Best money transfer to Colombia • Cost, duration, comparison

Columbia is situated in South America, where there many strict laws which govern the transfer of money to third parties in the country. There are many reasons for these embargoes.

However, situations may arise when there is a need to transfer money online to Colombia for another country.

This need could be as a result of a person visiting the country running short of cash. You could run a company with remote employees situated in Columbia.

There could even be a company in the country which supplies products or raw materials to your company located outside Colombia.

It is quite essential to find a suitable provider who is able to provide this type of service.

The provider you go with will need to meet some appropriate prerequisites:

Is there a need for a once off payment or are there going to be multiple payments over some time?
Does the person receiving the money need to access the funds urgently or not?
Must the money be available as cash or paid into the account of the receiver?

Once all of these types of questions have been answered to meet the specific requirements, it is possible to make the correct decision and chose the best solution for your situation.

Irrespective of what the situation may be, this guide should assist in finding a cheap provider for a foreign bank transfer to Colombia.

Comparison: Transfer Money to Colombia

Winner

Wise

First Transfer Free!

Wise is a very good provider for overseas transfers. The transfers are easy, convenient and secure. The most important thing is that the transfers are also much cheaper than with the bank.

Winner

transferGo

Send money very fast!

Save up to 90% compared to banks. No hidden costs. Large selection of countries.

Winner

currencyfair

Five Transfers Free!

A world-class customer service, very good exchange rates and permanently favorable transfers abroad and to Germany convince. Only downside is the small selection of countries.

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How can I send money to Colombia?

Introduction

There are many reasons which would require the need to transfer money to a third party in Colombia. It could be to a third party on a trip of leisure, an employee waiting to be remunerated or even a supplier needing to receive payment. The mechanism you choose should meet most, if not all of your specific needs and requirements.

There are a few mechanisms from transferring money from the US to Colombia, including:

Bank transfer
Money transfer companies like Western Union and MoneyGram which allow the recipient to receive the funds as cash
Other specialist money transfer companies
International checks

Bank (it’s expensive)

Bank transfers are amongst the more expensive options when it comes to the online transferring of money to Colombia. They charge exorbitant rates. Also, banks often offer the lowest foreign exchange rates.

If you are dealing with the bank, the receiver has to receive the money as a deposit into their own account. For an option with a cash pickup, the only way to go would be via a money transfer company.

Money transfer provider

When looking at the options for transferring money from the US to Colombia, there were two options that we are going to compare.

The companies are:

Wise
InstaRem

How much does it cost to transfer money to Colombia?

Wise offers the option of transferring money to Colombia without any online cost. The other competitor, InstaRem, does online money transfers but charges the exorbitant amount of $25 per transaction.

Duration of a money transfer to Colombia

Both Wise and InstaRem would not pass as a first choice in the case of an emergency. In both cases, the length of an online money transfer can take from between 1 to 2 days.

Conclusion on the money transfer to Colombia

When making that final decision on which company to use for transferring money from the US online to Colombia, it is essential to use one that meets all, or at least most of your requirements.

This can only be done if each of the following matters is analyzed to see whether you have a perfect fit.

Try to get the best foreign exchange rate possible.

Try and get the one that provides the shortest delivery time at the most economical rate.

Make sure that the money transfer provider offers protection against any fluctuations which may occur while the money is being transferred online.

Make sure that you understand what pickup options are available for the party receiving the money.

Be aware of what the deposit requirements are.

Make sure that your choice corresponds with the frequency policies of the service provider. If you may require to make multiple deposits, do not choose a service provider offering once off deposits only.

Be sure that the provider has the correct transaction frequency policy. In the case of an emergency or present, it would usually need to be a once-off transfer. However, in the case of remuneration or payment for supplies, it usually means that some transactions would take place over an extended period.

If you want to transfer money online to Colombia, then it is vital to take each of these points into consideration. By following this protocol, you will be sure to have the plan which suits your needs the best.