Money transfer

vicshere says on Dec 1, 2007, 10:04:

nic where did you end up buying you land???
remeber if you invest more than 100,000 you can apply for investor visa

listo

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aztec says on Dec 1, 2007, 12:33:

"LINK my bank account in the US with a bank account in Colombia." nicadj

As I understand the question that cannot be done. For example Citibank in the USA is different from Citibank in Colombia. You can't deposit money in the USA bank and have it show in your Citibank account in Colombia. Of course you could transfer funds from the US account to your account in Colombia.

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Buongone says on Dec 1, 2007, 13:41:

Citibank. I believe they have a transfer fee of $10 per transaction. That is cheap compared to Western Union, Cashpin, Ikobo, etc; They might charge a conversion rate.

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deathnova says on Dec 1, 2007, 15:43:

Wire transfer?

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scotty says on Dec 2, 2007, 03:36:

money gram, cheaper than western union, faster, friendlier, dependable, and a better rate.

Get Rhythm, when you got the blues. Johnny Cash

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aztec says on Dec 2, 2007, 04:10:

My experience with a wired bank transfer is $40 per transaction regardless of the amount. It has been over a year since I wired any significant amount so maybe the fee has changed.

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Nucknfuts says on Dec 3, 2007, 17:52:

If you are making several trips back and forth. Bring $10,000 cash with you each time. Also if you are traveling with another person give that person cash too. Also you can take out the max on you ATM each day you are there.
Hope this helps, The Nuck

You are never lost, unless you don't want to be where your at.

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travelingirl says on Dec 3, 2007, 18:01:

Hmmm, I need to send about 100 USD to someone in Colombia. This isn't very much but I was wondering what you all think is the cheapest/fastest/easiest way? I sure don't want to pay a $40 transaction fee! Ugh. I was hoping to just deposit the money into the person's Colombian Citibank account but I'm not sure how I might do that. Please forgive me for my ignorance on the subject.

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aztec says on Dec 3, 2007, 18:48:

Nucknfuts, have you really carried $10,000 through customs. They stopped my wife last month at customs and asked her specifically if she was carrying $10,000 or more.

travelingirl, you are right, $40 is high for transferring smaller amounts. However if you are transferring $100,000 or more you can see it is the less expensive method for transferring funds. Since the cost is $40 each transfer the cost doesn't go up with the larger amount of funds transferred.

We transfer a smaller amount every month via the ATM card. We are using a local bank in our USA community that picks up the ATM charge when used in Colombia thus there is no charge for using the card. I suspect you could find a bank in your community with the same service.

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nicadj says on Dec 9, 2007, 15:12:

What I have learned is that there is a $5,000 per moth limit to wire money into (my wife's) bank account, and also a $20,000 per year cap. That is IF you do not provide back-up or documents to the bank as to where you are getting this money and what it is for. So far, we have not yet gone as far as to ask exactly what kind of documentation they are looking for.

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aztec says on Dec 9, 2007, 18:47:

nicadj, Don't understand your comment at all. My wife and I have personally transfered more than $200,000 into Colombia at one time. We have a friend who has transferred more than a million. There is no problem just so long as you follow Bank of Colombia regulations.

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Lowell says on Dec 10, 2007, 06:59:

have fun changing 10K into pesos

Alfred E. Newman. "What. Me Worry?"

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