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How much does it cost to send money to Colombia?
Sending money to Colombia can be more affordable than you might think. However, understanding the fees can be confusing. This confusion arises because money transfer providers make money in different ways. They can charge transfer fees, mark up the exchange rate, or do both simultaneously.
Let's imagine you want to send $1,000 from the United States to Colombia.
After analyzing the 20+ providers in our database, we have found that your best option would be to use your debit or credit card to send money via XE. They do not charge any fees and only apply a 0.90% markup over the USD-COP mid-market rate if you send your money via bank transfer.
On the other hand, Wise is a more expensive option, even though they offer the mid-market rate. While Wise is faster than Instarem, their service is more expensive because you would incur a $21.35 fee on a same-day transfer.
Mid-market rate versus markup
The mid-market rate is the average between the buying and selling prices of two currencies. It fluctuates over time. The markup is the additional amount charged by the provider above this rate.
At MoneyTransfers.com, we make it easy to compare rates by providing the updated exchange rate markup for each money transfer provider. Additionally, you can review fees, transfer times, and read customer reviews.
Best money transfer companies to send money to Colombia
When choosing a method to send money to Colombia, you'll want to consider factors like convenience, cost, and transfer times.
XE focuses on providing a great balance between low fees, competitive exchange rates, and fast transfer times to and from Colombia.
Instarem prioritizes keeping the costs down, so you have always a cheap way to send money to Colombia.
Wise offers the fastest transfer times and a handy multi-currency account that could really simplify your financial life. Wise also offer the best money transfer app to Colombia making it one of the most convenient choices.
Use our data to find the best options for you and discover the money transfer providers that offer the exact service you need.
The suggestions below are created by combining data from thousands of real-life searches that were conducted on MoneyTransfers by individuals who, like you, wanted to send money internationally to Colombia.
Based on our data from the past six months, XE stands out as the top choice for sending money to Colombia.
Affordable Transfers. Our research shows that XE offers great value for money when it comes to transferring funds to Colombia. This means a larger portion of your money will reach its intended destination, without excessive fees or unfavorable exchange rates.
Swift Transaction Processing. Speed is essential in money transfers, and XE consistently receives praise for its fast processing times. Users have reported that XE ensures timely delivery of funds to Colombia, which is especially important for those who require prompt transfers.
Positive User Experience. XE has received high praise for its user-friendly interface and excellent customer support. This ensures a smooth and stress-free process when sending money to Colombia.
Our data and tests show that Wise's transaction processing is exceptionally quick. This speed is a crucial advantage for users requiring urgent transfers. The multi-currency account feature offered by Wise further enhances this efficiency, allowing for rapid and streamlined transactions.
A key factor in Wise's speed is their operational efficiency. They have optimized their system for quick processing, ensuring that funds are transferred to Colombia promptly and reliably. This efficiency is consistently reflected in user feedback and our testing results.
In addition to its speed, Wise maintains a transparent pricing model. They charge a clear percentage of the total transfer amount plus a fixed fee, appreciated by users for its straightforwardness and lack of hidden costs.
Wise's commitment to using the mid-market rate for currency conversion to Colombian Peso (COP) ensures fair and transparent transactions. This approach, combined with their rapid processing times, positions Wise as the top choice for fast and efficient money international money transfers to Colombia.
Watch our video review of Wise
Our data and evaluations show that Instarem offers the most competitive rates for sending funds to Colombia. This affordability makes it an ideal choice, especially for those who want to get the most value, even if it means slightly longer transfer times.
Instarem's commitment to low-cost transfers is evident in their pricing structure. They offer highly competitive fees and exchange rates that consistently are lower than those of many other providers. This approach is especially beneficial for regular transfers, as savings can accumulate over time.
Despite focusing on affordability, Instarem does not compromise on reliability. Our findings show that they provide dependable transfer services, ensuring that your funds reach Colombia securely and without unnecessary expenses.
Instarem's ability to balance economical rates with reliable transfers makes them the preferred choice for cheap international money transfers to Colombia.
Need more options? Compare ALL rates
Get more for your money: compare and choose from over 20 money transfer providers and find the top options to send money to
What is the cheapest way to send money to Colombia?
Money transfer services are the cheapest way to send money to Colombia
Whether you need to send money to your loved ones in Colombia, pay for tuition fees, or send large amounts of money to invest in a property, money transfer services help you avoid bank charges and processes.
The exact cost of sending money to COP can be influenced by factors like:
The country of origin
The amount you need to send
The payment method you select
The current exchange rates
Our comparison engine helps you find the best deal for your transfer by comparing the exact costs of all the most reliable money transfer services on the market in 2024.
USD to COP live exchange rate
Sending money to another country requires an understanding of exchange rates. An exchange rate can be compared to a constantly changing price tag that indicates the value of your currency in relation to another country's currency, in this case Colombia's COP.
A favorable exchange rate means that you will receive more foreign currency for each unit of your own currency, making your transfer more effective.
Use the tool on this page to get the latest exchange rate for your currency to COP. It's pre-set to USD but, you are dealing with different currencies, you can easily adjust the settings and get the values you need. This helps you know exactly how much money will arrive in Colombia when you send it.
Expert Tip: Watch the Exchange Rate
Did you know you can save money by keeping an eye on exchange rates? If you're not in a hurry to send money to Colombia, watching how the rates change can be smart. When the USD to Colombian Peso rate is good, your money will get you more in Colombia. This means you can send more money without spending extra!
Want an easy way to keep track?
How long does it take to send money to Colombia?
Quick and efficient - that's what you need when sending money to Colombia. Money transfer services offer a great solution to those times when speed is of the essence, as their transfer times tend to be much shorter compared to banks.
Take, for instance, an urgent need to transfer $1,000 from the USA to Colombia. Services like Wise excel in this regard, offering near-instantaneous transfers. Even other providers like XE and Instarem, while not as fast, ensure your money arrives swiftly.
Bear in mind that speed, like costs, can be influenced by:
The amount you're transferring. Smaller sums often move through the system quicker, while larger amounts may face delays due to necessary security verifications.
The time you start the transfer. To maximize speed when you send the money via bank transfer, initiate the operation before your bank's cut-off time. Miss this, and your transfer gets postponed to the next business day.
How to send money to Colombia?
Sending money to Colombia, is easy, especially when you gather the necessary documentation, and meet all legal requirements. To help you avoid unnecessary complications and delays, we have compiled a simple step-by-step process.
Financial Transaction Tax (Impuesto a las Transacciones Financieras - ITF): Colombia has an ITF in place, which applied to various financial transactions, including international transfers. The tax rate is typically 0.4% of the transaction amount. However, the tax rate and specific thresholds could vary depending on the nature of the transaction and the financial institution involved.
Foreign Exchange (Forex) Transactions: Colombia also imposed taxes on foreign exchange transactions. The tax rate could vary based on the type of transaction and the amount exchanged. Different rules might apply to individuals and businesses engaged in foreign exchange.
Exemptions and Thresholds: There are exemptions and thresholds in place for certain types of international transactions, especially those related to foreign trade and investments. These exemptions aimed to promote foreign investment and trade in the country. Colombia imposes gift tax on gratuitous transfers of assets, including money. The rates vary depending on the relationship between the donor and the recipient. For example, gifts between close family members may be exempt from gift tax, while gifts to non-relatives may be subject to higher rates.
Transfer Limits: There are currently no limits on how much money you can send to Colombia, but certain amounts may be subject to reporting and taxation laws.
Colombian expats might benefit from the following links:
What do you need to complete an international transfer to Colombia?
When you open an account with a money transfer service, you will be asked to provide your personal information. Before the transfer is executed, you will also need to share the necessary details of your recipient.
Your contact details
You will need to share your contact details with the provider of your choice, so make sure to double check your email and address are correct.
Photo ID
Money transfer services will need you to share a photo ID to confirm your identity. Have it ready and make sure it's valid.
Proof of address (optional)
Some providers may ask you to share a phone bill or a bank statement to prove your address.
Most popular transfer routes to send money to and from Colombia
Analysis and methodology
At MoneyTransfers.com, we're not just another comparison site; we're your ally in beating the high costs and complexities of international money transfers. Our platform is designed to turn the tables on overpriced banks and providers, ensuring you get the best deal every time.
What sets us apart
Unmatched Transparency: We believe in honesty and clarity. With us, what you see is what you get - no hidden agendas, no preferential treatment for providers.
Comprehensive Provider Network: We go the extra mile to include an extensive range of providers in our comparisons. From industry giants to innovative newcomers, we partner with a diverse array of trusted providers, ensuring you have access to the best options available.
Tailored Solutions: We understand that every customer's needs are unique. That's why we offer personalized recommendations based on your specific requirements, ensuring you find the perfect match to send money to Colombia.
The results displayed on this page are based on data we collected via our comparison engine during the past six months and show you a simple way to get the best fees, fastest transfer times, or most helpful customer support.
