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Transfering US funds to a Colombia bank (Part II)

Hello once again to all of you:
Seems that we are set to do the purchasing of the property, but now Davivienda bank informs that the only bank they receive wire transfers from is Citibank and two other bank I have never heard of. This information came out of a Cartagena branch today (Sunday). Perhaps the Sunday workers are not informed as well as the weekly regulars. I can go and open an account here in Puerto Rico in Citibank but it just happens that Banco Popular just purchased Citibank here in PR so this may not be possible either. My bank (Scotiabank or PR) tells me that if I give them a route number and an account number, they will send the money anywhere.

I know some of you have done this and probably know much more than these bank workers because it is the third time she goes to the bank for information and is the third different answer she gets.

Thanks,

By chewy on Oct 7, 2007, 12:11 in Visa & paperwork.

tomtom33 (☼Travelguide writer) says on Oct 7, 2007, 17:15:

Fun, isn't it? It seems that I had to wire money to Bancolombia via Citibank in New York. Bancolombia gave me a printout with the wire instructions. I had no problem with the wire. However, when you try to get the Colombian bank to release the funds, gooood luck.

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robi666 (Trustee board) says on Oct 7, 2007, 17:23:

chewy, that's normal for Colombian banks, because they are not directly connected to the international SWIFT circuit.

So, you'll need to specify an intermediary bank (that's what Citibank is) when wiring the money. You do not have to open an account in Citibank, but just instruct your bank to use them as an intermediary.

You won't have any problem to get the money in Colombia, but...

"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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chewy says on Oct 7, 2007, 18:33:

Gee, thanks robi: Here I am still wheeling and dealing. I am going to Citibank in the morning here in Fajardo, PR and also to Scotiabank which is my bank to use Citibank as intermediary. You mentioned that I will not have any problem getting the wire transfer to the bank in Colombia, but what I want to do is wire transfer it to the property seller. Not to an account of mine. Mi Fiancee has an account in Citibank in Cartagena as well as another in Davivienda bank. I don't think that Citibank would be a problem but when she went today to Davivienda she asked the bank's route number, and they did not know what she was talking about. So it seems to me that if Davivienda does not have a route number, then they will not be able to receive any money from any exterior bank.

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Morrongo says on Oct 8, 2007, 07:27:

Davivienda bank have a standard form of the codes you require to transfer the money.When you see it,all will become clear.You can transfer direct to the sellers account no problem. Citibank will need comformation from Davivienda bank that they have copies of the Contrato Promesa de Compraventa of the house you are buying,before they will release the money.With the dollar changing in price,any diference when the funds arrive can be adjusted by cash,when you are at the Notaria for the completion.Davivienda bank except International transfers,not all do.

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chewy says on Oct 8, 2007, 09:28:

Thanks Morrongo. Have not heard that word in more than 40 years (morrongo) here in Puerto Rico. So anyway, the way you put it, then I would not need Citibank if Davivienda accepts wire transfers from the exterior (bank in PR). So I can just go ahead and give my bank the route and account number of the seller's account in Davivienda and then follow up the other steps mentioned before and listo el pollo. Thanks for the information. I appreciate this very much.

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dwmte7 says on Oct 9, 2007, 15:30:

chewy...it doesn't matter what bank you do business with. they can forward funds through citi bank n.y. that's what i did for years. and i never used citi bank as my bank. i just got the forwarding instructions--routing, etc--from my bank in oviedo, bancolombia, and went from there. b of a would forward to citi bank n.y. and citi forwarded the funds to, then, bic.

dwmte

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chewy says on Oct 18, 2007, 12:21:

Hola Elder:
The problem in Puerto Rico is that they are being too careful with transfers to Colombia due to terrorism connections. I have decided to go to NY and open a new account there so my Social Security checks and stock market dividends can be directly deposited. I am going to start a new thread to do a survey of banks in USA so I can consolidate all my accounts.

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robi666 (Trustee board) says on Oct 18, 2007, 12:43:

Terrorism?

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chewy says on Oct 20, 2007, 21:00:

YesRobi666: That is what they tell me here in the banks. That is why I gave up with Puerto Rico banks.

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orestesdd says on Mar 12, 2008, 17:05:

I was trying to transfer money to a Davivienda account, and I understand all the intermediary bank, but how do I know what the other person will receive? My bank says it only wires USD currency, but I am afraid that the account in Davivienda will not accept USD. Does the intermidiary bank do the conversion from USD to COP? I need to deposit 2.5 million COP in that Davivienda account, but nobody will tell me how many dollars 2.5 million COP is.

This is really bad when I can't guess what I need to do and this is not really a large amount of money. I'd appreciate any inside here. Thanks.

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