Colombian tax structure?

expatriate says on Aug 18, 2006, 06:34:

Use an ATM card Western Union's fees are way too high to be sending money on a regular basis.

The best way to get someone in Colombia tax free money is to send them an ATM card on a US account that you have opened just for them. Try to open an account with a bank that does not charge fees for using an international ATM, such as affinitybank.com, or possibly everbank.com.

Avoid Bank of America with its $5 fee for each ATM use. Also avoid Netbank.com at all times. From personal experience, they have a business plan of freezing your account without warning whenever they feel like it, and keeping it frozen as long as possible. The bank is losing money and needs your funds to unfreeze the accounts of those that complain the most. If you have a Netbank account, I strongly suggest that you get your money out immediately, and close the account. They will continue to charge you for account inactivity.

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aztec says on Aug 18, 2006, 06:41:

expatriate "The best way to get someone in Colombia tax free money is to send them an ATM card on a US account that you have opened just for them. Try to open an account with a bank that does not charge fees for using an international ATM"

Exactly the method we use for my wifes sister. We found a local bank that absorbes all the ATM fees. We also have Bank of America but use the other bank when there are no branches available. You are right the fee structure at Bank of America is too high especially if plan a regular withdrawal.

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jmvbxx says on Aug 19, 2006, 20:32:

I agree - ATM card First, the tax you refer to is so low that it barely qualifies as a tax. :) That tax is 0.04% and some here are up in arms about it.

Back to your question, I agree with the previous posters that an ATM card is the answer to your problems.

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Terry2 says on Aug 19, 2006, 20:44:

Thanks! Thanks for the comments. I appreciate the info. I don't want her to have any surprises because of the money. I am attempting to bring her to Canada under a Tourist visa as this is currently the only way available to us.

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famsearch says on Aug 19, 2006, 22:57:

one small problem with having someone on an account as part of the banking code of the united states, to open an account, or to add someone to it, they have to have a social security number. how is that gotten around?
dan

dan

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aztec says on Aug 20, 2006, 05:38:

Well, we simply ... ...get the Bank Card in my wife's name and then give the card to her sister. You can restrict the amount of funds. For example many banks will issue a card for limited amounts. So far there has been no problems.

A word of caution. If you have more than one account at the same bank, in some banks a card can be overdrafted on to other accounts.

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