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Exchange rate

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pelks
8/16/2018 15:53 EST

Why when the exchange rate for the us dollar says it should be at 3,028.38 COP I am only getting 2,700.00. I have residency in Peru and I get what the exchange rate currently is. Why does Colombia give you much less. How can I get what it is valued at according to what the actual exchange rate is. Thank you!

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peterv123
8/16/2018 16:18 EST

By having your money in the U.S. in a Charles Schwab account and by taking it out from an ATM machine.

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tubes
8/16/2018 17:05 EST

pelks;
Colombia does not have worse exchange rates than anywhere else.

Instead of saying "I am only getting 2,700" you need to explain exactly who gave you that rate and when, and where you get your exchange rate figures from. The exchange rates can vary dramatically from hour to hour.

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pelks
8/16/2018 19:22 EST

Oanda and XE. They all come in about the same and YES...they do change during the day. I have lived in Peru for 6 years and the entire time I have been there I will check Oanda and see what I will get for the exchange and that is exactly what I get. Colombia does not seem to go by those rates at all. They are below the low. When I arrived I got 2,600 which OK...is the airport so that was expected but not that low I thought. 2,700 I got from NewYorkMoney then started to think...whats going on. Will fish around a bit more. but getting what Oanda or XE states looks not to be possible. I guess Colombia has their own set of rules they go by. I suppose I am just not knowledgeable enough to understand why Colombia does not match the given rates at the time and always lower than the low. Thxs for the response! I appreciate it.

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tubes
8/16/2018 19:34 EST

Pelks, sorry but Colombia does match the rates.

Just in the last few days, several people on various sites in Colombia have reported exchanging at over $3000.

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littlebhuddha64
8/16/2018 19:38 EST

Pelos Unless you are a bank or a currency trader you are not going to get the XE or Oanda rate. I us a Davivienda ATM to withdraw from my Bank of America account. I get the
XE rate minus 125 pesos. It’s the best I’ve found in Colombia. Plus they don’t charge you a fee

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flgolfer50
8/16/2018 19:41 EST

this afternoon i got 3002.61 with no local fees. my TD Bank charges $3 for using a non-TD Bank ATM

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pelks
8/16/2018 20:04 EST

Yes...I have read that and next time I will do some things differently before arriving. Let me ask you this. Do you think USA banks that have COP......would they go by the days exchange rate given by....lets say Oanda....and give you very close to that rate. Thxs for your reply!

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littlebhuddha64
8/16/2018 20:17 EST

I only tried to buy pesos once from an American bank. The exchange rate they gave me almost made me laugh. Haven’t given it a second thought since

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BlueSeas
8/16/2018 20:30 EST

What's the practical difference between 2900 and 3000 for a few $$?

If you need less than 10,000,000 COP, the best deal is via ATM. While it lasts, open a Schwab account. No foreign transaction fees, they reimburse ATM surcharges and finally convert at basically the XE.com or market rate for the day.

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pelks
8/16/2018 20:31 EST

Great rate! I am going to go to a Chase corresponding bank that are here tomorrow and see what rate they will give for both my debit card and cash. I will then see the rate and see if the rate differs from using my card or cash.

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pelks
8/16/2018 20:38 EST

I agree......2,900 to 3,000 is not a big deal. to 2,600 to 2,700 and even 2,800 is and that is why I wanted to discuss this with the community here. Thanks to some great responses I have some avenues to explore. Thxs for your advice!

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pelks
8/16/2018 20:41 EST

OK........scratch that idea! One thought I can get out my head too.

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Felipe58
8/16/2018 20:52 EST

Well while you are all talking dollars, I am out of the link, but today the £ has shot up to 3802, just a shame my pension isn't due until the end of the month! :D

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LaPiranha
8/17/2018 12:11 EST

Pelks. Just to give you an example of using a debit card........

Although I had given some examples on the other thread (Oh my beautiful peso) about exchange rates, it seems like you didn't read it.

I drew 400,000 pesos by debit card on wednesday at 8.25pm. The quoted XE rate at that exact time was 3871 pesos to the pound sterling.

Today my bank statement showed the following transaction ....

17/08/2018
CLL 175 22-13 LOCA
Cash Withdrawal
COLOMBIA AMOUNT IN COP 400000.00 ON 15 AUG VISA FX RATE 3864.913542 FINAL GBP AMOUNT INCLUDES NON-STERLING TRANS FEE £2.85 AND NON-STERLING CASH FEE £1.50 ATM


That is a mere 6 pesos difference from the official exchange rate at that moment.

You ask ''Do you think USA banks that have COP......would they go by the days exchange rate given by....lets say Oanda....''

Why would they do that? The only figures the banks use are the exchange rate of the card processing company, in this case, VISA, which mirror the official rate on the foreign exchange markets.

They do NOT use a daily rate. The card processing company (VISA) uses the official exchange rate in force at the very moment it is notified of the transaction.

It is actually the opposite to what you suggest, in that companies such as XE.com, or Oanda tell you what the banks and card processors are giving, not the other way around.

You must also bear in mind that the other companies tell you the 'mid price', which is an average of the buying and the selling price. So if you are buying or selling pesos, you can expect a few pesos either side of the mid price.

Hope this helps you to understand FX a little better.

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joemindwarp
8/17/2018 14:46 EST

enjoy it while it lasts, even if it was 1 USD - 2,000 peso it would still be a steal, the money n Colombia is grossly under valued, if you are buying real estate now is the time, nickels and dimes for day to day living is pointless as far as fluctuations in the exchange rate, dinner at a nice restaurant may go from +/- $20 - $23 on a 700 peso swing big deal,If you are that concerned about nickels and dimes you are already too tight fisted with your money, spend it and enjoy it while you can, it will end

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bigjailerman
8/17/2018 14:50 EST

Uhm 2000cop not so much IMO.

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