If I Have My Account In Scotiabank Can I Withdraw Money From Colpatria
Colombia Expat Forum
Scotiabank questions
thread is now closed 9/21/2018 06:40 EST
I see that Scotiabank took over Citibank in Colombia. I also see they actually have a live branch in Bogota. There's also a branch in my home city of Boston Mass. Does that mean I could Bank like a local because it looks like Scotiabank has seemless ownership of their banking operations as opposed to Citibank which seem to be separate banking entities. If the answer is a positive I would think about moving my social security deposit to Scotiabank and just be able to bank like a local. Does that make sense to anybody? Hoping my Canadian friends can help me out on this one.
9/21/2018 07:49 EST
I have been told that there is little if any connection to the Canadian BNS operation, and no benefits to be had in terms of simplifying your international banking arrangements. But my info did not come from a highly placed source.
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9/21/2018 08:49 EST
Colombian banks (including those owned by foreign companies) have to be all run under Colombian banking laws.
As a result there is no direct connection with overseas banks and no advantage in having overseas accounts.
I have been banking for years with Colpatria (owned by Scotiabank) and there is nothing to indicate their foreign ownership.
9/21/2018 11:31 EST
My Canadian pensions are all paid into Scotiabank in Canada because Canadian regulations will not allow them to be paid directly into any bank in Colombia. Because of this I am forced to pay banking fees each month to get the funds transferred so that I can access my pensions here in Colombia.
Since the Scotiabank takeover of Colpatria I have twice enquired, at different Colpatria branches, about the possibility of avoiding this monthly fee, which to be honest I have reluctantly accepted as part of the cost of living here. In each case I was told that Colombian banking regulations require a total;separation of the two countries in terms of banking.
I'm currently looking at World Remit as potentially cheaper, and faster, option.
9/22/2018 16:06 EST
I have accounts at BMO and HSBC in Canada and my pensions are paid into those accounts. I also have an account at Davivienda (which is seldom used). I simply use my Canadian debit card at an ATM to withdraw the money (in COP) from my Canadian accounts and do not transfer anything.... (or did I misunderstand what you are attempting to do???)
KCM
9/22/2018 17:15 EST
No you didn't misunderstand. I'm very interested in what you said. I have an account in Canada with Scotiabank and have a Scotiabank debit card. I also have an account in Colombia with Bancolombia and a Bancolombia debit card. So are you saying that I can use my Scotiabank debit card to withdraw funds directly from my Canadian Scotiabank account at an ATM in Colombia? And if so what are the withdrawl fees?
At present the maximum amount that can be withdrawn from a Bancolombia ATM in one go, I think (from memory - I haven't tried it for a long time) is 600,000 and you can do a maximum of 2 such withdrawls each day. I have found a Colpatria ATM in Premium Plaza that will give me up to 1,000,000 at a time with a maximum of one withdrawl daily (It was formerly a Citibank ATM but was changed over recently).
It has been a mission of mine to eliminate these bank fees, so far with no success. I can't believe that I would have missed such an obvious solution as you seem to suggest.
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9/22/2018 20:12 EST
@TRNTNDR If you wish to go the ATM route, I suggest opening up a Tangerine account in Canada.
Tangerine only has a $2 ATM fee when doing withdrawals in foreign ATMs. This is much better than the $5 that Scotiabank and all the big banks in Canada charge.
Tangerine also doesn't have any monthly fees and is part of the Global ATM alliance, just like Scotiabank (https://en.wikipedia.org/wiki/Global_ATM_Alliance). Unfortunately, Colpatria and the other Colombian banks are not part of the Global ATM Alliance which means that you have to pay ATM fees.
Tangerine also allows you to link other Canadian bank accounts and pull and push money to these accounts without any fees. This is easier than writing a cheque or doing an Interac e-transfer, but takes a day or two to complete.
I would suggest Colpatria to do withdrawals in Colombia because they don't charge any extra ATM fees (aside from what your bank charges) and they allow for large withdrawals.
It is also important to note that every debit card (and almost every credit card) that I know of in Canada adds a 2.5% foreign transaction fee for withdrawals and charges. This fee is built into the amount you are charged. Only a few American debit cards offer no foreign transaction fees that I know of.
For suggestions on good credit cards to use while traveling or in Colombia, see: https://forums.redflagdeals.com/list-credit-cards-foreign-currency-transactions-2122295/
9/22/2018 21:56 EST
Many thanks for the advice, Louise. I will take a look at the information you have provided. I know it's not a lot of money (although over time it adds up) but I object to having to pay a bank merely so that I can access the pensions that I spent my life working to accumulate.
9/23/2018 08:35 EST
ATM withdrawal fees, using my TD debit card, are about 4.00 US using Bancolombia machine. Colpatria fee is exactly 0. No brainer.
9/23/2018 15:23 EST
rcoc...I recall seeing a bank that was called "Bank of Canada" in Roatan, Honduras...and it had zero affiliation with a real Bank of Canada. Buena Suerte ! Tranquilo.
9/23/2018 15:38 EST
Scotiabank from Canada to Uruguay, including islands in the carribean, share the name and that is it.
They are NOT interconnected.
9/23/2018 16:36 EST
@saiid20 Are you using a TD Canada debit card? TD Canada's debit card is the worst debit card for use abroad.
Unlike the 2.5% foreign conversion fee most debit cards in Canada charge, TD's rate is 3.5%!
So for an ATM withdrawal in a foreign country using a TD Canada debit card, you are paying 3.5% conversion fee and $5 CAD. This is on top of the conversion fee Visa already charges.
Whereas with a bank like Tangerine, you'd pay 2.5% and $2. Although 1 percentage point seems like a small deal, after a while it will add up and you'll be giving money to TD for no good reason.
There is also a new prepaid card called Stack available in Canada which has no ATM fees or foreign conversion charges. It has a limit of $500 CAD per withdrawal and only allows two withdrawals a day. It seems like a good option for someone who uses foreign ATM often. It's worth noting that the card seems to be aimed at millennials and people comfortable with using phone apps: https://www.getstack.ca/
9/23/2018 18:47 EST
Louise...Sorry...guess I'm using a US TD bank debit card....acount opened up in Massachusetts. Must be a big ifference because I couldnt be happier with the card, the customer service, the web site...nice bank
9/23/2018 19:49 EST
Ah ok, TD Bank in the US is completely different and is nice for those that travel. The TD US debit card has no foreign conversion charges and just uses the Visa conversion rate.
I have the premier checking account at TD Bank US and I have all my foreign ATM fees reimbursed (like Charles Schwab bank). The premier account requires a minimum balance of $2500 to waive the monthly fees.
It's easy for Canadians to sign up for a US TD Bank account through TD's cross-border service, I did it all online.
You need some USD to make the account worth it since converting your CAD to USD just to have a USD account doesn't make sense (unless you can get really good conversion rates)
9/24/2018 08:44 EST
My Bank TD charges nothing for foreign ATM withdrawals.
On the other hand, tve local banks charges 4.5 to 7 % based on the exchange rate (compared te xe.com) including the published local fee (12 0r 13 mil pesos).
People with adresses in the US who have Capital one, TD US accounts and Charles Schwab claim the dont pay local fees.
But they reimburse you only the published fea.. 12 to 13 mil COP or 2% mil COP based on a 600 mil withdrawal.
You still play 2.5% to 5% based on a lousy conversión rate, depending which bank ATM you use.
Anyway you look at it you still get ripped.
Price of living overseas.
Better to use a Visa CC for most purchased as possible. They charges a flat 2.5% for overseas purchases, based close to the XE rate.
Of ATMs I find Davivienda is giving the best rate lately 3.5 to 4 % even if you only withdrawal 400 mil ( their limit at many ATMs). But you have to keep.on top of it and compare purchased and withdrawal to the XE.com rate daily.
9/24/2018 08:54 EST
Read this.
The published bank feed of 12.6 to 13.6 mil pesos are the smaller part of the local fees.
Where they get you is in the exchange rate vs oficial rate at purchase (the hidden fees)
Same applies to Colombian Bank ATMs
Have to compare exchange rate to xe.com or other recognized site minutes after your withdrawal or purchase.And compare the difierent banks.
https://www.timedoctor.com/blog/whats-cheapest-way-send-money-colombia/
9/24/2018 09:31 EST
@Elexpatriado For withdrawals and purhcases with either my debit or credit cards, I've only been charged the official COP conversion rate posted by Visa or Mastercard. Are you saying you are being charged a conversion fee on top of the conversion done by the Mastercard/Visa network? The fees you mentioned seem more reminiscent of conversion charges local banks use when doing international wires into Colombia and not of ATM's where the conversion is more consistent and handled by your cards network (e.g. Visa, Mastercard, Plus, Cirrus, etc)
In terms of extra fees in Colombia I've only seen local ATM usage fees (e.g. 12000 COP fee for using Bancolombia ATM) and dynamic conversion fees (where the ATM or terminal decide which conversion rate to use). However, both these fees can be avoided by using the no-fee ATM's (e.g. Colpatria) and not accepting dynamic currency conversion when prompted.
The best way to check conversion rates is by going to Visa and Mastercards official Currency Conversion tools online:
https://www.mastercard.us/en-us/consumers/get-support/convert-currency.html
https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html/
After large purchases and withdrawals I check the charges and they always line up with the official converter tools I linked above. I just put either 0% or 2.5% as the Bank Fee, depending on which debit/credit card I use. I have several cards with no foreign transaction fees so I only get charged the official Visa/Mastercard rates. While other cards have a conversion fee added on top of Visa and Mastercards rate, usually 2.5% depending on your bank or credit card provider.
9/24/2018 12:34 EST
No..the visa rate.is 2.5% above the mid range buy sell rate posted by XE com. (AS an example, there are others..but XE com is a good "benchmark" to compare what difierent bank ATMs, credit cards or transfer methods (AS in tve Link I provided) are changing you.
It doesnt which Bank card you have this is what VISA in New York charges for the currency exchange.
For withdrawal from Colombia banks..like BancoColombia Banco Bogota they charges you all over the map and different ar
T difierent times. As high as 7 %. Off of xe com rate.
I dont know about Colpartía.. But I do know that No One will give you the samec
rate as XE com rate. The DE com rate is a bench Mark to.compare difierent transfer methods.
To see how much you are being charged by the ATM
1, Make your withdrawal
2.Calculate the exchange rate they gave you
3.Compare to the XE.Com rate online within 20 minutes.
Note..on weekends you have to use the closing rate Friday.
9/24/2018 12:39 EST
Here is the DE com.rate por Cad to Cop this moment
Yo can compare to.master chef or visa and they should be about a 2.5% difference
www.xe.com/es/currencyconverter/convert/?Amount=1&From=CAD&To=COP
9/24/2018 13:43 EST
To male it clear, tve exchange rate is determine by the Bank that owns the ATM in Colombia.
I checks this out with my Bank and even saw it in a written statement in their guidelines.
This makes sense as the exchange rate varies from Bank ATM to ATM Banco Bogota, Servienbanco, Davivienda.
Lately I have seem the best rate at Davivienda..about 4.5% off of same time XE rate or in your language 2 % charge on the Visa Rate.This includes the posted 12600 Cop fee.
9/24/2018 13:57 EST
I have beber seem this "dynamic currency conversión option and I have used hundreds of ATMS in Colombia.
They just ask how many COP you want and así for your pin and that it.
But then I have never used a Colpatria ATM. I dont even know where they exist or if they acept my hard (visaor Plus compatible)
This is only tve second time I Harvard of this and my guess tve first time esa yourself as well.on a difierent si te.
Please tell.me more I am interested but still skeptical any Bank in Colombia is gonna let you use their ATM for free. Banks in Colombia are notorious ladrones, way worse than in North América and dell know for scamming people, by witholding información.
9/24/2018 14:01 EST
Sorry about typos..Spanish soe?l check changes every Word and I have to go back and correct them .... on an iPhone..what a pain.
Hope you understand my posts.
9/24/2018 16:42 EST
Also you are wrong withe the TD Canada debit card.
Ir dependa whiat type of aciunt you have.
With.my account there are zero chages on the TD bank side.All charges..both the 126oo or 13, 6oo and the " hidden" exchange rate fee are on the Colombian Bank ATM Side.
9/24/2018 17:12 EST
FYI....I Just did a couple tranasactions
VISA Credit Card..2271 rate recieved..2317 XE.com rate. 2 % difference
Davivienda ATM Bank withdrawal.2249 rate recieved 2318.5 From rate..3% difference
The Davivienda ncludes the non hidden listed fee on only 400 COP transacción..so they just be giving a real good real on the exchange rate.
No.matter what any company says about not charging fees, the only way to tell how one method or bank compares to others is to take your final net exchange rate from the transation (COP net output divded by gross dolllars iinput) and compare against the XE .com exchange rate at time of transaction.
If you open a Bank account in Colombia and transfer by some method, you have to also include the Bank fees they are changing you some how in your calculation..
Then there are the non monetary aspects of a Colombian Bank account..hassle...time wasted... getting into DIANs "radar"
9/24/2018 17:16 EST
By bank fees they are changing I mean feed to set up and maintain an account.
Obviously maintaining an account in Colombia is way more hassle than just withdrawing money from an ATM with your Bank card.
9/24/2018 20:39 EST
I'm curious to know which bank account and debit card you are using. I'm interested to see the cardholder agreement and fees they charge.
As for my debit and credit cards, I know the fees inside and out and have thankfully never had any 'gotcha' moments with currency conversion. I'm very careful which ATM's I use in Colombia and when traveling and try to keep my fees as low as possible.
With my US TD Bank debit card (no fx fee/no foreign atm fee), I have only seen Visa's exchange rate above the XE rate when doing withdrawals. I have only withdrawn at Colombian ATM's that have no fees so I haven't had any extra charges on top of what my bank and Visa charge.
With my Tangerine Mastercard, I see Mastercards exchange rate + 2.5% and a foreign atm fee of $2 at Colpatria ATM's. The withdrawal charges I saw on my bank statement are exactly what I expect, no surprises.
In regards to Visa's rate, I have only seen it 0.1% to 1% higher than XE's rate. For example, XE's CAD/COP rate for today is 2318.63 and Visa's rate is 2331.00. That's a difference of 0.53%.
Here are two articles which compare Visa and Mastercards rates with XE's rates: https://theinquiringinvestor.com/2013/10/07/how-does-visa-calculate-its-currency-exchange-rate/
https://www.doctorofcredit.com/foreign-currency-exchange-rate-credit-card-issuers-use/
As for TD Canada Trust's debit card, you can find the foreign transaction fees and how they calculate it on page 7 of the following PDF:
https://www.tdcanadatrust.com/document/PDF/accounts/513796.pdf
It shows in the PDF that TD Canada charges a 3.5% foreign conversion fee and $5 CAD for foreign ATM withdrawals, definitely not a good card to use for foreign withdrawals.
9/25/2018 11:31 EST
Thinking I didnt know what I was doing...I "ran a test" this morning. Checked my morning paper for the exchange rates..closed last nite at 3.006.915 and on my phone 20 minutes ago, Bloomberg states the current rate at 2.999.610. My first stop today was to Colpatria cajero where I withdrew 600.000 cop. A check of my TD website shows I paid 199.54 USD for the pesos. I'll do the math. That rate is the published rate for close of business previous day.. If the atm machines could somehow keep up with real time changes to the rate....then, not only does Colpatria not charge anything, they throw in 60 cents or so as a bonus ...dont think so.
9/25/2018 11:57 EST
Are there now Scotiabank ATMs / abms in Poblado? They used to be Citi ATMs there correct? So then if you did have a Scotiabank account based in the US or Canada you would pay no ATM transaction fees is that correct? Except for the exchange rate I mean.
9/25/2018 12:53 EST
@saiid20 From the numbers you provided it seems to match Visa's rate of 3006.96 for today.
600,000 / 3006.96 = 199.537
This means you were not charged any fees by your bank or Colombian ATM and only Visa's conversion rate, which is excellent and matches my experience with US TD Bank's Visa debit card (with the Premier Checking Account)
Since Visa takes their time to change the exchange rate (I believe it's at 12pm on weekdays), you can sometimes get a better exchange rate than XE if the peso strengthens that day, such as today (3,000.40 on XE right now).
@rcocmc No, Scotiabank (aka Colpatria aka Citibank) in Colombia operates independently and you will not receive any benefits as a Canadian or American Scotiabank client.
However, Colpatria ATM's do not have any local ATM usage fees for withdrawals, so it's a better option to withdraw than other Colombian banks.
Be aware of your Canadian/US banks fees as they will likely charge a foreign ATM withdrawal fee ($5 for most Canadian banks) and a foreign conversion fee (2.5% for most Canadian banks)
Scotiabank Canada's foreign ATM fee is $5 CAD, see: https://www.scotiabank.com/ca/en/personal/bank-accounts/fees.html
Scotiabank Canada's foreign conversion fee for debit cards is 2.5%, see page 50 of their cardholder agreement here: http://www.scotiabank.com/content/dam/scotiabank/canada/en/documents/chequing-&-savings/day-to-day_banking_companion_booklet.pdf
9/26/2018 09:18 EST
I am not Canadian, BUT I contacted Scotiabank directly, as I have the same concerns. Here is my message and their quick and courteous response:
Hello! I am a US citizen who is about to move permanently to Colombia, specifically to Bogota and will be applying there for permanent residency, which I expect to happen for me. I have read that the best terms and exchange rate for expats is available through Scotiabank, including ATM fees. And before I leave for Bogota at the end of October, I would like to know 1) Is it possible for me as a US citizen on a social security income and small smatterings of other income to open a checking account with debit card with Scotiabank and 2) Is it possible to have my Social Security income direct deposited into such an account (if I could open one). Please answer as soon as possible. Thank you,
Scotiabank Helps
Hello Diana,
Thank you for messaging Scotiabank Canada.
In order to open an account with Scotiabank will require that you visit Canada to open the account in person. If the financing department for your social security income is willing to deposit the funds into a Canadian account then there would not be a problem however, we will convert the funds from USD into CAD. We do not have an ATM alliance in Columbia so each withdrawal will be $5.
Hope this information helps.
Kind regards,
Victoria
9/26/2018 09:37 EST
Fyi. I have used Citibank (now Scotiabank) numerous time in the past and the charge has always been 15,000 pesos (US $5). This is one of the higher fees as most banks charge closer to 12,000 pesos (US$4). One advantage of Citi/Scotia is that you can often withdraw more cash in a single transaction, for example, the others usually have a limit like 400,000 - 600,000 but with Citibank I've withdrawn 800,000 - 1,100,000.
9/26/2018 10:00 EST
Did they "rebrand" the old Citibank ATMs as Scotiabank or Colpatria? I believe Citibank kept their institutional customers.
I had an account with Citibank Colombia before the sale, and now its with Colpatria. Will be interesting to see if they allow me to keep my account since Colpatria turned me down on a V type visa before the sale.
9/26/2018 10:35 EST
The Citibank name ceased to exist when they were taken over and renamed as Scotiabank Colpatria earlier this year.
9/26/2018 13:32 EST
I've gathered some information regarding the fees and limits at Colombian ATM's.
Some of the info may be out of date so feedback is welcome.
The data is based on personal experiences, data points in this forum and from the ATM hero app (https://atmhero.net)
Davivienda seems to have the least consistency in fees based on the data points.
Questions marks mean that the data is unconfirmed or there are insufficient data points.
ATM's without fees
------------------
Banco Pichincha
ATM Fee: None
Max Withdrawal: 1,000,000 COP
Colpatria
ATM Fee: None
Max Withdrawal: 900,000 COP
Banco Caja Social
ATM Fee: None
Max Withdrawal: 700,000 COP
Corpabanca
ATM Fee: None ??
Max Withdrawal: 400,000 COP
BBVA
ATM Fee: None ??
Max Withdrawal: 300,000 - 600,000 COP ??
ATM's with fees
-----------------
Bancolombia
ATM Fee: 12,000 - 12,500 COP ??
Max Withdrawal: 600,000 COP
Davivienda
ATM Fee: None - 6,500 - 12,600 COP ??
Max Withdrawal: 320,000 - 400,000 - 800,000 COP ??
Servibanca
ATM Fee: 6,500 - 12,000 COP ??
Max Withdrawal: 780,000 COP
ATH Cajeros
ATM Fee: 10,500 COP
Max Withdrawal: 600,000 COP
Banco Popular
ATM Fee: 10,500 COP
Max Withdrawal: 600,000 COP
Banco De Bogota
ATM Fee: 12,000 COP
Max Withdrawal: 600,000 COP
Citibank
ATM Fee: 15,000 COP
Max Withdrawal: 1,200,000 COP
Banco Occidente
ATM Fee: ??
Max Withdrawal: 300,000 COP
9/26/2018 15:36 EST
Ver y good Louis.
But you are missing the hidden fees..the "exchange rate conversión" fees
Which in the case of most of those banks are the highest proportion of what they are ripping you off for.
9/26/2018 15:37 EST
Ver y good Louis.
But you are missing the hidden fees..the "exchange rate conversión" fees
Which in the case of most of those banks are the highest proportion of what they are ripping you off for.
9/26/2018 15:49 EST
I rejected the idea (Schwab, Capital one,TD Bank US Account) because , as a Canadian,I lose any savings because of the fee my Bank charges ( or any Canadian Bank charges) on the exchange rate to transfer money to a US account, plus opportunity costs of having $5000 minimum invested.Plus a big hassle having a US Bank account in addition to my (only) Canadian income sources.[br][br]It may work for a US citizens with a US income, but I wouldnt take their Word for it and wiuld check the actual exchange rate they give you against the XE com exchange rate at the exact time you make a withdrawal.
9/26/2018 15:52 EST
Check out this site and thread for relate discusión:
http://colombiaconnection.freeforums.net/thread/5228/schwab-debit-card-gotta-love
9/26/2018 15:52 EST
Check out this site and thread for relate discusión:
http://colombiaconnection.freeforums.net/thread/5228/schwab-debit-card-gotta-love
9/26/2018 17:05 EST
@Elexpatriado My only guess is that some Colombian banks and merchants are forcing dynamic currency conversion. This is where they get to decide which exchange rate is being used rather than your card network's rate.
Normally this is a prompt which you can select Accept (Charge in home currency) or Decline (Charge in local currency) at ATM's.
Do you remember any kind of screen like that at Davivienda or Bancolombia? Also, which bank are you using in Canada?
On Flyertalk there are several reports of forced Dynamic currency conversion around the world: https://www.flyertalk.com/forum/credit-card-programs/1815666-dynamic-currency-conversion-dcc-29.html
I can imagine being forced to pay with dynamic currency conversion at a restaurant since the server may select DCC by accident (or on purpose) and just have you input your pin or sign. Normally it's something the cardholder must accept or decline. If I were forced to pay with dynamic currency conversion without my knowledge I would dispute the charge: https://usa.visa.com/supporting-info/incorrect-currency-condition-12-3.html
According to Visa:
"Some merchants now offer to convert your purchase into your home currency. This is called dynamic currency conversion and means the merchant—and not Visa—is converting the currency. As a consumer, you may value knowing the exact price in your home currency at the point of sale, but you should be aware that you may be charged extra for this service by the merchant. Visa requires that you be provided a meaningful choice at the point of sale and you have the right to buy your purchase in the local currency to avoid any additional fees the merchant may assess. Visa also requires merchants offering this service inform you of the exchange rate, including any applicable commission being charged."
9/26/2018 17:22 EST
This Reddit post is worth reading for anyone using a foreign card in Colombia: https://www.reddit.com/r/Colombia/comments/8vss84/new_legal_credit_card_scam_in_colombia_for/
This comment in particular shows you how to dispute these dynamic currency conversion charges: https://www.reddit.com/r/Colombia/comments/8vss84/new_legal_credit_card_scam_in_colombia_for/e1ytxjo
9/26/2018 17:43 EST
In 2015 I saw no DCC in Colombia, early this year, only eating out, not in stores. The cashiers don't understand, even when asked. Not surprising, many gringos are just learning.
The solution was to use the ATM and pay in cash. Hopefully, DCC won't take over the ATM network.
9/26/2018 22:19 EST
I just withdrew from 600,000 COP Bancolombia an hour ago with my US TD Bank debit card.
The ATM charged a fee of 13,200 COP for a total of 613,200 COP (seems like they raised the ATM fee)
I see a pending charge of 204.68 USD on my bank account.
The current exchange rate for Visa is 2994.01 and for XE is 2999.57. That's a difference of 0.18%, which is pretty competitive.
So if I divide 613,200 by 204.68 I get 2995.89, which is not far from Visa's rate of 2994.01 right now
Looks like I wasn't charged any DCC or special exchange rate, just Visa's exchange rate and the Bancolombia ATM fee of 13,200. Thankfully my TD Bank account refunds ATM fees so the 13,200 should be refunded next month.
It's worth noting that my TD Bank debit card has no foreign conversion fee nor does it have a fee for withdrawing from a non-TD ATM. If the ATM charges any fee, that fee gets refunded at the end of the statement. Therefore, I think the debit card is pretty much fee free unless DCC is involved.
9/26/2018 22:46 EST
Hi Louise. But don't forget that the XE rate that you are comparing with the Visa rate is actually a mid-rate, ie, halfway between the buying and selling prices. You must then allow for the margin, which Visa decides when it processes the transaction, so for buying pesos, you will get a lower number of pesos, or for selling pesos, it will cost you more pesos to buy your dollars.
It will be interesting to see what the final figure will be, as you say the pending figure that appears on your account is US$204.68, but will doubtless be adjusted to include any variation , fees, etc., and in a day or two, you should find the final figure on your statement.
Let us know if its vastly different.
9/26/2018 23:05 EST
@LaPiranha I doubt it'll be huge since my previous transactions at Bancolombia haven't varied that much between the posted and pending amounts. But I'll post an update if there are any surprises.
@Elexpatriado You said you have a TD Canada Bank account and that you are not charged any ATM fees.
However, are you aware that TD Canada charges 3.5% on ALL foreign withdrawals? The All-Inclusive account (that I assume you have) at TD Canada only waives the $5 non-TD ATM fee, but the ridiculous 3.5% foreign remains on all foreign withdrawals. This 3.5% gets added on top of Visa's exchange fee and you still have to pay the local ATM fee (e.g. 13,200 COP at Bancolombia)
See page 7 in this PDF: https://www.tdcanadatrust.com/document/PDF/accounts/513796.pdf
Could this explain the crazy exchange rates you are seeing when you are comparing your rates with XE?
Also, ALL TD Canada credit cards have foreign transaction fees of 2.5% as well. So it's worth keeping that in mind when doing your conversions
9/27/2018 17:44 EST
Many thanks to everyone who has contributed to this thread, which has enriched my knowledge of the subject. In particular to Louise. You have evidently done extensive research! Thanks to you I now know about DCC and how to deal with it!
I will just add my most recent experience, yesterday and today, using my Canadian Scotiabank debit card to withdraw funds from my Scotiabank checking account in Canada. I did this at a Scotiabank/Colpatria ATM on avenida el Poblado in Medellin where I know from past experience I can withdraw $1 million in a single transaction.
Yesterday i withdrew $1 million. I was charged an ATM fee of $15,075.75. This translated to $451.21 CDN from account account in Canada plus a service charge of $5.00 CDN.
Exactly the same thing today with the minor change that it cost me $451.50 CDN, due to small changes in the exchange rate.
But the point is that I still had to pay a service charge at both ends - in Colombia and in Canada - to access my own money.
Using a Visa card for the same transaction the charge at the ATM here is the same, but in Canada it's $7.50 CDN per transaction, so by using my Debit card I'm saving a paltry $2.50 (better than nothing I suppose!)
In the past I have had my daughter in Canada transfer funds on my behalf directly into my Bancolombia account. For this service I was required to pay a fee of $40.00 CDN for each transaction, and in addition to requiring a Power of Attorney for her to act for me Scotiabank also required that she went into the bank in person every single month to repeat the process.
Next month I'm going to try World Remit to see if that will work any better
9/27/2018 18:00 EST
It will.
Use this link to get a CAN$ 30 reward when you do (and I am getting it too):
https://www.worldremit.com/fr/r/ANDRER69
9/27/2018 18:00 EST
It will.
Use this link to get a CAN$ 30 reward when you do (and I am getting it too):
https://www.worldremit.com/fr/r/ANDRER69
9/27/2018 18:08 EST
@TRNTNDR Odd, those seem like Citibank ATM fees. I'm guessing the branch on Avenida Poblado is still using the Citibank ATM's and they just changed the branding to Colpatria. That branch used to be a Citibank previously.
Another indicator is that the real Colpatria ATM's have a limit of 900,000 COP, while Citibank is 1,200,000 COP. This is a good heads up.
I was able to calculate approximately what you paid using Visa's rate of 2304.14 and your banks foreign conversion fee of 2.5%
(1015075 / 2304.14) x 1.025 = 451.55
I'm guessing the $5 was a separate charge on your statement.
9/27/2018 18:57 EST
FYI. As far as i can tell ALL of the Citibank locations converted to Colpatria overnight on or about July 1st of this year.
9/27/2018 21:06 EST
@Andresen The branding has changed, however, some of the old Citibank ATM's are still around. In fact, when I went to Premium Plaza in July, there were two types of ATM's for Colpatria. The older looking ATM's had a small Citibank logo on it. The more modern ATM's did not.
I noticed people were waiting in line for the modern ATM's and the citibank ATM's were being ignored. I thought maybe those machines were out of order so I ended up withdrawing from the modern Colpatria ATM's.
I wasn't charged any local ATM fees with my Tangerine debit card. I was just charged the normal $2 foreign ATM Fee and 2.5% conversion charge. The charge on my statement matched the amount Mastercard currency converter showed, so there were no extra fees.
9/27/2018 22:35 EST
Louise, You are way ahead of me on this. Yes, that was indeed a Citibank ATM prior to the takeover. I'm going to try the new Colpatria ATM in Premium Plaza tomorrow (ironically it's closer to where I live) and we'll see what happens.
And yes, the $5.00 was charged at the Canadian end, so there's not much that I can do about that.
Thanks again for your expert input.
9/29/2018 15:25 EST
@Elexpatriado See my post on this thread dated 9/26/2018 23:05 EST. I linked to a PDF that explains the fees your bank, TD Canada, charges.
I'm pretty sure your experience is not related to DCC (it was just a theory I had) but to the hidden 3.5% foreign conversion fee that every TD Canada debit card includes.
If you have a TD Canada debit or credit card that is not charging any foreign conversion fees, I will eat my hat.
Here's an article from the Globe and Mail discussing the TD foreign conversion fee: https://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/one-bank-dings-clients-who-travel-while-another-lightens-the-load/article38280514/
If I Have My Account In Scotiabank Can I Withdraw Money From Colpatria
Source: https://www.expatexchange.com/expatguide/190/3433385/Colombia/Expats-Living-in-Colombia/Scotiabank-questions
Posted by: wallsrecter.blogspot.com
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