Money Transfer

[Ken2]

It seems that the best way to wire money (at least to Colombia) might be via your bank verses a company like western union.  The bank, I believe, gives you the fair trade value whereas Western Union reserves the right to keep any thing over their estimated value of the currency at any given time.  The  downside is it may take 7 to 10 days with your bank and 3 to 5 days with Western UNion.

[Cali vet]

... in response to Money Transfer, posted by Ken2 on May 23, 2002

Western Union is a terrible deal. Compare what you paid in dollars to what she actually received. Not only do they not give you anything close the the current exchange rate they also take out a fee at the Colombian end plus the fee you paid here. It's got to be shy of bumping up against anti-usury laws. Bank wire tranfer could be a good choice for larger amounts. There is a fee, I think I was quoted $35 from my bank once but that is for any amount including thousands of dollars. The absolute best option for smaller amounts is giving your girl a debit or check card. That way you get the official exchange rate and hardly any fee (my bank reimburses any fees accociated with the first four withdrawals per month.) The limitation is she can only take out around $300 a day. This doesn't apply to her but if you are in Colombia and need a big lump sum of say $1000 you can go to a bank with your credit card and passport and get a cash advance instead of hitting the ATMs over several days.

[Ken2]

... in response to Re: Money Transfer, posted by Cali vet on May 23, 2002

I did leave a debit card, but the darn thing wont work.  The bank says there should be no problem as it is activated.  Beats me.!!???  I may have to send  another one via avianca.

[Ted]

... in response to Re: Re: Money Transfer, posted by Ken2 on May 23, 2002

I had the same problems with my card with certain ATMs, ie Conavi, and Gran Ahorro. But for the most part, they seem to work with ATH & Davienda.

[Cali vet]

... in response to Re: Re: Money Transfer, posted by Ken2 on May 23, 2002

I had the same problem with another card. Changed pin, will see what happens on the next trip.

[Hoda]

... in response to Re: Money Transfer, posted by Cali vet on May 23, 2002


Nothing beats your lady using a debit/check card. Yeah, yeah, technically it's illegal! But it's not like your laundering drug money. The micro-drops of dollars in the bucket being withdrawn through this method (debit/check cards) won't get the feds banging down your door...

[Hoda]

... in response to Money Transfer, posted by Ken2 on May 23, 2002


Ask the Western Union rep, for "their current" exchange rate, to the country in question. When I used WU, the transfers took no longer than 20 minutes from the U.S. to Colombia or vice versa.