timito
Junior Member
Posts: 30
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Post by timito on Sept 22, 2023 10:56:05 GMT -5
Hola, muchachos. Received an email from Bancolombia saying there was a new law requiring "more data" for those involved in international flows of money such as transfers, importation of goods, international investments, etc. The deadline was the first of October.
I assume I got the notice because of my direct deposit of social security. My esposa also got the notice as she transfers money from time-to-time from U.S.
A link in the email to "see more details" takes you directly to the home page of the Bank of the Republic with its typical Colombian obscure language and lack of usefulness. Couldn't find what they were talking about.
Next step was going to the bank. The assessora knew nothing about it, suggesting it was a phishing scam. I said what kind of a scam would link me to the national bank's website and insisted she look deeper. She contacted two gerentes until she found an answer. Apparently on October first you are required to contact the bank's international department and provide them with the "additional data". You only have that day to do it. Nobody knows what the required information is.
The whole thing seems stupid, even for Colombia. Does anyone know what is going on?
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Post by daluz on Sept 22, 2023 13:05:26 GMT -5
We use Bancolombia, have not received anything about this. Mrs Daluz and I even setup two express send wire transfers from our US bank to her Bancolombia accounts for monthly transfers in back in August. Nothing was mentioned of this and the transfers have been happening w/o a glitch.
Sad when you think about it.
Be well.
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Post by mudd on Sept 22, 2023 18:15:09 GMT -5
i wire money on a regular basis. but not to bancolombia, worst bank ever, i use davavianda and they have not asked any additional info other than what the money is used for
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Post by búfalo on Sept 23, 2023 8:28:43 GMT -5
"The whole thing seems stupid, even for Colombia."
Try finding something there that isn't.
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timito
Junior Member
Posts: 30
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Post by timito on Oct 18, 2023 10:33:03 GMT -5
Just to follow-up on this. Got another email saying they moved the reply date to November first from October first. Turns out, October first was a domingo--the bank wasn't even open.
I am beginning to despise the banks and government in this country after living here five years. Nobody knows anything about this "mas data" law. Mi esposa y yo have decided to ignore this request and wait until there are consequences, if any.
Meanwhile, I will move my direct deposit from Bancolombia to my US bank and pay bills from cash atm withdrawals deposited into my account at Bancolombia. That's only if someone at the secursal can figure out why my clave dinamicas don't work, even after changing the PIN three times. Even with the atm fee I'll probably save money on the exchange rate. Bancolombia's is legalized theft.
I am deathly tired of the "por su seguridad" replies to all my problems with this bank.
Added bonus to moving my direct deposit--maybe no more requests for "declaration de renta" every time I open my account.
Muchachas y muchachos, the world and its problems seem to get more inscrutable and intractable by the day.
Or is it just me?
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Post by charlie640 on Oct 18, 2023 12:38:16 GMT -5
I was hounded by Scotia Col about supplying updated info on my finances / sources of income etc... and I have been with them for 10 years. I just think its a Gov't compliance issue on their side, and they really dont care what you put down, so long as they have it their files and they cover their arse. They also wanted my latest copy of my RENTA tax return. LOL I file regularly so no issue there. For those that thought that DIAN was to innept and would never find you.... those days are going FAST... and DIAN will have the last laugh.
Never liked BANCOCOL but they have a lock on doing certain transactions.... much prefer Davivienda or SCOTIA
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azarat
Junior Member
Posts: 45
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Post by azarat on Oct 19, 2023 16:53:51 GMT -5
You know what you do with those type of emails from BancoColombia?
Delete them and forget about them.
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Post by elexpatriado on Oct 19, 2023 17:03:36 GMT -5
I never got that email, nor do I expect to.
And like my buddy Azarat ( short for " stoned as a rat") said..I would just delete it.
The last time BancoColombia Pizzed me off was when the took 44 mil per month out of my account without my permission for an insurance policy I didnt Ask for.
Almost closed my account that time.
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Post by elexpatriado on Oct 19, 2023 17:22:17 GMT -5
I was hounded by Scotia Col about supplying updated info on my finances / sources of income etc... and I have been with them for 10 years. I just think its a Gov't compliance issue on their side, and they really dont care what you put down, so long as they have it their files and they cover their arse. They also wanted my latest copy of my RENTA tax return. LOL I file regularly so no issue there. For those that thought that DIAN was to innept and would never find you.... those days are going FAST... and DIAN will have the last laugh. Never liked BANCOCOL but they have a lock on doing certain transactions.... much prefer Davivienda or SCOTIA All they have to do is go to migraciones ( cancilleria actually) and get data on a lot of people, and if they are really ambitious go to the the CRS system and get access to your US bank accounts and tax returns. As it is , cancilleria visa people are already working for MiniSalud, trying to.make sure Expats pay their " fair" share of EPS. Whose to say they wont start asking for " Declaration de Rentas" for "M" or " R" visa renewals? And if DIAN is suddenly become so astute, whos to say the wont start auditing people and their US financial data through CRS,to see if they are lieing about world wide income and assets, along with their corrupt accountants that do returns that pay" zero taxes"? As far as DIAN having the last laugh, dont think so, when all the foreign investment starts leaving the country. Tough luck for the chumps that invested heavily here and expect to live here until they die of old age. You pays yer money you takes yer chances.
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Post by elexpatriado on Oct 19, 2023 21:33:54 GMT -5
BTW - An Argentinian lawyer told meArgentina Banks are even worse. Transfer a very small amount and it alerts the Argentinian tax authority. ou usually dont have to pay anything, but you have a bureaucratic headche and have to employ an accountant. She said it is best to avoid the banks. But she also told me, no matter how long you are in Agentina, the Tax authority NEVER goes after foreigners, as long as you dont use the local Banks. And it doesnt matter if you have a tax agreement, like Canada does, similar to Colombia, or not, they dont go after anyone. So people bring a few thousand dollars cash, exchange at the "Blue" rate, or get transfers from Western Union or REmitly, converted in Mexico or somewhere into Argy Pesos at near the Blue rate for pick up, or do bank swaps in Miami with Locals at a good rate , and use credit cards for most purchase, which give you the MEP rate, which is also pretty good. here are the rates today Official rate is the Dólar BNA www.cronista.com/MercadosOnline/dolar.htmlStrangely enough , the MEP is almost right on the Blue. Usually is about 10-15% lower. I think it is because of a time lag with Visa and Master Card, because there was big spike in the blue to around 1000, when they anounced the recent annual inflation figures(136%), but the blue went down again shortly after, but the MEP hasnt had time to adjust.
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timito
Junior Member
Posts: 30
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Post by timito on Oct 20, 2023 17:34:58 GMT -5
I don't think money in the bank is "money in the bank" anymore.
These "irregularities" are one of the canaries in the financial system coal mine. There are severe problems that are only going to get worse. Of course, fiat currency has never really been yours--they just let you use it. Meanwhile they steal its value through printing and inflation. But I believe they have finally screwed the pooch. Bonds are now reflecting the value of future debt-based money and the banks are sitting on massive (so far unrealized) losses. Plus depositors are fleeing the banks en masse for better-paying money market funds.
Banks worldwide are in trouble and the music is slowing down and near coming to a stop. In the last few years there have been multiple "security" problems, glitches, holds, verifications and, this summer, outright refusal of my US bank to wire my money to Mexico. "For my protection", even after I verified myself and fully documented the real estate transaction. I wasn't interested in their financial advice that Mexico no esta nunco bueno. I just wanted my money. But they were an absolute NO.
I was staring at the loss of the property and the down payment (which went without drama from our Colombian bank). Fortunately, the seller had a US dollar account and I was able to bypass the Mexican real estate company's peso bank. In the end I had to personally persuade the bank's CEO to allow me to transfer money to the notaria for closing costs.
I really don't think they wanted the money to leave their bank. Always remember, it's not really yours. It's only yours to use.
Something bad is going on with the world. Over-complexity is a problem. Security is a problem. Banking and money is a problem. Thieving psychopathic governments are a problem. Wait until freedom and food are a problem.
Personally I have learned that banks are just another form of organized crime.
Heaven help us all.
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Post by wildstubby on Oct 21, 2023 16:35:59 GMT -5
timito said: Maybe it has something to do with moving to a 'cashless society.' Some advice a friend of mine gave me before he died: "Always invest in precious metals, like lead and brass!"
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Post by elexpatriado on Oct 22, 2023 5:37:31 GMT -5
I don't think money in the bank is "money in the bank" anymore. These "irregularities" are one of the canaries in the financial system coal mine. There are severe problems that are only going to get worse. Of course, fiat currency has never really been yours--they just let you use it. Meanwhile they steal its value through printing and inflation. But I believe they have finally screwed the pooch. Bonds are now reflecting the value of future debt-based money and the banks are sitting on massive (so far unrealized) losses. Plus depositors are fleeing the banks en masse for better-paying money market funds. Banks worldwide are in trouble and the music is slowing down and near coming to a stop. In the last few years there have been multiple "security" problems, glitches, holds, verifications and, this summer, outright refusal of my US bank to wire my money to Mexico. "For my protection", even after I verified myself and fully documented the real estate transaction. I wasn't interested in their financial advice that Mexico no esta nunco bueno. I just wanted my money. But they were an absolute NO. I was staring at the loss of the property and the down payment (which went without drama from our Colombian bank). Fortunately, the seller had a US dollar account and I was able to bypass the Mexican real estate company's peso bank. In the end I had to personally persuade the bank's CEO to allow me to transfer money to the notaria for closing costs. I really don't think they wanted the money to leave their bank. Always remember, it's not really yours. It's only yours to use. Something bad is going on with the world. Over-complexity is a problem. Security is a problem. Banking and money is a problem. Thieving psychopathic governments are a problem. Wait until freedom and food are a problem. Personally I have learned that banks are just another form of organized crime. Heaven help us all. A bit dramatic! All these conspiracy theories yet you still take the headache and risk of investing in Colombia. All for an inocuos email. I recieved many from Banco colombia over the years. Even an email from DIAN. Just ignore them. Lifes too short for stress and paranoia
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Post by elexpatriado on Oct 22, 2023 5:43:49 GMT -5
You can get Alianza Fiduceria to wire the money for large transactions from your US account directly to Colombia.
No need to go through México.
I hope you completed formulario 4 or 5 or whatever.
When investing big money in Colombia, it should be not so much that it wiĺl effect you a lot financially if you lose it all.Should be less than 10% of your net worth. 20% max.
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Post by wildstubby on Oct 22, 2023 9:14:26 GMT -5
Forgive me if this is a dumb question elexpatriado, but from a business standpoint, aren't you limited to the amount of money you can take out of the country with regards to a net gain? I remember hearing/reading about this back when I was first looking to visit Colombia around 2013 so my memory is kind of cloudy.
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Post by elexpatriado on Oct 22, 2023 12:38:59 GMT -5
Forgive me if this is a dumb question elexpatriado , but from a business standpoint, aren't you limited to the amount of money you can take out of the country with regards to a net gain? I remember hearing/reading about this back when I was first looking to visit Colombia around 2013 so my memory is kind of cloudy. Thats why you have to do the Formulario 4 or 5 or whatever it is. I dont invest anything in the ountry, I dont know the fine details Ask one of the guys that bought property--if they have even thought of a "exit" plan Anyway, there is always ways to get the money out. if you need to-maybe not necessarily fast
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Post by daluz on Oct 22, 2023 14:51:56 GMT -5
Mrs Daluz and I have property here, and there really isn't any exit plan per se. I mean we could sell it I suppose, but no one here has any money and the folks who do want to buy stuff basically want it for free.
Being married to a local, sorta makes things kind of easy for me...she handles Colombian stuff and I handle US stuff and so far as best I can figure we are working within the laws for both places, but here in Colombia is always a crap shoot based on who you talk to, where you are and what day of the week it is.
I suppose like any investment, be prepared to lose everything, or at least a significant amount if things turn upside down. Be well!
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timito
Junior Member
Posts: 30
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Post by timito on Oct 22, 2023 16:09:41 GMT -5
Sir Elexpatriado. Con respeto, I would request that you read my last post more carefully. I was having trouble moving money into Mexico, not Colombia. I nearly lost $25,000, so I guess it was a little traumatic.
Also, if you had read a previous post, you would see that my wife and I had already decided to ignore the email from Bancolombia. My post was about much more than that stupid email.
As far as conspiracy theories go, every one of those events I described is my personal experience, so it was pretty real. I didn't attribute any of those problems to more than the world going in a bad direction, so specifically what conspiracy theory was I laboring under?
If you have not had problems with banking, over-complexity, security, inflation, or incompetent governments, I salute you for your worldly expertise. You are truly the teflon man.
And as far as drama goes: yea, I tend to get excited about things that can negatively affect my future and the future of my grandchildren.
Finally, sir, how does that saying about ignorance and bliss go?
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Post by elexpatriado on Oct 26, 2023 8:18:17 GMT -5
Sir Elexpatriado. Con respeto, I would request that you read my last post more carefully. I was having trouble moving money into Mexico, not Colombia. I nearly lost $25,000, so I guess it was a little traumatic.
Also, if you had read a previous post, you would see that my wife and I had already decided to ignore the email from Bancolombia. My post was about much more than that stupid email.
As far as conspiracy theories go, every one of those events I described is my personal experience, so it was pretty real. I didn't attribute any of those problems to more than the world going in a bad direction, so specifically what conspiracy theory was I laboring under?
If you have not had problems with banking, over-complexity, security, inflation, or incompetent governments, I salute you for your worldly expertise. You are truly the teflon man.
And as far as drama goes: yea, I tend to get excited about things that can negatively affect my future and the future of my grandchildren.
Finally, sir, how does that saying about ignorance and bliss go?
Timito With all due respect $25,000 and your problems with bureacracy and politics are peanuts to me. Seen it all and much more. And mine are peanuts to other people Be thankful you have your health, family and no major financial or personal issues. Life is great. Be positive. Saludos
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timito
Junior Member
Posts: 30
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Post by timito on Oct 26, 2023 11:39:33 GMT -5
Entiendo.
And thank you for the life lessons.
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