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Best way to convert US $ into Colombian Pesos

I am going to settle on a proerty in Medellin in a few months. What is the cheapest way to convert US$ into Pesos? We have a Bank Account at Banco Colombia but my wife can set up a bank elsewhere to recieve the wire. My bank will not convert to Pesos so I have to have he recieveing institution do the conversion. Since it is a large wire I would like to save as much as possible. Any suggestions on who generally does it cheapest?

By Brians on Mar 11, 2006, 06:30 in Friendly Talkzone.

Gator says on Mar 11, 2006, 07:06:

Cuidado?? First, you could be tiptoeing through a mine field. I would retain the services of an attorney in Medellin-your wife should know one who deals in real estate.

There are two forms you must be aware of, forms 4 and 11. These need to be completed to avoid a "reparation tax" on funds you wish to return to the USA if you sell of your property in Colombia. KEEP A RECORD OF ALL "non-ordinary" TRANSACTIONS.

You can take a look at these sites for what you will need:

For Forms 4 & 11 and you can print these out..

https://quimbaya.banrep.gov.co:8443/secinternet/index.jsp?opcion=formularios

On this other site there is information on a new regulation called Circular Reglamentaria Externa-DCIN-83. Allows you to submit copies of requested documents and not originals (saves a lot of time and trouble).
http://www.banrep.gov.co/cambios/Circular832005/credcin83_2005.pdf

Take a look at http://www.coinvertir.org/html/i_portals/index.php
a site, semi-official that deals with investing in Colombia and is in English. Check and go to the Investment Registry and open information at the bottom of page. Also look at the area dealing with
foreign investment procedures. Under real estate there is information on forms 4/11.

IMPORTANT YOU ARE DEALING IN A AREA THAT 99% OF PEOPLE IN COLOMBIA HAVE VERY LITTLE KNOWLEDGE, INCLUDING ATTORNEYS, REAL ESTATE AGENTS AND BANKERS.

If you intend to have the wife use her account or one she opens be sure and find out what that bank allows-they are different. You can also explore opening an account with Citibank in New York City. They have a 800 number and BE SURE you are connected with international banking. This is our bank in the USA and we use Conavi/Citibank in Colombia

"Cum catapultae proscriptae erunt tum soli proscripti catapults habebunt."

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

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Miguel_Clavo says on Mar 11, 2006, 10:25:

Hey Gator...una pregunta... Is Conavi and Citibank in Colombia the same bank? And are you able to access your Conavi/Citibank via the internet? And can you access Customer Service here in the states for your accounts in the Conavi/Citibank in Colombia? Thanks for your info!

Just my opinion...

Miguel_Clavo

"Ignorance is a Weapon of Mass Destruction..."

"I would rather die living life, than to live a dying life."........ Oh, and my PM is always ON. Great Bumper Sticker: "Home of the Free, Because of the Brave"

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caulfield2 says on Mar 11, 2006, 11:16:

Conavi is owned by BanColombia...so they are essentially two separate brand names but their systems are connected.

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