Banking and Wire Transfers for Expats in Colombia
Receiving international payments into Colombia can be a challenge. Whether you are receiving the transfer as an individual or a business will determine the options available to you as well as the steps needed to complete the process. However, regardless of your situation, we are here to guide you throughout those steps.
Individuals
There are a variety of different money transfer platforms available globally, such as WorldRemit, Wise, or Xoom. We have also seen a variety of clients who utilize local services known as comisionistas de bolsa like Alianza Valores S.A.
These platforms are gaining popularity for sending funds across the border with ease, but it is important to check any updates on the conditions of using them to send funds to Colombia specifically. For example, in late 2021, Wise, formally known as Transferwise and a very reliable system to send funds to and from Colombia, stopped functioning in the country.
If you need to send a wire transfer directly to your bank account rather than using a platform, there is an additional process you will need to follow similar to that of a business described below.
Business
When it comes to receiving funds into your business account or receiving individual transfers directly into your individual bank account, things can get a little more complicated.
Simply put, you will need to register your wire transfer with the central bank, negotiate the exchange rate to Colombian pesos, and properly fill out a variety of forms in order to legalize the transfer. Here at USATax.co we have the experience required to assist our clients with all forms of banking and wire transfer needs and complete this entire process on your behalf.
If you think you need assistance with any banking or wire transfer processes, reach out to our team at paula@usatax.co to get started with a consultation today.