Having the funds ready doesn’t automatically mean you can go out and buy that perfect apartment or finca you’ve been dreaming of. Even if you’ve found the deal of a lifetime, moving money from Spain—or anywhere in Europe—into Colombia comes with a few twists and turns you should know about.
The First Surprise · Banks Won’t Let You Jump Right In
When you open a local account, banks usually require it to be active for at least six months before you can move large amounts.
And while we discussed some alternative routes in the last chapter, at some point you’ll almost certainly need a Colombian bank transfer.
Sellers rarely accept payments in euros or outside the country, and when you sit down at the notary, they’ll expect to see money coming from a national account. That’s just how the system works.
The Tricky Part · Exchange Rates and Hidden Costs
The official rate (T.R.M.) may have been your reference for weeks, but banks typically offer one that’s at least 200 pesos worse per euro.
On a property valued at 950 million COP (around €200 000 in May this year), that small difference added up to a painful €8 500—roughly 4.25 % more than we planned.
And the story doesn’t end there. When using the traditional route, you’ll also need to negotiate at the bank’s mesa de negociación (the “negotiation table”) within a strict 24-hour window. Miss it, and the entire operation is cancelled. Meanwhile, your home bank has already charged its transfer fee—around 0.6 %—and that money is gone for good.
Even once the exchange rate has been agreed and fixed, your funds may still take up to five business days to appear in Colombia—proof that timing and patience matter as much as the rate itself.
Even once the exchange rate has been agreed and fixed, your funds may still take up to five business days from the moment you initiate the transfer in Europe to the time the pesos appear in your Colombian account.
The process involves international clearing and compliance checks—reminding you that, with traditional banking, timing and patience are just as important as the rate itself.
Final Thoughts
Whether you’re transferring from Spain or elsewhere, don’t be surprised if the traditional path costs you more time, money, and nerves than expected.
To stay true to the dream that brought you here, plan ahead and think creatively.
At KOMPASS FREI SAS Investment Property, we help investors face these challenges head-on, ensuring their budget aligns with their vision.
Have questions? Reach out—We’ll be glad to help.
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