Sending money to Colombia is easy, and remarkably cheap. While fluctuations in exchange rates muddy the waters a little bit, there are many good options to choose from when sending money. This is particularly true if you are located in the US.
The exchange rate for the Colombian Peso (COP) today is 3,467.2000 COP for every American Dollar (USD). The highest exchange rate in the last 90 days was 3,467.2000 COP per USD. The lowest rate during the same three-month period was 3,174.1500 COP per USD. The average exchange rate for Colombian Peso is 3,286.8110 COP per USD.
The exchange rate has demonstrated a volatility of 0.5% over the last 90 days. When coupled with geopolitical and economic challenges in the region, you can reasonably expect minor fluctuations in exchange rates.
Fortunately, the aforementioned company, ShareMoney, also sends money in a matter of minutes. For both its fast speed and versatility, we recommend ShareMoney as the fast option for Colombia.
The cheapest way to transfer money online to COL (Colombia) would be by transferring the money online through ShareMoney. ShareMoney has a very low stated rate of $3 to transfer funds to CLO from the US. This isn’t the lowest flat fee available to you, but with ShareMoney you save a lot of money on hidden conversion costs. When you add up all of the costs, ShareMoney is providing you the best deal financially. Furthermore, it’s a fast service that should have your money in a Colombian account in a matter of minutes.
Other cheap options include Small World FS and Ria Money Transfer. Be aware that these options are more expensive than ShareMoney and will take significantly longer (days) to reach the destination.
The easiest way to transfer money online to Columbia is through Payoneer. While it certainly isn’t the cheapest option, it’s relatively inexpensive. However, it’s Payoneer’s ease of use and convenience that make it shine.
The person on the receiving end of a Payoneer transfer can also get the money directly on their debit card. Once the money is received, they may withdraw it immediately. Payoneer also offers a direct bank transfer option.
When all factors are considered, ShareMoney is the overall best option for sending money online. The versatility offered by ShareMoney is uncanny, at least when it comes to their Colombian business.
If you use ShareMoney, you can expect low rates and fast transfer times for Colombia. The only downsides are a few inconveniences reported by other users, including the fact that some reported being unable to send money while the sender is not in their home country. Otherwise, the rates and wait times are very good.