Best way to wire transfer $35,000 from U.S. to Colombia?

El Primo says on Jan 17, 2008, 08:03:

I transfered 200,000 from city bank to Davienda straight wire for $40.00 no problems. What problem do you expect to encounter?

Los IV

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El Primo says on Jan 17, 2008, 08:04:

In 2005 I transfered 30,000 through Moneygram for $1200.00 what an idiot ignorance can be!

Los IV

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aztec says on Jan 17, 2008, 08:15:

We have transfered large amount of funds more than once from the States to Colombia with no problems. Ask your bank to wire the money to a bank in Colombia.

Cost is $40 for each wire. You are motivated to send what you need in the single wire.

In our case we have an account with Citibank in Bogotá. The whole process took about 3 days. The Bogotá bank won't convert the dollars until instructed.

You will need to complete a short form both at your home institution and the bank in Colombia.

Suggest you search this site for more information provided by people who have been where you are now.

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Gator says on Jan 17, 2008, 08:27:

To buy property in Colombia there are certain forms that need to be filed with the National Bank so you can protect your investment and at a later date, if need be, repatriate your dollars after a sale. Declaration No. 4 (form 4) and Declaracion No. 11 (Form 11): A Foreign Investment in Goods or Real Estate is handled by filing forms 4 and 11. Declaration of the import of dollars are reported to the Banco de la Republica with Form 4. Within 3 months you must follow-up with Form 11 to legalize your purchase. Form 11 must be presented along with the contract of purchase, or promesa de compra venta, with-in this 3 months time frame. There are some exceptions to the 3 months but better to avoid if possible. ¡¡¡¡¡Cudado!!!!! YOU are responsible for the required reporting to the Banco de la Republica. Many if not most real estate agents are not aware of these reporting requirements for foreign investors. Many local banking officers are not equipped to advise you regarding which method is best for your set of circumstances.


"I'll be depositing the money in my brothers or moms accounts at any of these banks, Bancolombia, Colpatria, or Citibank." This step will generate tax consequences.

The most important advice you will get is secure the services of a lawyer and tax accountant EXPERIENCED with international real estate transactions. By using one of these you gain access to their Fiduciary Account and the money can be transfered to that account. DO NOT DEPEND UPON HEARSAY6 INFORMATION-PAY THE EXTRA $$$$ AND BE SAFE.

BTW, we also use Citybank

"Credidi pretio parvo emere et magno vendere tibi in animo fuisse!" .

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lawyer CO says on Jan 17, 2008, 11:30:

I agree with Gator...now i am representing several foreign clients who hired unexperienced people ( lawyers and accountants) who made mistakes on the process of international transfer

IMPORTANT: Update 2008....penalties for mistakes on foreign investment procedure can be between 70 to 200% on the amount brought in a irregular way....SO ALL MY FRIEND BE CAREFUL

Esteban Rada
Colombian lawyer
email: lawyerscolombia at yahoo.com

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poco says on Jan 17, 2008, 11:59:

Quote: The most important advice you will get is secure the services of a lawyer and tax accountant EXPERIENCED with international real estate transactions.
-----------------------------

The advise on the internet is not only accurate but free.

I'd just send the money however seems the best and have your Colombian friends and/or relatives look over the paperwork to assure it is correct. OH,, I'd file the property ownership papers. Just a thought,,, get a receipt for the money. Anyway,,, walk over the the notary,, they'll give you a price and be quite helpful.

BTW: Don't tell them how much you paid !!!!! get a clue,, you'll be TAXED at that rate,, almost forgot,, get the papers to show estrato 2. Less taxes, less utility cost.

When you get ready to sell,, well,,, that's in the future and the money you save NOW could be earing 3 to 5% per month in Colombia. Doubt you'd be selling with the intent of TAKING the money OUT of the country, especially if a family member is living in the house or you are married. Two years living with someone is a "common law marriage". (I think).

"When you men get home and face an anti-war protester, look him in the eyes and shake his hand. Then, wink at his girlfriend, because she knows she's dating a pussy." Quote - General Tommy Franks

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aztec says on Jan 17, 2008, 16:04:

Colombia is definitely not user friendly. GIB

Exactly why my friend moved to Panama. He has now spent a considerable amount there that he had planned to invest in Colombia. He still owns properties in Medellin.

He was caught up in the failure to properly file the appropriate forms. He was fined for the violation and even though he appealed he still had to pay it.

He gave up and now has a bitter taste regarding the "friendly" investment climate in Colombia.

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ujay says on Jan 17, 2008, 16:41:

WHAT I FIND TODAY,
Some one from pbh phoned me about his money that was wired back in DEC,he still does not have it ,
He was being told its still in the USA,
It just so happens I knew some one in this bank ,
I made a call,
Not only was I told the amount he had ,but also that it was here on the 27/12/07,
They are just giving him a story to hold it till the 27th of this month,
They told me the bank will make double if they do this,I asked if they would sort it out for ma as a favor ,
He can go in tomorrow and get his money......

But after the call I was left thinking,
All I had was a name ,
I ended up with the account number ,address,the amount,
I know the girl but not that well,but if I could get these details ,it beggars to think what details a good friend could get.

I would advise all ,not to put all their eggs in one bank ,
Need I say more........

http://www.jukelightning.com

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CatGirl says on Jan 17, 2008, 22:33:

Marney: I recommend you contact Esteban. You'll be happy you did! Better safe than sorry

Love and Time: the only two things that cannot be bought, but only spent

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miamimike says on Jan 18, 2008, 05:52:

Ujay--that is a Scary Story you relate,,,Privacy, we don't need any,,,

On Sept 17, 2008: Senator John McCain said, as he had many times before, that he believed the fundamentals of the economy were "strong."Hours later he backpedaled, explaining that he had meant that American workers were Strong.

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Tinto (Moderator) says on Jan 18, 2008, 06:56:

El Piloto - In a few more days, you should be able to buy all of MoneyGram (the corporation) for $1200.

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lampltr says on Jan 19, 2008, 09:34:

Know this info has been posted before but still great to refresh...thanks Gator and the rest of you. Getting ready to complete same for several different reasons, had almost forgot the legal procedures as we have been working with friends directly there.

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Mamey says on Jan 20, 2008, 21:02:

thanks for the info everyone ,

It looks like i'll be doing formulario No. 5, which is used for colombian residents. Bancolombia CS told me I could negotiate the exchange rate with their trader and get a better a deal than the "tasa del dia." Sounded odd, but as long as I get better than that it'll be fine.

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aztec says on Jan 21, 2008, 06:01:

"It looks like i'll be doing formulario No. 5" Mamey

That is perfectly alright especially if you never expect to repatriate the funds. In addition you will not need to file form 11.

Good luck on your transition.

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nueva york bombero says on Jan 21, 2008, 10:18:

I'm a US citizen buying a condo in Santa Marta with a friend.
What's the right way to do this without being assessed a huge fee for bringing
money strapped to my legs? (kidding)
But seriously, I obviously need a lawyer who is familiar with international properties.
Do I apply for a colombian Visa first?

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tomtom33 says on Jan 21, 2008, 11:30:

You can buy with a US passport only. I did.

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robi666 says on Jan 21, 2008, 12:55:

You do not need a lawyer. Fuck Colombian lawyers. A good accountant will do the job.

"I am a citizen of the most beautiful nation on earth. A nation whose laws are harsh yet simple, a nation that never cheats, which is immense and without borders, where life is lived in the present."

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nueva york bombero says on Jan 22, 2008, 10:23:

Thank you!
WHat else do I need to know?
I was going to confer with Citibank or HSBC International.
I don't need financing, just don't want to fuck anything up!!!

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