IBKR blocked in Colombia

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Topic Author
SharpNine
Posts: 11
Joined: Wed May 19, 2021 10:54 pm

IBKR blocked in Colombia

Post by SharpNine »

As of March 2023 it seems that Interactive Brokers (IBKR) is blocked from some banks in Colombia. Bancolombia, one of the main banks has blacklisted them for sending or receiving funds. I talked to another bank, Davivienda and they mentioned that banks are blocking transactions to and from parties that deal in cryptocurrencies. Since IBKR has added that service recently, it may be triggering alarms.

I'm wondering:
a) Has anyone else seen local banks reject IBKR for transfers?
b) What would be the best equivalent to IBKR that does not deal with cryptocurrencies but allows non-resident accounts and supports Ireland based funds for the international investor?
User avatar
galeno
Posts: 2653
Joined: Fri Dec 21, 2007 11:06 am

Re: IBKR blocked in Colombia

Post by galeno »

My suggestion is to open an IBC in the BVI with 3 different corp bank accounts in the BVI

Then open a corporate account at IBKR.
KISS & STC.
pertheri
Posts: 31
Joined: Fri Aug 19, 2022 2:20 pm

Re: IBKR blocked in Colombia

Post by pertheri »

Try to find a bank where you are assigned a private "banker" and then work with that banker to receive the wires. If you have crypto disabled in IBKR you can show them that. Davivienda is one of the less friendly banks in Colombia for this type of stuff.

Another option would be to get an US bank account and then jump from US Bank to Bancolombia US to Bancolombia (Colombia).
Topic Author
SharpNine
Posts: 11
Joined: Wed May 19, 2021 10:54 pm

Re: IBKR blocked in Colombia

Post by SharpNine »

galeno wrote: Wed May 17, 2023 1:59 pm My suggestion is to open an IBC in the BVI with 3 different corp bank accounts in the BVI
Thanks for the tip. Why would I need 3 corp bank accounts? Wouldn't a single one suffice?
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galeno
Posts: 2653
Joined: Fri Dec 21, 2007 11:06 am

Re: IBKR blocked in Colombia

Post by galeno »

The problem with ONE corporate bank account is what do you do when the bank blocks your access for some bureaucratic reason? It can cause much discomfort, stress, and anger.

This nonsense happens to us too often with our personal Costa Rican account and used to happen to us a lot with our Panamanian corporate account.

IBKR allows you access to THREE bank accounts. I suggest you take advantage.

SharpNine wrote: Tue Jun 06, 2023 6:50 am
galeno wrote: Wed May 17, 2023 1:59 pm My suggestion is to open an IBC in the BVI with 3 different corp bank accounts in the BVI
Thanks for the tip. Why would I need 3 corp bank accounts? Wouldn't a single one suffice?
KISS & STC.
pertheri
Posts: 31
Joined: Fri Aug 19, 2022 2:20 pm

Re: IBKR blocked in Colombia

Post by pertheri »

Is your main problem withdrawing or depositing? For deposits have you try wiring to wise and then sending to IBKR?

For withdraws it seems you might need something in the middle, do you have a USD account with one of those Colombian banks ? You might have to do something similar. Ibkr -> panama/Miami -> Colombia
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