Banking in Medellin

cc532 Active member

33POSTS

9 years ago

Hello,
Do any expats have prior experience dealing with BancoColombia?
I realize the account opening requirements would be greater for US citizens than for other nationalities, but am nevertheless curious on particulars regarding minimum deposit for non-Colombians, rates, etc.

Any thoughts shared would be much appreciated.
Many thanks, Al

1 member reacted to this post

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Floridaray Contributor

115POSTS

9 years ago

Çc, first off personally dont have an account here. I do all banking by ATM with my US bank. But i have several gringo friends who have accts here. Not wifh bancolombia but a savings acct/credit union and it pays over 7% and has a debit card.

Texas Bred Active member

66POSTS

9 years ago

Was told that you have to live in Colombia for four months before You can open an account. I also don't use Colombia banks and only use my ATM.

1 member reacted to this post

Mark Leon Member

18POSTS

9 years ago

I also don't use Colombian Banks due to the fluctuation of the Peso and the strength of the American Dollar. Obviously this means that I have cash flowing into my American Banking Account such that I can pay off my credit cards online or use my ATM as a credit card or to pull cash. If I pull 700,000 pesos in cash I usualy get hit with a $10 service fee, so I weight until exchange rate is at its best. Still it takes a day to go through so the rate can still change.

Mark

Floridaray Contributor

115POSTS

9 years ago

Yeah texas i just assumed cc had a visa and cedula. Seems like i need a cedula for just about anything...like an in-country passport.
I try and wait for best exchange ŕate myself. But $10 per pull is more than double what i pay?

cc532 Active member

33POSTS

9 years ago

Right, as Floridaray indicated...
I have neither a visa or cedula. In about ~2 weeks, I will visit there with the possible intention of returning. As part of my research, I am obtaining thoughts, insights from folks "on the ground" who have been there done that...one of the best types of information.

ch33br0h Guest

0POSTS

9 years ago

If you are a US Citizen with a US address, do your self a Solid and go get a Schwab checking account so you can pull cash at ATM's world wide, at the best exchange rates with all ATM fees refunded at the end of each month.
on top of that, its truly 100% free checking..

I opened my Bancolombia account with a Colombian passport and it was later updated to my cedula.
After 2 years of dealing with their pain and fighting the urges to rip my head off and lob it in the air like a volleyball, I struggle to find any good reason to have a local account at all unless you want to deposit large amounts in to a CDT.
CDT accounts do pay 6%-8% with terms as short as 1 year.
Also if you are doing any real estate purchases you can just wire the money from the US directly to anyone's account here, its all traced, documented and you won't have to deal with USA IRS FBAR reporting when your local balance hits the equivalent of $10K USD

goldkartel New member

6POSTS

9 years ago

Thank You
sounds good , I had a US Citibank Gold account prior that was excellent , zero fees on their terminals here, i could withdraw off upto 2000 dollars a day if needed at interbank rates , but recently they change that and now only allow you to draw off 2500 US from your US account here a week , so that useless to me now, I need the freedom to draw what i need , essentiallymore than 2500 USD a week

I will check out your Schawb info

Texas Bred Active member

66POSTS

9 years ago

I do love the interest rate on CD's, but whenever i do so at the bank of Falebello, It's like having a tooth pulled. We spend about 30 minutes with the teller just to fill out the paperwork. On top of that, the teller loves to talk to the other tellers or answer phone calls.

goldkartel New member

6POSTS

9 years ago

#10

Welcome to Colombia , I call it , U Know They Dont Multitask Here Syndrome ... 101 ... please do not distract her

cccmedia Ecuador/Colombia Expert

10285POSTS

9 years ago

#11

Texas Bred wrote:
I do love the interest rate on CD's, but whenever i do so at the bank of Falebello, It's like having a tooth pulled. We spend about 30 minutes with the teller just to fill out the paperwork. On top of that, the teller loves to talk to the other tellers or answer phone calls.

Consider the above a cautionary anecdote for impatient North Americans considering a move to South America....

If spending half an hour at the bank seems like an eternity to you -- to obtain a high CD rate or for any other purpose -- South America would probably be a bad choice for you.

Not just for the bank wait .. but for the even longer waits that are likely at a visa-application office, among other venues.

cccmedia in Medellín

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ch33br0h Guest

0POSTS

9 years ago

#12

30 minutes at the bank doing paperwork...?

dude, you got it good!
when I roll in to a bank I take the whole day off from work, always hit the bathroom ahead of time and meditate as they won't even allow me to use my cell phone in there.

Best part is how they will gladly accept a photocopy of any formal ID's you have without even verifying against the real ID.