How to calculate taxes on foreign payments?
If for some reason the bank's rate on that day was higher than the Central Bank's rate (the rarest
case), the "service" received is also taxed. It is easier to follow this point than to deal with
additional calculations.
Do I need a bank account in Colombia to send money to Italy?
Not necessarily. Many international services operating in Colombia offer cash transfers to Italy, so you can send money without a bank account. However, if you’re using online banking or bank-to-bank transfer from Colombia to Italy, an account will be required.
Are there limits on how much I can transfer?
Yes, each service has its own limits on the transfer amount.
You can find information about the limits on the service's website or app.
Will the recipient in Italy need identification to receive money from Colombia?
Yes. If you're sending money from Colombia to Italy for cash pickup, the recipient in Italy must show a valid ID and sometimes the transaction number. This helps ensure that money sent from Colombia is securely delivered in Italy.
