Post: #1

I need to buy 2 million Colombian pesos and have it in cash. The reason is because I will rent an apartment and pay cash with a guy I already know in Colombia.

This is market value:

[attachment=24872]

This is what travelex wants to give me -- assholes

[attachment=24873]

I don't want to wait until I get to Colombia because I expect the Colombia pesos to fall by May.

[attachment=24875]

I can't use my credit card to pay him. What are my other options?

Post: #2

Here's an article on no conversion fee credit cards
http://www.nerdwallet.com/blog/top-credi...edit-card/

You might be able to leverage that by pulling cash out of an ATM when you land. Also, I don't know how most FOREX accounts work but you might be able to open an account, convert the USD to columbian pesos, and transfer the pesos to a local bank in Columbia.

Post: #3

(02-25-2015 11:57 AM)The Beast1 Wrote:  Here's an article on no conversion fee credit cards
http://www.nerdwallet.com/blog/top-credi...edit-card/

You might be able to leverage that by pulling cash out of an ATM when you land. Also, I don't know how most FOREX accounts work but you might be able to open an account, convert the USD to columbian pesos, and transfer the pesos to a local bank in Columbia.

The second option might be feasible. I'll look into it. I dont want to use the ATM when I land because the pesos will fall by then. Thanks

Post: #4

I have a trading account with my bank and they hook up favorable rates.

Post: #5

I've heard good things about Xoom, but never tried it. https://www.xoom.com/colombia/send-money

Post: #6

Xoom is a good combination of convenience with fees that aren't outrageous.

The cheapest option is have an expat friend in Colombia hit the ATM and withdraw cash. Wait a couple of days. They look at their bank account and tell you "it cost this much in US dollars". You transfer the right amount of money in US dollars from your account to friend's account to cover it.

With rentals in Latin America it can be useful not to pay the entire amount up front. You retain a certain leverage if you pay the first month up front and keep the second month's rent to pay later. May come in handy if you need something fixed in the apartment. Or maybe you need a refund for some reason and the guy already spent the cash.

Post: #7

It's a big assumption that the COP will fall substantially with oil where it is now. The finance minister has spoken publicly about how the rate is fair. The Colombian housing market is in for a rough period sometime in the near future.

I can't believe the guy is quoting you a rate that awful given how easy it is to get a fair exchange with USD on the ground.