Colombia Expat Forum

psyberpete
Joined 2016
Posts: 51

5 years ago

Banking and International Transfers

5 years ago

Hi folks --

I've been coming to Colombia for years and mado y spouse is paisa. We're trying to buy another house for cash. Previously we bought a house in Envigado, even had a mortage with Bancolombia.

In preparation for this I've wired money to myself twice, first was about $30K, most recent was $90K in March 2018. Both times more documentation was asked for than I intended but wound up on the phone "negotiating" the exchange rate within 20-30 minutes of talking with bank employee.

This time around around I sent the money Monday, arrived Wednesday, went to the bank Thursday and suddenly there's a problem because it's "a lot of money." With Americans investing so often and there even being a visa for those who do, what's going on? Is it just the personalities of different people running the branch (Parque Envigado)?

I understand the legacy of narcotrafficking (sp?) and whatnot but this is such a blunt instrument. They never seem to examine the pattern of money movement. Who puts money into an account for criminal reasons but never does anything with it?

I've heard of outfits like Allianza but never pursued anything because I didn't think I needed to. What exactly do they do?

A lot of questions and issues. Insights much appreciated.

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Help others in Colombia by answering questions about the challenges and adventures of living in Colombia.