There is no dearth of instances when people from different countries want to send money abroad to countries like Colombia. The reasons might be as varied as sending money to a family member, paying for a hotel reservation in advance, pay bills, or making a payment for a purchase. No matter why you want to transfer money to Colombia, you get a bunch of alternatives from which to choose.
Transfer Money to Colombia
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
What currency does Colombia use? The Colombian peso (COP) is the official currency of Colombia and it has been in use since 1810. The “$” symbol is used to denote the peso. One peso is divided into 100 centavos, although the latter’s use is now redundant.
To transfer money to a Colombian bank account you will need to provide the receiving bank’s SWIFT code. Refer to the corresponding table for SWIFT codes of some popular Colombian banks.
|Banco de Bogota||Medellin||BBOGCOBBMD1|
|Banco de Occidente||Medellin||OCCICOBCMD4|
Popular Currency Corridors
International remittances flow in and out of Colombia regularly. In 2016, more than U.S. $4.9 billion made its way into Colombia from countries the world over. In the same year, around U.S. $270 million was sent from Colombia to other countries.
The corresponding table shows you the popular currency corridors involving Colombia. The figures are for 2016 and are listed in U.S. dollars.
How Do I Compare Companies When Sending Money to Colombia?
When transferring money to Colombia or sending money out of the country, you need to compare companies across different parameters and try to avoid those hidden fees. No matter where you are sending money to or from, the factors to consider do not change.
- Cost. Overseas money transfer companies tend to follow different fee structures and the foreign exchange rates you get might also differ. If you are looking for the cheapest way to send money to Colombia, simply look at how much money the recipient stands to receive at the end of the transfer.
- Turnaround time. Do you want to send money to Colombia in a hurry? In this case, your best bet is to transfer money to a cash pickup location because these transfers tend to process almost immediately. If you plan to transfer money to a Colombian bank account, the process may take two to five or more working days, depending on the service provider you select and the recipient’s bank.
- Mode of payment. Payments using bank account transfers are commonly accepted. Not all overseas money transfer companies accept debit card and credit card payments. However, some let their customers pay using region-specific methods such as SOFORT, POLi, and iDEAL.
- Customer support. This factor plays an important role, especially if you want a convenient way to send money to Colombia frequently. While some of the leading overseas money transfer companies provide local phone support in different countries, most provide support via chat and email. Online platforms such as Feefo and Trustpilot give you easy means to find out how previous customers of these companies rate their services.
How Can I Send Money to Colombia?
When transferring money to Colombia, you may initiate the process in different ways.
- Online. Several banks give their customers the ability to carry out money transfers to Colombia using their online platforms. However, you may send money to Colombia online by using the services of an overseas money transfer company as it might work better for you in terms of cost effectiveness and speed.
- Over the phone. There are a few companies that give their customers the option of initiating transfers over the phone, preferring online or otherwise known as electronic money transfers. With some, you even get access to dedicated currency brokers.
- In-person. If your bank lets you send money to Colombia, you may visit your closet branch and initiate your transfer in person. Alternatively, you may turn to a money transfer company that operates out of physical locations.
Matias had to move to the UK because of work. His younger brother who was still in high school continued living in Colombia. Since his brother was financially dependent on him, Matias had to keep sending money back home regularly. He used a popular UK-based bank for the first few times, after which a coworker suggested that he compare his options in respect to money transfers to Colombia. The table below shows you the results of his comparison.
|Bank||Money Transfer Serivce|
|Exchange rate||GBP 1 = COP 3,812.69||GBP 1 = COP 3,919.18|
|Transfer fee||GBP 20||GBP 0|
|Amount received for GBP 3,000||COP 113,618,16.20||COP 117,57,540.00|
|Transfer time||3 to 5 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||COP 395,723.80|
By using the overseas money transfer company instead of the bank transfers, Matias ensured that his brother ended up receiving a little extra money each month. Besides, the company also provided a quicker turnaround time than the bank.
Cash Pickup Locations in Colombia
Sending money to a cash pickup location is among the quickest ways to transfer money to Colombia. Popular overseas money transfer companies such as Ria, Western Union, and MoneyGram have agent locations in this country.
|Ria in Colombia|
|Medellin Oviedo Carretera 43A No. 6-15 S, C.C. Oviedo Local 1174, Medellin||Municipio De Medellin, Calle 44 No. 52 -165 1er Piso Ed. Alcaldia De Medellin|
|Bogota 20 De Julio, Calle 25 Sur No. 6-27, Diagonal Plaza De Mercado Del Barrio 20 De Julio Bogota||Alcala Calle 134 A No. 45 -95 Llegando Al Puente De La 134 Con Autopista Bogota|
|Western Union in Colombia|
|Medellin Efecty 997025 Carrera 67 N 52 A Sur 03, Corregimiento San Antonio De Prado, Medellin||Efecty Carrera 79 42 18, Carrera 79 79 N 42 Sur 18, Medellin|
|Bogota Acciones Y Valores Alkosto Venecia, Dg 45b Sur No 5190 Oficina Alkosto Venecia Bogota||Red Giros Y Finanzas Cl 125 A No 54 70 Local 66 C, C.c. Niza, Bogota|
Safety Tips for Picking up Cash in Colombia
Street crime remains prevalent in areas such as Medellin, Bogota, Cali, and the Caribbean coast. Instances of pick-pocketing and mugging are not uncommon. If you plan to collect cash from a physical location or want to withdraw money from an ATM, try doing so inside large commercial buildings, supermarkets, or banks. Remain particularly vigilant after dark.
Exercise caution when visiting places frequented by foreigners and try to avoid visiting rundown areas of cities. Refrain from carrying large amounts of money or wearing expensive jewelry or watches.
What Information Do I Need to Transfer Money to Colombia?
When transferring money to Colombia, the information needed depends on the transfer method you choose.
- Transfer to bank account. You will need the recipient’s name, a bank account number, the name of the bank, and the bank’s SWIFT code.
- Transfer to cash pickup center. All you need is the recipient’s name and the location of a cash pickup center. The recipient may collect transferred funds by presenting a reference number and an acceptable form of ID.
Regulations When Transferring Money To and From Colombia
While Colombia does not impose any foreign exchange controls on trade, it requires that some kinds of transactions should be channeled through authorized intermediaries such as banks and other financial institutions. For instance, the Financial Conduct Authority FCA which would regulate companies that are registered in the UK and who would oversee transfers from the United Kingdom to Colombia. The transactions that need to be declared to Colombia’s Central Bank include:
- Import and export of goods
- Derivative financial operations such as forwards, floors, swaps, collars, and caps
- Guarantees and endorsements in foreign currencies
- Overseas loans and related costs
- Investments in foreign assets and securities and all associated profit
- Investment of Colombian capital in other countries and associated remittances of yield
- Investment of capital from other countries and the remittance of profits that follows
Depending on the overseas money transfer company you select, you may need to provide additional information when making large-value transfers. These may include the following bank details such as bank statements for the preceding two months, reason for the transfer, and copies of documents that verify your source of wealth.
When transferring money to a Colombian business, the recipient might need to provide its certificate of incorporation, its tax registration number, a document that illustrates its shareholding structure, and financial statements verified by an accountant.
No matter whether you want to start sending money to Colombia or send it to a cash pickup location, take time to compare your options. If you want to save even more money, look for promotional offers provided by different companies.
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