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Author Topic: Taking Large Sums Of Money To Colombia.  (Read 601 times)

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Offline fathertime

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Taking Large Sums Of Money To Colombia.
« on: March 09, 2018, 09:29:21 PM »
Hola!  I think this has been talked about but I can't remember what was said.  Calipro or BuenCamino have been through this and perhaps some others.   


What is the max in US dollars an individual/family can bring with them at one time to Colombia?  Can that money be easily injected into the Colombian banking system by a citizen of Colombia?   I'd like to minimize unnecessary fees during the process. 
Ultimately I'd like to have enough for a home purchase, but there is no hurry.    When buying a home all cash, what hoops must be jumped through, if any? 


Thanks,
Fathertime! 
09/08 saw morena goddess on Jamie's website
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Offline Hector_Lavoe

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Re: Taking Large Sums Of Money To Colombia.
« Reply #1 on: March 09, 2018, 10:10:22 PM »
Don't think this directly answers your question but: Amounts exceeding USD $10,000 must be declared on arrival. Not sure what the upper limit is...

Seems a bit risky bringing large amounts of cash to Colombia or really lots of places...unless you've got an armored car waiting for you at the airport.

I am sure others (B.C., C.P., etc) with more experience on the ground in Colombia will have more to add.....


Offline Calipro

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Re: Taking Large Sums Of Money To Colombia.
« Reply #2 on: March 10, 2018, 01:10:32 AM »
Hola!  I think this has been talked about but I can't remember what was said.  Calipro or BuenCamino have been through this and perhaps some others.   


What is the max in US dollars an individual/family can bring with them at one time to Colombia?  Can that money be easily injected into the Colombian banking system by a citizen of Colombia?   I'd like to minimize unnecessary fees during the process. 
Ultimately I'd like to have enough for a home purchase, but there is no hurry.    When buying a home all cash, what hoops must be jumped through, if any? 


Thanks,
Fathertime!


The limit for BanColombia is 7000 a month that can be wired down to Colombia into a personal bank account.


But if you are going to buy a place you can wire more if you show the bank your compra venta (sales agreement) and get approval. There will be a form that you fill out showing the funds are for direct foreign investment. That will allow you to take the money out of Colombia if you sell the property later and avoid the repatriation tax.


Bringing cash into the country is risking for a lot reasons....but the bottom line is you are going to want to be able to prove where the money came from if someone questions you.

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Re: Taking Large Sums Of Money To Colombia.
« Reply #2 on: March 10, 2018, 01:10:32 AM »

Offline buencamino3

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Re: Taking Large Sums Of Money To Colombia.
« Reply #3 on: March 10, 2018, 05:56:11 AM »
The DIAN or Colombian tax agents have become very aggressive about forcing tax declaration. If you run more than about $15,000 through a Colombian bank in a year whoever receives that money will be required to file a "Declaration de la Renta" which will result in some "wealth tax" liability. I don't know the rates or how much tax this would entail. It may not be all that much but the individual in Colombia may not want to go that route.
So far the one method of moving money that doesn't seem to be observed by the DIAN (yet) are atm withdrawals. If I wanted to deliver cash to someone in Colombia I would give them a debit card from a US bank that they could use to make withdrawals at arms.
« Last Edit: March 10, 2018, 06:45:56 AM by buencamino3 »
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Offline buencamino3

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Re: Taking Large Sums Of Money To Colombia.
« Reply #4 on: March 10, 2018, 06:44:03 AM »
If you don't mind taking your time moving the money the other advantage of the US bank debit card is that you will get the best possible exchange rate. However now you have to pick the right atm. For years I have used Bancolombia machines with no charges on their part. Recently they have begun to charge $12.000 per transaction or over $4.00 US. The others may follow suite in which case we residents will be screwed but for now neither Colpatria nor BBVA are charging.



« Last Edit: March 10, 2018, 06:49:36 AM by buencamino3 »
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Offline fathertime

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Re: Taking Large Sums Of Money To Colombia.
« Reply #5 on: March 10, 2018, 10:32:38 AM »

So far the one method of moving money that doesn't seem to be observed by the DIAN (yet) are atm withdrawals. If I wanted to deliver cash to someone in Colombia I would give them a debit card from a US bank that they could use to make withdrawals at arms.


I was thinking the same thing, each day withdrawing the max would eventually be enough.  But weighing in the cost/time of getting to an ATM may be a little much to save a few bucks, a person may actually lose a few bucks with taxi fares.  It would depend if the ATM is on the way to going somewhere else anyway.  Making special trips daily would be silliness.   

Don't think this directly answers your question but: Amounts exceeding USD $10,000 must be declared on arrival. Not sure what the upper limit is...
 


Interesting how the USA uses it's leverage to essentially force other countries to keep track of US dollars. 


Fathertime! 
09/08 saw morena goddess on Jamie's website
09/08Began writing/webcamming future wife
10/08Visited BAQ to meet future wife
12/08 Visited a second time and got engaged
01/09 Visa Paperwork done(williamIII)
02/09quickvisit BAQ
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09/09Got married
11/10 son born

Offline fathertime

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Re: Taking Large Sums Of Money To Colombia.
« Reply #6 on: March 10, 2018, 10:34:19 AM »

The limit for BanColombia is 7000 a month that can be wired down to Colombia into a personal bank account.


But if you are going to buy a place you can wire more if you show the bank your compra venta (sales agreement) and get approval. There will be a form that you fill out showing the funds are for direct foreign investment. That will allow you to take the money out of Colombia if you sell the property later and avoid the repatriation tax.


Bringing cash into the country is risking for a lot reasons....but the bottom line is you are going to want to be able to prove where the money came from if someone questions you.


Thanks for the info,   I'd consider sending the preponderance of the money at one shot if I though I wasn't going to grab my ankles TOO hard with unnecessary fees. 


Fathertime! 
09/08 saw morena goddess on Jamie's website
09/08Began writing/webcamming future wife
10/08Visited BAQ to meet future wife
12/08 Visited a second time and got engaged
01/09 Visa Paperwork done(williamIII)
02/09quickvisit BAQ
08/09Wife arrives
09/09Got married
11/10 son born

Offline benjio

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Re: Taking Large Sums Of Money To Colombia.
« Reply #7 on: March 10, 2018, 02:24:20 PM »
Not sure if this will apply in Colombia but there isn't a bank manager on the planet that doesn't want a large sum of your American Money on his books. Even if only temporarily. When I lived in Brazil I had to make several significantly large wire transfers to my Itau account from the U.S. and eventually I discovered how much it ultimately costs me was negotiable. Taxes are law and all electronic transfers in Brazil are monitored by Nota Fiscal...you can't get away with that. However, fees and penalties are not the law and even the exchange rate that's observed for the transfer is negotiable. Even if it only nets you a few hundred more pesos. You'd be surprised what you can get waived if you shake hands with the right person and let them know what you're trying to do. There's no way in hell I would carry anywhere near $10,000 cash through a Colombian Port of Entry. Entirely too many ways the money might "disappear" if they "accidentally" counted it wrong and thought it was more.


I will admit that Brazil, even with all it's political corruption, is a more "by the books" country when it comes to banking. In Colombia everyone wants their little bag or envelope under the table. EVERYONE!!!!
« Last Edit: March 10, 2018, 02:30:20 PM by benjio »

Offline buencamino3

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Re: Taking Large Sums Of Money To Colombia.
« Reply #8 on: March 10, 2018, 04:41:23 PM »
Unless you're talking about a pueblo where bank atms might be limited to one or two, atms of all banks are ubiquitous in the cities and not hard to get to. I will also add that if anyone, gringo or Colombian needs to open a bank account in Colombia the very best bet is Colpatria because they have no fees on their banking products. Bancolombia for example charges  fourteen thousand pesos a month just for the "privilege" of having a debit card and have other high fees.
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Offline mudd

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Re: Taking Large Sums Of Money To Colombia.
« Reply #9 on: March 13, 2018, 07:44:09 AM »
if your buying a car or an apartment, property ( and if its property, make sure you do the forms correctly or you will have  a problem later if you ever try to move the money back to usa)  you can tell the bank what its for and they will allow it..


or you can set up a  temp escrow account in your name and wire the money there, much easier, but that takes a lawyer.

Offline vikingo

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Re: Taking Large Sums Of Money To Colombia.
« Reply #10 on: March 15, 2018, 04:52:53 AM »
Your best bet is to wire the total amount directly to the sellers account and bypass the banks, with the help of an attorney of course which you should involve anyway when buying a property in Colombia as many properties have unclear titles involving several relatives. I'm not aware of any escrow- or title search companies in the country but if they do in fact exist, what are they called here?

Also be aware if you own registered property including automobiles worth more than a certain amount, last year the total value was a little over 144  Million pesos, you need to declare renta (taxes).
Believe nothing of what you hear and only half of what you see.

 

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