ATM's and money exchange in Colombia

[Boy69]

Sorry for this stupid inquiry but I never been will be in Colombia ,next month is my first time. 

How do I change dollars in Colombia through local banks or currency exchange brokers ? Is it better to bring USD or EUR ?

Is there wide distribution of ATMs everywhere? No problem to withdraw with foreign credit cards ? The fees are resonable ? Is there a limit of sum I can withdraw from ATM every time I do ?

[demonito25]

when i was there a few years ago, the cash machines seemed to have a better rate if you withdraw the maximum amount. the atms charged a fixed fee that can make small transactions higher exchange wise.

[macdaddi]

I usually carry a small amount with me from home -- 500K COP is plenty to get you through a few days while getting set up.

Most of the major banks (Bancolombia, Banco de Bogota, Colpatria/Scotiabank, Davidivienda, BBVA) will work just fine with your US banking card. Do let your bank know that you are traveling in Colombia (including credit cards) as there remain many financial restrictions on Colombian transactions. I have had issues with Scotiabank transactions being rejected multiple times before I can withdraw cash so be aware.  Most will offer to do the transaction in COP or USD. Always choose COP as the currency - the exchange is designed to not favor the recipient and the US dollar exchange rate is noticeably higher. Most machines limit you to a maximum withdrawal of 700K COP.

Another local tip -- if you can find an ATM machine with Banco Agrario de Colombia (bright green machines) they always offer the best exchange rates and the highest limit on withdraw (up to 2MM COP).

[macdaddi]

should add...all major banks will do an exchange of US dollars (and Canadian) but you will need to sign extensive paperwork and must show your passport -- photocopy or image not accepted. It all goes back to the cartel days when there was extensive money laundering in Colombia. If you are intending to change cash, be prepared for an extended and complex process.

The many "exchange" kiosks in the tourist areas will exchange your US cash, but at a rate that is 10-15% below the current bank exchange.

[Riobard]

I think I used an ATM just the once recently. I only had cash for purposes of purchases requiring it, and that was pretty much just in-person trade and at times St Moritz house tab balances though credit is accepted (outside of cash you give directly to escorts). Bear in mind that if you give an escort 150,000 he is not the one turning over 60,000 to the house for use of the room, so if you want to give him and agree on, say, 90,000, just do that because the 60,000 room use will otherwise appear on your payable checkout tab … 210,000 the damage, advantage whore, an upsell trick that may be challenging to resolve retrospectively.  But jeez, a whopping $15! Smirnoff Ice there is crazy cheap, There is some balancing out. But keep the standard massage cost separate as a room use designation because your bracelet number will cue that charge on the reception computer upon starting the program. Fixed at 60,000COP; I don’t know what the escort’s take is without erotic extras. Seems paltry. However, I assume he gets a cut within the above scenario, maybe 130,000:20;000 ratio escort: house? 

Back to the inquiry. I over-digressed since I think you set up a BFE.

I kept hitting an ATM limit on the single occasion and getting rejected. This was at Banco Colombia (?) steps from Holiday Inn Express.

I don’t compare rates because 6 months from now having spent time on assessing it previously is then meaningless and erased from memory. Besides, my dollar’s value was up 30% from a previous visit, to offset any obsessing about exchange. I think I spent 1.5 million in cash over 2 full weeks … $450 Canadian, and a wad leftover. Nothing compared to the full trip cost. 

I found that asking for 600,000COP worked following a few fails. I think that was my bank’s limit. The mystery, ambiguity is tolerable when I’m on my way to cash in on inexpensive trade. Then for fun inserted again to withdraw an additional 100,000COP. The fee alert was 20,000 for both quantities … fixed. So I may have been out a few bucks by not precisely initially requesting an amount just over 600,000 that did not colour outside the lines. Maybe the issue is that the 700,000 happens to coincidentally equal Macdaddi’s limit caveat. Obviously would not have repeated that. Obviously absorbable on a trip requiring few bank visits and stunningly low eatery tabs with set tips below my usual playbook.

I know guys that will walk a mile to save a buck on fees. To me, that’s approaching victim mentality: “I’m sick of being dinged with bank charges; I’ll show them and beat them at their game.”

[Boy69]

So it's better to come with very small amount in cash and 2 credit card Visa and Mastercard will be fine?

[Riobard]

25 minutes ago, Boy69 said:

So it's better to come with very small amount in cash and 2 credit card Visa and Mastercard will be fine?

The second part should be fine. I did not need to use any backup card beyond my preferred credit card. However, I get a 1,000,000COP float in Canada, taking the currency exchange hit, and try to keep it replenished so as never to be caught off guard. I don’t like having less than several hundred dollars cash equivalent for unexpected events. On top of that a $200USD float. What if I took people to dinner in Medellín and my card failed? What if I my card failed at the first day airport hotel without an ATM? Or Über crashed and I needed taxi cash. I would similarly never travel within Canada without that amount of cash. If you know people locally to bail you out of a tight spot, a different matter. Scout motto otherwise. Mind you, a Canadian stripper can easily strip you of that amount in short order. 

[macdaddi]

3 hours ago, Boy69 said:

So it's better to come with very small amount in cash and 2 credit card Visa and Mastercard will be fine?

Yes. I will add that I use my American Express card almost exclusively in Colombia because (1) they do not charge a foreign exchange fee on  my card, (2) it has great fraud protection and insurance and (3) it is surprisingly accepted almost everywhere.  But to answer your question directly, Visa and Mastercard are accepted all over the place, and the Colombian system accepts security PIN for authentication. If you can, definitely secure some Colombian pesos in advance, you will need to pay a cab driver from the airport (limos take CC) and smaller food shops/stands will only take cash. Many bars, including Gigolo's (and saunas) will let you run a tab on CC but the boys will be expecting cash.

[Riobard]

I’m not sure where you are headed but I found and had printed in Medellín Centro this map that I deemed easier to use than referring to my phone or bookstore guide texts for landmarks. I could not find a tourist kiosk that might have issued the same or similar. With an early start you can get through it in a day, breaking for lunch. Note that #12 is the dodgy park mentioned often but I found it “colourful”, not ominous, of a very warm afternoon, many manner of folks cooling near the fountain and under foliage canopy.
I had accidentally stumbled across it unknowingly days before while walking to Bliss Hotel for canvassing their waste-of-time in-house services (not Fercho that situates there too; that is not in contrast as also a waste of time assessing inventory). That was a rainy day and in the park as I was walking east to get to Bliss, a guy uttered “gringo” … shocking. On the DIY solo walking tour day I sat to rest, the languid crowd minding its own business, and a guy beside me slowly scraping tarry sludge out of a vial and trying to insert it into a syringe barrel as the trans hookers across the street gathered to socialize.

Note that it’s unusual for church sites to be open other than at specified religious service times, so I missed the innards of these historic venues. Disappointed. 

The highlight to me is the marvellous Antioquia Art Museum. 

I have no desire to return to Medellín but it’s on many top destination lists and I’m glad I experienced the major attractions referenced in travel guides. World class dining options at a fraction of Canadian city prices. In case I didn’t mention elsewhere, the carbon emissions settling into the vast urban valley are daunting particularly when one walks adjacent to major congested traffic arteries. I’m talking gag-grade, so I’m glad I have no underlying respiratory issues. I broke up my lodgings between Poblado and Estadio/Laureles. The latter area air pollution seemed less prominent. Extreme round the clock traffic noise if you overlook a major thoroughfare, should that be an annoyance factor for light sleepers. Airbnbs are more difficult to assess for that because location is given following booking. These are not faults, just more amplified that many other urban environments where I visit. 

The Metro is very fine, though crammed at peak periods, and I used it consistently. 

[joizy]

On 10/13/2022 at 10:54 AM, Boy69 said:

Sorry for this stupid inquiry but I never been will be in Colombia ,next month is my first time. 

How do I change dollars in Colombia through local banks or currency exchange brokers ? Is it better to bring USD or EUR ?

Is there wide distribution of ATMs everywhere? No problem to withdraw with foreign credit cards ? The fees are resonable ? Is there a limit of sum I can withdraw from ATM every time I do ?

Not a stupid question at all.

I used a Charles Schwab investor ATM card. Found out about this a few years ago and it's my go-to when I travel. I deposit money into that account (if the card gets stolen, there's a limited fund available) and use it exclusively for ATMs. I get the daily rate and they reimburse all foreign transaction fees.

Some things to be careful about:

Always use an ATM inside a shopping center (and don't go straight out to the street), or inside a bank (I think a shopping center is safer). I used the one in the supermarket and then did my grocery shopping.

If you see a message on the ATM asking you to accept the conversion rate, always say no. The bank wants you to accept their rate, not the going rate. It's their way of making some extra money off the deal. I learned about this too late, and probably lost a few dollars.

I'm on a few FB groups for expats living in Medellin and there have been several straight guys sharing horror stories of women going to their homes (one was for "language exchange" and then drugging and robbing them. I never felt unsafe there, but I probably took chances I shouldn't have. Be careful, but have fun. It's a beautiful country and the people are beautiful as well.

[neyger]

Davidienda is the only bank with ATM's in almost all commercial centers that does not charge a transaction fee.
All other banks, except a few 'rare' banks like pichincha & colpatria) request fees and they can add up. Of course, never accept the conversation rate. 

I only once exchanged cash in Colombia (USD & EUR) in Avenida Chile Shopping Center in Chapinero.  They gave an excellent exchange rate (almost the same as mentioned on google) and never asked for my passport or to fill in any forms.  There are multiple exchange offices in that shopping center.

[speedoo1]

BBVA ATM doesn't charge a ATM fee (like most other ATMs in Colombia). They are quite common in Colombia and found in most cities. Look for the blue BBVA logo. There is even a BBVA ATM on the second floor in the airport (to the extreme left; above the check-in areas; you have to look for it to find it). Disadvantage is the 300,000 COP max.

[neyger]

Hi @speedoo1 

That was correct until May this year.. Now BBVA also charges a fee and with their 300k maximum it became the worst ATM..

[speedoo1]

🙄 hmm...I was in Colombia in July and I used BBVA ATM several times. I wasn't charged any ATM fee.

[neyger]

@speedoo1 You are right. BBVA waved the fee again. (300k COP max, 900k COP max / day). I also used davidienda (2 million max, but didn't work with my visa debit card) and servibanca (18k fee, 1 or 2 million max, depending on the ATM).

On a side note, Medellin was amazing. Three days of free concerts (altavoz festival 2022 on the parque norte grounds), a great party in industry club and a bunch of gorgeous chicos from the webcam sites and grindr.
Sex, drugs & rock 'n roll. 

 

[redxs]

I’m travelling to Colombia for the first time, arriving in Bogota on 6 February.

 

To get the most from my money, which is best:

- buy pesos here in the UK, currently Post Office offering a rate of 5226.95 and John Lewis 5226.92

- use my Halifax clarity card and use ATM when I arrive? (I usually prefer to do this but wouldn't have any cash on me initially)

- take GBP and exchange over in Bogota

- take US dollars and buy over in Bogotá - though I don’t have any and would need to buy some $ here

Probably looking at £1000 I’m wanting for my holiday.

Also, any recommendations on SIM cards and easy to follow guides on where to buy? I’m wanting lots of free data for 2-3 weeks (phone, streaming, video calls etc).

 

Also, if anybody is in town please get in touch if you fancy meeting up to explore the city or a beer.

 

Many thanks in advance

[Tomtravel]

Claro mobile worked very well, but I was not streaming videos. Easy to purchase extra data if you need. Just walk in to Claro sales point and say you want a sim with data or more data. Hotel Vilar America reception was selling Claro sim cards.  All hotels I stayed (3..4 stars, not hilton, holiday, etc) had good wifi. Plenty of atms, BBVA bank had no fees on my cc, you may want to withdraw several times as atm had limit (600 or 300k). I had euros with me but I used atms and paid often with cc. Top restaurants accept cc, local eateries cash.

PS I saw from the bill that overnight visitor cost was 24k peso in Vilar America hotel. Daytime visitor was free, ID stayed at the reception until he left again.

[iendo]

4 hours ago, redxs said:

I’m travelling to Colombia for the first time, arriving in Bogota on 6 February.

 

To get the most from my money, which is best:

- buy pesos here in the UK, currently Post Office offering a rate of 5226.95 and John Lewis 5226.92

 

 

Many thanks in advance

5226 is pretty bad. You should get at least 10% more.

I am often paying with my American Express. Works perfectly and I get a 6% to 7% better rate than changing cash. I've never used an ATM, so can't comment on that. I honestly cannot even remember seeing an ATM here in Medellín.

If you have a few hundred thousand in cash for the first day you should be good, but I would not exchange large sums of money.  

 

[Boy69]

Yes 5,226 is very poor exchange rate. I just came back from Colombia. The best rates are withdraw money from ATM's which located inside bank branches ,shopping malls or dedicate stores and have opening time limits, there is a max limit 300 to 600k but at the airport up to 1500K. Cash isn't good idea because mony exchangers are not so common there and their rates usually very poor,  if you are bringing cash US Dollars are most preferable. 

[neyger]

Money: there are plenty of ATMs at the airport. Pick an ATM of BBVA or davidienda bank, they don't charge any fees. Do not accept the money exchange rate, it's always a lot worse than what your bank will charge you.  I would just take some cash with you as backup, but not exchange anything in advance.

Sim card: you can buy a sim card at the airport. In the arrival hall, take the escalators to the 2nd floor. There's a small shop on the corner that sells phone covers and accessories. The provider claro has the best coverage. My claro sim card with 10gb data for 2 weeks was 45k COP. 

Last time, a taxi driver from the airport tried to scam me and asked for 100kCOP for a short ride to Chapinero.  Bogota taxis don't show you the price of the ride, just a number of 'units' and you are supposed to calculate the price yourself.  You can install an app called 'Calculadora de Tarifas' to calculate the cost based on those units (or always use apps like cabilfy / indriver / didi / uber / ..) 

[redxs]

Cheers guys.

Think I’ll just use my Halifax Clarity card and withdraw from ATM. And maybe take some pounds to exchange over there in an emergency .

[speedoo1]

On 10/30/2022 at 11:41 PM, speedoo1 said:

🙄 hmm...I was in Colombia in July and I used BBVA ATM several times. I wasn't charged any ATM fee.

I stand corrected. BBVA now charges ATM fee (for using VISA card). 18 mil COP to withdraw 300 mil. Insane/no thanks...

Luckily, Davivienda doesn't charge ATM fee (again, I used my European based VISA card) and you get much as 2 million COP (maybe even more; I didn't try). Just decline the suggested conversion to your currency on the ATM screen and let VISA/your bank do the conversion from COP to your currency.

[lkblue]

I just use my debit card in a ATM machine.  decline the current conversion, the your bank will give you the best rate.

[Boy69]

3 hours ago, lkblue said:

I just use my debit card in a ATM machine.  decline the current conversion, the your bank will give you the best rate.

Some of the ATMs wouldn't withdraw cash once I declined the current conversation.

[speedoo1]

I never experienced that using Davivienda ATMs a lot last month. Declined the suggested currency conversion every time but still got the cash.