Buying foreign currency

[bundy_138]

I tried my local bank (Wachovia) and my local credit union and neither have Colombian pesos and do not order them.  Does anyone know where I can buy currency online at a good exchange rate?  You can only pull so much via the ATM at a good rate in Colombia and I need much more then they can provide.  Any suggestions?

Bundy 

[daytrader]

You are going to pay through the nose converting USD to Colombian pesos in the States, probably a 30% devaluation.  There are some banks in Bogota and Cali that have correspondent relationships with American banks.  I heard that Citibank has an office in Cali, for instance.  You can deposit dollars in the appropriate American bank and the withdraw it at the corresponding bank in Colombia.  I did some research on this a few months ago, and the US correspondent banks that I found on the web were in Bogota. 

Otherwise, you are limited to transfers of $1000 per transaction via the money transfer places, you will take a hit of about 5% but get a good conversion rate.   

DayTrader 

[bundy_138]

Thanks DT.  I was getting a rate of an average of 2,200 pesos via the ATM, but could only pull out $500 US per transaction.  I need much more than that for an investment opportunity in Cali   

Does anyone know about Banco Popular?  I saw one in Cali and there are several in Florida, just not close to my town.  Are they a good bank? 

Bundy

[daytrader]

Banco Popular might work for you;  they're US customer service # is 1-800-377-0800.  They seem to have full internet banking features. 

If the account is opened in the USA, perhaps you have FDIC protection and the long arm of US bank regulation might protect you.  The bank is HQ'd in Puerto Rico, so an American branch will likely give you protection in deposits and access to your funds from SA.  This might be a good choice for you.


Let us know if this works, it would be a good path for others on this forum if it works out.

DayTrader

[Calipro]

  There are some banks in Bogota and Cali that have correspondent relationships with American banks.  I heard that Citibank has an office in Cali, for instance.  You can deposit dollars in the appropriate American bank and the withdraw it at the corresponding bank in Colombia.  I did some research on this a few months ago, and the US correspondent banks that I found on the web were in Bogota. 

Otherwise, you are limited to transfers of $1000 per transaction via the money transfer places, you will take a hit of about 5% but get a good conversion rate.   

DayTrader 

DT

It has been my experiance that the Amerian Banks in Colombian like CITI bank DO NOT have correspondent relationships with their branches in Colombia.

Otherwise I wouldn't have had to open a Colombian bank account to wire money to Cali.

Sending yourself money through something like a Western Union can be costly and there are limits on how much you can send.

Most guys that need to get a lot of into Colombia usually get a visa and open a bank account and wire the money to their acccount. But getting a bank account and then getting the bank to accept the wire transfer isn't always easy.

[daytrader]

Regarding correspondent banks, Citibank has "international personal banking"  1-800-374-9700 or 800 568-8555 - they might be able to set up a US - SA relationship if Banco Popular doesn't work.  This advice is from www.poorbuthappy.com

DayTrader

[bundy_138]

Banco Popular is a no-go.  I called them this morning and they are not affiliated with the Banco Popular in Colombia.  Same name, different corporation.  Go figure. 

Does anyone know where you can find a list of banks in Cali that are also in the USA or are afiliated with a USA bank?  I think it would be much easier to have an account in the USA and have instant access to all your funds in Cali with the same bank.

Bundy

[papi]

Bundy, you are over 21 but please be careful on any investments in colombia. It is risky business and I hate to see you get burned. There are still very good investments in the USA. maybe talk to a financial adviser? You heard it from me first. 

[bundy_138]

jajajajajaja......good one Papi.  I am talking more along the lines of real estate, possibly a pent house, and maybe buying an apartment building to rent to all you gringos.  I have plenty of investments here, but want to "broaden" my horizons! 

Thanks for looking out for me Papi.  You are a good guy in my book.

Bundy

[papi]

hard to make money doing that. Pete was well liked and had a nice place and i doubt he broke even at best. The agency biz is also difficult. Invest in the USA. If you must have real estate in Latin America, consider Medellin, Cartagena or Panama. Good luck

[bundy_138]

I was looking along the lines of early retirement.  Maybe buying a building, with lets say 4 apartments, living in one and converting it to the specs I like, letting my novias family live in one, and renting the other two.  I won't need to make money to live on and I am not "buying and selling" like the recent trend is here.  I'm looking more along the lines of long term.

80% of my money will stay in the US, but I will have to have a local bank in Cali for local business.  The US dollar is very strong in Colombia and might as well eat it up while it is available.

Bundy

[papi]

Cali has gone downhill. I am told the mayor is actually blind. Wait! Rent! See what happens. Keep 90% of your money in the USA. Make sure things are rock solid with your novia...give it a year or more before investing in something for her family. You heard it from me first.

[papi]

on your novias family, they managed before your arrival. It is great that you want to help but again make sure things are solid. You don't want a situation to arise where you might need to evict them if things go south with your novia or you change your mind. colombians can do the craziest things. You have only been here once...give it time amigo

[bundy_138]

Yo entinedo Papi.  I wasn't necessarily referring to my CURRENT novia, but a "novia" in general.  I have always wanted to retire in a Latin American country and I like Colombia.  Remember, I have visited Panama and it was ok.  I have been to Puerto Rico (just like Miami), been to Mexico (not crazy about Mexicans-no offense to anyone), and Colombia hit me just the right way.

My game plan is like I said, eventually buy something and going from there.  By the time I'm 40 (6 years), I should have the rest of my life figured out. 

Bundy