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Author Topic: Travelers Cheques in Colombia  (Read 5208 times)
thundernco
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« on: June 21, 2003, 04:00:00 AM »
I was reading the string by Beuller and others regarding travelers cheques and I thought I'd give the Colombian bound gents a heads up in regards to this.  They are very hard to cash and even harder to use in most of Colonbia.  It is very difficult in Cali and just somewhat less so in Bogota and Medellin.  I believe Citibank and Lloyds TSB will cash them, but only on certain days and only before 11 am.  Just an fyi, better and far eassier to use an atm card. -TNC
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stefang
Guest
« Reply #1 on: June 21, 2003, 04:00:00 AM »
... in response to Travelers Cheques in Colombia, posted by thundernco on Jun 21, 2003

I went back to the Amex site and printed out where the AMEX foreign exchange offices are so I will hold the checks as a safety issue. Now I know some banks that would take the checks and if not I could go directly to one of AMEX offices. It is nice to find out now than later but with a week to go I want to know ahead about these things. Thanks for the posts and if anybody else has some pointers they are appreciated.
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cancunhound
Guest
« Reply #2 on: June 23, 2003, 04:00:00 AM »
... in response to Re: Travelers Cheques in Colombia, posted by stefang on Jun 21, 2003

On occasion I still carry travelers checks for emergency purposes only - they are still good for this purpose.  Of course, you really need to bring the original purchase receipt and make copies of it.  Amer Express is definitely the only recommended check for latin america - I've had many a hastle trying to cash Visa traveller's checks.  I just dread actually cashing the checks - that bank line sucks.
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stefang
Guest
« Reply #3 on: June 23, 2003, 04:00:00 AM »
... in response to Re: Re: Travelers Cheques in Colombia, posted by cancunhound on Jun 23, 2003

I am only going to carry about 500 TC for emergency and I will now bring my ATM card but will clean out my savings to be safe. I am glad I asked this question a week early otherwise I was only going to bring a credit card. I appreciate all the responses.
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stefang
Guest
« Reply #4 on: June 21, 2003, 04:00:00 AM »
... in response to Travelers Cheques in Colombia, posted by thundernco on Jun 21, 2003

After reading all the problems about TC I think I will just return them.  I wasn't sure, you know when you read their website they make it easier to exchange them compared to the real life.
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Hamlet
Guest
« Reply #5 on: June 21, 2003, 04:00:00 AM »
... in response to Travelers Cheques in Colombia, posted by thundernco on Jun 21, 2003

I lost $3,000 of AMEX travelers checks last year in Nicaragua.  I immediately reported them lost and the company said they had to do an investigation before they could replace them.  I think it took four or five days for them to clear the replacement and even then I had to travel to Managua to get the money.  They also asked me a lot of questions about my current financial condition before offering the replacement (maybe people in trouble report them lost, get replacements, and then cash the checks that were reported lost).  

I was annoyed as I thought the replacement was quicker, at least that is what they advertise.  And the significance of the fact that they conducted an investigation is that they might have refused to replace the checks, a troubling prospect.

Hamlet
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Pete E
Guest
« Reply #6 on: June 21, 2003, 04:00:00 AM »
... in response to Travelers Cheques in Colombia, posted by thundernco on Jun 21, 2003

I agree travelors checks are a hassle.Banco Colombia will cash them every day before noon.You get a bad exchange rate,10-15% worse than ATM's,and you spend 30 miniutes in line for a maximum exchange of $500  believe.
Take some dollars for back up and to pay your departurer tax.Just use the ATM's.Go to the malls,don't use the ones on the street,more risky.You get the best exchange rate,only 1-2 % less than the official rate.

Pete
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thundernco
Guest
« Reply #7 on: June 21, 2003, 04:00:00 AM »
... in response to Sorry American Express , travelors check..., posted by Pete E on Jun 21, 2003

The one and only time I tried to cash travelers cheques at BanColombia, after calling the AmEx information line, I raced around to 3 different BanColombia offices only to be told that they didn't offer that service and they didn't know who could.  Perhaps I asked the wrong tellers or reps, but suffice to say, that was the only time I used travelers cheques in CO. If they do it now, great but I see no benefit in it for me.  Heck, I couldn't even deposit them into my Colombian bank accounts until I dealt with the branch manager. -TNC
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Pete E
Guest
« Reply #8 on: June 22, 2003, 04:00:00 AM »
... in response to Re: Sorry American Express , travelors c..., posted by thundernco on Jun 21, 2003

In December 99 I was cashing my travelers checks at the Banco Colombia accross from Unicentral.Except for the long wait,30-45 miniutes and bad exchange rate,they would do it.
I was a little hesitent going to Colombia with little cash and depending on ATM's,but it was not a problem.I usualy went to Unicentro.There are 4 or 5 ATM's that I found there,usualy outside of banks.If one was not working another one always was.You want to have several ATM cards or credit cards.Your bank might notice all the cash withdrawals from Colombia and freeze your account.One time when I came home I had an voce mail fom my bank questioning the transactions.But since I left an outgoing message I would be out of the country for a month they didn't freeze the account.

Pete
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Bueller
Guest
« Reply #9 on: June 21, 2003, 04:00:00 AM »
... in response to Sorry American Express , travelors check..., posted by Pete E on Jun 21, 2003

American Express ticked me off the last time I used them. I couldn't use my ATM card at the moment and couldn't find my checkbook to do a "counter check", so I used my card to make an "emergency withdrawal". So the guy set the exchange rate at 2.5 in addition to the customary fees. I hadn't had a chance to check the current rates, so went along and only later found out the fair rate would have been about 2.9 per dollar. They clearly took advantage of the fact that they were my only option at the moment. Jerks.
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Brazilophile
Guest
« Reply #10 on: June 21, 2003, 04:00:00 AM »
... in response to Re: Sorry American Express , travelors c..., posted by Bueller on Jun 21, 2003

Maybe AMEX T-checks suck or may be they don't.  ALL the banks I have used to cash T-checks have preferred AMEX.  I think Thomas Cook is the next biggest T-check issuer.  But it seems that AMEX has the best security provisions on its T-checks so foreign banks trust them the most.

Be aware that there are diferent exchange rates for different financial instruments.  Banco Colombiano that Pete referred to, had a lower rate for cash than for T-checks when I was last in Cali (Summer 2000).  

I am afraid to rely exclusively on ATM cards because you are really screwed if they are lost or stolen, and because you leave an electronic trail in a foreign country which permits someone there to steal your account information and PIN.  If that happens you will be forced to close your account and open a new one.
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