Help!! Father retiring in Colombia cannot open a bank account.

LDW says on Jan 9, 2007, 19:12:

He doesn't need a bank account He has no need for a bank account. In fact, I would advise him against getting one. All he needs is an ATm card from his bank in the United States. It would probably be better that nobody in Colombia, including bankers, knows how much he really makes. Money can be drawn out of ATM machines at very favorable exchange rates.

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Lisa Zee says on Jan 9, 2007, 19:38:

CITIBANK Is a good bank, I use it when I went To Medellin in August.

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Azul says on Jan 9, 2007, 19:42:

Colombian bank accounts have far to many fees also. He would be far better off using his bank accounts in the US. ATM's have pretty good exchange rates, and if he knows how to bank online what else does he need?

las cosas caen por su propio peso

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Gator says on Jan 9, 2007, 21:11:

Tell Him to call citibank in new youk city and ask to be transfered to international banking.

Two. is he a Colombian if not what visa will he be using???

"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

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scotty says on Jan 9, 2007, 22:24:

you're right on There is no need to open an account in Colombia. All he needs to do is have his SS check sent to his american bank account. When he needs money he can go to an ATM in Colombia and just with draw whatever he needs.

Get Rhythm, when you got the blues. Johnny Cash

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Peter Solano says on Jan 9, 2007, 23:32:

What city is this now? Also I agree with the above posters, that would also save him from the 4X1000 tax they charge us and any other tax and deduction the bank might want to come up with.

But one word of caution , especially if he is an older gentleman.Try never to go alone to the ATM machine, never give his card to anyone or request help from strangers, they can easily switch it and will come back later and withdraw every penny he has, and one
last thing always go to a safe place, I alway prefer to go to the Mall instead of the corner machine. And oh course NEVER flash the Money.Good luck.


Peter Solano,
Tour guide/ Interpreter.
Barranquilla, Colombia, S.A.

" Loving this town and its Women"

Peter Solano: Tour guide/Interpreter. Email: petersolano@gmail.com. Skype handle: petersolano2007, Cell: 011 57 310 624 4078, Barranquilla, Colombia, S.A.

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wcarmack says on Jan 10, 2007, 01:28:

4x1000 Tax
What is the 4x1000 tax referred to in relation to banking in Colombia?

Thanks,
Woody

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Robert Jorge says on Jan 10, 2007, 01:57:

Just a suggestion. I am agreeing with all posters above too. Tell your father to use Davienda Banco ATMs. They allow you to withdraw 500.000 pesos at a time ... no limit to number of times. Most, or a lot of ATMs in Colombia have a maximum of 200.000 or 300.000 COP withdrawn each time - with a fee per transaction. With Davienda, you get more bang for your buck. (Same fee, but more money per withdrawel, which means lower percent charged). If you get an account with Compass Bank in the US, they will not charge any fees themselves. In other words, bank "whatever" in the US might charge $5.00 per withdrawel internationally. Compass will not. The only fee will then be whatever the Colombian bank/ATM screws you with.

--"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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lpdiver says on Jan 10, 2007, 04:34:

Jorge... I am curious. A person takes an ATM card not from your bank; much less even from your country, and uses your machine to withdraw money in local currency.

Now that bank has to purchase the ATM machine, pay someone to stock it, rent the space, eat the fraud and losses...yadda yadda yadda, and you feel that they are screwing you?

How so?

T

"cook some rice!"

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JMCana says on Jan 10, 2007, 05:52:

ATM Add my voice to those agreeing to use the ATM card. I live near Bogota and have found that to be the best method. I use the ATM machines at crowded malls and feel perfectly safe. As for Citibank, I initially tried with them and found them to be more a case of the three stooges and at times thought I was seeing a live version of the movie "Dumb and Dumber" than any real help.

As for purchasing a home in Colombia, there are places who can help you with that and using American Dollars in an American bank.

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expatriate says on Jan 10, 2007, 07:53:

National InterBank A free National InterBank checking account can be opened by mail, and gives you an ATM card that charges no fees in Colombia.
http://www.nationalinterbank.com/nib/

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dnclem says on Jan 10, 2007, 08:31:

Thanks for responses DonGringo was able to explain why he cannot open an account (which he really wants to do). He has been asking to open a checking account I don't think he has asked savings. But apparently he has gone to every bank (including Citibank since he has a US Citibank account) and no one has suggested that he open a savings account. Is there something wrong with the banking business down there? I can just picture the same case of "Dumb and Dumber" everytime he goes in to one of those banks. I do agree that he keep his money in a US account so I will probably suggest that. I just can't believe how much money the country is lossing by impeding foreigners moving in from opening a bank account just because the don't have a local job. Someone there is surely making some bad decisions that are hurting the country economically.
Thanks to all

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miamimike says on Jan 10, 2007, 08:32:

Hopefully The Day WIll come when Colombia will facilitate retirement in Colombia by making daily activities/needs for foreign retiree like Banking easier. I know a type of retiree's visa is already offered but from what I have read here, it is rather difficult to obtain and doesn't really offer many benefits as far as making a retiree's Everyday life easier in Colombia. It is in their own(country's politicians) interests to do so and while they are at it, offer retirees with guaranteed incomes who bank with them some benefits(as is done here, God knows, banks can afford it). Some other latin american countries already offer Retiree Visas(mexico, panama, Nicaragua, honduras- may be others also). Colombia should come up with a Retiree Visa that offers some tangible benefits such as being able to ship personal belongings effects tax free to Col when moving there(first trip only)from the USA, Fee free money transfers, Reduced taxes on investments in Col, effects tax free to Colombia when moving there(first trip-not forever)also be able to ship a Vehicle to Col tax free every 2-3 years, Discounts on medical insurance, medicine, transportation, University tuitions ect. These aforementioned countries already offer these and other benefits to foreign retirees(along with some other benefits not mentioned). It is in the country's interest to do this as Foreign Retirees bring in more then they use and do it(process) in a transparent timely manner.It should be standard also-that is, the benefits should be the same from Bogota to Cartagena, Medellin ect.

"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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poco says on Jan 10, 2007, 11:00:

I always wonder about these posts For instance, How does the person intend to STAY in Colombia ??? Tourist visas are only 6 months per year. So, he got married ? or maybe a visa pensionado ? MARRIED,, ha,, deposit money into Colombia,, I'd be some woman is pretty happy !!!!

Why buy a house ? I'd think this is the WORST thing a person could do.

I'm fairly sure that if transferring money was a DROP DEAD - LEAD PIPE CINCH that every drug dealer needing to LAUNDER money would be using that method and NOT TELLING ANYONE ABOUT IT.

Why anyone would want DOLLARS deposited DIRECTLY into a Colombian account is MIND BOGGLING. Seeing as how ONE DOLLAR 30 years ago bought 8 (eight) pesos. Today you could trade your eight pesos for,,, NOTHING,, not even a Colombian would bother to pickup a 10 PESO coin.

A 20 peso coin is about as valuable as Tits on a Boar Hog.

"Violence is the first refuge of the incompetent" - Isaac Asimov

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poco says on Jan 10, 2007, 11:11:

Yes, Colombia needs residents with MONEY,,, Colombia should come up with a Retiree Visa that offers some tangible benefits

That is true but, just a guess, Colombia does not want MORE poor people. The new minimum wage is about 430,000 peso per month. The visa pensionado required 10x the minimum wage PER MONTH as an income. That is 430,000 x 10 = 4,300,000 pesos per month as an income.

The current exchange rate is 2250,, so to be on the safe side a person should have $1,800 per month income. That is about the MAX. amount for S.S. so you need something else ??? OH,, I know a pension from a COMPANY or an IRA or ????

These numbers are from memory, who knows maybe the requirements have changed ?

"Violence is the first refuge of the incompetent" - Isaac Asimov

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miamimike says on Jan 10, 2007, 11:37:

Poco-Dollar Requirements are much less in the other countries offering these Retirement type Visas, some as low as $600 monthly so this is pretty easy to meet for many US Ex Pat Retirees. When I see a figure such as $1800 monthly for a Pensianado Visa it shocks the imagination for sure. How many Native Colombians you know retiring with $1800 monthly?? What Tangible benefits does one get after they secure a Col Pensionado Visa?? That forumula Col uses 10x the Min wage is a pretty high benchmark-they need to rethink that one! If some Foreign retiree is bringing in a Monthly $1000 Retirement check I wouldn't classify this person as poor, reletive to the Average Colombian's Retirement monthly income.

"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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dnclem says on Jan 10, 2007, 12:24:

Born in Colombia He was born in Colombia but has lived in the US all his life and still cannot open a bank account. So he is Colombian.

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poco says on Jan 10, 2007, 18:34:

Making yourself feel good by thinking this ??? Colombian 1K a month is not poor, considered above average pay in Colombia, a pension for that is a dream.

Sometimes I wonder if I'm in the SAME Colombia ?

Guess what ? When your primary talent is being able to drop a turd from an elevation of half a meter directly into the center of a shit hole,, well,, that's great but it won't pay much. When a person is a little "ass hole" in school and does NOT learn diddily squat then do you think he can get a job ??? With a pension ?

Quite a few Colombians have pensions exceeding 3 million pesos a month !!! I know one RETIRED police officer that receives in EXCESS of that amount. Plus, he gets ANOTHER RETIREMENT and guess what ? He owns a transportation business,, well OK he has a burro he rents. I'd bet his income is over 5 million per month.

There are others who RANKED HIGHER in the police force and get MORE.

One last thing and someone can tell me if I'm wrong but I think military disability is around 3 Million a month, depending on the rank I suppose.

You guys need to get a grip. If you are NOT lazy AND Incompetent and with a little luck you can make a good salary but the real money is being self employed.

PS: This is a picture of my night time erection. You can see the night sky, plus there is a guy standing on top the erection.



The guys helping me with this erection were paid well,, Ha,, time and a half.

I've found that generally the harder people work the luckier they get.

"Violence is the first refuge of the incompetent" - Isaac Asimov

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Azul says on Jan 10, 2007, 18:40:

You still haven't explained why your father needs a Colombian bank account. The benefits of banking elsewhere far outweight the benefits (if any) of him banking at a "Colombian" bank.

las cosas caen por su propio peso

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poco says on Jan 10, 2007, 18:54:

Ahhh, if only I was so lucky to be born in Colombia !!! He was born in Colombia but has lived in the US all his life and still cannot open a bank account. So he is Colombian.


Ahh, that explains it. So he needs to get "documented" ? Seems I remember elmo having a similar problem and he was BORN in Colombia.

I suppose you need to prove it ? Hey,, maybe I can say I'm Colombian and get a notary to FIND the paperwork ??? I'd bet my birth name might be Juan Poco Alvaro Sanchez Escobar the second.

PS: This is the daytime start of my night erection. It was difficult to explain to the workers that I wanted a "aged" or "weathered" or "pock marked" or basically nice looking "crappy" work. They weren't very happy but I was the Patron,, Ha, isn't Colombia great !! or what ? I may start my own 25 cent soup lines. I could probably franchise into the larger cities.

"Violence is the first refuge of the incompetent" - Isaac Asimov

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