The Colombian peso COP is the official legal tender of Colombia and has been since 1837. The symbol used to indicate units of COP is the same as the symbol for US Dollars: $. It is important to not confuse Colombian pesos with US dollars because, unlike other Latin-American countries, USD is not widely accepted in Colombia.
To complicate matters further, the term Peso is used to describe the monetary unit of several other countries’ currencies, including Mexico, Cuba and the Philippines. Be wary of both these factors when converting EUR to COP, as many other currencies may appear when searching for “Peso” or “$”.
Colombia is not as close to becoming a cashless society as other countries around the world. Cash is the preferred form of payment in many parts of the country and all major Colombian banks offer ATM services. Generally, the further you are from a city, the less likely you are to find somewhere which accepts card payments. Therefore, it is important to consider your Colombian recipient’s location and preference, when sending a money transfer from Spain.
As cash is often the preferred method of payment in Colombia this may influence your decision when choosing which money transfer provider to use. There will be more pay-out options available to your recipient if they are based close to a major city or urban areas, such as Bogotá, Medellín or Cartagena, as opposed to a recipient who does not have a bank account or is based in a rural part of the country.
The fastest provider is WorldRemit. The cheapest provider we found is Instarem at % Above Mid-Market Rate.
If you’re looking for the best combination of price, speed, and reliability we recommend using WorldRemit when transferring EUR to COP.
This means that by using WorldRemit for online money transfers to Colombia from Spain, you are likely to save on transfer fees and benefit from fast speeds – so your recipient will get more money and have it delivered in less time.
Alternatively, if you are unable to access WorldRemit for any reason, our money transfer comparison engine has found Instarem and XE - Remit also to be very good options when sending EUR – COP.
Money transfers to Colombia can prove expensive if customers choose the wrong providers. In order to avoid high fees, you should consider the cheapest way to send money from Spain to Colombia. Instarem has been determined by our comparison engine to be currently offering you the cheapest rates possible.
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When sending money from Spain to Colombia, speed is one of the biggest factors you need to consider in terms of the service offered by different money transfer providers. Currently, WorldRemit is the fastest way to send EUR – COP.
Most money transfer providers allow you to deposit and send money using various payment methods, but not all providers offer every option. Typically you’ll find the most common methods are bank transfers and card payments, but many providers also accept cash and some will even deliver funds straight to your recipient’s door.
To avoid high fees you can opt to use an online money transfer provider such as WorldRemit to pay for your transfer to Colombia.
With WorldRemit you can send money online to Colombia using your debit card. But before making a payment, make sure you understand all the processing fees in place.
Bank and wire transfers are the most common ways of sending money Colombia as they are secure, reliable, and convenient. However, they often come with the slowest delivery times in case speed is an important factor for you. You can use WorldRemit to send money using a bank or wire transfer at a great rate as long as you’re happy for your transfer to take 1-2 days.
If you want to make an international transfer using wire transfer, you will need to know the SWIFT/BIC code of your recipient in Colombia. If you’re unsure what it is, check out our SWIFT calculator to figure out the correct SWIFT code in Colombia.
When sending money to Colombia from Spain using bank account transfer you are paying for the outgoing fees, flat fees, currency exchange rate markup, and sometimes an additional incoming transfer fee.
On the other hand, you usually only pay a sender fee and a small exchange rate markup when using online money transfer services such as WorldRemit, Instarem and XE - Remit.
Before sending money to Colombia from Spain, you should consider the following:
This one’s easy. Simply use our comparison table above to find the best provider to send EUR to COP. After that it’s just a process of making your transfer via the following steps:
Your recipient has a few methods available to receive your money in Colombia. These will vary between providers, but it is possible to find services that will:
If your recipient is going to collect or have the money delivered to them in Colombia, then they will usually need the following:
The amount of COP you can receive from Spain will largely depend on the money transfer service you are using. There are providers that specialise in smaller remittance payments, and providers who specialise in larger transfers.
You should also check if there are any government regulations pertaining to the amount of COP that can be received in Colombia or sent from Spain before making your transfer.
April is a journalist and Content Editor for MoneyTransfers.com. Over the last decade she has written for a range of online and print publications. Having lived overseas in Canada and Vietnam, April hopes to see more of the world as soon as possible, with Japan at the top of her travel list. She enjoys writing about forex trends and the future of banking.