R download.file, downloading excel file does not work

I try to download an excel file using download.file().

If I go directly to the link using the browser, I can download the file without problems.

However, using download.file does only download a broken file with Excel error: "The file you are trying to open is in a different format than specified by the file extension."

Here is my code:

url <- "http://obieebr.banrep.gov.co/analytics/saw.dll?Download&Format=excel2007&Extension=.xlsx&BypassCache=true&path=%2Fshared%2fSeries%20Estad%c3%adsticas%2F1.%20Tasa%20Interbancaria%20%28TIB%29%2F1.1.TIB_Serie%20hist%C3%B3rica%20IQY&lang=es&NQUser=publico&NQPassword=publico&SyncOperation=1"
download.file(url, destfile = paste0(base_dir, "test.xls"), mode = "wb", method="libcurl")

Any ideas how to download this file?

Many thanks for your help!