Davivienda is a Colombian financial services company with almost 50 years experience serving. It is the third largest bank in Colombia by total assets, and provides a comprehensive variety of financial services to individuals, SMEs, and corporations. In this review we will identify the key aspects of the bank's international transfer service.
Headquartered in Bogotá, Colombia, this bank offers an array of financial services to individual customers, as well as families and small to medium sized companies. The bank is a major player in the bigger Bolivar Business Group, a corporation focused on the provision of banking services.
Founded in 1972, Banco Davivienda has built a name for itself as an important contributor to the country's financial sector. Working closely with the construction industry, Davivienda has actively participated in the structural development of Colombia. Through the bank's team of more than 17,300 staff at nearly 700 branch locations, this financial institution has established a customer base of roughly 18.5 million people. Outside of their national operations, the bank also has offices in Costa Rica, El Salvador, Honduras, Panama and the United States.
Yes, it is possible to send an international bank transfer with Banco Davivienda, and in this review we will provide further information about this service.
Banco Davivienda has not mentioned in its website about its exchange rates and fees. However, international money transfer providers can accommodate your needs. For instance, Small World is currently the most competitive service for transferring US money to a bank account in Colombian pesos, with no transfer fees and a competitive USD - COP exchange rate (current rate: 1 USD = 3,968 COP).
Adding the fees and exchange rate margin, the total cost of your transfer with Small World is 4.62 USD; however, if you choose to use WorldRemit to make the same transfer, the total cost would be 23.67 USD (nearly 5x as much).
If you need the receiver to get Colombian pesos in cash in Colombia, Small World is the service that will provide you the most Colombian pesos for your money, with no transfer fees and a good USD-COP exchange rate (1 USD = 3,939.21 COP at the time of writing).
When converting between US and Colombian currency, there are three primary ways you might be overpaying:
Regular fee – Banco Davivienda and other providers charge a fixed USD fee to convert and transfer money to Colombia. It might cost up to $40 USD.
Percentage fee – This is a fee based on the total amount you send, thus the less you send, the lower the price. These percentage fees might range from less than half a percent to more than two percent.
Exchange rate disparity - This occurs when a currency supplier gives a rate that is lower than the regular rate. For example, a currency provider transfers 3,230,000 pesos to the recipient, despite the fact that the normal exchange rate indicates that $1,000 USD is worth 3,288,000 COP.
International money transfers are one of the many types of financial transactions that Banco Davivienda handles. Sending money to Colombia through Davivienda or any other banks, on the other hand, is a transaction you should avoid if you are after of getting less fees and charges.
Most banks appear to provide inexpensive transaction costs for international money transfers at first sight. Then there are the costs for receiving bank and SWIFT transfers, which aren't usually disclosed upfront.
Making an international bank transfer straight to a Banco Davivienda account is one way to send money to Colombia. However, it has the following advantages and disadvantages:
There are numerous benefits of opening a Banco Davivienda account may provide, and you can sign up for an account by visiting one of the bank's branches or registering on the mobile app.
To create a personal bank account, you'll need to prepare a few documents, but they're not overly complicated, and the entire procedure should be fairly smooth. To open a bank account, you'll need the following items:
Proof of identification
Proof of address
Address and contact details of your employer (this may not be necessary in all cases)
Signed contract of employment
Freelance workers will need to demonstrate their income through bank statements.
Note: As a non-resident of Colombia, you cannot create a bank account since the cédula de extranjera is necessary. Because you can't acquire this ID card on a tourist visa, you'll need a work visa.
Making a bank transfer direct to a Banco Davivienda account is one way to send money to Banco Davivienda in Colombia. You can transfer money to Banco Davivienda's current or savings accounts, but not to corporate accounts. You may also send money for cash pickup, which your receiver can collect. Any Banco Davivienda branch in Colombia may provide a cash pickup almost instantly.
With the Davivienda Mobile App, you can make product consultations, transfers easily between Davivienda, DaviPlata accounts and to other banks, as well as all payments for banks, public services, and goods. Remember to download the most recent version of the Davivienda Móvil App to take advantage of all of the new features and enhancements.
Customer Service Details for Users of Banco Davivienda
Visit the bank or schedule an appointment with Banco Davivienda customer representatives
Contact a member of the team via email: email@example.com
Call customer service from Colombia: (1) 330 00 00 ext. 97006, 97009 or 97027
Call customer service from the United States: 305-372-9909 ext. 97006, 97009 or 97027
Banco Davivienda has been working to improve the lives of their customers since 1972, by assisting with various sectors of the Colombia economy, as well as working closely with individual clientele. Davivienda has additional operational costs that results in larger overheads, making it difficult for them to offer competitive, low-cost money transfers like peers in the remittance industry.
If you are based in South America, we recommend having a read of our reviews for alternative money transfer operators such as Remitly or WorldRemit, both of whom specialise in facilitating remittances to and from Latin American countries. While you're researching your options, use our comparison engine to figure out the companies best suited to your transfer needs.
The following section will address some of the most frequently asked questions regarding Banco Davivienda’s global banking services.