Disproportionate bank charges by banks in Colombia
Author: Zico
April 5, 2009. Colombia seeks to constantly encourage investors to develop projects or other companies to improve the quality of life of people in the country, but banks in Colombia work in this regard? Living here in Cartagena, I often Banking ATM or electronic transfer from my bank in Canada to banks in Colombia. However, at the end of March 2009, transferred a sum of money to the bank Bancolombia and I realized with astonishment a currency conversion rate very suspicious. Towards the end of March 2009, I call my bank in Canada to transfer $ 4,000 Canadian and service charges are $ 30, usual amount. Receipt Bancolombia account, amounting to 6,995,314 pesos. By checking the conversion on your site XE, well known for currency conversions, the rate was observed in 1925 pesos per $ 1 Canadian. Thus, we note that the conversion of $ 4000 for this type gives 1748 pesos, a difference of 177 pesos. 177 x 4000 $ = 708,000 pesos conversion cost (or $ 405 Canadian just for this transfer )!!!!
Thus, Bancolombia takes about 10% of expenses … it is horrible. But that’s not all on the same day withdrew an amount of 400,000 pesos at an ATM in Colombia and then check conversion, he billed me $ 216 Canadian, therefore a conversion of 1852 pesos, representing 73 pesos around 4% fee for currency conversion. Between 4% and 10%, there is a big difference. Why this difference? It’s just a transaction?
Want my opinion? Employees who work in banks in Colombia should be replaced by ATMs for all transactions to reduce our expenses to justify a job so tiny to be made, a transfer of money takes a few seconds … and collect $ 700,000 pesos (400 $ Canadian) … banks could also save millions over the firing of employees and managers. Is one reason why banks in Colombia are always in trouble?
Why not call the bank? The reason is simple, why getting excuses and justifications that attempt to hide an obvious fact, which is to take advantage of people without having to offer anything of value?
Collective action is the removal of money from ATMs and thus have a “real service.” The more people use cash, but cash may reduce the banks, thereby reducing their costs for greater profitability. But it is asking too much bank top managers calculate and reflect with objectivity? Or your calculation focuses only on what they can ask customers rather than to understand also that they can eliminate some expenses
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Tags: Bancolombia, business, Canada, Cartagena, Cartagena Colombia, Colombia, Colombian peso, South America