Transferring Money into Colombia

1. How can I open a bank account in Colombia?
2. How can I transfer money to a bank account in Colombia?
3. Should I transfer US dollars or Colombian Pesos?
4. How much does it cost to transfer money to Colombia?
5. How long does it take to transfer money to Colombia?
6. How can LUHO help with the process?


1. How can I open a bank account in Colombia?

There are several ways of opening a bank account in Colombia. If you entered Colombia on a Visa then you can obtain a ‘Cedula de Extranjeria’ from local DAS office with your passport, but this will take few weeks. With a Cedula de Extranjeria, then you can get a bank account.

What we offer – Best Option

Another easier way to open a bank account is with your passport. We have the right contacts and lawyers who can expedite the process of opening an account and begin transferring the money into Colombia within days. With our service we can guarantee you the best possible exchange rate.

If you have your own bank account you can transfer money before or when you make an offer.

If you are unable to open your own bank account (with our service you are guaranteed to have an account), you can transfer the money directly to the seller’s account. In this instance, it is common practice in Colombia for the seller to reimburse you, if after the exchange rate, the funds amount to more than the agreed sales price.


2. How can I transfer money to a bank account in Colombia?

Transferring or ‘wiring’ money to Colombia is surprisingly simple, but don’t assume the bank in Colombia or your own bank outside Colombia know what they are doing.

You will need to provide your foreign bank with:

  1. Details of an ‘Intermediary’ bank that will facilitate the transaction between the bank in Colombia and your foreign bank
  2. Details of the bank in Colombia where the money will be received
  3. Details of an individual account at the bank in Colombia

The potential problem is that the bank in Colombia doesn’t know about the need for an ‘intermediary’ bank and insists that this information is not necessary. However, both the foreign bank and the bank in Colombia should be able to find out the ‘intermediary’ bank details.

Example of the information you will need to give to your foreign bank:

Intermediary bank
Name / Country / Swift / ABA

Destination Bank
Name / City, Country / Bank’s account no. / Swift

Client
Name / Passport number / Account no. / Bank / Branch / City / Country

We can guide you through the entire process so your transfer goes smoothly.


Should I transfer US dollars or Colombian Pesos?

You have to denominate all currency in US dollars. For example, if you have British pounds you will have to change them to US dollars and then, when the money arrives in Colombia, it will be changed to Colombian pesos. In other words, don’t change your money to pesos, as it would simply be changed back to US dollars while going through the US ‘intermediary’ bank.


How much does it cost to transfer money to Colombia?

Your foreign bank will almost certainly charge you a small fee to transfer money to Colombia. This fee will be in the region of $30 to $60 US dollars irrespective of the amount you are transferring.

You will also be charged by the bank in Colombia to receive the money. This depends on what exchange rate that will be provided. With our bank contacts we can get the best possible exchange rate in-turn saving you a lot of money.


How long does it take to transfer money to Colombia?

Most foreign banks will guarantee that your money arrives within 5 business working days.


How can LUHO help with the process?

With our extensive experience within the Colombia and the banking system, we have great contacts and attorneys, who can make the entire process of opening and transferring money into Colombia very easy. We will register the money with the right channels; fill out the right forms, and within the laws of Colombia. So when you sell the property you will be able to take the money out without any problems.

With our service you can be confident that your buying process will be trouble-free and smooth.