Ten Ways to Move More Than 10k usd Into Colombia


Foreign Exchange, Lawyer Medellin

To do - or not to do, the foreign exchange dilemma.

1) In Bags

2) In Gold Bars

3) Via Bitcoin/digital currency

4) In your suitcase

5) With multiple friends

.... Ok, we are being facetious. You can bring up to 10,000 usd in cash to Colombia without declaring but carrying cash in Colombia is not often your best choice of action. If you are bringing more than 10,000 usd in cash then you must declare it. The Government of Colombia takes the business of foreign exchange seriously. After years of dealing with creative money launderers, the rules are very strict and controlled. This is one of the reasons that it is so difficult to get a bank account in this country.

Gold, artwork and now possible digital currency are some of the ways that money is laundered in Colombia so dealing with large sums of cash or gold, tends to raise a few eyebrows. Digital currency in not considered legal tender in Colombia and the government frowns on it for just these reasons.

Once you are able to organize a personal bank account, you will be able to make transfers via the SWIFT system. The Chinese hope to initiate their CIPS - China International Payment System this year. Once that is in place, it may make transfers easier and end the dominance of the US dollar.

http://www.reuters.com/article/2015/03/09/us-china-yuan-payments-exclusive-idUSKBN0M50BV20150309

Regardless of what transfer system you will utilize, try and negotiate a good exchange rate with the bank as their services tend to be costly and at times inefficient. Don't count on the bank to fill in your exchange forms properly or file then correctly. Some of the more successful brokerage houses/security firms are authorized by the government to manage foreign exchange. Generally we find them to be easier to deal with and less costly. If you would like to move funds to Colombia, legally of course, we can assist you in these matters. Steckenreiter Serna and Associates manages the complexities of Foreign exchange, ensuring that your funds are registered properly and the documents are filed with the correct governmental agency. If you have any questions or need any assistance, contact us at info@steckenreiterserna.com

#LawyerMedellin #ForeignExchange #FX #TransferMoney #CIPS

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