Take advantage to buy in dollars and pay by credit card
Transactions in dollars is something that is becoming increasingly common for Colombian consumers. For this reason, if you are on the horizon to make purchases with the US currency, you should know that the falls in the currency make today is buy perfectmoney with credit card.
The reason is simple. The average price at which the dollar ended yesterday was $ 1,931.1, which can be considered as a guide to what you would be paid when you pay with your plastic if you use it today or tomorrow. The other available option is to change the pesos to dollars in a house of exchange, an operation that at this time would be more expensive.
Specifically, the survey conducted by LR among the different professional exchange companies shows how, on average, the US dollar can be obtained in $ 2,032, while the purchase is in $ 1,981, both data above the official rate.
The question is, what do these figures show? What you can deduce is that when you buy with your credit card you are saving, according to the levels of yesterday, $ 100.9 for each dollar you spend in the transaction you make.
"The electronic transactions are tied to the TRM, while when there is a sudden change in the dollar, the cash of the exchange houses does not always reflect that movement and that is what is being seen. All this means an important gap between both quotes and that's where the benefit is, "says Mauricio Pérez, dean of economics at the Universidad Externado de Colombia.
Keep in mind that with most cards, the price will be a bit above the official level. "There are credit cards that establish an exchange rate above the official rate, so the margin is not that high. Only in American Express, the rate is what it is. Even so, with a cheaper dollar, it undoubtedly becomes more attractive to make purchases with a credit card, "explains Alejandro Reyes, director of economic research at Ultrabursátiles.
For example, when asking about what Davivienda would charge when doing one of these transactions, the commercial advisor assures that the banks have their own rate, which in this case would be $ 1,961, according to the levels of yesterday. This, although it would make the profit of $ 29.9 for each dollar, confirms the attractiveness of the credit card against using the cash if it is purchased abroad.
Now that you have clear the advantages of payment with plastic, another fundamental issue that you should consider is how your bank handles the billing of your purchases abroad. In this sense, the entities in the country handle up to four different modalities.
On the one hand, some, such as Bancolombia, Citibank, Banco de Bogotá or Bbva, charge the client the official rate at the time the purchase is made. Likewise, others such as Davivienda or Banco de Occidente establish the price through their own calculation. CorpBanca, on the other hand, charges the TRM on the day in which the franchise card transfers the account to your bank
Be careful with your card
Although by definition, the credit card is safer than going with the cash, it does not hurt to follow certain recommendations to protect your money on the trip.
"Always have the bank number to make a report for loss, when you make a payment ask to have the wireless terminal or pay directly in cash to lose sight of the card or if you need to leave your plastic in the hotel, stored in the safe, are some of the recommendations ", explains Sofía Macías, Intelligent Consumer Consultant of MasterCard.
Do not forget to make your budget, because this helps you keep control of expenses, what you want least is to arrive in debt and without resources to pay.
Yesterday, the dollar was quoted on average at $ 1,931.1, that is, an increase of $ 7.15 compared to the TRM, which on the day was $ 1,923.95, this reflects the volatility from which it can profit.
The reason is simple. The average price at which the dollar ended yesterday was $ 1,931.1, which can be considered as a guide to what you would be paid when you pay with your plastic if you use it today or tomorrow. The other available option is to change the pesos to dollars in a house of exchange, an operation that at this time would be more expensive.
Specifically, the survey conducted by LR among the different professional exchange companies shows how, on average, the US dollar can be obtained in $ 2,032, while the purchase is in $ 1,981, both data above the official rate.
The question is, what do these figures show? What you can deduce is that when you buy with your credit card you are saving, according to the levels of yesterday, $ 100.9 for each dollar you spend in the transaction you make.
"The electronic transactions are tied to the TRM, while when there is a sudden change in the dollar, the cash of the exchange houses does not always reflect that movement and that is what is being seen. All this means an important gap between both quotes and that's where the benefit is, "says Mauricio Pérez, dean of economics at the Universidad Externado de Colombia.
Keep in mind that with most cards, the price will be a bit above the official level. "There are credit cards that establish an exchange rate above the official rate, so the margin is not that high. Only in American Express, the rate is what it is. Even so, with a cheaper dollar, it undoubtedly becomes more attractive to make purchases with a credit card, "explains Alejandro Reyes, director of economic research at Ultrabursátiles.
For example, when asking about what Davivienda would charge when doing one of these transactions, the commercial advisor assures that the banks have their own rate, which in this case would be $ 1,961, according to the levels of yesterday. This, although it would make the profit of $ 29.9 for each dollar, confirms the attractiveness of the credit card against using the cash if it is purchased abroad.
Now that you have clear the advantages of payment with plastic, another fundamental issue that you should consider is how your bank handles the billing of your purchases abroad. In this sense, the entities in the country handle up to four different modalities.
On the one hand, some, such as Bancolombia, Citibank, Banco de Bogotá or Bbva, charge the client the official rate at the time the purchase is made. Likewise, others such as Davivienda or Banco de Occidente establish the price through their own calculation. CorpBanca, on the other hand, charges the TRM on the day in which the franchise card transfers the account to your bank
Be careful with your card
Although by definition, the credit card is safer than going with the cash, it does not hurt to follow certain recommendations to protect your money on the trip.
"Always have the bank number to make a report for loss, when you make a payment ask to have the wireless terminal or pay directly in cash to lose sight of the card or if you need to leave your plastic in the hotel, stored in the safe, are some of the recommendations ", explains Sofía Macías, Intelligent Consumer Consultant of MasterCard.
Do not forget to make your budget, because this helps you keep control of expenses, what you want least is to arrive in debt and without resources to pay.
Yesterday, the dollar was quoted on average at $ 1,931.1, that is, an increase of $ 7.15 compared to the TRM, which on the day was $ 1,923.95, this reflects the volatility from which it can profit.
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