10,000 US Dollars = How many Colombian Peso's?

360Degrees says on Jul 17, 2008, 08:22:

bump

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360Degrees says on Jul 17, 2008, 08:25:

Do the Colombian banks report back to the USA deposits over $10,000 USD?

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360Degrees says on Jul 17, 2008, 08:26:

What is required to make deposits into a Colombian bank? Cedula? Banking relationships?

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ColombianoGringo says on Jul 17, 2008, 08:30:

About 17.5 Million

http://www.xe.com/ucc/convert.cgi?Amount=1.00&From=USD&To=COP

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viajero123 says on Jul 17, 2008, 08:32:

It's aprox. 17.500.000 varies daily with exchange rate. Do you have a bank account in Colombia or want to send the money to an existing bank account under someone else's name? Are you taking the money from the US to Colombia? Is it to buy property, a car or to pay for your living?

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360Degrees says on Jul 17, 2008, 08:33:

I got that part....but that big a** number doesn't mean anything to me..........

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elk says on Jul 17, 2008, 08:33:

Your required to report any bank accounts held in Colombia when filing your U.S. tax return. Look at the bottom of your Form 1040.

A Cedula is normally required to open an account. It helps to be known or introduced to the bank by another bank client.

10,000 USD would give you 17,770,000 COP this morning. (I used my ATM card this morning and received 1,777 COP per dollar) The rate changes daily....

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elk says on Jul 17, 2008, 08:40:

I got that part....but that big a** number doesn't mean anything to me..........

Note don't you understand?

A beer costs me 1,300 peso's here in Medellin. (one thousand three hundred Colombian peso's) A meal runs about 12,000 Colombian peso's. ($6.75 at the current exchange rate of 1,777 peso's to the dollar)

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elk says on Jul 17, 2008, 08:41:

Sorry: Should have been "What don't you understand"

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lpdiver says on Jul 17, 2008, 08:46:

At an exchange rate of say 1777 10,000 peso equals $5.63 US dollars. If you cannot figure out the math google up an online currency converter like... www.xe.com

ts

"cook some rice!"

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360Degrees says on Jul 17, 2008, 08:47:

elk....I know I'm required to report back to the US any account, lets say I forget.........Do the Colombian Banks report back as many countries do? Or is "what happens in Colombia, stays in Colombia?

If I went to Italy for example with $10,000 USD it would only be worth 6,292.55 USD................yes?

What would be the USD $10,000 be worth in Colombia........in USD?

See what I'm after..........

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360Degrees says on Jul 17, 2008, 08:47:

am I making money, or losing money.........................thinking of living there for a year.

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tejasmarcos says on Jul 17, 2008, 08:50:

jajaja, funny. $10G in USA is $10G in Colombia. you might have a hard time spending the money though. you realize a conversion is necessary right? are you really trying to ask how far a dollar goes in Colombia as compared to the USA?

the equivalent of the feds here is DIAN and they cooperate fully with the US govn't and the IRS if need be because of new agreements signed a few years ago associated with Plan Colombia. if you are talking minimal amounts, i would not sweat it. if you are talking several hundred thousand dollars, i would advise against it and also advise you to report if you do choose to deposit the $$.

trying to walk a straight line on sour mash and cheap wine...

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Tinto (Moderator) says on Jul 17, 2008, 08:52:

Who's on first?

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viajero123 says on Jul 17, 2008, 09:09:

Well, the American banks don't collaborate with DIAN. I don't why Colombian banks would collaborate with the IRS. Where there is a lot of collaboration is in money laundering measures. If the bank is not satisfied with the origin of the money it will probably not even receive it, and if it does, they will report it to the Colombian authorities.

I guess you want to know how many Big Macs you can buy with 10K in Colombia as opposed to the US.

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360Degrees says on Jul 17, 2008, 09:15:

Let me try it this way then.............................if you had $10,000 in your pocket and went to Colombia to spend it...............and then had another $10,000 and had to spend it in the USA...........which pile of goods would be bigger?

If you were to guess and you had to put a value of $10,000 USD if spent in Colombia, would it be worth $13,000 USD or only $6,000 USD?

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Azul says on Jul 17, 2008, 09:22:

your REAL question is about how much it will be to live in Colombia. Right? There are many variables and has been discussed many many times.....you'll find your answer if you search this site.

las cosas caen por su propio peso

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360Degrees says on Jul 17, 2008, 09:25:

No...thats not my question.

My question is as I asked it. (Ugggh! Frustration!).

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tejasmarcos says on Jul 17, 2008, 09:26:

too many variables like the poster above stated. some things are cheaper, some are much more expensive.

trying to walk a straight line on sour mash and cheap wine...

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360Degrees says on Jul 17, 2008, 09:26:

If someone asked me the same question in Canadian Dollars I would say, that the currency value is about the same right now...and even swap.

If someone asked me the same question in Euros, I'd say the you would lose about .50 on each dollar...........

Seems simple to me............

Colombia?

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tejasmarcos says on Jul 17, 2008, 09:27:

colombia is not simple, 360.

trying to walk a straight line on sour mash and cheap wine...

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viajero123 says on Jul 17, 2008, 09:30:

Not that simple. If you include electronics, branded goods or cars in the goods, then they are cheaper in the US. Food, services, rent, public transport are cheaper in Colombia. So what kind of basket of good are you looking for?

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lpdiver says on Jul 17, 2008, 09:30:

It depends on WHAT you want to buy. Fresh vegetables? You will buy a mountain of them in Colombia compared to a molehill in EEUU. The equation flops in the other direction depending on what product you want.

Scotch would be one that is cheaper in EEUU than Colombia.

ts

"cook some rice!"

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tejasmarcos says on Jul 17, 2008, 09:37:

food is no longer cheap, for me anyways. i am paying the same or more in some instances here now. services? which ones?

trying to walk a straight line on sour mash and cheap wine...

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viajero123 says on Jul 17, 2008, 09:40:

If you buy food in the supermarket, it's definitely cheaper. Then medical services, cleaning services, haircuts, anything involving paying for labour is cheaper in Colombia.

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tejasmarcos says on Jul 17, 2008, 09:42:

yep, those services are cheaper - substantially in some cases. food still is not. i do not buy lunch meat or cheese here, way too expensive. there are a few other things i avoid here as well because of their cost.

trying to walk a straight line on sour mash and cheap wine...

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360Degrees says on Jul 17, 2008, 09:42:

So what is $10,000 USD worth in Colombia in USD?

Assuming a person is residing in Medellin.........

Simple question....your answer should consist of no words....just a USD figure please.

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viajero123 says on Jul 17, 2008, 09:46:

What lifestyle do you plan to live in Medellin? That will determine how far your 10K will go.
If I had to risk a number I would say 1 USD in Colombia goes as far as 1.50 USD in the States.

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360Degrees says on Jul 17, 2008, 09:49:

Finally someone stepped up to the plate! Thanks Viajero123.

So, we gain about .50 on the dollar by being in Medellin, Colombia. Good!

Lifestyle would be elegant and sophisticated, yet living within my means.

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lpdiver says on Jul 17, 2008, 09:59:

Living an "elegant and sophisticated" livestlyle is probably 33% MORE expensive in Medellin, depending on YOUR definition of "elegant and sophisticated".

ts

"cook some rice!"

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mrgizmo says on Jul 17, 2008, 10:03:

I believe what 360Degrees is asking is what the buying power of $10,000USD is in Colombia.
Depends on what you're going to buy, If you went to the movies in Los Angeles for instance, you'll be paying approx. 10USD. in Colombia you'll be paying $3USD. etc.
Some things are cheaper and some are more expensive. Imported items are much more expensive which means you'll have less buying power. National items and daily items are cheaper, including rent, which means you have a greater buying power.

Behind every successful man, there's a nagging woman

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viajero123 says on Jul 17, 2008, 10:18:

Obviously if you go for an "elegant and sophisticated" life, your 10K will not go as far, might be the same "10K" in Colombia, or maybe even less.

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360Degrees says on Jul 17, 2008, 10:31:

Could be $100,000......the number is hypothetical.

Except for my do Colombian banks report back to the US on their depositors.

So, my .50 cents on the dollar gain, might only be .30 cents gain in "buying power" as mrgizmo says, living well in Medellin?

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sloopskipper says on Jul 17, 2008, 10:34:

I think the OP is trying to get a handle on the comparable cost of living. Maybe this would be helpful (although you all can testify to the current accuracy):
http://www.medellininfo.com/CostofLiving/index.html

Now I see this is old information, although there is a recent disclaimer. More recent info can probably be found by searching '"cost of living" USA Colombia'

That's how I found this.

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lpdiver says on Jul 17, 2008, 10:36:

How much will a Porsche 911 Turbo Cabriolet run you in Colombia...that would be the fun car. And then for the "family beater" how much for an M class benz?

(MY definition of elegant and extravagant)


ts

"cook some rice!"

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tejasmarcos says on Jul 17, 2008, 10:40:

those two cars would be double here in colombia more or less.

trying to walk a straight line on sour mash and cheap wine...

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lpdiver says on Jul 17, 2008, 10:42:

So to live elegantly and extravagantly in Colombia you will need twice as much money, no?

ts

"cook some rice!"

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sloopskipper says on Jul 17, 2008, 10:45:

Here is a more recent comparison Bogotá/NYC:
http://icsc.un.org/resources/pdfs/2008/hsg/Colombia-08.pdf (using exchange rate of $=1990COP)

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lpdiver says on Jul 17, 2008, 10:45:

And to insure, maintain, and operate it?

ts

"cook some rice!"

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GregYohn says on Jul 17, 2008, 10:51:

Hola!

Show up in Colombia or you will definitely get wrong information! You will make different choices than the rest of us! A computer costs more in Colombia! Food is cheaper in general!

If you think the answers you get here are sufficient, then you will never know the truth!

12VOIP.com gives free calls to Colombia.Greg

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tejasmarcos says on Jul 17, 2008, 11:01:

lookatmepee - there are more variables to consder than that on the bimmer including base cost, horsepower, 4 door vs 2 door, model, etc.

* colombia is not simple.

trying to walk a straight line on sour mash and cheap wine...

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lpdiver says on Jul 17, 2008, 11:03:

Of course another definition of extravagant for me would be to take a cab everywhere...this is waaaay cheaper in Colombia.

ts

"cook some rice!"

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Peter (Moderator) says on Jul 17, 2008, 12:34:

360: your question is really not phrased very well, so don't be frustrated if people don't get it.

As for buying power, it really truly depends on lifestyle and what you want. Also depends on where in the US. I don't think we can easily give a meaningful figure.

Poor but snappy

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Colombiano_81 says on Jul 17, 2008, 15:18:

360 the pile of goods would be bigger in Colombia. I agree about $1.50 USD buying power per each dollar sometimes more sometimes less.

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360Degrees says on Jul 17, 2008, 15:49:

Peter, no I didn't phrase it well. Was having a hard time getting to where I wanted to be, but think we got there........1 USD would be worth about $1.30 to $1.50 in Colombia in buying power depending on the lifestyle. Sound about right?

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GregYohn says on Jul 17, 2008, 19:43:

Hola!

Not for TRUE for technology items or transportation. Try more like $.60 in Colombia!

1 USD would be worth about $1.30 to $1.50 in Colombia in buying power depending on the lifestyle. Sound about right?

12VOIP.com gives free calls to Colombia.Greg

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elk says on Jul 18, 2008, 07:39:

The bottom line!

It's cheaper to live in Colombia than the U.S.
In my particular case, HALF.

What city in the U.S. are you using for the comparison? Medellin compared to New York City is very cheap. Medellin compared to the hills of Arkansas is another story.

I live nicely on $1,000 USD per month here in Medellin, but I paid cash or my home. The same life style would cost me a lot more in most U.S. cities. Some things are expensive here and some things are a bargain. One needs to live like the locals, eat where they eat and shop where they shop. I pay "seventy three cents U.S." for a beer at a local tavern which includes friendly conversation with the locals. You can spend more, but why.

I have lived in Nicaragua, Costa Rica and Panama and in my personal opinion Colombia has a lot more to offer when it comes to retirement costs, weather and the people. Colombia also has far less corruption at the local level compared to the aforementioned countries.

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lpdiver says on Jul 18, 2008, 09:20:

It really is a matter of personal preference. I COULD live very cheaply near my sister-in-laws in Doce de Octubre in Medellin or Villa Santa Maria in Bogota. I have done so for a few months at a time. It is a very different lifestyle and I COULD adapt; but, it would be a lower "strata" than what I am living in here in the USA.

However, one needs to be very careful when making comparisons. In fact it is near impossible no make a fair comparison. It is like the language, there are just some things that don't translate.

Cars for example. In Louisiana where I live every person of driving age in my household has an automobile. This would be absurd in Colombia. I would own ONE automobile if I lived in Colombia; perhaps, I might even choose to own NO automoblies.

That savings alone would enable me to live nicely.

Health insurance and health care is much more affordable. I would be comfortable being treated for all health matter in Colombia. Perhaps I might be leery of a major surgury like heart surgury. Add these saving to the automotive savings and AFTER purchasing my home I could live in Poblado if I were so inclined.

I am very laid back and if they don't have it in Colombia, guess what? I DON'T need it!

There are some people that want to transfer a luxurious lifestyle and it can cost more. It just depends on a lot of personal factors.

For me, after adjusting to Colombian lifestyle I would live very cheap.

Especially if thing continue to improve and I could live safely outside of a city as I would prefer to.

ts

"cook some rice!"

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Gator says on Jul 18, 2008, 18:07:

By God IP, you nailed it.

Folks, live by his advice, "I am very laid back and if they don't have it in Colombia, guess what? I DON'T need it!" Kinda when in Rome....and don't sweat the small stuff, the plumber will eventually come and you computer will eventually be fixed.

I was fortunate to have done well so we live well-personal choice. BUT we have one car and I am thinking of taking that SOB out to the campos for a mercy killing.

"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

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Peter (Moderator) says on Jul 23, 2008, 03:57:

Remember though, some things are expensive. Good schools for example.

Poor but snappy

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