Send Money to Colombia Despite the Reduced Options
Send Money to Colombia Despite the Reduced Options
The currency in Colombia is the peso, or COP, and has been since 1837. As of 2009, $1 USD is equal to 2,043.82 pesos. You need to factor in the current exchange rate before deciding how much money to send, which is why educating yourself about the Colombian currency is crucial. Another element of sending money to consider is the fee that your selected method will cost.
Though many banks do offer transfers to Colombia, the high amount of money laundering in this country discourages many banks from accepting money, lest it be counterfeit. Some banks also opt out of transferring money to this country because of the reports of bribes and other illegal activities at its bank branches. However, if you simply need to send money to Colombia, you can still go this route, just with fewer choices than many areas.
Citibank offers its Global Transfers service to those who need to send money to Colombia for $10. You simply need your recipient's name and account number. The funds will be available immediately in your recipient's Citibank Colombia account. You can also make a wire transfer to a different bank in Colombia for $30 to $40 each. BanColombia offers similar services, and has a location in New York.
If you want to avoid banks when you send money to Colombia, you can use an independent company as an agent. If you go this route, you can just send money from your bank account or even from cash to your recipient's bank account or a location in Colombia. Some of the larger cities like Bogot, Medelln, Cartagena, Barranquilla, and Santiago de Cali are full of places where your recipient can pick up their money, usually at banks, grocery stores, and the post office.
If the person you're doing business with in Colombia does not want to give you their bank account number, it's understandable. You can circumvent the issue by sending them a prepaid debit card. You can then add money to it for a fee of just $5 to $8, depending on the company you choose. This works especially well if you plan to buy products from them often. They will receive the money immediately, and can use the card at stores and ATMs to get money out.
If you've never sent money to Colombia or any other country before, the options can be overwhelming. You will need to decide which one works best for you and your recipient. But educating yourself on the state of affairs in Colombia, particularly when it comes to counterfeit money and bank bribery, can help you make up your mind.
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