Money Transfer from Colombia to the US

arnold_kate says on Jun 27, 2008, 13:19:

just had to deal with this about a week ago. The best way is through a bank. Trying to do western union or money gram is very very expensive. The banks offer it for about 25 usd.

0 funny, 0 helpful.

carolva77 says on Jun 27, 2008, 13:31:

Citibank will transfer from COP to US Dollars if you have an acocunt in the US. They charge 15 USD

0 funny, 0 helpful.

Frank Rizzo says on Jun 27, 2008, 13:31:

There are lots of posters here doing remodel work in Colombia that will take your COP in colombia and make deposits in the USA.....how much do you want to transfer?? We always need money there in colombia.

0 funny, 0 helpful.

Gator says on Jun 27, 2008, 14:32:

Citibank will transfer funds from Colombia to our Citybank Gold International account in NYC for free-if not a Gold account there is a charge of between $15/25 USD (haven't used this method in a while so there might be changes.).

"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

0 funny, 0 helpful.

fecherklyn says on Jun 27, 2008, 15:26:

Gator,

Regarding the bank transfer method, are you aware of any limitations/formalities?

Lets say the amount you wished to transfer to your bank in the US was significant (several hundreds of millions of COP). Will your Colombian bank act simply on your instructions or are there any regulatory formalities?

0 funny, 0 helpful.

Gator says on Jun 27, 2008, 18:38:

Never tried that amount but several years ago did a transfer of $10.000 (say $20.000.000 COP)to cover tuition cost for our younger daughter-no problem. It basically went to our Citibank Gold account NYC then an internal (US) transfer to her account.

"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

0 funny, 0 helpful.

calipro says on Jun 27, 2008, 20:16:

viejor123

Let me know if you are having trouble getting your money out of the country.
I might be in the market to buy a large quantity of pesos if the exchange rate is favoralbe.

0 funny, 0 helpful.

Frank Rizzo says on Jun 28, 2008, 23:59:

I don't get it guys.....there are TONS of guys that would love to buy cop with USD.......not scammers...people that own considerable property in colombia......

I'll say it one last time... in a bank transaction (citibank) i'll take COP and deposit USD in the US.....we can do small transactions until you are have a comfort level.....i've got personal bankers in the US, in colombia, lawyers in both places and lots of real estate ........i hate paying these banks for nothing......lets make a deal...

0 funny, 0 helpful.

viajero123 says on Jun 29, 2008, 15:15:

I will not be needing to do this transfer but in a couple of months. I am just enquiring to be able to setup the necessary accounts in the US before going to Colombia to be able to do a swift transfer when the moment comes.

0 funny, 0 helpful.

robi666 says on Jun 29, 2008, 15:21:

Cuidado Frank!

What will you do when DIAN comes knocking at your door with info on the transactions you did at your Colombian bank, saying that you earned those amounts in Colombia and you did not declare it?

And you cannot say that you repaid it showing them the US transactions, because you are not a money exchange operator nor a bank. DIAN agents will report it to Banco De La Republica in a heartbeat and you'll be fined hard for it.
It will not be an easy situation...

If you really want to do it, please, at least do it cash.
Or find a better reason to do it than avoid bank fees, like making a lot of extra pesos laundering money. That's anyway what DAS, informed by DIAN, will imagine you're doing.

"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."

0 funny, 0 helpful.

Frank Rizzo says on Jun 29, 2008, 23:34:

Thanks for the input Roi.....We have a personal DIAN rep., do it all by the book. and invest in EMcali debt....if that gives you any idea of the type of transfers we do to colombia.....I'm personally involved in the restructure of the debt of EMcali....and..spending September with the actual person that did the re-structre.....its just strange that people that want small amts of money like 20 or 30k USD....go throgh banks....it's just a rip off..

0 funny, 0 helpful.

viajero123 says on Jun 30, 2008, 05:36:

The bank will DIAN and other agencies about any suspicious, uncommon transactions. And usally anything above 10k USD will be looked in more detail. If it is not a usual transaction for the customer doing it, they might enquire more and maybe even report it.
Will a couple transfers of 5 to under 10K be looked into by the banks and DIAN?

0 funny, 0 helpful.

aztec says on Jun 30, 2008, 06:40:

robi666 "when DIAN comes knocking at your door"

Dian did come knocking on our door. Once the transactions were explained they were satisfied. Transparancy is the key.

0 funny, 0 helpful.

Frank Rizzo says on Jun 30, 2008, 22:02:

DIAN is really not that interested in transactions under 100k USD....sure they may as a few questions....but 500k usually answers all their questions with a form or 2....

0 funny, 0 helpful.

robi666 says on Jul 1, 2008, 07:02:

Again, Rubi, I see no problem in sending money abroad.
If you earned that money in Colombia and declared it. Or if it is just your own money you once moved from abroad, with either form 4 or 5. Or got with ATM.

What I was pointing out, it is a problem with that kind of transaction: taking pesos in your bank account and pay it in an american account.
Surely, at the end of the year, you don't want to report it as earned money and be taxed, so, how will someone justify it?
My accountant, when doing my tax report, looks at my bank account transactions for the whole year and wants to know the source and reason of any money which came in.

Of course, as Frank pointed out, DIAN does not move for lesser transactions.

"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."

0 funny, 0 helpful.

robi666 says on Jul 1, 2008, 13:09:

Rubito, cuidado, it is more complex than this...

You have to file your tax report if (one of this):
Your capital (bank account, titles, real estate, etc.) is more than 94 millions.
You made more than 29 millions as independent worker.
You made more than than 69 millions as dependent worker.

Didn't you buy an apartment in Bogota?

"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."

0 funny, 0 helpful.

robi666 says on Jul 1, 2008, 13:16:

No, it is right like that.
Threshold for dependant workers is higher because they already apply a "retención a la fuente" over an amount of salary.

"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."

0 funny, 0 helpful.

robi666 says on Jul 1, 2008, 13:31:

It is money that you received. Gross, I guess, but I am not an accountant.
It does not mean that you will actually have to pay anything. But, only that you have to declare.

"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."

0 funny, 0 helpful.