Currency: sending money, exchange calculators, pictures & banking

 To send money to Colombia:_________________________________________________________

Sometimes the need to send money to a loved one or family arises and if it is an emergency, Western Union is likely the prudent option but if sending money is going to be an ongoing thing, it is best to open a separate account with your bank  and sending the Visa debit card for the new account to the Colombian recipient.  You can transfer money from one account to the other and the money would be instantly available to the recipient who can withdraw the funds from most ATMs in Colombia but can't readily use the card in stores because they check I.D. (cedula).  Be sure to account for ATM withdrawal fees that vary from bank to bank and call your bank to let them know that you will be using your card in Colombia so their fraud catchers won't freeze the transaction.

• Western Union  Send money online to Colombia with your debit/credit card but costs $10 more per $100 than going to the local grocery store in person to send.  Bilingual.  You get a few minutes of long distance phone time too as part of the deal. Discount card for repeated use of service.  This method is nearly instantaneous for recipients that need money quickly but can be very costly to send, even more if you choose to send online instead of at a Western Union locale.  Recipient also charged for receiving money.

• MoneyGram Similar to Western Union but advertise lower rates.  Send money online from your checking account or eCheck based on your bank account or go to a MoneyGram locale to pay in cash.  Using MoneyGram, you get to send a 10-word message to your recipient and get a three-minute long distance call. "Money Saver" card for discount on repeated use.

• iKobo  Unlike Western Union, you can open an account with iKobo where you can transfer funds from your own bank to your iKobo account.  iKobo will send a Visa/MasterCard debit card to the recipient in most parts of the world including Colombia that can be used in any ATM and stores that accept credit cards.  Transfer fees apply depending upon the amount sent.

• AFEX AFEX (Associated Foreign Exchange) Money Express.  Besides providing investment services, large money transfers, large volume banknote exchanges and ransom payoffs, AFEX also provides it's AFEX Money Express service similarly to Western Union.  However, you are prompted to sign up for a free account and transactions go through an account representative.  While seemingly intrusive at first, this service is for those sending money to big cities and remote locations alike.  Cash (or check) can be delivered to the recipient's door, transferred to their bank account (if they have one) or picked up at an office or undisclosed location.  Sending money can also be done via electronic transfer, email, fax, eCheck or any creative way you and your account rep can arrange.  The point to this service is flexibility and anonymity.  The lack of a banking requirement is curious but welcome should you require more clandestine or remote monies shifting.  Price is between you and your account rep.

• PayPal  Not just for eBay anymore (who owns PayPal).  New accounts qualify for a PayPal MasterCard debit card.  Send or withdraw money anywhere, especially at the airport in Colombia when you forget to budget for the exit tax ($31 for tourists, $54 for business travelers).  You can also send the card to someone in Colombia to use at ATMs while you add funds online from the U.S.  Transferring money from your bank account to your PayPal account is free but can take four to five business days.  Better to open another account with a big bank i.e. Bank of America where you already have an account so you can transfer funds instantly.

• Viamericas  Viamericas accepts your money via telephone, online, check or money order and delivers it to your recipient via direct bank deposit, home delivery (not in Colombia), or pickup at a Viamericas locale.  Viamericas also can be used to pay for the recipient's bills such as healthcare, utilities, mortgage and credit cards (Colombia and El Salvador).

• epassporte  ePassporte offers their "Virtual Visa" and "Electron" credit card options as well as money transfer to anywhere in the world (via a virtual credit card) and a unique money management features via cell phone.  The Virtual Visa is actually a Visa credit card number that you can use for online purchases or bill paying but without the actual plastic credit card.  The Electron credit card is just that, the actual Visa plastic that you can use at any ATM or...send to a recipient in Colombia to use.  With the money management features accessible through your cell phone, you can "reload" your recipient's credit card in Colombia while you sip a latte at Starbucks in the US.  This service is not like Western Union in that money is actually delivered but it does provide for giving the recipient a virtual or actual credit card that you can add funds at will and even from your cell phone.  You can also send a "gift" account to a recipient.

• Xoom Online money transfer only, can also be used to pay merchants.  Xoom will transfer money from your account via PayPal, debit card or eCheck to recipient via direct deposit into their account or delivery to their door.  Recipient is emailed a tracking number to check status of transfer.  Check site for rates, details, participating banks and delivery restrictions.  Brazen and/or desperate users can actually request money online from loved ones. No delivery to Colombia but to several other Latin American countries.

Exchange RateCalculator:____________________________________________________

Do not worry about traveler's checks or exchanging money at the airport before arriving in Colombia.  It is better to take your debit card and use it at the Colombian airport to withdraw pesos instead.  I take two debit cards (separate accounts with the same bank) in case I lose one.  Your bank automatically calculates the exchange rate for the day and it is cheaper than going to a currency exchange.  Do not use ATMs excessively in Colombia as you'll be paying a lot for ATM fees sometimes $5 per use.  If you can withdraw 400.000 pesos (about $180) you'll be fine.  Colombian ATMs distribute only pesos pictured below, not US dollars.  Find out from your bank ahead of time for ATM withdrawal rates.

• Currency exchange calculator (exchangerate.com) with up-to-the-minute COL Peso / $ U.S. exchange rate.

• Another currency exchange calculator (xe..com) with up-to-the-minute currency rates.  Use to compare with the first.

Pictures of Colombian paper currency:__________________________________________

All you need to know is that 5000 pesos equals roughly $2 U.S., 10,000 pesos equals roughly $4.25 U.S.,  20,000 pesos equals $8.50.  The rest you can figure out.  You really don't want to flash many 50,000 peso bills ($21) around.  Besides looking like an ass, it's dangerous.  The 1000 peso bill is great for impressing your friends back home or to roll your own smokes if you're out of Marlboros.  Carry some 20,000s but mostly 10,000s and 5,000s as taxi drivers hate making change for 20,000 peso bills and some outright refuse to do it.  If you often need lots of 50,000 peso bills, you should use your credit/debit card instead.  When out in town, separate your cash into different pockets and put 30,000 pesos in 5000-peso increments in your socks for the taxi home.  Never flash cash or leave a large sum on the counter at the bar.  Use ATMs inside malls or secured areas, not in the street, especially at night.  Hail a taxi driving down the street, not the one parked in front of the bar or ATM, that one's the trap.