Cheapest way of getting money to Colombia?

[Patrick]

My wife's brother-in-law just passed away and I think we're going to set something up to help her sister out financially until she can get back on her feet .  Does anybody know if creating a bank account and giving her an atm card would be the cheapest way to go about this?  I like that idea because I can set up an auto deposit into the account and not have to hassle with money grams, etc.  I'm not sure about ATM and currency conversion fees though.  I think the exchange rates are pretty good through the banks using ATMs, but does anybody know what the fees might be and whether a specific bank would have lower fees?

[michaelb]

Sorry for your family's loss, Patrick. We always send money via Dolex, but theoretically it is cheaper to open a bank account and send them an ATM card. Just be sure nobody takes out more money than is in the account. Sometimes the machine will give it anyway, and the bank will use that as an excuse to charge outrageous fees. How do I know this? How do you think? That's why I don't have an account with those robbers anymore.

[utopiacowboy]

I have an account set up for the purpose of getting money to my wife's Colombian family. We gave my sister-in-law the ATM card and only put in whatever sum we want them to have for birthday gifts, Christmas presents, Mother's Day etc. We don't support any of them financially in any way.

[P Daddy]

I have an account set up for the purpose of getting money to my wife's Colombian family. We gave my sister-in-law the ATM card and only put in whatever sum we want them to have for birthday gifts, Christmas presents, Mother's Day etc. We don't support any of them financially in any way.

Let's see...you're sending them money via an ATM card, but you're NOT supporting them financially in any way...ok then

I'm sure they're going straight out and buying presents with that money UC, instead of putting it in their pockets.  wink wink

[Colombian Services]

Patrick,

Sorry for your loss.

That is how I paid bills in Colombia for several years before moving here. It worked great.

You might want to try www.etrade.com, no ATM fees & as of this date I've not paid exchange fees, but read somewhere they were going to charge a small fee exchange fee. They have few live branches, but you can transfer from another bank into an E-trade acct. I've been using then for years with no problem.

[Patrick]

Thanks for the advice everyone.

C.S.,

Can any bank ATM be used without transaction fee via an E-Trade account?

Thanks, Patrick

[bundy_138]

Paypal, Paypal, Paypal.............they have debit cards and only charge a $1 service charge thru ATM's.

Bundy

[michaelb]

Paypal, Paypal, Paypal.............they have debit cards and only charge a $1 service charge thru ATM's.

Bundy

Really? Hey, thanks, last time I looked (several months, maybe even a year ago), Paypal didn't have service in Colombia. So they do now?

[Colombian Services]

Patrick,

In four years I've never been charged an ATM fee, and the card is used only in Colombia.

Looks like now Pay Pal has a good deal also.

[JimmySTLOUIS]

I gave my wife a visa buxx card before she came here and we still use it.

https://usbank.visabuxx.com/

its made for teens in college, so that their parents can send them money. It has some tools set up to regulate the money etc. I just set it all up to send me the infor and they just use the card.

You fund it with your regular credit card


TE AMO PERU!

jim

[utopiacowboy]

Let's see...you're sending them money via an ATM card, but you're NOT supporting them financially in any way...ok then

I'm sure they're going straight out and buying presents with that money UC, instead of putting it in their pockets.  wink wink

I give my parents Christmas presents and presents on birthdays, Father's Day etc but I am not supporting them. The easiest way to give someone a present in Colombia is to get my sister-in-law the money so she can buy whatever needs to be bought down there. It's a lot of hassle to buy something here and send it down there believe me. They're all professionals, engineers, lawyers etc so they don't need our money. Not everybody marries a woman from a family that sees a gringo as their milk cow.

[JimmySTLOUIS]

I think I am a "milk cow"





TE Ah MOO Peru!!!


jim

[P Daddy]

You're correct UC, professionals like lawyers, engineers, etc., would NEVER put the money in their pocket instead of buying gifts with it, especially Colombian professionals...my bad

Those colombian professionals sure make alot of money, something akin to a garbage collector or janitor here in the States...no, they don't need your money...


Keep sending the money down UC, I know they appreciate it

[utopiacowboy]

So even if they put it in their pocket instead of buying something with it, does it make the $20 any less of a birthday present. My parents in Canada send me a check for my birthday. Are they supporting me when I cash the check? I guess by your standards, we would have to not give anybody in her family anything for birthdays or Christmas. Or would an actual purchased item which we sent meet your standard?

These are the same people who all went to Orlando last Christmas to go to Disney World and Sea World for a week and later they stayed with me. They worked their credit cards in a manner worthy of Americans. No, they don't need my $20 to keep the wolf from the door.

[P Daddy]

So even if they put it in their pocket instead of buying something with it, does it make the $20 any less of a birthday present. My parents in Canada send me a check for my birthday. Are they supporting me when I cash the check? I guess by your standards, we would have to not give anybody in her family anything for birthdays or Christmas. Or would an actual purchased item which we sent meet your standard?

These are the same people who all went to Orlando last Christmas to go to Disney World and Sea World for a week and later they stayed with me. They worked their credit cards in a manner worthy of Americans. No, they don't need my $20 to keep the wolf from the door.

Could it be that they are using your cash to pay off their credit card bills??   

[utopiacowboy]

Could it be that they are using your cash to pay off their credit card bills??   

Only four years ago my wife's apartment, which she owns free and clear, was worth about $30,000. My house here in Texas was worth about 5 times as much when I bought it at that time. Now four years later, her house is worth about $70,000 and my house is only worth 3 times as much. The US dollar is terms of the Colombian peso has lost about a third of its value in this time frame. At the rate we're going I'm going to have to use the money they send us for presents to pay off MY credit card bills.

[P Daddy]

Only four years ago my wife's apartment, which she owns free and clear, was worth about $30,000. My house here in Texas was worth about 5 times as much when I bought it at that time. Now four years later, her house is worth about $70,000 and my house is only worth 3 times as much. The US dollar is terms of the Colombian peso has lost about a third of its value in this time frame. At the rate we're going I'm going to have to use the money they send us for presents to pay off MY credit card bills.

They send YOU money??  Now I've heard everything...

[Calipro]

Really? Hey, thanks, last time I looked (several months, maybe even a year ago), Paypal didn't have service in Colombia. So they do now?

I've used PayPal to send money to Colombia for years.

You open the PayPal account here in the U.S. and take the debit card with you to Colomibia.

When they say they don't have service for Colombia that means that you can't open a PayPal account using a Colombian bank account. It doesn't mean you can't use their ATM card in Colombia or anywhere else in the world.

All you really need to open a PayPal account is a U.S. bank account.

[V_Man]

mmmm I can't see how to use Pay Pal in the same way in Australia. I may as well just set up an Australian bank account and send her the ATM card.

[Calipro]

mmmm I can't see how to use Pay Pal in the same way in Australia. I may as well just set up an Australian bank account and send her the ATM card.

If you can open a charles schwab account then you can use their ATM debit card which costs nothing to withdraw money no matter where you are in the world.

[V_Man]

A minimum of US$25,000 is required to open a Schwab One International account.

- thanks for the idea anyway.

[whitey]

I may as well just set up an Australian bank account and send her the ATM card.

I opened a bank account for my wife here in Canada, and left her the debit card on one of my trips.  She only had to use it a few times for visa related expenses, but it was there for emergencies in case we ever needed it.  The plan was also to use it as backup if I was there for vacation and my ATM card was lost or stolen.