Expert: Juan Carlos Valencia - 1/9/2008

Question
I WANT TO LIVE IN BARRAQUILLA OR CARTAGENA. I NEED TO OPEN ACCOUNT IN COLOMBIA. I HAVE FUNDS IN U.S.A. BANK ACCOUNT AND NEED TO WIRE OR TRANSFER QUARTERLY TO COLOMBIA TO LIVE. I AM RETIRED. 59.5 AND WANT TO LIVE WITH COLOMBIANA. CAN I BRING CASHIERS CHECK OR TRAVELERS CHECKS. I KNOW, ONLY TO BRING LESS THAN 10 MIL USD....I THINK I MUST MEET REQUIREMENTS OF BEING THERE A LENGHT OF TIME AND OBTAINING IDENTIFICATION FROM COLOMBIA. I DO NOT WISH TO MARRY , SIMPLE TO OPEN A BANK ACCOUNT,, BUT AND  RY VERY WORRIED ON HOW TO TRANSFER MONEY TO LIVE ON.

Answer
Hey Gene,

Iīm not an expert on financial matters and they happen to be very complicated in Colombia because of drug trafficking and laundering operations but I guess that a good option would be to open an account in a bank like Citibank that has branches in Colombia and to arrange things directly with the bank.

Other option would be to simply withdraw your money weekly from local ATMīs (Cirrus, etc). Bring with you the maximum 10.000 allowed by the colombian customs as a reserve in case of an emergency.

Another option could be that someone in the states sends you traveler checks through Fedex or DHL from time to time.

I hope that this helps.

Saludos

JCV