We’ve spoken to our financial experts to find out every way to send money to Colombia.
Whether you’re buying a Colombian property, investing in a Colombian business or wiring yourself some personal savings, the need to transfer money to Colombia is as important as it is tricky for many expats.
So with that in mind, here’s our comprehensive guide on how to send money to Colombia as an expat.
1. Xoom money transfer to Colombia
Xoom is a Paypal-owned money transfer service that allows you to send money to Colombia.
It’s one of the most popular solutions for expat-run businesses and expat workers for getting their foreign money into the country.
Xoom allows transfers to be deposited into Colombian bank accounts, sent to an official pickup point, or delivered straight to your home. With 24/7 customer support, text updates and online tracking, Xoom takes the stress out of money transfers.
Furthermore, Xoom offers a money-back guarantee in the unlikely event that you don’t receive the full amount of money that you’ve ordered.
Xoom charges a nominal transaction fee depending on where you’re sending your money from:
- $2.99 for United States transactions
- €2.99 for European transactions
- £2.99 for British transactions
- $4.99CAD for Canadian transactions
Xoom typically waives transaction fees past a certain threshold (usually 1000 of the chosen foreign currency) and allows transfers to Bancolombia, Davivienda and Éxito banks.
2. World Remit money transfer to Colombia
World Remit is a growing player in the international money transfer market.
Using its app to transfer money to Colombia quickly and simply, foreigners have the option of bank transfers, cash pickups and mobile money transfers for people that use DAVIplata.
Recently, World Remit has also added Airtime top-ups, a useful feature for expats who need to top-up their Colombian SIM using a foreign card.
In terms of fees, World Remit charges typically won’t adjust to how much or little you’re transferring:
- $3.99 for United States transactions
- €2.99 for European transactions
- £1.99 for British transactions
- $2.99CAD for Canadian transactions
However, World Remit’s exchange rates are occasionally more competitive than Xoom’s, so make sure you weigh up the differences in transfer fees and exchange rates if you’re choosing between the two platforms. Transfer wise, World Remit allows bank transfers to Davivienda and Bancolombia accounts.
Note: World Remit has a transfer limit of $20.000.000COP. This might not be sufficient for foreign businesses or housing deposits.
3. Remitly money transfer to Colombia
Remitly is now an established money transfer platform that’s used by many foreigners in Colombia. Offering fee-free transfers to first-time customers, its user-friendly platform makes sending money to Colombia a seamless process.
Interestingly, Remitly has partnered with many more Colombian banks than its rivals World Remit and Xoom, offering transfers to eight different Colombian banks:
- Banco de Occidente
- Banco de Bogotá, BBVA
- Banco Popular
- Banco AV Villas
- Banco GNB Sudameris
Remitly’s fees depend on the speed and amount that you want to transfer, as well as the foreign currency you’re using. Its Express service transfers money in minutes and is marginally more expensive whereas its Economy service can take between 3-5 business days to arrive and is cheaper.
Note: Remitly waives fees on transfers over 500 of a given denomination of currency (between GBP, USD, EUR & CAD) and has a transfer limit of $2,999 a day or $30,000 a month.
4. Money transfer via a broker to Colombia
Certified Colombian brokers such as Acciones y Valores S.A. specialize in helping expats make deposits on properties and business investments from foreign accounts. Brokers like these can help facilitate legal large money transactions from foreign funds into Colombian accounts.
For instance, if you want a buy a property in Colombia, you would need to do the following:
- Successfully negotiate the purchase of a property with a Colombian seller with a finalized bill of sale (or promesa de compraventa)
- Send the money to a vendor, either directly or through a broker
- Complete Formulario 4 as per government requirements around foreign property investment in Colombia.
Organizations like Acciones y Valores S.A. are pivotal in step B in this process. Not only can they help you get your foreign money into Colombia, but they can also act as a buffer between you and the property seller, reducing the risk of money mishandlings or financial disputes.
Moreover, transferring money through a broker eliminates the need to set up a Colombian bank account, which can slow down the money transfer process when buying a property.
To send money to Colombia is becoming an increasingly more streamlined process in 2021. With several options available to expats at competitive rates and service variety, your solution for bringing foreign money into Colombia is getting better by the day.
If you’re unsure about whether to use a particular money transfer service, use our suggestions as a guide for making sure you receive your international transactions fastly and securely.