Noelito40 has left 86 comments

Noelito40 comments on Colombia an Emerging Economy???

And I might add that coming from Ireland I'm familar with the effect of low interest rates (so low in fact that money was virtually free!!) and it was ONE of the factors that led to our booming economy. Mind you, then the banks lost the run of themselves (and went unchecked by our central bank) and started handing out crazy 100% (and evn 110%) mortgages!!!! which inflated the housing market and gave oxygen to the bubble! I hope if Colombia does ever want to reduce rates they would remember to keep the banks on a tight rein!

Noelito40 comments on Colombia an Emerging Economy???

I'm with Gimedub on this, I'm not blind to the various problems Col has but for me the best stimulus for the economy would be lower interest rates. The rates here are barriers to entry or expansion, for many businesses, and I'm baffled as to why the rate of home repossessions is not skyrocketing with the mortgage rates. It is true that the Col goverment cannot control external global factors but they can influence the Colombian banks, if they had the will to...now there's the rub !!

Noelito40 comments on Problems paying my EPS Medical Payment

I am paying about 350k a month for the wife and I and I'm not loaded! Furthermore although we have met many a good doctor in EPS, if we ever need emergency maternity care, I will be thankful I have paid for private care. (Take it from someone who has experienced emergency maternity care EPS style!!)

Noelito40 comments on what makes Colombia a third world country?

Miamimike, no reason for disagreement, I simply stated a fact that it's the poverty that needs to be tackled, wasn't giving an opinion on the cause. In fact I agree wholeheartedly that corruption is to blame for the poor distribution of wealth (just look up my other posts on the iron grip of the Colombian bank cartels!) but having said that I believe that Colombia is not as corrupt as other countries in SA, and from what I've seen is making some efftorts to improve the lot of everyone.

Noelito40 comments on what makes Colombia a third world country?

I would never have considered Colombia 3rd World, I would think that it is a perfect example of a 2nd world country, i.e. a developing country. It has democratic institutions and improving infrastructure but it's poverty is the main problem to be tackled.

Noelito40 comments on Problems paying my EPS Medical Payment

Re the general matter of EPS v Prepagada, it is best to have both! We were quite happy with EPS for non emergencies but if anyone here is planning on using maternity care (or if not planned, but needed ;-) get prepagada!!!! We are with CafeSalud and they give us a discount on our EPS as we have both (EPS and prepagada) with them.

Noelito40 comments on why not shoot the living crap out of the 58 FARC? now that would have been a good rescue.

2 questions... When exactly do you think the FARC left on the ground realised they had been had? Just imagine, they've handed over their precious cargo, the helicopter takes off and they are still none the wiser, so they just turn around and begin the long trudge home...then somewhere alone the line it dawns on them...priceless! and, will we ever get to see the footage that was taken by the guy posing as a cameraman!!?

Noelito40 comments on why not shoot the living crap out of the 58 FARC? now that would have been a good rescue.

I think that not killing them could prove to be a very clever tactic. Imagine the ordinary FARC foot soldiers now, their organisation is beginning to crumble from the top, their leaders have been killed (even by their own); humiliated (by the masterstroke on Tuesday); and they must have the feeling that the clock is ticking on them. If I was one of them, I'd hightail it to the nearest Policia with the white flag raised, (and here's the beauty of the latest masterstroke) I'd grab any of the kidnapped I could get hold of and bring them with me to the Policia to increase my bargaining power for a deal.

Noelito40 comments on Whatching the USA Olympic Trials right now!

It's interesting how expectations differ with the Olympics, the Irish team will be about teh same size as the colombians 50 to 60, and if we even get a whiff of a medal we are happy (we usually turn up one or two good boxers). On the other end of the medals scale, it'll be fascinating watching the super heavyweight, super power contest of the US versus the chinese...

Noelito40 comments on peso dropping fast now-whats going on?

the Euro is now back to 3000!!!

Noelito40 comments on Small code update today

Peter, I'm a regular PBHer, great site! but any chance you could escalate resolution of the clicking on the "New" comments anchor? when you've been following a thread over a few days, it can be tricky navigating to where you read the latest comment...

Noelito40 comments on Colombian Department Store Wage

I would be AMAZED if anyone working stocking shelves in somewhere like Carrulla or Exito is earning a cent more than the minimum wage ( I know of security staff in apartment blocks who are earning the minimum!!) and I´ve also heard about what jinskmeister posted that those who bag your groceries work for nothing but tips!!... something to bear in mind the next time you get your shopping bagged!

Noelito40 comments on Who pays maintanace on a rented apartment?

Slighly off topic, but... when renting (an unfurnished apt), is the landlord obliged to put up curtains, or blinds? If he's not obliged to do this, then what is normal practice...

Noelito40 comments on Apartment for rent in North Bogota

http://i29.tinypic.com/2woejoj.jpg

Noelito40 comments on Chavez Ends Support of FARC Rebels; NO MAS!

I wonder if following the death of the ideologue Tirofijo that Chavez reckons he can't trust or want to be associated with the incoming FARC hierarchy? Judging by recent reports the FARC seemed to have upped their campaign of terror and although this might be the last sting of a dying wasp, if civilians start getting killed, the little public sympathy that Chavez may have might dwindle pretty quickly...?

Noelito40 comments on Power of Attorney to open a bank account

Wouldn't know to be honest poker, (but I'd want to be very happy with the lawyer I'd get before I'd go granting power of attorney over bank accounts!!)

Noelito40 comments on Bringing Money to Colombia

You could use a US debit card, or if your credit card limit doesn''t stretch to what is needed you could just deposit some money in your credit card account before you travel. From your other posts though Larry, a problem you might have is that it's no problem using a foreign debit card to buy things here (once you have Visa/Mastercard) but the Colombian seller will ask you for your cedula...

Noelito40 comments on DOMESTIC WORKERS AND COLOMBIAN LAW

Agree 100% Elk, I too just want to cover my ass, I mean it's not a whole lot of wonga we are talking about here, but the last thing I want is to have a "good" relationship with my housekeeper for a few years and they have her sting me with a suit for backpay of her entitlements!! I'm asking around on this too and will post whatever I find out.

Noelito40 comments on DOMESTIC WORKERS AND COLOMBIAN LAW

Elk, I suspect Ã?'m in the same boat as you. Our servicio is with us just 1 day a week, and her EPS, etc is covered by her other employer who she is with 3 or 4 days in the week.

Noelito40 comments on Power of Attorney to open a bank account

Firstly, do a search and PBH and you will find loads of info on opening bank accounts for foreigners... Have to warn you though that most of the news is bad, as even with a cedula you will still be refused (as I was by a number of banks). If you have a personal introduction from a native however your chances are greatly enhanced. (My wife´s cousin vouched for us in Banco de Credito and we had an account in a day!). Bizarrely however, I was able to open an account in Davivienda after 1 week in Colombia! with just my Irish passport!! no cedula...but again here my (Colombian) wife had a banking history with Davivienda, which brings me back to the need for a native to vouch for you...

Noelito40 comments on DOMESTIC WORKERS AND COLOMBIAN LAW

Dogfart, we pay 27k for 1 day per week (that´s 25k 2k for her bus). She also gets dinner with us, plus of course, we are happy with her, and so give advice, assistance (use of internet for example) if she needs it...

Noelito40 comments on opening bank account

Wish I could be the bringer of good news larryrn, but if you do a search in PBH on Bank accounts yo´'ll find that it's nigh on impossible for an Extanjera to open an account here without a personal introduction from a native. Your best bet though would appear to be Davivienda who seem to have the most lax rules. The docs you need include, photocopy of cedula, statement showing the source of the funds... Best of luck...

Noelito40 comments on Euro, dollar and peso

I think that the euro is falling (and in my opinion will continue downward) for a number of reasons, both related to and independent of the dollar. Related to the Dollar, a lot of European banks are suffering losses directly from from the US property market, and as a knock on, the credit crisis is beginning to affect consumers, and consequently growth. Independent of the dollar. A number of economies in the EU are on a downward slope. The news back home in Ireland is all bad at the moment, (government growth forecasts for 2008 down from 3-4% to 1%, (spectacularly wrong) and the UK is also in the midst of an uneasy property market, not sure about France and Germany but I don´t think the signs are the best right now!

Noelito40 comments on IRELAND V COLOMBIA,,,.....2pm Thursday 29th

We may not have had much luck with our Eurovision entry, but I reckon we are going to stuff Locolombia 2-1 today!!! If anyone wants to wartch it online go to http://livefooty.doctor-serv.com/

Noelito40 comments on Colombia (Fusa)

I´ve been in Fusa 5 times since I arrived in Colombia and that´s just 8 months ago, (some of my in laws live there). True it´s not a burgeoning metropolis, but the climate is pretty good (certainly hotter than bogota!!) and contrary to what was said earlier, the new road they are building between Bog and Fusa (about 60-80km) should improve the economy there, in fact because of the climate and the cost of living it could very well become a commuting satellite city for Bogota, as ColombianGringo pointed out... To answer your primary question though, the road from Bog to Fusa is now very safe, so no worries there (well apart from the lunatic bus drivers, but they are (literally!) impossible to avoid anywhere in Colombia). As for safety itself in Fusa, I´d be hard pressed to pass for a Latino, but I was safe enough in Fusa as I was with locals there all the time!! but (like everywhere!) I saw a few places in Fusa I only like seeing in rear view mirrors!!

Noelito40 comments on Buying Property - Changing Money into Pesos

bickerss, just a note that the laws here stipulate that all incoming external funds must be denominated in US$, so for example when I transferred plata from Ireland, I had to go, Euros to US$, and then to COP pesos. One tip though is that when I transferred to my COL bank Banco de Credito, they have an intermediary bank with which they have a Euro account, so the money was transferred to that intermediary from my Irish account, but it was not converted in COP immediately, instead, a currency trader from Banco de Credito called me daily to keep me aware of the 2 cambios (euro/$) and ($/COP) and when she thought the rates were good, she called me and on the spot I made a call on the rates. (Granted you lose interest each day while your money is "in transit" but...) I posted a thread on this type of transfer recently so more info there...

Noelito40 comments on What are your favorite restaurants in Bogota?

If, like me, you are a meat freak, then go along to Galapago Campestre in Chia, very reasonably priced and the portions are enormous, so much so that my tip is either only have a main course (skip the 3 morcilla starters!!_) or only have half a main course... I´ve also heard good things about Humero in Chia too, but can´t speak firsthand about the place...

Noelito40 comments on Colombian news in English

Many thanks Colombianreports...that´s another page bookmarked in my browser!

Noelito40 comments on Colombian Peso Fixed Deposits - Why bother?

Fecherklyn, ..some good news, Banco de Credito does pay interest for any fiestas or puentes which occur during the period of your CDT, BUT….How’s this for another example of sharp practices when it comes to banks… A question! When is 90 days not 90 days? Answer…when you are dealing with banks here… Let me explain, if you open up a CDT on say Wed 21st March for 90 days, you might think that your investment would mature on August Tuesday 19th August, (that´s 90 calendar days) but no! it actually matures on Thursday 21st August, why? Because to banks here, 90 days = 3 calendar months! So you effectively lose 2 days, which over 90 days is 2.22% less on the interest. Now you might argue that the amount here is negligible, but you aggregate this out over all the CDT clients, and it adds up to a nice little earner for the bank. The practice is the same for a 30 day CDT, so here’s a tip! Next Feb 1st 2009, open a “30 day� CDT with Banco de Credito, and on 1st March (28 days later!!) go and collect. Having said this however, with banks being founder members of the “heads we win, tails you lose� club, no doubt the bank will be aware of this discrepancy, and factor it into the rate you will be quoted!!!

Noelito40 comments on CanadianCorey

Welcome Corey, I think that Colombia and PBH are very alike, sure you get your share of cranks, bitter posters, jealous individuals, etc, etc, but for the most part you get excellent, well intentioned info on Colombia from those of us who have experienced the joys of this country, so on balance it´s a great forum!!

Noelito40 comments on Noelito40

No problem Corey,

Noelito40 comments on Can I retire at my age with my savings

Don´t want to side track the thread jonas so for my tuppence worth, see my post under http://poorbuthappy.com/colombia/post/dollar-hits-2-month-high-vs-euro/

Noelito40 comments on Can I retire at my age with my savings

Canadiancorey, I am pretty much in the same boat as you, (early 40´s married to a Colombiana, no kids) been in Bogotá less than a year, so I’ll give you an income expenditure breakdown from what I’ve seen. ($250k is roughly 400m COP) Expenditure 1. 1.For a middle class lifestyle in Bogotá, not that many frills, but an easy life… You´ll need 3-4 million COP,(including rent) 2. if you buy an apt, (say for 100-200mil) you would then need about 2-3 mil monthly. 3. A small car ( a few years old) will cost you about 20-30 mil) and running costs of about 300k per month. 4. As others said, health insurance! Yes!! For the 2 of you, EPS (state health) and private insurance (will cost about 300k per monthly) 5. don´t go crazy eating out every night, there are loads of mom and pop places with good value 6. I´ve only been to Cartagena once but I´d say the nice part of Cga would be more expensive than Bogota. I´d say you should consider cities other than (cheaper than) Bog or Cga Income 1. Tip 1, goes without saying, diversify!! invest 100-200m in a low risk return term deposit, you´ll get about 9-10% p.a (=800k to 1.8m monthly) 2. Invest a small amount in some shares 3. You could buy an apt off the plans and sell before the development is complete (and after the apt has appreciated) 4. The bad news is that I agree with many of the other posters, with 250k you will be cutting it close, so you should consider working here for at least a few years. (Doing whatever…will generate income which means you can invest your capital and watch it grow) My main advice though would be not to transfer your money now, the strength of the COP v the US$ will kill you. Hold off until next year (this is a topic for other threads but it will have a big bearing to you when you decide to move!! Just my opinion…

Noelito40 comments on Dollar hits 2-month high vs. euro

I´m no expert, but would it not be the case that in an election year, companies that are planning on investing, keep their powder dry until they see who gets the presidency because then they know the score with the new president´s monetary and fiscal policies? Markets like nothing worse than uncertainty, so the business heads just delay their decisions until the uncertainty of who will be pres has passed.. If this is the case, I would expect the US economy (and dollar) to improve later this year/early next year...??

Noelito40 comments on Flowers and Free Trade (NY Times video story)

Great link Tinto thanks! but why oh why did the NY Times decide that Uribe´s words needed to be subtitled!!

Noelito40 comments on Letter from Bill Gates to Alvaro Uribe

Especially interesting as I recently went to Unilago to buy a computer and was almost laughed out of every shop when I told them I wanted licenced copies of both MS Windows and Office!!

Noelito40 comments on Property price question

Thanks Buggy, these were the tables I was referring to originally, they are indeed very good for setting a benchmark for prices, they at least give you some terms of reference, but what puzzles me is that these tables contain sections for new properties, but these are almost always blank? which begs the question why are they there in the first place? It should be as easy to formulate average prices for new developments? My suspicion is that prices for new apartments can even differ within buildings (i.e. if a building has say 2 towers, then prices for apartments in the second tower are almost always more expensive than identical apartments in the first tower). thanks

Noelito40 comments on Colombian Peso Fixed Deposits - Why bother?

Fecherlyn, the retefuente and 4 per mille I can take, but the point about not paying interest on bank holidays is a rip off (no prizes for guessing whether they charge you interest on loans/credti cards for bank holidays!!!) Having said that, if I compare the 5% gross I get a home minus 1% tax (20% tax rate) the net in Colombia still works out better... Granted, in both countries given the inflation rates the real interest rates are even less again, but I´m like you in that I think it´s a good idea to have some money in a low risk/low return CDT...

Noelito40 comments on Banks and bank accounts

Interesting Robi, but as I´m only here 6 months I can´t speak for the rules 3 years ago? it´s probably be worth your while talking to this bank, as eliminating the dollar cambio from the equation saves a fair bit of money in any transfer...

Noelito40 comments on Banks and bank accounts

Alma del Norte, sounds exactly like my experience. They all welcome your account and make it sound like it´s all plain sailing, then if you want to deposit a relatively large sum (in Colombian terms) they get cold feet. It´s then that they tell you you need a banking history to have an account. As a few posters have mentioned, they seem paranoid about any foreign funds as it might be linked to dodgy money??, and yes they will refuse the business??!! In particular Davivienda staff seemed particularly ignorant of accounts for foreigners, I just think that the guys in the local branches (and I was dealing with the manager of the branch!) have little or no experience of foreign account holders/transactions. Maybe if you go to the head office of Davivienda you might have more joy, but I reckon, without a personal introduction from a native with an account in Davivienda, your chances are slim… If they do open an account for you and allow you immediate deposits from abroad, apart from the documents you mention, I would get a statement of income from your UK company, or if your deposit is the result of a house sale or legacy, you will need a statement of origin of funds. (I had mine from Ireland, all in English, and none of the banks asked for it to be translated) As I mentioned previously I did get a personal introduction in Banca de Credito, had my account within a day, and initiated a funds transfer the following day (funds should hit my account late this week). Robi… Re direct transfer from Euros, my understanding was… Open an account here with an international bank who has an intermediary with whom they have a Euro account, so you could transfer directly from euros to pesos, so only one exchange rate. I was then told that… All funds transfers into Colombia must be transferred into US $, so can´t avoid this, so it´s euros to US$ and then to pesos… If this is right, then it´s academic whether BBVA has a euro intermediary or not. I´m expecting my funds to be transferred this week so I´ll keep you all posted on the rates, costs, etc

Noelito40 comments on What do you think is the best schedule for Ciclovia in Bogotá and elsewhere??

When I talk to the folks back home about Colombia, one of the things I rave about is Ciclovia. The benefits of this scheme are incalculable, from the simple, more exercise for kids leads to less obesity in later years, to less cars on the roads so less pollution, etc, etc, I enjoy a walk on the novena every Sunday and love watching or playing a game of football while I´m there, so I say hands off our Ciclovia…!!!

Noelito40 comments on is it possible to open a bank account without being a resident?

“Many banks will turn you out even with a cedula.� Good point Robi and my (very recent) experience seems to back this up. 2 banks had no problem opening an account for me, with my cedula de extranjeria, but as I wanted to deposit a sizable sum, to buy property here, they suddenly said no! My guess is that they were more worried about possible money laundering (even though my money is clean, i.e. not laundered, haha!!) than they were about having my account. What puzzles me though, is that if banks here are so scared of the authorities, and having any connection with money laundering on their rap sheet, why aren´t the authorities using their powers to reduce the extortionate interest rates the banks charge? Why isn´t the superintendencia trying to break up the cosy cartel the banks have here? In fact one of the most striking things I found when I arrived in Colombia was just how many banks there are here!

Noelito40 comments on is it possible to open a bank account without being a resident?

Thanks robi but that won´t affect me. I closed my Davivienda account about a month ago, and opened a new account in another bank just last week with my valid cedula de extranjeria... This is a very serious matter however and could obviously have serious consequences for many of us, so I will contact the superintendencia on this and get a definitive... Will keep you posted

Noelito40 comments on is it possible to open a bank account without being a resident?

Raay´s right, I opened an account with Davivienda after only a week in the country, with my foreign passport (well before I had my cedula de extranjeria). But my wife is Colombian, and had her account with the same branch. Without this I reckon it was a longshot at best. After my trials and tribulations trying to open accounts in other banks (just look up my recent thread on "banks and bank accounts",) I think it’s safe to say that a) it’s nigh on impossible to open an account here without a personal introduction from a native, and b) Davivienda seem to have the most relaxed rules when it comes to opening accounts for foreigners.

Noelito40 comments on Banks and bank accounts

Just an update...I spoke with a member of my wife´s family who had a friend of a friend in Banco De Credito... so I called into them yesterday, gave them all the same papers I gave the other banks and today, just 1 day later, I have a fully functional account in Banco de Credito, so it seems it´s palanca, palanca, palanca, ...not what you know but who you know!! One other point to clarify is that I assumed that if your Colombian account had an intermediary bank with a euro account you could transfer diurectly from euros to pesos and save on the dollar exchange rate, but I´m told that it is the law here that any incoming foreign currency transactions must be denominated in US Dollars, (I assume so that the BdlR can calculate the amount of foreign investment)... At least there is a happy ending to this part of the journey...but I´m not naive enough to think that this will be the last problem I have with banks in Colombia!!???

Noelito40 comments on Banks and bank accounts

I can belive that tomtom and it may have to do with the intermediary banks. For me for example I have to transfer from Euros to US$ and then to pesos, so 2 cambios and 3 banks to take their piece of the action, but if I have an account with a Colombian bank which has a Euro account with their intermediary bank, I can cut out the US$ angle completely, transfer directly from euros to pesos and save a fortune (This is one of the reasons why I was so annoyed with HSBC´s refusal to allow me an account as they have such a euro account, with their intermediary Lloyds.)

Noelito40 comments on Banks and bank accounts

Rikito, I must be living in a parrallel universe Colombia as my experience of Citibank was the complete opposite!! Someone earlier in the thread commented that opening an account here was a crap shoot, and I´m beginning to believe that, the next bank I go to I´m going to bring a set of dice rather than my cedula...!!!

Noelito40 comments on Banks and bank accounts

These are reasonable rates alright, but they are 2% less than the other banks...

Noelito40 comments on Banks and bank accounts

I´m currently getting 5% (4% net) in Ireland and that´s one of the best around. In colombia I can get 9-10% on a CDT deposited for one year. (Of course once you take away inflation, the real rate in Colombia is much less, but in Ireland it´s as good as zero!), I´ll have a diversified portfolio alright and the CDT will form the most conservative (low risk/return) part, the rest will be srepad around... To be honest britabroad I am looking at being long term in Colombia so want to start off some businesses or investments here..

Noelito40 comments on Banks and bank accounts

Frank is right, I too hope the day never comes when I have to get a loan from a Colombian bank, their rates would have you thinking you´d gone to sleep and woken up in Harare!! but if you want to invest here or do any form of purchasing, or bill paying, it´s best to have an account here...