Why is the dollar soaring?

mathdotcom · 10-09-08, 05:49 PM

Fundamentals of US economy are still strong. Media's job is to exaggerate everything.

pavyracer · 10-09-08, 05:51 PM

If you visit the US frequently it makes more sense bringing US dollars back with you and exchange them in pesos without having the US Bank and Colombian Bank that you use your ATM charging you commission fees for exchange rates as well as ATM fees. You are wasting your money by doing what you do via an ATM in Colombia. You are getting charged in bank fees and exchange rate comissions every time you make an ATM withdrawal.

durito · 10-09-08, 06:13 PM

Originally posted by pavyracer

If you visit the US frequently it makes more sense bringing US dollars back with you and exchange them in pesos without having the US Bank and Colombian Bank that you use your ATM charging you commission fees for exchange rates as well as ATM fees. You are wasting your money by doing what you do via an ATM in Colombia. You are getting charged in bank fees and exchange rate comissions every time you make an ATM withdrawal.

Aside from being a horrible pain in the ass and unsafe, this is actually entirely incorrect.

ATM's are the best and cheapest way to withdrawal money around the world, ie they give far better rates than you will get from a bank.

In my case, my bank charges no fees for international ATM transactions nor do the banks here charge foreign ATM cards. So I get the daily rate, no fee.

Today I got 2,333 vs 2050 being offered by banks where i'd have to stand in line, bring my passport, and have been sitting on US dollars under my mattress for months.

Believe it or not, I am not the only gringo living down here.

purecarnagge · 10-09-08, 06:49 PM

Originally posted by Brock Landers

why does anyone live there? its called ICEland for a reason.. its COLD, and Isolated

iceland is very green, and greenland is very icy...

RogueJuror · 10-09-08, 06:58 PM

Originally posted by durito

Aside from being a horrible pain in the ass and unsafe, this is actually entirely incorrect.

ATM's are the best and cheapest way to withdrawal money around the world, ie they give far better rates than you will get from a bank.

In my case, my bank charges no fees for international ATM transactions nor do the banks here charge foreign ATM cards. So I get the daily rate, no fee.

Today I got 2,333 vs 2050 being offered by banks where i'd have to stand in line, bring my passport, and have been sitting on US dollars under my mattress for months.

Believe it or not, I am not the only gringo living down here.

This is 100% accurate.

pavyracer · 10-09-08, 07:13 PM

Originally posted by durito

Aside from being a horrible pain in the ass and unsafe, this is actually entirely incorrect.

ATM's are the best and cheapest way to withdrawal money around the world, ie they give far better rates than you will get from a bank.

In my case, my bank charges no fees for international ATM transactions nor do the banks here charge foreign ATM cards. So I get the daily rate, no fee.

Today I got 2,333 vs 2050 being offered by banks where i'd have to stand in line, bring my passport, and have been sitting on US dollars under my mattress for months.

Believe it or not, I am not the only gringo living down here.

I would like to know which foreign ATM offers the person using ATM the option to withdraw pesos by requesting dollars at the screen. When I travel to foreign countries for business and I have to use an ATM the only option to withdraw money is with the local currency. Then when I get my bank statement in the US there is a conversion done of the pesos I withdrew so US dollars can be deducted to my US Bank account. The only way to get pesos is if you go to the bank with US dollars and exchange them for pesos. You can't ask the ATM in Colombia for $100 and the machine spits out 250,000 pesos or whatever the daily exchange rate is.

durito · 10-09-08, 07:35 PM

Originally posted by pavyracer

I would like to know which foreign ATM offers the person using ATM the option to withdraw pesos by requesting dollars at the screen. When I travel to foreign countries for business and I have to use an ATM the only option to withdraw money is with the local currency. Then when I get my bank statement in the US there is a conversion done of the pesos I withdrew so US dollars can be deducted to my US Bank account. The only way to get pesos is if you go to the bank with US dollars and exchange them for pesos. You can't ask the ATM in Colombia for $100 and the machine spits out 250,000 pesos or whatever the daily exchange rate is.

This post doesn't make any sense.

I took out 400,000 pesos from a BanColombia ATM. There are no dollars (though you can get dollars at some ATMS in many countries). When I came home to your odd set of questions I pulled up my bank account online to see what rate I got. The money in my account is subtracted in dollars. They took out $171.45.

If I'd taken $171.45 into the bank and waited all afternoon I might have gotten around 350,000 minus most likely additional fees.

Data · 10-09-08, 08:09 PM

I have been a long time fan of EverBank (I think that is how Durito gets his great rates) and Chuck Butler who is the Senior Vice President of EverBank World Markets. Check out his "Daily Phenning" column.

pavyracer · 10-09-08, 08:28 PM

I now of no US Bank that will give you great currency exchange rates (above market) when withdrawing from an ATM. I have travelled to the Carribean, Europe and Central Asia for business and everytime I use my ATM to withdraw money I get the worst possible exchange rates that will make my bank the most profit. This is insane! Getting the best exchange rates via ATM.

durito · 10-09-08, 08:32 PM

Originally posted by Data

I have been a long time fan of EverBank (I think that is how Durito gets his great rates) and Chuck Butler who is the Senior Vice President of EverBank World Markets. Check out his "Daily Phenning" column.

Yep.

They actually charge for international ATM withdrawals though (just 1%).

durito · 10-09-08, 08:33 PM

Originally posted by pavyracer

I now of no US Bank that will give you great currency exchange rates (above market) when withdrawing from an ATM. I have travelled to the Carribean, Europe and Central Asia for business and everytime I use my ATM to withdraw money I get the worst possible exchange rates that will make my bank the most profit. This is insane! Getting the best exchange rates via ATM.

It's completely accurate as RJ confirmed.

There are two options here:

1) you have a shitty bank
2) you've never actually left the US

pavyracer · 10-09-08, 08:41 PM

I had to add extra pages to my passport this year for the frequent business overseas travel. There is no way you withdraw money from an ATM in foreign currency and getting an above the market exchange rate for the measley $171.25 you withdraw. Hell no! You get stuck in Vegas and have to use your ATM and your Florida bank charges you a $4 fee for a withdrawal as well as another $4 fee for the ATM owner. I can't imagine what a shitty rate you gate exchanging $171.25 via an ATM on top of the ATM fees.

durito · 10-09-08, 08:44 PM

1) I don't know where you are getting the idea that I am getting above market rates.

2) Everbank charges no fees at any ATM in the USA and refunds all of your fees charged by other banks to withdrawal your cash.

3) I am sorry your bank sucks, perhaps find a better one.