chinese will try anything to avoid the value of the dollar being lowered so they won't be repaid our substantial foreign debt they hold with a weaker dollar. The same goes for Japan.
Same goes for Google News. Wherever they post an article favoring something Trump has said or done, there is always a caveat. The only other time I have seen the media bash the president so hard was when Jimmy Carter was in the White House. - JAMES Yeah.. same goes for the Wall Sreet Journal, Bloomberg, Finacial Times, the Economist. Definitely aĺl amatuer "Fake News" services.All you can trust is Breitbart and on rare occaision Fox news. |
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Post by caliorbust on Aug 20, 2018 8:27:01 GMT -5
Trump made himself a heap of enemies in comparison to Obama who was the darling of the media and held beautiful speeches and accomplished nothing, unless you want to call Obamacare an accomplishment, by trying his best to ignore the media and use Twitter instead which resulted in almost every journalist and most media conglomerates being but-hurt, in the Americas as well as in Europe.
Lets elaborate about he media outlets you mentioned:
The Wall-Street Journal, biggest shareholder is Carlos Slim, the Mexican billionaire who owns Claro, for three years (until 2013) the richest man in the world, who had a hard-on for Trump ever since he became president because of Trump's plan about a wall and his careless derogatory remarks about illegal Mexicans which didn't sit well with Latinos in the entire western hemisphere. Next shareholder in line is Ochs-Sulzberger of the founding WSJ family, a dyed in the wool Democrat.
Senator Michael Bloomberg, a Democrat of the likes of Nancy Pelosi hates Trump with a passion like most leading Democrats, enough said.
Lionel Barber, born to a journalist father and editor of The Financial Times is a flaming liberal
Zanny Minton, the accomplished Editor in Chief of the Economist is no big friend of Trump and his rowdy behavior toward females.
Unfortunately most journalist turned into politicians and stopped being unbiased reporting the news.
What can I say about Google, Larry Page, the gay founder of the search engine (along with Sergey Brin, a brilliant Jewish immigrant from the former Soviet Union), it stands to reason he's no big fan of Trump who represents the Christian community.
Not to forget the Washington Post which is owned by Jeff Bezos the founder and owner of Amazon and Trump is after him for successfully so-far evading taxes which would amount into the billions.
Google and a few others have unsuccessfully tried to buy Twitter to take Trumps personal news source away from him but Jack Dorsey isn't selling.
Trump with all his faults toppled the political establishment, at lest he is trying to and accomplished more in one year than Obama did in eight.
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Post by scumbuster on Aug 20, 2018 9:46:14 GMT -5
Looks like the official rate has stabilized. Only us 2 COP this morning. 3033
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Post by caliorbust on Aug 20, 2018 14:02:25 GMT -5
Looks like the official rate has stabilized. Only us 2 COP this morning. 3033 There was hardly any activity on the COP because today is a Colombian holiday. |
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Post by billyb on Aug 20, 2018 14:24:48 GMT -5
Obie was an empty suit. Thanks Erdo, $20K and counting. Just a couple of weeks more.
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Post by billyb on Aug 20, 2018 14:30:36 GMT -5
Looks like the official rate has stabilized. Only us 2 COP this morning. 3033 There was hardly any activity on the COP because today is a Colombian holiday. You do have to love all those Colombian holidays...saint this and santa that....not that anybody there knows which one they are celebrating, only mat ters that it's a puente. |
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Post by sedelen on Aug 21, 2018 9:42:07 GMT -5
Ah Shucks, the dollar fell against the peso, it is now below 3,000 again, down 35.47, 1.17% at 2,997.60. Just checked it again, 2,992.61 dropping precipitously. www.bloomberg.com/quote/USDCOP:CURThat's a big tumble, and what I think sparked it, was Trump. He went public saying he disagrees with the Fed on higher interest rates. Let's face with higher rates you get a stronger currency, that effectively slows down the economy. With lower rates you get economic stimulus for the real estate market, lower costs for exported goods, regardless of what the tariffs do. Normally good for the stock and bonds markets and increases economic growth. Anyway, it looks as though just the prospect that he will try to influence, or in this case, manhandle the Fed, he was successful at least for the time being of effecting the dollar at least. www.msn.com/en-us/money/markets/exclusive-trump-demands-fed-help-on-economy-complains-about-interest-rate-rises/ar-BBMbvZi?ocid=spartanntp |
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Post by buenopues on Aug 21, 2018 15:51:45 GMT -5
Well that was short lived! The Banco de la Republica said quite a while ago that it wanted to keep the rate around 2900 and apart from the brief blip with Turky they have done so.
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Post by sedelen on Aug 21, 2018 15:58:04 GMT -5
It was fast and brutal! to have that much instability in a currency market. And the peso closed against the dollar at 2,979.51 down 53.58 and -1.77%. www.bloomberg.com/quote/USDCOP:CUR |
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Post by Deleted on Aug 21, 2018 16:17:03 GMT -5
It was fast and brutal! to have that much instability in a currency market. And the peso closed against the dollar at 2,979.51 down 53.58 and -1.77%. www.bloomberg.com/quote/USDCOP:CURYou guys are a little dramatic. If you spend 5 million pesos a month it will cost you aboit 30 dollars more a month. Just sayin. |
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Post by sedelen on Aug 21, 2018 17:15:02 GMT -5
It was fast and brutal! to have that much instability in a currency market. And the peso closed against the dollar at 2,979.51 down 53.58 and -1.77%. www.bloomberg.com/quote/USDCOP:CURYou guys are a little dramatic. If you spend 5 million pesos a month it will cost you aboit 30 dollars more a month. Just sayin. I think of those big one day moves in a low volatility currency market as dramatic regardless of how it applies to living expenses which really wasn't the point I was trying to make, but thanks for your consequential perspective. |
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Post by barrumundi on Aug 21, 2018 17:44:39 GMT -5
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Post by caliorbust on Aug 21, 2018 19:10:37 GMT -5
Of course it was Trump's remarks about the Fed, it will blow over shortly though. Turkey's financial collapse will not go away soon and Erdogan has few friends left and Turkey is too deep in the hole, a fact which will keep the Euro down and the dollar up.
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Post by caliorbust on Aug 22, 2018 7:16:30 GMT -5
Well that was short lived! The Banco de la Republica said quite a while ago that it wanted to keep the rate around 2900 and apart from the brief blip with Turky they have done so. I believe developing countries like Colombia have very little to no influence on the exchange rates unless there would be a drastic increase in oil prices. It's all about the strength of the USD and Trump wants to lower it - for the US to be more effective and competitive in international trade.
Keep in mind that folks in the US are not affected at all if the dollar trades high or low unless they are sending funds to loved ones overseas.
What will keep the USD strong whether Trump likes it or not are problems other countries are having with their currencies, like the Euro (Turkey) and to a lesser extend the British Pound (Brexit). |
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Post by scumbuster on Aug 22, 2018 7:42:12 GMT -5
Well that was short lived! The Banco de la Republica said quite a while ago that it wanted to keep the rate around
Keep in mind that folks in the US are not affected at all if the dollar trades high or low unless they are sending funds to loved ones overseas.
Actually that's not true. Everything imported into the US will be more expensive with a weak USD. If the USD is weaker compared to other currencies it will take more dollars to buy the imports. |
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Post by caliorbust on Aug 22, 2018 8:06:13 GMT -5
I stand corrected. There needs to be a balance of course, peoples purchasing power versus US companies moving out of the country and lost jobs.
Import duties would need to be lowered also or even eliminated to make up for a weaker dollar.
Lets hope the dollar stays strong and gets stronger.
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Post by caliorbust on Aug 22, 2018 11:07:15 GMT -5
It was fast and brutal! to have that much instability in a currency market. And the peso closed against the dollar at 2,979.51 down 53.58 and -1.77%. www.bloomberg.com/quote/USDCOP:CURYou guys are a little dramatic. If you spend 5 million pesos a month it will cost you aboit 30 dollars more a month. Just sayin. Premo, I withdraw 3 million pesos every month and the difference between 2900 pesos and 3050 is $50 or about 150.000 pesos (the college fee and transportation for our daughter). Some of us are thinking of buying Colombian real estate though. Now the difference between 2900 and 3050 for just a 120 million apartment is US$2000 or 6 million COP
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Post by sedelen on Aug 22, 2018 17:05:10 GMT -5
The dollar closed down again today at 2,960.88. Trump made it clear about how he feels about rising rates, and now the Fed has announced the prospect of higher rates should the economy stay on track. I think if there is a rate hike, it will probably be in line with the 7 quarter point increases since Dec 2015. finance.yahoo.com/news/fed-signals-readiness-hike-again-180001094.html |
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Post by caliorbust on Aug 25, 2018 7:50:22 GMT -5
I've read that the recent upward spike in USD versus COP was caused by erroneously downgrading the Colombian economy as coming in in third lowest place before Argentina and Turkey with substantial negative economic growth.
The Colombians didn't take long to set the record straight claiming that their economy grew 2.1% (I believe it was) in the last quarter and the peso gained strength immediately on the exchange market.
Lets hope we'll get an other window if the FED raises interest rates in September.
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Post by sedelen on Aug 25, 2018 9:55:32 GMT -5
I've read that the recent upward spike in USD versus COP was caused by erroneously downgrading the Colombian economy as coming in in third lowest place before Argentina and Turkey with substantial negative economic growth. The Colombians didn't take long to set the record straight claiming that their economy grew 2.1% (I believe it was) in the last quarter and the peso gained strength immediately on the exchange market. Lets hope we'll get an other window if the FED raises interest rates in September. I'm interested in how the new Fed Chief will go about increasing rates when Trump already said he disagrees with the Fed on having higher rates. So, the Fed is in a bind should it not feel free on raising rates. That media event put the ball in the Fed's court. And now they have answered back defending higher rates. finance.yahoo.com/news/fed-chair-powell-further-rate-hikes-best-way-140228477--business.html The Federal Reserve is supposed to act independent from politics for the better of the economy, but that rule might be changing under Trump's presidency. |
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Post by elexpatriado on Aug 25, 2018 12:31:11 GMT -5
You guys should really watch out using Bank Cards to take money from ATMs
Just because you have Capital 1 or Schwab or TD doesnt mean you arent getting ripped big time.
They get you way worse with the exchange rates than with the "published" fees. Same with all the banks in Colombia.
I took 780 mil out of Servientrega.They claimed an Access fee of only 12,600 pesos. Or like 1.5% of 780 mil. What a mentira.
I checked against the Canadian dollar exchange rate actual from my bank statement against the oficial XE com rate and it was 2166 vs the oficial rate of of 2270 or 4.5 %
In other words an extra 3% in the exchange rate or an extra 23 mil.pesos above what they "said" they charged for the 780 mil withdrawal.
All Bank ATMs are the same.
On the other hand ,I purchased groceries with my visa card and got an exchange rate with in exactly 2.5% of the oficial rate , as advertised by VISA.This is the case every time.
Solution: use a credit for purcases as much as possible. At least you know what you are getting charged.
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