Colombia Guide: Money
Our money guide provides information on bank accounts, money exchange, credit and debit cards and money transfers. If you need to open a bank account, we will explain how to do it - step by step.
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Colombia’s economy
Currency and natural resources
Despite Colombia’s drug related violence and large social divide, the economy has kept its capitalist, free-market 1980s status. Colombia is at an advantage over other Latin American countries, such as Argentina, that suffered from hyperinflation in the 1980s. The is mostly due to the plentiful natural resources in Colombia.
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Handling money
Importing, exporting & exchanging money in Colombia
There are several regulations as to the amount of cash that you can import and export which you should know beforehand to avoid complications. Exchanging money from British pounds sterling is not accepted in most money exchange offices which is essential knowledge if you are coming from the UK.
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Taxes in Colombia
How much and how to pay?
Personal income tax (impuesto de renta) rates in Colombia range from 10%-33% depending on your income. The tax year (año fiscal) in Colombia runs from January to December Using a financial advisor to help you pay your tax at the amount that is required is a good way to keep on top of your taxes.
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