Send Money to Colombia: Best Money Transfer Services | Finder Canada

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Send money to Colombia

Get the most pesos for your dollar by comparing your options for your transfer to Colombia.

Whether planning for a visit or supporting family members back home, knowing how to send money to Colombia can save you time, money and stress. Learn how to compare rates and find the best deal for your transfer to Colombia from Canada.

Send money to Ghana with WorldRemit

An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.

  • Choose how you want to send your money - via bank transfer, cash pickup or mobile money
  • Instant money transfers available
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Compare money transfer services below

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 1 Same day CAD 0.00 2906.08 COP
14,530,402
XE has fast transfers with no fees and a range of foreign currency tools. Go to site Show details
CAD 10 Within an hour CAD 1.99 2888.556 COP
14,437,033
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
CAD 0 Within an hour CAD 3.99 2909.001 COP
14,533,398
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

What’s the best way to send money to Colombia?

Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Colombia. Some offer cash pickup in as little as a few minutes, while others seamlessly transfer to bank accounts. Sending money through PayPal or your bank is also an option, but you’ll typically face higher fees and weaker exchange rates when going that route.

Digital money transfer services

Companies like XE and Wise specialize in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s Colombian bank account, often in as little as a day or two.

Cash transfers

Services like WorldRemit allow you to transfer cash for pickup at a local branch in Colombia— often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak exchange rates and high fees.

Banks

Colombian pesos are not a popular currency, so your local bank probably won’t be able to exchange them. If your bank supports Colombian pesos, beware of high fees and wide margins on the exchange rate compared to digital and other options when sending a wire transfer to Colombia.

Let’s crunch the numbers: Sending $1,000 to Colombia

Let’s say you need to send $1,000 to family in Colombia. Here’s what you might face as far as fees and exchange rates as of October 19, 2020.

Digital money transfer serviceCash transferBank transfer
Fee$0$3.99$50 + additional correspondent bank fees
Exchange rate1 CAD = 2,834 COP1 CAD = 2,840 COP1 CAD = 2,428 COP
Transfer speed1-2 dayMinutes2-5 days
Amount receivedCOP 2,834,000COP 2,828,668COP 2,306,600
Verdict
  • Best value
  • Fastest
  • Slowest and most expensive

The bank option ends up being both the slowest and gets the smallest amount of money to your recipient in Colombia. If you go with the digital money transfer service, your recipient ends up with COP 527,400 more than the bank offers. If speed is crucial, a cash transfer can typically have your transfer to Colombia in as little as 15 minutes, just make sure there is a cash pickup location near your recipient before sending.

How to send money to Colombia online

Sign up and send money with a digital money transfer specialist in four steps:

  1. Sign up for a free account. Pick a provider and sign up for a free online account using your contact information, proof of ID and preferred payment method.
  2. Provide transfer details. Submit your recipient’s contact information and pick a delivery method. If transferring to a bank, you’ll need their Colombian bank account details.
  3. Confirm transfer details. Double-check your payment method, expected fees and destination.
  4. Save your receipt. Record your receipt’s confirmation number to track the progress of your transfer to Colombia. Some money transfer providers send a text or email when your transfer is complete.

How to get the most out of your money transfer to Colombia

Weigh costs and fees against convenience to learn how to compare money transfer providers that send to Colombia to best meet your needs:

  • Exchange rates. The CAD-COP relationship fluctuates often, so using a service that allows you to lock-in exchange prices may help you save money down the line if the Colombian peso rises against the Canadian dollar.
  • Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger CAD-COP exchange rate.
  • Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the amount of pesos you’re sending to Colombia.
  • Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers to Colombia.
  • Sending limits. Comparing prices for one large transfer instead of many small transfers is typically easier, so picking the service you use based on how much you’re sending is a valid strategy for saving money.
  • Transfer methods. Whether you want money sent to an Colombian bank account or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.

Emergency cash transfer to Colombia

When urgency trumps cost to get your money to Colombia quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.

How to send money to Colombia without a bank account

Cash transfer services can help you if you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.

Colombia’s exchange rates explained

The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. Colombia’s exchange rate is flexible compared to the Canadian dollar. Because of this, the CAD-COP relationship may make sharp movements. Factors that influence the exchange rate include interest rates, economic stability and inflation.

Today’s exchange rate CAD to COP

1
0
Updated: 10 Apr 2021 20:11:10 UTC

Documents needed for sending to and receiving money in Colombia

To send money to Colombia from Canada, you’ll need government-issued ID and other documents, while documents needed to pick up money in Colombia may be different by company.

Documents to send money from Canada

To send money from Canada to Colombia, you’ll need documentation and details that include:

  • Identification. Most services require a driver’s license, passport or other government-issued ID. Some services allow you to send transfers without ID, but they may require your SIN.
  • Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal cheques.
  • Recipient information. Submit your recipient’s name as it appears on their ID, along with their phone number and Colombian bank account information.

Documents to receive money in Colombia

To pick up money in person, documentation can include:

  • Transfer number. The person sending you money can forward the transfer’s confirmation details — called a PIN, a MTCN, a reference number or a tracking number, depending on the company.
  • Government-issued ID. A Colombian Passport, Colombian ID or similar official ID may be required to pick up your transfer..
  • Amount sent. You may need to know how much was sent, usually within 10% of the total.
  • Sender’s information. Take along your sender’s full name, the sending country and their address, if known.

What to watch out for

When you send money to Colombian relatives or family members in Colombia, the money may be subject to taxes but it depends on a lot of variables. In general, you personally won’t have to report any amount of money you transfer out of Canada. By law, banks and money transfer services report all cash transactions that exceed $10,000 — and any transaction of any amount that alerts their suspicions. Some money transfer businesses have reporting thresholds as low as $1,000. You generally won’t need to do anything on top of this, but it’s good to keep all records of the transfer just in case.

Bottom line

Sending your hard-earned money to Colombia shouldn’t cost a fortune. Compare money transfer companies that specialize in foreign transactions for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.

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Ask an Expert

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2 Responses

    Default Gravatar
    larryJune 27, 2016

    is there a limit of how much money i can send to colombia from australia ? thank you

      Avatarfinder Customer Care
      AdrianJune 27, 2016Staff

      Hi Larry,

      Thanks for your question.

      The maximum amount you can send to Australian from Colombia will depend on the money transfer service you choose. It’s best to check with the company to find out whether there’s a maximum amount on money transfers.

      Hope this helps.

      Clarizza

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