Money Change - Colombia

I think the best way is from your bank card - that way you get the more or less official rate. If you bring dollars to change them you will gt a worse rate - there is no black market in colombia

I've been in this situation in Colombia-the problem with trying to use a Bank Card is that they have daily limits-the limit in Colombia was around $US200/day.

So unless you have 10+ days to hang around you're stuck using cash or travellers cheques.

Just bring $2000 cash and get it changed at any number of casa de cambios in any number of cities. We exchange large amounts of US$ at casa de cambios all the time. It is easy.

Ron and Nancy Wollersheim

Just an added note. We get pretty much the same rate for changing cash as we do by using a bank card. The rates are different at different exchange places so you have to check around a bit.

Ron and Nancy Wollersheim

have never seen a change place that has as good a rate as a credit card or bankcard, although i must admit I rarely change cash here. You can withdraw 800,000 pesos from citibank outlets, and if for eg you have HSBC or citibank cards you can go into the branch and withdraw much more.

You can take a credit card to Bancolombia and get a daily advance of three million pesos or around $1450 US.

An international fee free ATM card gives you the best exchange rate possible in Colombia. You can withdraw up to the maximum that YOUR bank allows each day, and you can use the same ATM machine more than once in a row. For example, if the maximum that the machine allows is 400,000 Pesos, and your bank allows $400 a day, right now you can withdraw 400,000 pesos, then 300,000 Pesos. If the exchange rate goes back up to over 2000 Pesos per dollar, you can withdraw 400,000 pesos from the same machine twice in a row.

If you have time, I suggest opening a free Paypal account to transfer money between banks, and open a free checking account with Affinity Bank in Ventura, CA, and with National Interbank in Indianapolis. Those banks charge no international or ATM fees, and can both be opened by mail.

At this point in time, cambio houses will give you within 2-5% of the ATM rate. I have seen a spread of up to 30% in the past year. At that time you could actually make money by taking Pesos out of the ATMs, exchanging the Pesos for Dollars, and then flying back to the U.S. to deposit the cash back in your account. You can carry onto the plane up to $10,000.

30% of $10,000 would pay for your flight and other expenses, but that time is not now. Maybe later, maybe never again.

To check the exchange rate that you will get at an ATM today, go here, http://www.portafolio.com.co/ Look in the right column. The T.R.M. rate is approximately the ATM rate for that day. The two "compra" rates below are what you will receive if you are selling Dollars. The "en la calle", or street rate may have counterfeit bills included, so avoid them and call several "Casas de cambio" in the phone book, and bargain for a rate between the "Casas de cambio" and the street rate. The businesses generally give you $100 bills, and stamp each one with their own rubber stamp as a guarantee of authenticity.

One Casa de cambio that I can recommend is "American Money", in the yellow pages, sort of in the South of Cali. Once they know you and trust you, you can call them and a girl on a motorcycle will come to your place to make the exchange.

Take your money down with you. Thats what I do. I took 5,000.00 in cash, and just took it to the place that offered the best rate.