Funds transfer from US financial institution to Colombian bank

Last activity 07 January 2024 by Lpdiver

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MarquezdlActive member05 January 2024 17:04:44

I am preparing to go car shopping and I am planning to pay cash for a new vehicle. My problem is that I know nothing of the ins and outs of transferring $30-40K from the US to Colombia.

any advice from the finanacial wizards here?

I would prefer to steer clear of Colombian tax issues.

South American VoyagerActive member07 January 2024 01:41:05

Wow $40 grand/200,000,000 Colombian pesos buys one hell of a car.

You need to meet with your Colombian bank branch manager, they are going to have 1,000 questions of what the funds are for, you will need to prove the source of the income, etc., etc. etc. the funds will be via wire transfer, and yes there are/could be tax consequences so speak to a good attorney.

Godspeed!

mtbeContributor07 January 2024 22:21:05

173

At today's rate, US$40.000 is COP$160.000.000. That's the asking price for a new Subaru or even a AWD KIA.

LpdiverSerial expat07 January 2024 23:32:05

215

@mtbe so is buying a new car negotiable as in the US? or is the prices fixed?

regards,

lpd

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