Send money internationally to Colombia (COP) using the mid-market exchange rate. Check and compare the rates from the major financial providers.
Send money to Colombia
What is the best COP exchange rate today?
How much does it cost to send money to Colombia?
- International money transfers shouldn’t be expensive.
- Make sure your provider doesn’t add hidden fees or bad exchange rates to your money transfer.
- You should choose a provider that uses the mid-market exchange rate to convert your money.
Who send money to Colombia?
According to the UN department 2.4 million of Colombians currently reside outside of Colombia. The countries where they are the most represented are:
- Venezuela (820'000 people)
- The United States (720'000 people)
- Spain (360'000 people)
- Ecuador (180'000)
The country experiences a high volume of emigration because of economic, social and security issues in the country but also because of the people's search for greater economic opportunity. The main reasons of emigration from the country are the search for safety and a better quality of life. Those migrants go primarily in neighboring countries such as Venezuela or in richer countries in North America and Europe.
Colombia received over 4.6 billion of US dollars in 2015 as remittances from abroad, 20% more than in 2012. The money mainly come from the United States for $1.4 billion, Venezuela for $1.4 billion, Spain for $700'000 and Ecuador for $300'000.
What are the options to send money to Colombia?
- Banks: did you know the average cost of sending money to Colombia via a bank is approximately 6% according to the World Bank? It is very expensive. You better have to use a company specialized in money transfers.
- Foreign Exchange Brokers: a few steps to create an account with and to validate your identity but once the account is activated, brokers are advantageous for large amounts of money to be sent as they can provide good rates for important amounts. They are too expensive to be used for smaller amounts though.
- Online money transfer operators: probably the easiest and cheapest way to move money overseas. Many of them allow transfers to Colombia such as WorldRemit, Xoom, Wise, Vigo, Viamericas, Small World FS, and others. With them you can choose your payment and reception methods and you know exactly the cost and the delay of the transfer.
- Cash international services: more expensive than online solutions but they are the fastest ways to send money to Colombia and to anywhere in the world. The most well-known are Western Union, Moneygram, Ria money transfer. The recipient only have to provide an identification card, a reference number and can collect the cash almost instantly at any agency of the company. Xoom and WorldRemit also allow to send and receive cash in Colombia and they provide good rates.
Depending on your current need, the thing is to compare all those solutions in real-time and choose the one that is the most advantageous for you: either a fast transfer, a cheap transfer, or just a convenient way to send and receive the money there. Or a mix between all.