Your service provider will require you verify your identity, for which you will need your driver's license or passport. If sending money to a recipient's Colombian bank account, you will need the bank account details. You will also need your debit/credit card or bank account details to pay for your transfer.
People can send money to Colombia from overseas in a few ways:
The most affordable way of sending money online to Colombia is directly into a local bank account. Processing time can vary based on how the sender pays for the transfer, the service provider carrying out the transfer, and the receiving bank. The top Colombian banks that allow incoming money transfers include Bancolombia, Banco Daviviend, Scotiabank, and Banco de Bogotá.
To receive an international money transfer, the recipient's bank account must be enabled for overseas transfers. The recipient will need to submit an "Abono Automático" form for this to happen.
What you need to send money to a Colombian bank account
The information you need includes the recipient's full name, a local bank account number, the name of the receiving bank, and its SWIFT code.
It is possible to send money to a cash pick up location in Colombia. Sending money for cash pick up may incur an additional fee and get a less favorable exchange rates . You will need to provide the recipient's name and select a suitable cash pick up center. The recipient needs to provide a valid form of ID and a transaction/reference number to collect the transferred money.
Companies such as WorldRemit, Remitly, and Ria let you carry out cash transfers to Colombia. Here are addresses of some cash pick up centers.
|WorldRemit cash pick-up locations in Colombia|
Banco BBVA Colombia
Cra. 9 #7235
18, Cra. 7 #70 A
Banco BBVA Colombia
Cra. 66B ##34A-76
Cra 64A #78-580
|Remitly cash pick-up locations in Colombia|
Cra. 11 ##96-50
Cra. 15 ##No. 123 - 30
Cl. 103 #50-2
Street crime remains prevalent in regions 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 and wearing expensive jewelry or watches.
You may send money to Colombia in the form of a mobile airtime top-up or to a mobile wallet. WorldRemit provides both these alternatives, and Xoom lets you top up mobile airtime. You may add airtime to Colombian phone numbers from service providers such as Virgin Mobile, Movistar, Uff Movil, Tigo, and Claro.
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) that regulates companies registered in the UK also oversees transfers from the United Kingdom to Colombia. Transactions that need to be declared to Colombia’s Central Bank include:
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.
XE Money Transfer updated their exchange rate margins for sending money from Australia to Colombia. XE Money Transfer now charges a small fee of 0.4% for the AUDCOP currency transfers. Compare this to TransferWise that charge approximately 2% when transferring money from Australia to Colombia.
Colombia can attract high fees sending money to Colombia from the USA. XE Money Transfer comes to the rescue by lowering the margins (exchange rate fees) for USDCOP. XE has lowered their exchange rate fee to approximately 0.7%. This makes XE Money Transfer the cheapest and best way to send money from the USA to Colombia.
The best way to send money to Colombia is to transfer it to the receiver's bank account. This is typically the most affordable way. Make your payment using a bank account transfer, as it tends to attract lower fees in comparison to payments made via debit or credit cards. Your best options to transfer money to Colombia from USA or UK is through TransferWise.
It is possible to send money overseas for cash pick up. The best way to send cash to Columbia is through WorldRemit as they offer not just a cash pick up service but also mobile wallet and mobile airtime top ups.
Sending money internationally for cash pick up is more expensive than sending to a foreign bank account. This is because of the number of intermediaries (middle men) involved. WorldRemit tends to be the cheapest way to send cash to Columbia. Competitors such as Remitly, Xoom and Western Union have higher fees compared to WorldRemit.
The cheapest way to send money to Colombia is via a bank account transfer. You pay through a bank account transfer, and the money reaches the recipient's Colombian bank account.
The best app to send money to Colombia is the TransferWise app. The TransferWise app has an intuitive user experience with its simple sign up and ID verification process. WorldRemit is the best app to send cash and mobile pre-paid credit top up.
You can not send money to Colombia using Venmo. Venmo facilitates money transfers only within the United States. Fortunately, you still get several other options from which to choose.
Yes, PayPal works in Colombia. However, it does not provide all its features in this country. Personal users in Colombia may use their PayPal accounts to shop online. By registering for a PayPal.Me link, they may receive money from friends and relatives who live outside of the country. Davivienda, a Colombian bank, lets PayPal users transfer their PayPal balances directly into their bank accounts, and they get to withdraw the money in Colombian pesos.
Business account holders in Colombia may use PayPal to get paid for invoices as well as to receive payments through their websites and social networking platforms.
Yes, you can use PayPal to send money to Colombia. XOOM, a PayPal company, also lets you transfer money to Colombia.
Yes. Foreign debit cards work in Colombia. When using your debit card, always choose to pay in Colombian Peso and not the debit card’s home currency. Paying in your home currency will cost up to 3% more. It is more expensive to let a third party convert your home currency to COP than your card provider. Ideally, you would use a travel optimised card such as the TransferWise debit card.