Best way to send money to Colombia | finder.com
city of Medellin in Colombia

How to send money to Colombia

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Compare the transfer fees and exchange rates of international transfer companies that send money to Columbia.
WorldRemit International Money Transfers

Our pick: WorldRemit International Money Transfers

Send money to 140+ countries for bank deposit, instant e-wallet, mobile top-up or cash pickup at 30,000+ agent locations worldwide.

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  • Low upfront fees and exchange rates.
  • Easy to use with round-the-clock help.
  • Get cash to family and friends in minutes.

    Compare money transfer services

    Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
    USD 0 1 - 2 days USD 0.00 3305.66 COP 16,528,298 Offering no maximum and no minimum limit transfers with $0 fees. Go to site Show details
    USD 1 1 - 2 days USD 0.00 3332.426 COP
    16,662,131
    Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
    USD 1 Within an hour USD 0.00 3319.043 COP 16,595,215 Use promo code 3FREE to send your first 3 transfers with no fee. Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details
    USD 50 1 - 2 days USD 0.00 3275.547 COP 16,377,737 Simple, zero-margin exchange rates, plus earn loyalty points on sign up, referral and every transaction. Go to site Show details

    Compare up to 4 providers

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    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.

    Banks vs. money transfer companies

    If you want to send money from the US 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, such as XE and Currency Fair, 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).

    Case study: Carlos sends money to Colombia

    While Carlos is living and working in America for a couple of years, he intermittently sends money home to his parents in Colombia. Up until now he has used his bank to send the international transfer, but he decides to compare two money transfer providers to see if they can offer a better deal.

    The results of his comparison are shown below. As you can see, Carlos can save $10 in transfer fees and send an extra 11,736.56 COP using the second money transfer company.

    Money transfer provider 1Money transfer provider 2
    Exchange rate$1 USD = $2,225.85 COP$1 USD = $2,237.5866 COP
    Transfer fee$10$0
    Transfer methodOnline bank account transferOnline bank account transfer
    Processing time1 to 3 days1 to 3 days
    Amount received $2,225,850 COP$2,237,586.56 COP
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    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 institution 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.
    • Pickup options. Does the provider offer cash pickup 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 explained

    The 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 rates is flexible, it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
    Currency exchange rate for Colombia

    What are my options for sending money to Colombia from the US?

    • Specialist transfer companies. Money transfer providers can offer convenient and affordable international transfers.
    • Cash pickup transfers. Western Union and MoneyGram offer easy 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 checks. A secure yet slow transfer method is to send an international guaranteed check.

    Steps to send money to Colombia

    1. Choose a provider from the many options available.
    2. Create an account and provide your name, contact details and proof of ID.
    3. Enter the information for your transfer’s recipient.
    4. Complete the transfer and save your reference number so you can monitor the progress of your funds.
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    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 pickup 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.

    Cash pickup locations in Colombia

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    2 Responses

    1. Default Gravatar
      CoolApril 17, 2019

      I live in the US and my friend lives in Medellin Columbia. Citibank exists here and in Medellin. Can I open an account that has her name and my name on it? Can I deposit money in the account from a location in the US and she access the account (withdraw or write a check) from Medellin?

      • Avatarfinder Customer Care
        nikkiangcoApril 17, 2019Staff

        Hi Cool John,

        Thanks for reaching out to Finder! When opening a joint account, both parties need to be present in the same location. Depending on the type of joint account, if both parties are allowed to make transactions in and out of the account, you can deposit funds and she can withdraw by writing a check for her regardless of both your locations. Note that this is highly dependent on the bank you go for so it’s best to check beforehand. For more information, you can read about our page on joint accounts.

        Hope this was helpful. Don’t hesitate to message us back if you have more questions.

        Best,
        Nikki

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