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We are considering doing some small time exporting to Colombia. We are only talking about a few thousand dollars a month worth of merchandise a month at most. However, we are concerned about the best way to send money back from Colombia to the US. Paypal is one option that we are looking at amongst others.
In digging around the site, I have noticed suggestions for using CitiBank to send money. I may well open a CitiBank account, but some of the people we will be shipping to do not live in cities with Citi branches. We have bank accounts in Colombia, but I am leery of using Colombian banks to send money as I have heard of too many hassles. In these cases, we thought PayPal might be a viable option. The only other options would seemingly be money transfer companies like MoneyGram, Western Union, etc.
The topic of PayPal in Colombia was covered a few years ago.
http://poorbuthappy.com/colombia/post/paypal-now-offers-accounts-for-c...
However, I have some specific questions since it has been a while.
Does anyone have any experience using PayPal from Colombia using a Colombian bank?
Can you use a Colombian debit card to send payments or does it have to be a credit card?
What kind of fees are charged by the Colombian bank?
Are there limits to the amount of money that can be sent in a given month, or at a time?
Thanks,
CG
By ColombianoGringo (Moderator) (Trustee board) on Mar 16, 2009, 15:40 in Buy, Sell & Rent.
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Bill Turley (Moderator) (Trustee board) (☼Travelguide writer) says on Mar 16, 2009, 15:46: I have made many e-bay purchases by using a Visa Credit account from what is now HSBC in Bogota. It has been very satisfactory and disputes all satisfied very quickly through the PayPal system Mr. Bill Somondoco 0 funny, 0 helpful. |
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Philly says on Mar 16, 2009, 15:51: Personally, I do not trust anything that deals with Colombian Banks. I only have a Colombian bank account because my job needs to deposit my pay into it. Yes, I do have Paypal, but I use it with my US bank account. My job on the side warned me about Paypal in Colombia. I know you can only send money and not receive it. I have all my big transactions deposited into my account in the US, then withdraw in big amounts from a Citibank ATM (2.000.000) in one transaction.
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miamimike says on Mar 16, 2009, 19:08: If you look at PayPal.com's Website, you will see that they are not on Colombia. In an Email, they told me it was due to security. I suspect money laundering has a lot to do with Paypal not being in Colombia. On Paypal.com's Homepage, on the Bottom, the link I have listed lists all the countries that are fully Localized(meaning you can send and receive money in that country) Colombia is listed Only as a country you can SEND money to, they are not able to send $$ back to the USA. Some here on PBH keep saying you can exchange $$$ both ways but it isn't so and their Website verifies that. Surprisingly, Paypal even allows remittances from Venzuela to the US. Bésame, bésame mucho Como si fuera esta noche La última vez Bésame, bésame mucho Que tengo miedo a perderte Perderte después Bésame, bésame mucho Como si fuera esta noche La última vez Bésame, bésame mucho Que tengo miedo a perderte Perderte de 0 funny, 0 helpful. |
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poco says on Mar 16, 2009, 19:53: Quote: Some here on PBH keep saying you can exchange $$$ both ways but it isn't so and their Website verifies that. Colombian Chickens are crowing about the new President of the U.S. who will assure that From each according to their ability to each according to their need. 0 funny, 0 helpful. |
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miamimike says on Mar 17, 2009, 05:05: Paypal is a company of Contrasts--its fully operational in two communist countries, Vietnam and China yet not in the American Territory of Samoa. What is more surprising, they are practically full service in Venezuela and not in Colombia. Bésame, bésame mucho Como si fuera esta noche La última vez Bésame, bésame mucho Que tengo miedo a perderte Perderte después Bésame, bésame mucho Como si fuera esta noche La última vez Bésame, bésame mucho Que tengo miedo a perderte Perderte de 0 funny, 0 helpful. |
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ColombianoGringo (Moderator) (Trustee board) (☼Travelguide writer) says on Mar 17, 2009, 07:15: So what other practical options do I have to send money from Colombia to the US? Bank transfers from a Colombian bank seem to be a pain. Am I just stuck using Moneygram with their fees and exchange rate ripoffs? We factored those costs into our business plan, so we can live with it, but would prefer not to. Yo me como los mocos debajo de la ruana pa que no me pidan. 0 funny, 0 helpful. |
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webmanco says on Mar 17, 2009, 09:02: Once in a while I use Citibank to transfer money, I use the service less since my provider started accepting paypal. No hay extremo cierto o verdadero, porque los extremos opacan, enruedan, (lavan cerebros) verdades. Yotas 0 funny, 0 helpful. |
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ColombianoGringo (Moderator) (Trustee board) (☼Travelguide writer) says on Mar 17, 2009, 09:10: Web, How do you fund your PayPal account, a US bank? Yo me como los mocos debajo de la ruana pa que no me pidan. 0 funny, 0 helpful. |
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webmanco says on Mar 17, 2009, 09:11: USA credicard backed up by a USA bank account. No hay extremo cierto o verdadero, porque los extremos opacan, enruedan, (lavan cerebros) verdades. Yotas 0 funny, 0 helpful. |
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miamimike says on Mar 17, 2009, 10:07: CG-this is a transparency issue Colombia has, it makes it hard to do any Business in Colombia. I went thru the same dilemma you went thru last year in figuring out how I was going to receive payments for products I wanted to sell online but for which I wanted to receive payment for before shipping to Colombia. No way will I ship a product to Col until I have cash in hand. No way Jose,,, Bésame, bésame mucho Como si fuera esta noche La última vez Bésame, bésame mucho Que tengo miedo a perderte Perderte después Bésame, bésame mucho Como si fuera esta noche La última vez Bésame, bésame mucho Que tengo miedo a perderte Perderte de 0 funny, 0 helpful. |
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ColombianoGringo (Moderator) (Trustee board) (☼Travelguide writer) says on Mar 17, 2009, 10:16: So did you figure out a method to do it? I am getting in touch with Compass Bank. They are now owned by BBVA which has branches in Colombia. I will see what, if anything, they can provide. Yo me como los mocos debajo de la ruana pa que no me pidan. 0 funny, 0 helpful. |
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poco says on Mar 17, 2009, 11:55: Quote: Paypal is a company of Contrasts--its fully operational in two communist countries, Vietnam and China Colombian Chickens are crowing about the new President of the U.S. who will assure that From each according to their ability to each according to their need. 0 funny, 0 helpful. |
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miamimike says on Mar 17, 2009, 12:36: CG- maybe a Payment system like they use on Mercadolibre.com is an option-you may need a trusted family member to open a bank account in Colombia if you are unable to. Bésame, bésame mucho Como si fuera esta noche La última vez Bésame, bésame mucho Que tengo miedo a perderte Perderte después Bésame, bésame mucho Como si fuera esta noche La última vez Bésame, bésame mucho Que tengo miedo a perderte Perderte de 0 funny, 0 helpful. |
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ColombianoGringo (Moderator) (Trustee board) (☼Travelguide writer) says on Mar 17, 2009, 14:02: Thanks. I looked at MercadoPago, but that doesn't solve our problem. We have bank accounts in Colombia. The problem is getting the money in dollars to our US banks. Still, it might be useful for some other things. Yo me como los mocos debajo de la ruana pa que no me pidan. 0 funny, 0 helpful. |
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miamimike says on Mar 17, 2009, 18:36: CG-Thats the same problem I ran into, perplexing to say the least. Bésame, bésame mucho Como si fuera esta noche La última vez Bésame, bésame mucho Que tengo miedo a perderte Perderte después Bésame, bésame mucho Como si fuera esta noche La última vez Bésame, bésame mucho Que tengo miedo a perderte Perderte de 0 funny, 0 helpful. |
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Papi de Alejo says on Mar 17, 2009, 18:43: How about one of the transfer services like Suma Valores. They accept money on behalf of VIGO in the US and then deposit it in the recipient's account in Colombia without having to do a wire transfer into the account. Maybe they can do this in the opposite direction. That is to accept the money in Colombia, transfer it to their US affiliate who would then deposit it on that end. I would imagine that a transfer from a US entity to another US entity would not have as many hoops as appear to exist in Colombia. Live simply... Love generously... Care deeply... Speak kindly... 0 funny, 0 helpful. |
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La_Huella says on Mar 17, 2009, 19:55: The best I have ever come up with, and I have been looking for years now, is just to go to Bancolombia and transfer the shit. I'm hoping I can do it without having to open up an account :P
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agucho says on Mar 22, 2009, 04:15: PAYPAL charges a lot.
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