Commission you charged by banks when you withdraw money abroad mostly consists of two parts:
- commission charged by your bank for withdrawing in an ATM which doesn’t belong to it
- commission charged by bank-owner of the ATM machine for using it
Unfortunately I can’t advise how to avoid first part of commission as it depends on what country you are from but then I can give you a tip how to get rid of second part of the commission when you need to withdraw cash in Colombian ATMs.
Look for ATM machines of Bancolombia.
They often don’t have bank name written on ATM but this bank has very easy to remember logo. Look for an ATM with such logotype:
Another bonus of Bancolombia is that the amount of money you can withdraw within one transaction is higher than many other Colombian banks suggest: within one operation you can get up to 600 000 Colombian pesos (at the moment when article is written, it’s equal to $208 USD).
Unfortunately I didn’t find any other banks whose ATM machines don’t charge commission in Colombia (please, let me know if you have any information about the subject) but then it’s quite easy to find Bancolombia ATMs as they are very widespread and located in every airport, bus station or shopping mall, so I think you easily will be able to save few dollars by avoiding commission on Colombian side.