How to Send Money to Columbia
Posted by Frank Gogol
Almost all immigrants and non-immigrants who come to the United States need to send money back home. This is especially important for first-generation immigrants. If you want to send money to Colombia from the United States, then there are multiple options. Before that, there are certain things you need to take care of. In this article, we’ll explain everything you need to know about sending money from the US to Columbia and recommend the best options available.
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Can I Send Money To Colombia From The US?
The United States receives the most number of immigrants and non-immigrants than any other country. A sizable portion of it comes from Latin American countries, including Columbia, through various visa programs. Also, the country is the economical powerhouse of the world. Its businesses operate globally.
Therefore, the government realizes it has to ease cross border money transfers. Today, it has flexible and modified policies that facilitate the movement of money across the world.
So yes, you can send money to Colombia from the United States. In fact, you’ll have the best of the experience in the process.
But there are policies in place to curb money laundering and tax evasion. To avoid a violation, you must send money through registered companies and organizations. In the next section, we’ll recommend a few companies that will help you remain compliant.
5 Best Ways To Send Money To Columbia
Various companies have opened facilities to keep pace with the growing demand to send and receive money from overseas. These companies specialize in money transfer overseas. Not all companies, however, are created equal. If you’re looking for the five best ones to send money to Columbia, here are our recommendations:
Xoom, which is a subsidiary of PayPal, has started to facilitate cross border transactions. It’s a great way to send money to Colombia from the United States. In fact, you can send money to over 130 countries with Xoom.
Xoom is particularly suited well for money transfer to Columbia, and Latin America for that matter, because of its exclusive partnership with BTS or Bancomer Transfer Services. BTS operates a network of banks across Latin America and serves as a receiving partner. This ensures speedy transfer and lower fees.
For sending money to Columbia through Xoom, you can pay via your debit card, credit card, or your bank account. The money will be delivered either directly to the beneficiary’s bank account or at their nearest pick-up location. Home delivery of cash is also an option, but expect to pay more unless you’ve availed an offer.
Since Xoom is a service offered by PayPal, you’ll find its services integrated into it. Therefore, you can use PayPal-linked bank accounts, credit, and debit cards.
Xoom is a fully online service, and you’d never have to visit a bank for transactions. You can download its mobile app for the best experience.
Remitly promises and delivers on fast and easy money transfers to offshore accounts. It was specifically made for immigrants keeping in view their problems and necessities.
Remitly also finds pride in providing low fees, which in some cases is zero! But generally, there’s a flat fee of $2.99 to $3.99 charged on all transactions. Another way Remitly reduces fees is by controlling the exchange rate margin. If you’re unaware, then the exchange rate is the biggest chunk of the processors’ fees.
There are two options for sending money, Express and Economy plan. Express is for super-fast transactions, and Remitly guarantees processing within 4 hours. The economy is for transactions where the time frame is not a big concern. But consequently, fees are higher for Express and lower for Economy.
You can transfer to over 50 countries, including Columbia. For delivery, Remitly has partnered up with banks, pick up stores, and delivery services who work closely with the company to deliver fast cash delivery.
WU or Western Union is one of the oldest companies that was set up to facilitate overseas payment. Started in 1912, way before the internet age, the company has since then become synonymous with money transfer.
Western Union operates much like a bank. You walk into one of their stores located near you and hand over the money to the cashier. You’re then asked to fill out the details of the beneficiary and take the receipt with you. The beneficiary then collects the money from his/her nearest Western Union store in Colombia. The transfer is processed within a few minutes, and they can collect after they receive the confirmation. Therefore, it’s one of the fastest methods to send money to Colombia. At the time of writing, WU has 500,000 in 200 countries.
Now the company is digitizing its business and offers internet services. You can log in either on their website or through the app and send money from the comfort of your home.
Reliability and fast service is the main offering of Western Union, but relatively high fees force some people to search for alternatives.
Another company that has taken big strides in remittance service since its inception is WorldRemit. It offers a simple, safe, and low-cost solution for sending money overseas. As per the company’s claims, it processes 90% of the transactions within minutes – making it one of the fastest transfer solutions.
First, you need to create an account with WorldRemit and provide ID details. Once approved, you can start sending money from your bank account or cards. You can send money to over 150 countries, including Columbia. The receiving methods available for the beneficiary are cash pickup from a nearby store, bank transfer, mobile money, or the WorldRemit wallet.
The final recommendation for sending money to Colombia from the United States is Sharemoney. Started in 2014, the company transacts over a billion dollars every year. It is a mobile-first money transfer solution. This means it is best experienced in a mobile app, although there’s a website.
Sharemoney allows you to send money directly from your bank account to the beneficiary’s bank account in Colombia, for which it transacts a small fee. You have to link your bank account and verify it.
The company’s exchange rates are taken care of, and it ensures you receive the lowest fees possible. Sharemoney never requires you to visit a bank or nearby store, and the entire transaction is from mobile to mobile. But you also have cash pickup and home delivery options for the beneficiary if they’re less tech-savvy.
As more and more people send money overseas, we’ll see more companies coming up with innovative solutions. Blockchain is one technology that can disrupt the space, and the result will be even lower fees. Until then, you can use the above five recommended methods for sending money to Colombia from the US. Always keep an eye on the exchange rate since it makes up for the largest portion of the company’s service fee.