Bringing Money to Colombia

expatriate says on Jun 6, 2008, 17:28:

Get an account that does not charge ATM fees, and withdraw the money from an ATM to get the best rate.
The two that I use are Affinity Bank in Ventura, Ca, and National Interbank in Indianapolis. Both checking accounts are free and there are no international ATM charges.
I also use a free Paypal account to transfer the money between all of my accounts.

Most U.S ATM cards have a $400-$500 daily limit. You can use the ATM machines more than once a day, as long as you stay under that limit. In a couple of weeks you will have enough to pay cash for the truck, and thus have the upper hand when bargaining the price.

Don't bring U.S. dollars to Colombia. You will get a poor exchange rate.

On a side note, if you are going back to the states anyway, withdraw up to your limit from the ATMs every day, change the Pesos into USD at a cambio house each day to lock in your profit, and then take the dollars home and put it in your U.S. bank account (up to 10G's).

The spread (or profit) you will make by doing this is 5-7% at the present time.

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darkangel305 says on Jun 6, 2008, 17:44:

Larry can you legaly buy the car in U.S and ship it to Colombia??

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gringoloid says on Jun 6, 2008, 17:46:

expat, thanks for the comment.........................I'm wondering about keeping all that cash around an apartment. any advice on where to hide it?

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Robert Jorge says on Jun 6, 2008, 17:57:

jaja Gloid.

You can't import a vehicle into Colombia unless it is new. (Current model year, very low miles) The import tax is ridiculous. Add the shipping cost - thousands. Buy in Colombia.

--"I believe in making the world safe for our children. But not for our children's children, because I don't think that children should be having sex." - Jack Handy

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sloopskipper says on Jun 6, 2008, 17:58:

I think if you are withdrawing all that cash you will have someone watching you. Better not go back to the U.S. becaue you are waving a lot of red flags.

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darkangel305 says on Jun 6, 2008, 18:05:

Gloid be safe keep it in the bank not at home!!!!

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sloopskipper says on Jun 6, 2008, 18:06:

There is visibility of all your financial transaction, especially internationally.

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larryrn says on Jun 6, 2008, 18:08:

Dude, I found the max I can get from the ATMs is 400,000 pesos at BanColombia. In my accounts in the states i have the money -- but at 400,000 pesos a day it will take forever to get the 45,000,000 I want to buy the car.

--- Larry Snyder - http://www.rn.org - Your Source for Online Nursing Education!

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RUV says on Jun 6, 2008, 18:11:

I was thinking the same thing. That is allot to have in your apartment.

Also, at that rate you will have to do withdrawls around 20 to 25 times. That may create other issue where someone is watching you withdrawl that money over and over.

Good Luck,

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viajero123 says on Jun 6, 2008, 18:14:

Davivienda gives 500.000 per withdrawal.
Larry, have you tried finding out about a wire transfer to an account in Colombia?

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paulr says on Jun 6, 2008, 18:14:

$10,000 will be worth 10.000 COP before you get here!

Life is like a ten-speed bicycle. Most of us have gears we never use.

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larryrn says on Jun 6, 2008, 18:29:

Actually, the dealer told me he would take a credit card - if they would do this I would only have to deal with the foreign transaction fee (but still get the rebate miles!). But in Colombia many people tell me one thing and then their boss or someone else tells me something different. Its amazing how things change so much when doing business in Colombia..

Larry

--- Larry Snyder - http://www.rn.org - Your Source for Online Nursing Education!

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viajero123 says on Jun 6, 2008, 18:39:

Get a CapitalOne credit card. Some of them waive the foreign transaction fee. It seems unusual for a car dealer to take credit card, but is still possible.

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twmcm says on Jun 6, 2008, 18:44:

Larry . . . most Citibank ATM's in Bogota will dispense up to 1.5 Million pesos per transaction. Also, you can usually raise the daily withdrawal limit on your debit card by calling you bank. I've had no problem withdrawing substantial amounts at Citibank - just withdraw the full 1.5 Million over and over until the machine runs dry - then go to the next machine and repeat until you're satisfied. If you're in a pinch and need the cash now, send a PM to me - there is always another way to get it immediately.

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RUV says on Jun 6, 2008, 18:58:

Larry,

What is the foreign transaction fee? Is it 3 percent of the purchased price? I checked with American and they said it is 3 percent of the charge after the conversion. If I did my math correctly that would be 300 dollars. Ouch.

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Noelito40 says on Jun 6, 2008, 19:03:

You could use a US debit card, or if your credit card limit doesn''t stretch to what is needed you could just deposit some money in your credit card account before you travel. From your other posts though Larry, a problem you might have is that it's no problem using a foreign debit card to buy things here (once you have Visa/Mastercard) but the Colombian seller will ask you for your cedula...

Noelito

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miamimike says on Jun 6, 2008, 22:01:

Buy a prepaid Credit card in the USA and load it up to $1 less then its max of $10,000...

"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? That's interesting. I hadn't heard that." -- Feb. 28, 2008 --George W. Bush, Washington, D.C.

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miamimike says on Jun 6, 2008, 22:01:

Buya prepaid Credit card in the USA and load it up to $1 less then its max of $10,000...

"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? That's interesting. I hadn't heard that." -- Feb. 28, 2008 --George W. Bush, Washington, D.C.

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huskie says on Jun 7, 2008, 03:17:

or passport
Cheers

"Great spirits have always encountered violent opposition from mediocre minds-"

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panthdave says on Jun 7, 2008, 03:33:

All ATM's will dispense as much as your limit which most our 500.00 per day now depending on the ATM you might have to do multiple transactions..The problem is the 500.00 per day per account. I wonder if Ban Colombia or Banco de Bogota Miami Branches could help..if you live in Miami...Maybe they will convert your dollars to a Peso Cashier Check. I was thought about that scenario and never researched..maybe somebody else has..

panthdave Miami

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robi666 says on Jun 7, 2008, 03:57:

If you have a bank account, you can wire in the money into your account and file form 5.
Or, you can wire the money into the seller account and he will file form 5.

But, if I was you, I'd worry for something else:
If you do not have a bank account, it means that you do not have a cedula. If you do not have a cedula, I doubt that you can put the car to your name at "transito".
That would mean that you're giving the car to your novia.
So, why don't you donate the money to her directly "sin tanta maricada" and transfer it into her account?

"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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panthdave says on Jun 7, 2008, 06:00:

Thats funny that you cannot put a car in your name but heard you can get a drivers license with a passport...Good info Robi666

panthdave Miami

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larryrn says on Jun 7, 2008, 06:23:

The BMW dealer in Medellin told me if I paid cash or credit card they could indeed put a car in my name as long as I have my passport.

At Exito they told me I could buy a motorcycle in my name as well using my US passport.

Larry

--- Larry Snyder - http://www.rn.org - Your Source for Online Nursing Education!

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saddlespur says on Jun 7, 2008, 06:29:

Have you looked into buying travelers checks?

To Get What You Never Had...You Must Do What You've Never Done.

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robi666 says on Jun 7, 2008, 06:31:

Larry,
I would ask at Transito in Envigado about it. Envigado is where you want your car to be registered.

When I bought my first car here, in Puerto Colombia (Barranquilla) they told me I could not.
But I am not sure about it now. I really can be wrong.

"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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expatriate says on Jun 7, 2008, 06:41:

Don't forget that you can use an ATM machine more than once a day, up to your card's limit. It also helps to have two accounts like I mentioned in the first post. At this point, my ATM card with a $400 limit will allow me to withdraw 700,000 pesos, in two transactions, a 400,000 and a 300,000.

The new car dealer accepted partial payment several times, and gave us a receipt each time until the car we bought was paid for in full, so we didn't keep much cash in our apartment.

Putting the cash in the bank is not a good idea, since at some point you will have to withdraw it. If you walk out of the bank with tons of cash in front of dozens of witnesses, you may be followed. Also, the cashier has your home address, and it is common to arrive home and be robbed before you get inside your home.

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pedro says on Jun 7, 2008, 07:06:

Robi -- why Envigado?

If the dealer tells you it can be registered with only a passport, that's probably correct. When I bought my car new, the dealer did everything and gave me all the papers and licence plate. I never had to deal with Transito.

que nota!

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tigredelnorte2 says on Jun 7, 2008, 07:43:

If you have a strong desire to bring cash, I would suggest travelers checks. the exchange rate is higher. It`s an advantage even if you consider the travelers check fees.

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robi666 says on Jun 7, 2008, 07:44:

Envigado is told to be the more efficient transito in Colombia.

Of course the dealer will deal with paperwork, but what if after you buy he says that they cannot register the car to your name with passport only? That's why I was suggesting to ask at transito directly. I do not trust car dealer.

"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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larryrn says on Jun 7, 2008, 09:46:

Can't the bank issue a check to the car dealer instead of takng cash to the dealer in various trips?

--- Larry Snyder - http://www.rn.org - Your Source for Online Nursing Education!

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huskie says on Jun 7, 2008, 13:09:

Why don't you pay him with a personal check from your US bank? I did that in 2004 when I bought a car. No problem, but of course it is up to them to decide whether or not to take the check
Cheers

"Great spirits have always encountered violent opposition from mediocre minds-"

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johnC says on Jun 7, 2008, 13:19:

Good afternoon: i am new in this community but would like to say something . I had the same problem buying the car. No one liked dollars here in cash. Finally with a help of my lawyer....Esteban Rada, we got a great deal and i was able to buy a chevrolet and get a Driver license.

man...it was difficult do all the stuff by myself...specially dealing with the red carpet and the always required... " sir your passport, put your fingerprints and sign here " that`s why before signing anything get legal advice...there are people trying to get advantage of any gringo who crosses their way...

John C

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miamimike says on Jun 7, 2008, 13:40:

panthdave says on Jun 7, 2008, 03:33: flag

All ATM's will dispense as much as your limit which most our 500.00 per day now depending on the ATM you might have to do multiple transactions..The problem is the 500.00 per day per account. I wonder if Ban Colombia or Banco de Bogota Miami Branches could help..if you live in Miami...Maybe they will convert your dollars to a Peso Cashier Check. I was thought about that scenario and never researched..maybe somebody else has..

panthdave Miami
---------------------------------------------------------------------------------------------------------------------------------

Dave I've been to those Col based banks in Miami located in the Brickell Ave financial district and you are treated the same as you would be treated in Colombia. No favor/ advantage and no less red tape...Same Old Same Old

"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? That's interesting. I hadn't heard that." -- Feb. 28, 2008 --George W. Bush, Washington, D.C.

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panthdave says on Jun 7, 2008, 15:44:

Typical...

panthdave Miami

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Mononoke28 says on Jun 9, 2008, 10:35:

Do you have a bank account in Colombia? When we bought our apartment there I wired the money to our account for only $30 and it was there the next day.

Diana

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