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Sending money to Colombia to buy a car

I need to send $15,ooo to Colombia for my wife to buy a car. I thought a wire transfer would work best. Has anyone sent this much money before? Her grandmother has a bank account. I should probably wire or get the money first to her grandmother instead of wiring the money to the car dealorship, since her granmother is trustworthy.

By npaul on Jun 29, 2005, 05:06 in Friendly Talkzone.

calif en la selva says on Jun 29, 2005, 07:29:

wiring money I have sucessfully wired $7,000 and $10,000. The bank will sit on it, in the case of the $10,000 it was a little over a week. I'm looking again to do it as I want to also but a car. I set up a "repetive wire transfer" with my bank in the States, so the fee was only $14.00. In the case of your $15,000 the exchange rate of 2330.00 per dollar versus 2200.00 can mean as much as $230.00 less money, rates change everyday, but when they sit on the money before releasing it into your account it's in their hands. Can you use a Visa card at the dealer? it might save you money.

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calif en la selva says on Jun 29, 2005, 08:09:

GIB How much have you sucessfully sent and have posted in the same day? I didnt say they were ripping you off, just if you wire and the exchange rate that day is say 2330 and the day they post is 2250 then you lose the rate is was first posted as

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Mr. Hollywood says on Jun 29, 2005, 08:09:

Legal amount There is actually no "legal amount". What you're talking about is a limit above which one has to justify the source of money. It used to be anything under $10,000 was acceptable. Now they changed the law to $250, yes, two hundred and fifty dollars. In practical terms this just means they want you to sign more paperwork.

Personally, if I needed to get $15,000 to Colombia to pay for a car I'd either figure out a way to pay for it in the states (have you asked? Many wealthy Colombians and businesses have US accounts.) or I'd think about putting it into a citibank account and then opening a Citibank Colombia account on which to withdraw it.

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tomtom33 (☼Travelguide writer) says on Jun 29, 2005, 10:31:

Transfer limits In Dec. of 2003, I wired US$45,000 to buy an apartment. Wired it to a bank in New York who sent it along to Colombia. There was no problem. The exchange rate then was 2710. I think, GIB, that the limit may depend upon the bank. One bank simply told me that I could not wire money.

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tomtom33 (☼Travelguide writer) says on Jun 29, 2005, 14:24:

GIB I realize that I shouldn't try to use logic as it pertains to Colombia. But what sense does it make to limit transfers to $2000 per month when ATM withdrawals are not limited except to $500 per day times the number of accounts you may have. And why on earth would they want to limit capital coming INTO the country?

I understand so little about my adopted country.

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Bruce V. Shrader says on Jun 29, 2005, 19:48:

wireing 15,000 dollars to colombia Several years ago, I did exactly this.
I (we) needed approx. $15,000 dollars to buy a car in Colombia.
I contacted my bank (here in the U.S.) and had a wire transfer
of the equivalent amount in Colombian Pesos sent to my Colombian
wifes checking account, in Cali. It took about a week to accomplish this. It was not difficult.

You have to find out the dollar/peso exchange rate, then add a 15% for the IVA. This is the amount you need to transfer in order to be sure to have enough for the car. After the transfer is made, then have the bank give you a certified check (in pesos) for the cost of the car. The car agency should accept the certified check as payment.

Be sure and check this out before hand.

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