Sending Money to Colombia

[Calipro]

 My wife used a debt card to withdraw 300.000 pesos from my checking account yesterday. The amount withdrawn from my checking account in dollars was only $111.62 including the ATM fee. Thats an exchange rate of appox. 2688 pesos per dollar. I don't think you can beat that.

                                      Wayne

[michaeljay]

... in response to Sending Money to Colombia, posted by Calipro on Sep 7, 2002

For those who don't want to give their novia an actual
bank card (which is the best rate when withdrawing) I
recommend a service called "Rapid Envios" instead of
Western Union.  I have used them many times and they
are very reliable.  The money can be picked up at any
TITAN location in Colombia. I believe they are in most
cities.  Rapid Envios (ph# 1-800-526-4016) will initially
require you to send them a copy of your pasport, copy of
a Visa/Mastercard they will use to charge the money to,
and a authorization letter.  Remember if the money
comes from an American, Titan will charge a 3% fee in
Colombia.  It's a tax, I believe.  The fees to send money
using your credit card is 6% and I do not believe they
treat it as a cash advance, so you can float it for a
number of days with your credit card company interest
free.  Their exchange rates are very good ... buena
suerte!

[AlexG32]

... in response to Sending Money to Colombia, posted by Calipro on Sep 7, 2002

You can't beat that!  While I was there I would withdraw from Servibanca 500,000 pesos at a time and would be charged around $188 with all fees involved.

[Pete E]

... in response to Sending Money to Colombia, posted by Calipro on Sep 7, 2002

Wayne,
Yes its a great exchange rate.My bank charges $2 a tranaction also which they debit once a month.When I go to Colombia I always get my money from ATMs when in Colombia. But a word of caution,make sure that person,be it wife or other family member uses retraint.It can become a magic money card and you can lose control of it.My bank will pay the money even if it overdraws the account,then hit me an overdraft fee.
And don't use your main account for this,set up a seperate one at a seperate bank.If its at the same bank they can withdrawom your main account for the second account.

Pete

[AlexG32]

... in response to Re: Sending Money to Colombia, posted by Pete E on Sep 8, 2002

True Pete,
That is why I would advise anyone with a girlfriend or inlaws to open a savings account with the same bank.  I would transfer money between my checking account and her savings account, electronically.  That way I controlled what went into the account.  I have had the unfortunate experience of having a Colombian bank charge me twice for the same transaction......not pleasant!!!!!!!!

[mudd]

... in response to Sending Money to Colombia, posted by Calipro on Sep 7, 2002

how did she get the debt card? did you mail it to her, or give it to her when you were there? how much is the fee that they charge? sounds a lot cheaper than western union and moneygram.

[AlexG32]

... in response to Re: Sending Money to Colombia, posted by mudd on Sep 7, 2002

My bank charges me $1.25 per transaction and the Servibanca charged me another dollar per transaction, $2.25 is not bad for withdrawing 500,000 pesos at a time.

[wizard]

... in response to Re: Re: Sending Money to Colombia, posted by AlexG32 on Sep 8, 2002

Overseas wire transfers are quick and effective, but also expensive... Normal wire transfers in the US run from $15 - $25 each... Add another $25 to that charge to send it to another country... If your bank doesn't have branches in the destination country it could take 7 - 10 business days for the wire transfer to clear... Just my experience with Bank of America...

[Cali vet]

... in response to forget wire transfers, posted by wizard on Sep 8, 2002

Ok, scratch that.

[Cali vet]

... in response to Re: forget wire transfers, posted by Cali vet on Sep 8, 2002

Ok, scratch that.

[AlexG32]

... in response to Re: Sending Money to Colombia, posted by mudd on Sep 7, 2002

I sent my wife her card through Federal Express with some pictures and greeting cards.  Two day later when I called the package was there and it was then when I told her the PIN number of the account.

[Calipro]

... in response to Re: Sending Money to Colombia, posted by mudd on Sep 7, 2002


 I don't know how much the atm fee is. I just know that it is included in the amount taken out of my account and it still works out to be a very good exchange rate.

I gave her the debt card when I was there last. But, I did send my last wife a credit card using DHL years ago and it got there no problem. But, I didn't activate the card until after she told me she had it in her hand.