Whenever I travel abroad, I prefer to use my Capital One card for big expense and withdraw cash using ATM because I get the best currency exchange rate via credit card and ATM.
However, this turn out not to be true in Colombia. Our hotel's exchange rate is 1 USD = 2,000 COP. Most Colombian banks charge 1% fee and at an exchange rate of 1 USD = 1,900 COP. I thought I would get better deal with my credit card and ATM (and the Locals we met told us so as well)so I paid for my expense using those cards. When I look at my credit card and bank statements today, I was sadly disappointed. Charges on credit card are at approximately 1 USD = 1,900 COP and the ATM exchange rate (including the fees)is at 1 USD = 1,822 COP. Furthermore, our hotel charged us additional 10% surcharge for using credit card.
I brought extra USD to Colombia too, I should have just exchange it at the hotel.
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