Transfer money from Colombia to USA

COP $96,312.82 Avg. Saving vs. Banks ?
 

Here are the latest prices for transferring money from Colombia to USA
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Exchange Rates as of 2018-10-23T19:33:07+00:00

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Est. 2010
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Amount Received
USD $3.14
COP $96,312.82
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How to Transfer Money from Colombia to USA

Summary

Colombia and the United States have a solid political and investment relationship, with the US-Colombia Trade Promotion Agreement (CTPA), implemented in 2012, helping to strengthen those ties. Colombia’s government has actively promoted and invested in the country’s infrastructure and developing efficient capital markets to attract more foreign direct investment (FDI). Its abundance of natural resources, an educated and growing middle class, and a safe and regulated financial sector have also helped to improve Colombia’s economy and make it more attractive to foreign investors. Currently, there are no restrictions for Colombian citizens who wish to transfer money from Colombia to the US.

Visas, work permits and residency

Colombian citizens who wish to live or work in the United States are required to apply for the appropriate visa before entry into the US. For short-term visits, Colombian citizens must apply for a short-term visitor visa. If coming to the US for work, a work visa is required. There are a variety of work visas, differentiated by profession and length of stay allowed. Colombian citizens who are coming to the US for a temporary stay or for work should refer to the US Embassy website for more information on visas before deciding which to apply for.

Buying property in the US

Colombian citizens who wish to purchase real estate in the US will find the process fairly easy, as few restrictions exist for foreigners who are legally in the United States. However, it is important to know that anyone wishing to purchase property in America must provide an Individual Taxpayer Identification Number (ITIN) to finalize the purchase. This number must be acquired through the Internal Revenue Service and may take up to five weeks or longer to receive. If considering a property purchase in the US, please plan ahead and apply for your ITIN early in the process to help facilitate your transaction and ensure there are no delays. Once your ITIN is received, you may then send money from Colombia to the US to fund your real estate purchase.

It is also important to know the details of US real estate laws. Because each state has real estate laws specific to that state, it is strongly recommended that you obtain the services of a licensed real estate attorney or real estate agent, who can advise on both regional and federal real estate laws throughout the entire purchasing process.

Taxation

Currently, there is no tax treaty in place between Colombia and the US. Because of this, Colombian citizens living and working in the United States must pay tax on any earned income at the rates outlined on the appropriate US tax return. For more information on taxation in the US, please refer to the IRS site. Although the Colombian government and financial authorities do have strict reporting requirements for transferring money into and out of the country, there are currently no restrictions on international money transfers from Colombia to the US.

Voting

Colombian citizens and residents are not permitted to vote in American federal elections, as voting in an American federal election is restricted to American citizens only. Historically, some states have allowed non-citizens to vote in state elections, but today this is a rare occurrence.

Colombian citizens studying in the US

Before applying for a study visa to attend an American institution, Colombian students must first apply for and be accepted to a US-based school or program. Once the student has officially been accepted by the school, they will then be supplied with the necessary approval documents by the school to apply for the student visa.

Healthcare

The American healthcare system is a pay-as-you-go system. Health insurance is the most common way for people to pay for their healthcare services, and the majority of US citizens receive their health insurance through their employer, if they are employed full-time. It is advisable for Colombians who are planning to visit or live in the US to first purchase either travel insurance or a short-term health insurance policy. It is mandatory in the US to have at least the minimum levels of health insurance, or risk facing a yearly tax.

As a Colombian citizen living in the US, you may participate in the two publicly-funded health plans, Medicare and Medicaid, but only if you meet the qualification requirements. Your declared income must be below the minimum threshold, and you must have lived in the US for at least five years and contributed to Medicare/Social Security for at least 10 years.

Importing from Colombia to the US

In 2013, Colombia was the 21st largest goods trading partner of the US, with two-way trade between the countries amounting to approximately USD $40 billion. Colombian imports into the US accounted for $22 billion of this total, with exports valued at approximately $19 billion. Colombia’s government has made it a priority to adopt and implement free market policies to help liberalize trade and investments within the country, with the goal of attracting foreign direct investment. In 2012, US foreign direct investment (FDI) into Colombia increased to USD $8.4 billion, representing a 30% increase over FDI from the previous year. Colombian FDI into US-based investments totaled $779 million for the same period, a decrease of 16.6% from the previous year.

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FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.