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Depositing large amount of money in a Colombian bank

Hi I got 30 grand in two different checks made out to me by the State of California.

My choices:
Fly to the states to deposit them
Put them in my BBVA account.
Mail them DHL to my bank in Oregon

Any suggestions
As for depositing them in my BBVA account how long does it take to clear a stateside
check and what are my Colombian tax issues...

TY
MD

By marlydog1812 on Nov 6, 2009, 06:19 in Friendly Talkzone.

Bill Turley (Moderator) (Trustee board) (☼Travelguide writer) says on Nov 6, 2009, 06:28:

I know this guy and he is asking a real serious question. Lets lay off the comments and give him some real advice.

Mr. Bill Somondoco

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viajero123 (☼Travelguide writer) says on Nov 6, 2009, 06:32:

Unless you are already travelling to the US, why not just DHL them?

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pedro (☼Travelguide writer) says on Nov 6, 2009, 06:33:

Mail them seems like the best option. Deposit it into a US bank for no fee, then start bringing the money into Colombia through ATM withdrawals.

Provided you're not in a hurry, even the regular Colombian postal service should be good enough (since your cheques have no recovery value to anybody else).

"this may seem a strange post but it is not...when in colombia men need to be aware that colombia women may try to be seductive and entice a travelling gringo to have sex with them..to be forewarned is to be forearmed..." -- pow wow

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MySecondHome says on Nov 6, 2009, 06:34:

For me... its all about the exchange rate. right now not to bad... 1958 pesos to the dollar. If they take 2 weeks to clear...what will be the rate in 2 weeks? Its dropped 50 pesos or so in a week....the rate is not as good as earlier this year but better than last month. How did you get the checks? California mailed them to you here in Colombia? If so..Its a wonder they arrived....I only answered to mention the exchange rate. Someone else might know the answers to your questions. I'm interested in knowing as well.

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MaBarker says on Nov 6, 2009, 06:34:

If he is in Colombia, then he will have to register that money, as DHL will not allow that amount to be mailed out.

Yes, even if the checks are made to him, drawn on a usa bank, and being sent to a usa bank.

"I come to praise Darloup, not to bury him'............Julius Caesar

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viajero123 (☼Travelguide writer) says on Nov 6, 2009, 06:41:

I've also received chequees from the US several times via regular mail with no problems. I've mailed cheques to a bank in the US via 4-72 (then adpostal) and via DHL. When asked about the contents, I say it is an envelope with important documents and that's it.

By the way, is this an investment you're making and maybe you want to apply for a visa with it? Maybe the ATM doesn't work for those purposs but I've read here that someone was able to register ATM receipts with Banrepublica.

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marlydog1812 says on Nov 6, 2009, 06:47:

TY Bill thats $3 more, up to $6 plus interest now.

I live in Guajira and Valledupar, DHL means a trip to Bogota or BAQ. Unless there is DHL in Valledupar, Im checking this weekend. MA what does it mean to register the money, where and what is the process?

The checks were sent to my Miami company address and forwarded to my address in Guajira.

Pedro that is what Im thinking if I mail them or go to the states to deposit them. A bunch of ATM visits. I dont need the money for a few months, but for sure need access to it by mid January.

TY all for your suggestions in this very important matter for me.

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MaBarker says on Nov 6, 2009, 06:56:

When I tried to mail checks to the states, (drawn on a USA bank to be deposited to a USA bank), for more than $9,999, it was denied. They look in the package you're sending and if you seal it, they will still open it. Call DHL first, before you make any trips.

"I come to praise Darloup, not to bury him'............Julius Caesar

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marlydog1812 says on Nov 6, 2009, 07:12:

okay ty Ma, a month ago my friend tried to send a ATM card home so her dad could pay her bills and DHL opened it and wouldnt send it.

Brian have you sent checks this way?

As of now a ticket to Miami mid January is $525. It may be worth the trip to load up on personal items and deposit the checks. Plus Ive been dying for some good Mexican food.

TY
MD

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Papi de Alejo says on Nov 6, 2009, 07:14:

Marlydog, keep an eye on Aires; they a starting service to Fotr Lauderdale (maybe Nov 25). The rates that they post are in the $350-$375 range. I was looking end of December.

Live simply... Love generously... Care deeply... Speak kindly...

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viajero123 (☼Travelguide writer) says on Nov 6, 2009, 07:18:

The same company that forwarded the cheques from Miami can forward your ATM card, just make sure it is deactivated. Also make sure you have an account taht charges no fees, like Capital One or other banks mentioned by some members. For such a sum, I'd have several cards so you can withdraw many times on the same day.

As for DHL in Valledupar, I'd just go to a Deprisa or Servientrega. They offer to send documents internationally with tracking number sometimes via DHL or Fedex so that shouldn't be a worry. About them not allowing cheques to be sent, then just put them in an open envelope with some sort of thick sheet of paper where you can write your account info for the bank. If asked, tell them it's documents. If they inspect closely and don't agree, then try several other agents and at least you know you tried and it can't be done. I did it.

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MaBarker says on Nov 6, 2009, 07:30:

viajero, checks can be sent by DHL, it's checks for more than 10,000 usd that DHL would not send for me without clearance from DIAN.

"I come to praise Darloup, not to bury him'............Julius Caesar

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makopp5 (☼Travelguide writer) says on Nov 6, 2009, 07:34:

deposit the checks in your bankaccount in the US, than talk to the bank in Colombia where you want to deposit the money, before you make the transfer from your bank in the US. They will explain you what type of paper do they need and what forms you have to fill in. Ask them too for the phone number from the "mesa de dinero", which will trade your dollars, do not accept, that they will transfer it automatically into pesos. Normally you will get a better rate, when you trade the dollars with the mesa de dinero.

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Papi de Alejo says on Nov 6, 2009, 07:38:

Makopp5, I believe that he said that he has the checks with him in Colombia at the moment and wants to send them out of Colombia to his bank.

Live simply... Love generously... Care deeply... Speak kindly...

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makopp5 (☼Travelguide writer) says on Nov 6, 2009, 07:41:

yes,
but how to deposit it here from the us is too very important not making a mistake that might cost a lot of money. There were lots of answers for depositing in the us.

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marlydog1812 says on Nov 6, 2009, 07:45:

Holy crap Papi...$388 second week of January and I stay with a friend in Ft. Lauderdale.
That is my solution...

Second issue, Viajero your reminded me my bank passes on a 3% foreign transaction fee on top of the $5 ATM charge

Could I can open up a Citibank or other bank account while in Miami. Im wondering if I can use my works Miami address as mine. I can have the ATM card forwarded to me in Guajira...

thanks for everyones help....
MD

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MaBarker says on Nov 6, 2009, 07:48:

I own a Col real estate investment trust, called New Day Capital, SA. and unfortunately I'm stuck with checks from the states made out to me for deposit back to the states.

As you can see from the DHL website, it is a col govt regulation, not DHL's about the transfer of these checks. I would assume it would apply to all shipping companies. They handle negotiable instruments according to the laws set forth by the col govt.

Again, I would call first before making any long trips because you may be disappointed. DHL seems to take this very seriously, I've been through this before.

"I come to praise Darloup, not to bury him'............Julius Caesar

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MaBarker says on Nov 6, 2009, 07:49:

oh sorry,
http://www.dhl.com.co/publish/co/es/Information/countrydetails.high.ht...

"I come to praise Darloup, not to bury him'............Julius Caesar

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viajero123 (☼Travelguide writer) says on Nov 6, 2009, 07:50:

marlydog, check www.aires.aero for flights from BOG to FLL as well.
Some people here have said that their US Citibank account has been charged for using Citibank ATMs in Colombia.
If your plan is to transfer between a Citibank account in the US and one in Colombia, then make sure first that you open the Colombian one, it is reportedly pretty impossible.

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miamimike says on Nov 6, 2009, 09:43:

You may want to try Avianca Air Express (cargo) as well. Their rates for Documnets aren't muh different then Servientrega. Avianca Air Cargo has offices in many Colombian cities.

Bésame, bésame mucho Como si fuera esta noche La última vez Bésame, bésame mucho Que tengo miedo a perderte Perderte después Bésame, bésame mucho Como si fuera esta noche La última vez Bésame, bésame mucho Que tengo miedo a perderte Perderte de

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oldsalty says on Nov 6, 2009, 10:00:

Is it possible to contact the issuer of the cheques, ask them to cancel them and ask them to be re-issued and sent to someone in the U.S. who could deposit them? I don't know how the U.S. banking system works but maybe if you send them a voided cheque they could direct deposit.

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oldsalty says on Nov 6, 2009, 10:01:

Ask them to write "FOR DEPOSIT ONLY THE ACCT. OF ......?

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barrumundi says on Nov 6, 2009, 15:40:

Marlydog, I find this very strange that you can't simply post the 2 bits of paper back to the US. After all it is not actually money you are sending. The real money has never left the USA and is still sitting in a State of Californication bank. I am not doubting what MaBaker and others are telling you........I just think it is ridiculous to the extreme.......but then we are talking about Colombia!

Is it possible that you can ask the Gov. Dept. that issued the cheques to cancel them and re-issue new ones in smaller amounts, i.e. less than $10,000.00 or even if they just re-issue the original cheques and you intercept them in the US (family or friend) before they are forwarded to you in Colombia?

Regards barrumundi

http://poorbuthappy.com/yourthing/post/uploading-photos-for-dummies/

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viajero123 (☼Travelguide writer) says on Nov 6, 2009, 15:51:

marlyog, I´d still give it a shot at sending them via mail by trying different carriers in Valledupar (Servientrega, Deprisa). You don´t lose anything by trying. And just try to wrap the cheques well inside a thicker sheet of paper inside an open envelope ready for inspection. Close the envelope when the person at the mailing company tells you you can close it. Just don´t say they are cheques if you´re explicitly asked. Say they are documents, which they are.

When I sent some (they were below $10.000 though, but the amount was never asked), one DHL office asked explicitly if they were money instruments so I had to say yes and they refused to take them. But then at another DHL office they took the envelopes after a fast inspection, and sent them to the US.

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MaBarker says on Nov 6, 2009, 17:53:

oldsalty says on Nov 6, 2009, 10:01 (today): flag

Ask them to write "FOR DEPOSIT ONLY THE ACCT. OF ......?

._________

By Colombian law, the checks less than 10K have to be stamped, For Deposit, and then endorsed by you on the front of the check.

Mr. makopp5 offers the best advice, whatever you do, do not make a mistake as it is hell to get something straiightened out here.

"I come to praise Darloup, not to bury him'............Julius Caesar

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marlydog1812 says on Nov 6, 2009, 18:03:

thanks for all the suggestions. Im going to pick up a ticket for 388 on aires to go to
Ft. Lauderdale....thanks Papi I was ready to drop 525 on taca for a 9 hour flight. Aires is direct and cheaper
how sweet...

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MaBarker says on Nov 6, 2009, 18:18:

Have you ever thought about opening a Bancolombia account in u.s. dollars and held in panama city?

You can do this here in Colombia.

"I come to praise Darloup, not to bury him'............Julius Caesar

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El Expatriado says on Nov 7, 2009, 04:32:

Is California (home of Silicon Valley) so backwards they do't ave electronic deposits?

No wonder he state is in such a financial mess.

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davidyamiga says on Nov 7, 2009, 05:43:

marlydog...that is exactly what you should do. Go to Miami and handle the transaction there. Check American Airlines, as they have excellent rates for January. If you are in no hurry, wait till the exchange rate is better. I would follow MAKOPP comments.

Otra vez en casa...Cali!

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oneforyourmillion says on Nov 7, 2009, 05:57:

MaBarker is correct and you might get it through without them knowing it and you might not. A lost check would not be the funnest thing to try to get replaced from Colombia is my bet. You will need to wait what 60 days for that? You are VERY lucky you received them here in Colombia so now don't push your luck anymore.

What I would do without hesitation would be to buy a ticket for a weekend. Go back to the states and deposit the checks there. Then have a nice weekend in the states, dinner out or something and then return and wait for the checks to clear. Then use your ATM to take the money out here.

If you wire the money the rate and fees and taxes and bull is going to cost you more than that weekend and the ATM route.

I could get into all the reasons thi sis the best way or you could just take my advice.

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davidyamiga says on Nov 7, 2009, 06:09:

Or you can also use www.xoom.com. Can send 2,999 directly to your bank account.

Otra vez en casa...Cali!

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makopp5 (☼Travelguide writer) says on Nov 7, 2009, 06:12:

maryldog
be carefull to take the money out of the ATM when you want to buy real estate, because you can`t show where the money is coming from.

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