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Requirements for transferring money to a Colombian Bank (urgent)

I have a bank account with BBVA here in Colombia. I need to transfer a large sum of money from Europe asap.

However, my bank in Europe insists I need to provide them with an IBAN number, amongst other types of information.

Unfortunately, BBVA seem to have no knowledge of this. They tell me that the basic bank details, plus the Swift number should be sufficient.

What to do?

Usher

By usher127 on Aug 30, 2007, 08:44 in Visa & paperwork.

Brians says on Aug 30, 2007, 09:53:

Maybe not Rubito. A lot of banks in the US have US Bank accounts which require you to wire money first to their US bank account with an ABA number and then through that SWFIT number and their Colombian Bank. I don't know if this is the reason but if BBVA has a Europen bank then it may need a IBAN number but I would think BBVA would know that. I would think BBVA has wiring instructions that they can email to him. If they don't have a EU bank that they utilize than they shouldn't need an IBAN number.

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Gator says on Aug 30, 2007, 09:57:

I don't know they are "stupid" but in Colombia you will need the SWIFT address (aka BIC Bank Identifier Code) which is an 8 or 11 character long international standard that uniquely identifies a financial institution. You usually need the SWIFT/ BIC even if an IBAN is provided. Ask to see a senior manager at BBVA. Its IBAN code is :
ES02 0182 2305 6402 0155 1260

Example from Citibank CITIUS12COR

"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

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RAAAY says on Aug 30, 2007, 11:15:

The IBAN is not required.......to wire to the US or to Colombia from Europe.............just instruct the Euro bank to send it with the info BBVA supplies..........the difficulity typically arises because the Euro bank has to have all the fields filled out on the computer form......otherwise the person doing the imputing cannot proceed to the next screen..............it just needs a manager or whatever to overwrite the process................but BBVA are correct........

.........Its useless to argue with ignorance

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robi666 says on Aug 30, 2007, 11:35:

I think Brian has nailed it, I suspect that they have to transfer to a correspondant bank within Europe. You noticed I was asking ten times to the lady at the bank because I knew she was saying a bullshit to you. Usher, I call you and explain it to you.

"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."

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RAAAY says on Aug 30, 2007, 13:31:

............The IBAN is not required.......to wire to the US or to Colombia from Europe.............just instruct the Euro bank to send it with the info BBVA supplies..........period................if the destination bank were in the US the funds often would be available the same day.............it typically takes 24 to 48 hours for it to be available in a Colombian bank............. it's a smple process and happens every day..................don't be even remotely concerned about it.....

.........Its useless to argue with ignorance

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robi666 says on Aug 30, 2007, 14:02:

Ok,
this is the info required to make a USD transfer to BBVA Colombia from abroad.

Intermediary bank
Name: Citibank
Country: New York - USA
Swift: CITIUS33
ABA: 021000089

Destination Bank
Name: BBVA Colombia
City, Country: Bogotà, Colombia
Account number: 10922826 (BBVA account number in Citibank)
Swift: GEROCOBB - Banco Bilbao Vizcaya Argentaria Colombia

Client
Name: XXXXXX (your name)
Identification: XXXXXX (your id number)
Account number: XXXXX (your account number)
Agency: BBVA XXX (agency number)
City, Country: XXX, Colombia

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robi666 says on Aug 30, 2007, 14:07:

As you can see, no IBAN number, but, if you are transferring Euros, you can use BBVA Spain as intermediary and you will have to use an IBAN number within Europe.
Now, RAY is correct too: your bank clerk could just move his ass and find himself the infos required to transfer the money (the intermediary bank details) just knowing the BBVA Colombia Swift. But, 99%, they will ask you to provide it!

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pedro says on Aug 30, 2007, 14:21:

Damn, this thread is like the blind leading the blind.

IBAN is a system for providing an internationally unique account number, with the routing and the account number all tied into the one long code.

It doesn't make sense to say "BBVA's IBAN is x", because the IBAN contains the individual account number. Two different BBVA customers have two different IBANs.

As RAAAY correctly pointed out, you just need to go back to your bank in Europe and tell them to send using the info that BBVA provided.

The SWIFT code and the local bank account number should be enough for it to get there.
Asking for an IBAN is just wishful thinking on the European bank's part. Most non-Euro banks have not come on board with that system yet.

que nota!

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robi666 says on Aug 30, 2007, 14:23:

Pedro, infact, if you transfer money to BBVA Spain to be further transfered to BBVA Colombia, you'll need the IBAN that contains the account number of BBVA Colombia in BBVA Spain.

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pedro says on Aug 30, 2007, 14:47:

Robi, my last comment was not directed at you, really. In fact I posted it without having read your two latest replies.

Maybe I'm just lucky, I use a boutique bank in Europe. For any international transfer I fax them an instruction telling them what I want done, not how to do it. It's been fine for me so far.

que nota!

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robi666 says on Aug 30, 2007, 14:56:

Yes, Pedro, I think that they do not need all those infos. The must have a kind of directory, something that tells "to transfer to this SWIFT (that is not internationally connected) use that SWIFT as intermediary". They are just lazy, as the person usher and me were talking to in BBVA Medellin.

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usher127 says on Aug 30, 2007, 18:35:

Why do all my posts descend into farce? I’m totally confused again.

The current situation is that my Colombian bank tells me I dont need an IBAN number and now i've found a bank in Europe that says I dont need an intermedery bank... all very weird.

PBH definitely needs a Wiki for stuff like this. Clearly, there are enough people who care enough to spend some time trying to nail the answer, but the format of this website makes it tricky.

Thanks for all the advice, I will let you know when (if) the money arrives.

Usher

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robi666 says on Aug 30, 2007, 18:40:

I had a quick look at SWIFT standard last year (http://www.swift.com/), after having a strange answer from my bank in Italy. It think that they do not have a field to put Customer Id number in a SWIFT message. They have to use the note field for that... even though they could have an ID field on their computer mask (it depends on SW implementation).
But I could be wrong on this...

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RAAAY says on Aug 30, 2007, 20:27:

usher127 says ...................... now i've found a bank in Europe that says I dont need an intermedery bank... all very weird.........

Depends on the bank............some will need to use an intermedery......some will not.........either way....it's not a big deal..........you only have to provide the destination banks info............

.........Its useless to argue with ignorance

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RAAAY says on Aug 30, 2007, 20:40:

Aye aye aye......................this is getting comical.......................You will not need an IBAN...........That simple.

.........Its useless to argue with ignorance

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RAAAY says on Aug 31, 2007, 07:22:

Oh Lord.............the ego has landed...............

.........Its useless to argue with ignorance

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Gator says on Aug 31, 2007, 08:22:

Now a million dollars would be a horse of a different color.

"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

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RAAAY says on Aug 31, 2007, 09:25:

gringoinbogota says on Thursday August 23rd, 2007 16:34:

........... But the best day would probably be next Thursday Afternoon or Friday short term

ColombianoGringo says on Thursday August 23rd, 2007 14:39:

Oh, it is at 2,148 right now.

On Friday morning at 11.30am the peso was changing at 2155................which indeed is an improvement on the 2148 it was changing at when THE PREDICTION was made.............a 50 pip difference....???......surely not....??..................seems to me 2155 minus 2148 = 7

The call was indeed "dead on".............and the person changing $100,000 on Friday morning might have been able to afford an additional ejectuive lunch

.........Its useless to argue with ignorance

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pedro says on Aug 31, 2007, 12:10:

Euros, not dollars.

Pay attention, RAAAY.

que nota!

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RAAAY says on Aug 31, 2007, 12:15:

Oh......I'm paying attention all right.........you say Euros , not dollars..

gringoinbogota says on Friday August 31st, 2007 8:46:

100,000 US dollars transfered. A 50 pesos difference equals 5,000,000 pesos.

.........Its useless to argue with ignorance

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Gator says on Aug 31, 2007, 19:55:

looks like I am out $20.000.000 pesos for August

"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

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usher127 says on Sep 6, 2007, 13:50:

OK... it transpires that in order to send money from Europe to my bank account here, I DID need to use an intermediary bank. My bank in Europe had no knowledge of BBVA in Colombia. Ultimately, the intermediary bank I used was at the preference of my bank in Europe... even though I offered them the details of an intermediary bank that is used by BBVA. I'm pretty sure that, in doing so they used an IBAN number.

In terms of, the best way to do this, it really seems to make very little difference. For example, issues regarding how much different banks charge/which currency to send/how many times the currency might be converted before finally arriving in Colombia... the money lost is next to nothing. Its much more important to keep an eye on the Peso and try to ensure that the conversion takes place when it is low... as it is now.

After all that, the money arrived in 48 hours.

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RAAAY says on Sep 6, 2007, 15:33:

RAAAY says on Thursday August 30th, 2007 13:31: edit

..." it typically takes 24 to 48 hours for it to be available in a Colombian bank............. it's a smple process and happens every day..................don't be even remotely concerned about it....."

.........Its useless to argue with ignorance

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robi666 says on Sep 6, 2007, 15:52:

The whole process could be real time. An electronic SWIFT message issued and received.
The time in between your request at your branch and the actual composing and sending of the message, and the time from receipt and elaboration of the message in the local bank - branch delta time for the intermediary bank (which is a must RAAAY, if it does not happen that your european bank is a direct correspondant of the Colombian one), sum up to the total time. Consider also the difference of time between Europe and America.
It usually take 5 days to get my money in my Colombian account from Italy (thanks also to the wonderful Italian bank system).
Anyway, money arrived means that the main branch got the message. Now usher will have to wait for the money being put in his account (form 4, going to the branch, approve the change rate, etc.).

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usher127 says on Sep 17, 2007, 14:43:

Well, the money arrived in no time at all... however, BBVA wouldnt give me my money until a week later. A variety of excuses, until I realised they were lying and simply trying to make as much money as possible before the money left my account. I wont be that naive again.

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