LATAM context
The 4×1000 applies to most bank transactions in Colombia: withdrawals, transfers, automatic payments. Savings accounts are exempt up to a certain amount. It matters for any business operating in Colombia because it hits actual cash flow.
Concrete example
A 1,000,000 COP transfer generates 4,000 COP of GMF, withheld automatically. On the statement it shows up as "CARGO 4X1000".
How it shows up on your bank statement
The GMF appears as its own charge tied to withdrawals and transfers, calculated on the transaction amount. Like Peru's ITF, it's a lot of small lines: adding them up explains a good part of the gap between what the account holder thinks they spent and the actual balance.
How does finO$ handle this?
finO$ identifies and separates the GMF on Colombian statements for accurate reconciliation and correct net cash-flow calculation.