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Wire Transfers to Colombia

Was wondering if anyone here has experiences with bank wire transfers from the US to Colombia. A bank manager is telling us they want to have my 1040 income tax papers with an apostille seal, and they want other documents such as 3 months bank statements, copy of Social Security Card, and a copy of my passport. they also want all the copies sent to them via regular mail and not via email. I can't believe they want the 1040 apostille sealed, anyone can print out that document and the apostille seal doesn’t prove anything, its just a big hassle to get and send away for. . Is this normal for bank managers to request, I know that the bankers are under pressure to deal with only law abiding citizens, and are required " to know the customer" but there must be other ways to verify that you are not doing anything illegal or that the money is legit. Thanks for any comments.surf

By surf17683 on Jul 29, 2007, 11:15 in Friendly Talkzone.

rumronrum says on Jul 29, 2007, 11:19:

Get a new bank.............

RumRonRum

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vicshere says on Jul 29, 2007, 11:20:

agree new bank

listo

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panthdave says on Jul 29, 2007, 11:25:

I am assuming on the Colombian side.. I never heard of that...I also assuming you have a Cedula because you have a colombian account and United States account...

Forget this get a new bank...

or bring a cashiers check with you and wait it out in Colombia to clear..

panthdave Miami

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Gator says on Jul 29, 2007, 12:32:

Get a new bank-unless you enjoy replaying the love scene from "Deliverance."

The name of the bank and jurisdiction would have also been helpful

"Credidi pretio parvo emere et magno vendere tibi in animo fuisse!" .

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pedro says on Jul 29, 2007, 12:39:

Careful if you get a new bank.

I went round a few banks this week, shopping for my first account. I made a point to check with them if they would release an international transfer without too much complication. Each time I heard back that you need to have your account open for 6 months before they will let you receive an international transfer.

This is Colombia, and of course there are exceptions. I think I have found one, in my personal search. My bank has been flexible on the documentation... they did want some proof of identity etc, but they agreed to accept the minimum of stuff I could come up with easily and cheaply.

On the future wire transfer the bank has just asked for some proof of the source of funds (mortgage or whatever). Nothing so far has needed to be notarised or apostilled, even though my documents are foreign.

que nota!

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YTO SAN says on Jul 29, 2007, 12:40:

if you have a Bancolombia acct. you can trasfer money from the us to that specific account. there is a lot of places in the US that offer that service; 1 of them is DOLEX.

=======YTO SAN

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Conchale Vale!! says on Jul 29, 2007, 12:44:

I am wondering if this has to do with the other post regarding not having to pay alimony if you go to Colombia. I have done transfers for business reasons from my accounts on several occasions and have never been asked for any of this nor has the receiver. So something seems to be missing here.

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panthdave says on Jul 29, 2007, 12:45:

you can also walk right into the Ban Colomiba Miami Branch if you have an account and I think per there website the transfer fee is 35.00...from Ban Colombia Miami to Ban Colombia.

panthdave Miami

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Gator says on Jul 29, 2007, 12:52:

we have Citibank and Bancolombia (after the merger with Conavi) have no problems

"Credidi pretio parvo emere et magno vendere tibi in animo fuisse!" .

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Philly says on Jul 29, 2007, 14:23:

i have never had a problem. i have a business account with citizens

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sandlewoodO says on Jul 29, 2007, 19:42:

I send money to Banco Davivienda frequently without any problems...

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droble77 says on Jul 29, 2007, 20:01:

My bank is Chase and I've had no major problems but this was a small amount. The only hassle was that I couldn't do it online, and the money actually goes through Citibank as an intermediary, at least for this recipient who had a savings account in Bancolombia. So make sure you have all the info like SWIFT codes or ABA routing #s correct; otherwise, the money won't get there and yet you'll STILL be charged on your bank's end!

The last amount I sent was a bit under $400 and I paid $40 which seemed like a ripoff, but I've never carried more than half-a-million COP on me and I'm trying to keep it that way, even if it costs. . .

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chrispej says on Jul 29, 2007, 21:09:

Check out www.xe.com . They offer international money transfers. Maybe this will help you.

Another option. Open up a U.S. dollar account with Bancolombia Panama in Panama. You can then withdraw funds in Colombia. There's one catch, you need to keep a $5,000 US balance in your account.

Keep in mind, Colombian Banks need to show where the foreign money came from should they be audited. You need to prove your money came from a legit source.

IMHO, forget bank checks and travelers checks unless you wish to subject yourself to a full body cavity check. As one bank manager told me, they are too easy to counterfeit.

Since information cost money in Colombia, those of you who find this information useful can send your payments to www.fundacionangeldelaguarda.org to help these young ladies improve their lives.

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Philly says on Jul 30, 2007, 04:18:

I only pay 15.00 dollars for International transfers. I can actually call the wire dept. from anywhere around the World and have money transfered. I have a special code if it is a repetitive code and the money is sent right away without speaking to anyone.

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Saltador says on Jul 30, 2007, 06:23:

Philly and Pedro,
Can you provide more details as to what bank you are dealing with, etc.
In this way we can benefit from your posts,
Thanks!

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timeforachangeofscenery says on Jul 30, 2007, 07:19:

I posted more details about my bank and the service I used to transfer money to colombia reguarly and at low cost but that post was deleted.

I think the moderators must have considered that too commercial.

It would appear that when providing advice on this forum, we are limited to listing the services provided by non-commercial, charitable organisations.

Best of luck to you Surf.

Timefor

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jmayuk says on Jul 30, 2007, 07:56:

I transfer money all the time from my British bank to my wife's Colombian bank with no problems of any kind. Even considering the whole "differences in the British vs American banking systems" issue, this just seems excessively intrusive. Get a new bank. Today.

donde comen dos, se comen tres...

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pedro says on Jul 30, 2007, 10:14:

Saltador, I signed up with HSBC.

Now is a good time to sign up with them, as they are brand new in Colombia. Get some time to sit down with the branch manager, under whatever pretext. It's important that they remember you... you'll appreciate that when you need an intervention sometime in the future.

que nota!

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Robert Jorge says on Jul 30, 2007, 10:37:

Great advice pedro. And that goes for anywhere, not just Colombia. So many potential headaches can be made to go away quickly if you are recognized and are a friend of the bank's management.

--"I believe in making the world safe for our children. But not for our children's children, because I don't think that children should be having sex." - Jack Handy

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surf17683 says on Jul 30, 2007, 13:55:

I dont have a colombian bank account yet nor do i have a cedular. i am transferring the amount into someone else account. the name of the bank is conavi in bucaramanga. now the manager is saying that i need a letter from my job stating how much i make and that has to be apostille. although i've already sent them all my official documents stating my annual salary, they want a letter. Also they want a letter from my bank, which i already gave them, but the letter has to say how much i make as well and be apostille.. i dont think they have a clue how things work in the US,,, anyone can type up a letter but i produce official documents , but they wont accept that. i'll have my friend in colombia check on other banks. hopefully we can find one , thanks so far for the posts.

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tomtom33 says on Jul 30, 2007, 16:51:

You cannot apostille a letter. You apostille the notary.

Bancolomia in Guarne asked for my US bank to fax them a letter stating how long I had an account with them and where I got my money from. No notary or apostille was necessary. I wired the money to the account of my novia. Conavi is now Bancolombia.

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brad216 says on Jul 30, 2007, 20:52:

Working for a bank I can tell you wiring money to Colombia is a pain. It really has nothing to do with the US bank but everything to do with the Colombian Bank. It seems that any funds over 2 or 3000 needs an appostile sent saying the funds are from earnings or savings before they will release it. Me and my wife wired 5000 to her mom's account but they refused to release it without the apostille. I have also sent wires for clients for between 4-10,000 us and wires were sent back to usa if an apostille was not received within 2 weeks of the wire. I have also sent 500-1000 wires for clients that went into their accounts within 2 days. Moral of the story...it doesn't really matter which US bank sends the wire, get info from Colombian bank manager and be prepared with the apostille if you want the money to arrive quickly.

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scotty says on Aug 3, 2007, 03:22:

its all agreed...new bank

Get Rhythm, when you got the blues. Johnny Cash

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