4×1000 tax in Nequi: when it applies and everything you need to know about this charge

One of the most used digital wallets in Colombia is Nequi. Thanks to it, Colombians can send and receive money through the application without much complexity.

However, there are those who wonder if the Government tax of 4×1000which means that for every 1,000 pesos that move in a bank account, an amount equivalent to 0.4% of that transaction must be paid.

(More: The Nequi app announces a new update that will benefit users).

To know how the 4×1000 is applied, the first thing you should take into account is whether your Nequi works as a savings account or a low-amount deposit:

– Savings account: At the moment when you break the money limits that Nequi has, by managing more than $ 9,907,182, you can convert your Nequi account into a savings account and leave it exempt from the Government tax. However, you should note that by law only one of your bank accounts can have the 4×1000 exception.

(Read: After several days, Bancolombia’s problems were solved: what happened).

– Low amount deposit: Nequi becomes a low-amount deposit when it has limits and the money it moves per month does not exceed $9,907,182, that is, 210.50 UVT (Tax Value Unit).

“So, if your Nequi is a low amount deposit, as indicated by Colombian Law, you must pay the Government the 4×1,000 tax when you withdraw, send or pay during the same month, starting at $3,059,225 (65 UVT)”, Nequi points out on its official website.

(More: Be very careful: for these reasons the Nequi can be seized and this way it can be avoided).

You should also keep in mind that This rule applies to all low-amount deposits, regardless of the financial institution.

To make your Nequi account exempt from the 4×1000 Government tax, you will need to change it to a savings account by following these steps:

1. Make sure your Nequi app is updated to the latest version.

2. Click on the “Your Silver” option, which is at the top of your screen, below the money you have available.

3. Go to “Your Limits,” located at the bottom of the screen.

4. The “Switch to savings account” button will appear, which you must select.

5. Follow the steps and enter the information requested.

6. Nequi will discount a total of $15,000 that you have in your Available, as a one-time only fee, to break the limits.

7. Log out of the app and log back in after 5 minutes to see that it is now a savings account. You will also be sent an email confirming this decision.

Note that Nequi account changes can only be made by Colombians over 18 years of age.

(See: Nequi adjusts rate caps to convert dollars to pesos).

Nequi

Twitter: @Nequi

“If you have your Nequi as a savings account and also choose it as exempt from the 4×1000, then you pay the tax to the Government only after using more than $16,472,750 per month”, indicates the digital wallet through its official portal.

Therefore, if after changing your Nequi account to savings you continue to be charged the 4×1000, you should make sure do not have another account with this exception in another financial institution, since if so you must contact them to uncheck it.

You can also contact Nequi customer service specifying that you want to unlock your Nequi 4×1000. The advisors must check if you do not have another account with the exception and will respond within 4 days maximum.

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