Currency Exchange/transfers

[Jon&Clau 1]

I have been on a hunt to find the best/ lowest cost way to exhange money and/or send money to Colombia. Typically, when in Colombia, I would use the local CitiBank ATM's, but they hit you with transaction fees for the exchange, and both CitiBank and your bank will hit you two more times for more fees. Since I needed more cash on my last trip for her interview, I wanted to try another way to avoid or minimize those fees, so I went to one of those airport counters in the US that does currency exchanges. I asked if there was a commission, and they said no, but to my surprise, when they made the exchange, they took like 200 pesos per dollar, which of course they don't call a fee!! This ended up being even more than what I would have paid the banks at the ATM, so don't use those airport exchange counters if you can avoid them.

I recalled that Capital One Visa cards have no fee for purchases overseas, and I remember them sending me a flyer stating they now have Capital One Bank, so I called and asked them what their fee structure was for overseas withdraw at ATMs on one of their accounts, and they said they charge no fees, and even better, they will reimburse your account up to $25.00/mth for any transaction fees charged by the bank that owns the ATM!!!

I'm going to open an account with them and see if this is really the case, but wanted to see if anyone out there has had any experience with them. What I will probably end of up doing if Capital One works out, is leaving my debit card with Clau's Mom so Clau can send her money from time to time. She can't have a debit card with her own name because she does not have a social security number. The only rub is that I have to call Capital One's fraud department to let them know I will be using the card and they can allow these withdraws for up to one year, then you have to call again once a year to alert them the card is being used outside the US.

Let me know if there is a better deal than above as I am open to suggestions!!

Jon & Clau

[andrea y arturo 14]

I have been on a hunt to find the best/ lowest cost way to exhange money and/or send money to Colombia. Typically, when in Colombia, I would use the local CitiBank ATM's, but they hit you with transaction fees for the exchange, and both CitiBank and your bank will hit you two more times for more fees. Since I needed more cash on my last trip for her interview, I wanted to try another way to avoid or minimize those fees, so I went to one of those airport counters in the US that does currency exchanges. I asked if there was a commission, and they said no, but to my surprise, when they made the exchange, they took like 200 pesos per dollar, which of course they don't call a fee!! This ended up being even more than what I would have paid the banks at the ATM, so don't use those airport exchange counters if you can avoid them.

I recalled that Capital One Visa cards have no fee for purchases overseas, and I remember them sending me a flyer stating they now have Capital One Bank, so I called and asked them what their fee structure was for overseas withdraw at ATMs on one of their accounts, and they said they charge no fees, and even better, they will reimburse your account up to $25.00/mth for any transaction fees charged by the bank that owns the ATM!!!

I'm going to open an account with them and see if this is really the case, but wanted to see if anyone out there has had any experience with them. What I will probably end of up doing if Capital One works out, is leaving my debit card with Clau's Mom so Clau can send her money from time to time. She can't have a debit card with her own name because she does not have a social security number. The only rub is that I have to call Capital One's fraud department to let them know I will be using the card and they can allow these withdraws for up to one year, then you have to call again once a year to alert them the card is being used outside the US.

Let me know if there is a better deal than above as I am open to suggestions!!

Jon & Clau

I don't know what your background is but if you have prior military service in the US or have a relative with prior military service in the US, you may be able to open a USAA bank account. Info at www.usaa.com They offer the lowest exhange rate transactions and there are no fees for using any ATM anywhere in the world. The reimburse local ATM fees as well.

The other option is to send money via xoom.com It costs 4.99 per transaction and the money can go directly to the person's Bancolombia account.

Info at www.xoom.com

[EminTX 131]

The other option is to send money via xoom.com

I was gonna suggest xoom, too. This is how I have sent money for various things from purchases to birthday money to folks in various places. When you have the best answer, please come back and update this thread.

[Jon&Clau 1]

I don't know what your background is but if you have prior military service in the US or have a relative with prior military service in the US, you may be able to open a USAA bank account. Info at www.usaa.com They offer the lowest exhange rate transactions and there are no fees for using any ATM anywhere in the world. The reimburse local ATM fees as well.

The other option is to send money via xoom.com It costs 4.99 per transaction and the money can go directly to the person's Bancolombia account.

Info at www.xoom.com

My brother is retired military, so would that make me eligible for the USAA bank account? Thanks for also letting me know about xoom, had not heard of them before but will check them out.

Jon & Clau

[OZ62 17]

You can go to Walmart and send money via Moneygram. I've done this many times. XOOM is more expensive that MoneyGram.

[Jon&Clau 1]

You can go to Walmart and send money via Moneygram. I've done this many times. XOOM is more expensive that MoneyGram.

Thanks OZ, but I'm trying to avoid fees if possible, and I like the idea that I can just sit at this computer and do an electronic transfer to an account that would not charge any fees. So it looks like it's either Capital One Bank or USAA if I can qualify.

Jon & Clau

[Ron4 22]

Thanks OZ, but I'm trying to avoid fees if possible, and I like the idea that I can just sit at this computer and do an electronic transfer to an account that would not charge any fees. So it looks like it's either Capital One Bank or USAA if I can qualify.

Jon & Clau

I send by either Western Union or now xoom and both of them I do from my computer at home.I never used moneygram because it was more convenient for my fiance to find a western union outlet and it was almost the same price. Xoom is 4.99 Western Union varies but has been 3.00 for up to @

200 for the last year, last time I checked Moneygram was 4.00 for 100

NEVER exchange money at the airport....the exchange rate is horrendous.

Edited April 2, 2012 by Ron4

[Mononoke28 135]

Even though Xoom is convenient since you can send money online directly to a bank account in Colombia, the exchange rate is a lot lower than other places. Sure they charge $4.99 per transaction, however, the amount of money received at the other end is a lot less than sending in through a different agency.

I personally use Afex, which can be found in any office that wires money, great exchange rate, money is sent to either Bancolombia, Davivienda or money exchange offices like Cambiamos and it's $4 per $100.

But the one thing I do most is use my credit or debit card, yes, they do have that foreign transaction fee, however is a lot less than the $4/$100 that I get from Afex or Moneygram and I get more money than the amount I would get if I used Xoom.com. Example: My husband used his credit card at one store in Colombia last week for $245 and was charged $7 for the transaction fee, that's it. No more hidden charges and a great exchange rate.

Diana

Edited April 2, 2012 by Mononoke28