How to send money to Colombia
Get the most pesos for your dollar by comparing your options.
Compare money transfer services
How do international money transfers work?
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country – in this case, Colombia. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.Back to top
Banks vs money transfer companies
If you want to send money from Hong Kong to Colombia, you could use your bank. But while banks offer a convenient transfer solution, they don’t offer it cheaply. Banks are notorious for offering mediocre exchange rates and charging high fees on international transfers, so even a transfer of a small amount can end up costing a whole lot more than you might expect.
If you’re looking for a more affordable option, consider the services provided by a wide range of specialist online money transfer providers. These companies offer quick and affordable transactions to myriad destinations around the world. Their exchange rates and fees are much more reasonable than those charged by banks, which means that more money stays in your bank account (or your recipient’s).Back to top
How do I compare transfer companies when sending money to Colombia?
- Exchange rates. Compare the exchange rates offered by a number of transfer companies to calculate just how affordable your transaction will be.
- Transaction fees. It’s worth pointing out that a company with fantastic exchange rates may also charge high fees, so read up on all the fees and charges that will apply to your transfer. Some companies will also waive their fees for large transactions.
- Method of placing a transfer. Check to see what options are available for placing transfers: online, over the phone, in person at a branch and/or using a smartphone app.
- Transfer options. Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the company offer limit orders, which allows you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule recurring payments?
- Minimum amounts. If you need to transfer a small amount of money, stay away from providers that impose a high minimum transfer limit.
- Turnaround time. Compare transaction processing times between providers to see which one can get your funds to the destination the quickest, not to mention how much you’ll have to pay for an urgent transfer.
- Pick-up options. Does the provider offer cash pick-up transfers or bank account deposits? Are there any other ways your beneficiary can access the money you send?
- Customer service. If you ever have a question about a transfer or about the services a company offers, can you easily access the assistance you need from the customer support team?
Foreign exchange rates explainedThe exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. Since Colombia’s exchange rate is flexible, it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
What are my options for sending money to Colombia from Hong Kong?
- Specialist transfer companies. Money transfer providers can offer convenient and affordable international transfers.
- Cash pick-up transfers. Western Union is one company that offers cash transfers to Colombia.
- Bank transfers. You can send money to Colombia through your bank, but this will usually be an expensive transfer option.
- International cheques. A secure yet slow transfer method is to send an international cheque.
Steps to send money to Colombia
- Choose a provider from the many options available.
- Create an account and provide your name, contact details and proof of ID.
- Enter the information for your transfer’s recipient.
- Complete the transfer and save your reference number so you can monitor the progress of your funds.
Tips for picking up cash in Colombia
It’s important that you take care when picking up cash. If you can, get a friend to accompany you and act as an extra deterrent to would-be thieves. While it’s also a good idea to only visit a cash pick-up agent in an area you know to be safe. Don’t display the cash you collect in public and deposit it in your bank account as soon as possible.Back to top
Cash pickup locations in Colombia
Read more on this topic
Hong Kong remittance statistics Hong Kong sent $17.121 billion (USD) in remittances in 2017, while it received significantly less, at just $430 million. So where is it going? Finder unpacks World Bank data to find out.
Finder's Starbucks Index Ever wondered how much a Starbucks tall latte costs around the world? And what does that say about the value of currency? Finder's Starbucks Index 2019 delves into the data to find out.
Send money to China How to send money to China from Hong Kong, safely and affordably. Compare international money transfer services and save on exchange rates and fees.
How to send money to Egypt Due to its exotic nature, it will be difficult to find an agency or bank that is able to convert Hong Kong currency into Egyptian Pounds. The US dollar and other major currencies are widely accepted in Egypt though, giving you the opportunity to send remittances to Egypt from Hong Kong without delay.
How to send money to Bangladesh Compare your options when you transfer money internationally to Bangladesh.
How to send money to Gambia How to send money to Gambia from Hong Kong, safely and affordably. Compare international money transfer services and save on exchange rates and fees.
Send money to Botswana Learn how to send money to Botswana, located on the African continent; a place where there is plenty of growth potential for businesses, investors and commodity-based resources.
How to send money to Oman How to send money to Oman from Hong Kong, safely and affordably. Compare international money transfer services and save on exchange rates and fees.
How to send money to Burundi Coffee exports is not the only transactional relationship to be had with the small landlocked country of Burundi in the middle of Africa, it can also receive money from Hong Kong.
How to send money to Slovenia How to send money to Slovenia from Hong Kong, safely and affordably. Compare international money transfer services and save on exchange rates and fees.
Ask an Expert