Payments, Living Expenses
Living expenses will take probably 50% of your monthly income (this, of course, varies from person to person). The other 50% can be used as you see fit. For your information, the exchange rate is around $4.500 pesos per US Dollar.
US wire transfers: The payroll is always paid in pesos, and, once deposited, we can help with a transfer to accounts in other countries. The school facilitates the process and covers one of the monthly transfer fees charged by your bank . To receive this reimbursement in a you must send a screenshot of the money deducted to the email narteaga@colegiobolivar.edu.co Any additional transfers that you might want to make cost approximately US$25 . You will need the following information to make the transfer:
- Beneficiario (Beneficiary)
- Dirección del beneficiario (Beneficiary address)
- Valor de la transferencia (US$ Transfer)
- # Cuenta (Account #)
- Routing Number
- A.B.A
- Nombre del banco: (bank name)
- Dirección del banco: (bank address)
- Ciudad del Banco (bank city)
- Cliente que deposita (client who deposits)
Exchange Offices do not change checks; banks change checks only if the teacher has an account with the bank. Exchange Offices change only cash in several different currencies.
Teachers have had very few problems with American and Canadian Debit/Credit cards in Cali. You should not have trouble withdrawing cash from an ATM or making purchases on your credit card from home. To ensure that your cards will work in Cali, call your bank a few days before you leave and set a travel alert. If you are concerned about this, you could always bring $200 or $300 in cash, just in case, so you have money available until the first paycheck, around August 20th.
We also suggest setting up a credit card before you leave that offers No Foreign Transaction Fees. Many of these cards double as air miles or hotel points cards and are great for frequent travelers. If you plan on retaining online services in the United States (Netflix, Hulu, Vudu, etc), you will need a US card with a billing address in the United States. Foreign credit and debit cards do not always work for US purchases.
The first payday will occur on or about August 20. Reimbursements for visa and travel expenses will be processed as soon as possible after arrival through Olga Patiño but they may not be available immediately. You MUST present receipts for ALL travel and visa expenses in order to receive a reimbursement.
**The school provides a settling-in allowance of $3’000.000 pesos which is considered a loan by the school, and it will dissolved 25% after one year of service and 75% after the second year.