Do you have family and loved ones overseas? Lots of Latin American families rely on financial support from their relatives abroad. We know how important it is to be able to easily and securely send money internationally. To help our community, we created this guide that provides straightforward options for sending money and the requirements to do so.
In this article, we’ll focus on money transfers to Colombia. Many Colombians have left their homeland for the United States to seek new opportunities and provide a better life for their families. The value of both providing and receiving family support is something we take seriously, and we’re here to help.
What Documents Do I Need to Send Money to Colombia?
In order to send funds to Colombia, you’ll need valid, up-to-date documentation proving your identity. This documentation has to be verifiable in the United States. It allows financial institutions to authenticate both the origin of your funds and the recipient’s information. Some primary documents required for you to send money to Colombia from the U.S. are:
- A U.S. government-issued ID or passport.
- Full name, address, and ID number of the recipient in Colombia.
- If you’re making a bank transfer, you’ll need the bank details linked to your debit or credit card. You must also provide the bank details of the person receiving the money.
- If you send money through a money transfer agency or financial institution, they may ask you for the information of the agency to which you plan to send the money.
Money Transfer Options
Advances in technology and an increase in immigrants moving to the United States have resulted in a surge of companies specializing in overseas money transfers. Digital tools have made these options more efficient, allowing you to send funds virtually without going to the bank.
These alternatives are trusted institutions with high-quality standards to keep both your personal information and your money safe. Below are some of the most common options:
A simple way to send money to Colombia is through your bank. You can send funds directly from your U.S. bank account so long as the recipient has an account at an institution that accepts international wire transfers. If so, they must provide you with the SWIFT code of the bank in Colombia. This is an 8-11 digit code that includes numbers and letters. You’ll also need: the recipient’s name, their ID number, their telephone number, the city where they live, and most importantly, their bank account number.
Money transfer agencies
This is a good way to send money to relatives who don’t have a bank account or access to a computer or smartphone. These agencies will receive your money and facilitate its reception in Colombia. It’s a quick and relatively simple process.
To do this, you’ll need to collect the funds you want to send and deliver them to the agency. This can be done through their website or in person at an office. Then you’ll have to select the agency in Colombia where you want the money to arrive. To complete the process, the person withdrawing the money will need to submit their information. Some examples of these agencies are Western Union, MoneyGram, and Acciones y Valores, SA.
Keep in mind: Some of these companies charge a sending fee, and impose a maximum transfer limit of USD per day. This is something you should consider before choosing an agency. Make sure you also find out where the agencies are located in Colombia so your family member can pick up the payment with ease.
Mobile apps and digital platforms
Finance apps are very popular because they don’t require traditional intermediaries. Both you and the recipient need to have the app so you can transfer the money. Most apps require an email confirmation or photos of your ID to validate your identity. Some of the most commonly used platforms are:
Keep in mind: Some platforms place limits on the amount you can send and charge a fee per transaction. Check with the platforms so you have all the information you need before making a transfer.
How Much Does it Cost to Send Money from the U.S. to Colombia?
Sending money abroad almost always involves a fee, typically related to the operating costs of the banks and money transfer agencies. These vary depending on how much you decide to send, the bank or agency you choose, as well as other taxes and fees. The costs associated with sending payments from the U.S. to Colombia are as follows:
Most banks charge a fee to wire money internationally. This depends on your bank, the bank receiving the funds, the amount you transfer, and how quickly you need the money sent. A wire transfer from the U.S. to Colombia typically costs between $20 to $50 depending on the amount of USD you are sending.
The fee charged by mobile apps ranges from $2 to $10. The lower costs of these apps is certainly an advantage, however they can be less reliable than traditional banking institutions.
Currency conversion fee
Most banks or money transfer companies will charge a fee when converting money from one currency to another. The percentage applied to the exchange rate is typically taken at the midpoint price between buying and selling the currency. The percentage taken is usually around 1% to 2%, depending on which tool you use and the total amount in USD you send.
Keep in mind: To determine the best money transfer service for you and your family, consider the daily exchange rate and the commissions and exchange fees charged.
What’s the Fastest Way to Send Money From the U.S. To Colombia?
Speed is another important factor to consider when choosing a transfer service. If your family needs money urgently, go with a company that provides instant transfers. Generally, the fastest way to send money to Colombia from the United States is through traditional money transfer agencies. This allows the recipient to withdraw the money in Colombia in a matter of minutes. Keep in mind that there will be higher costs related to faster delivery speed.
Another option is through apps such as PayPal. These apps only require a person to have an active and verified PayPal account in order to receive the money. There are other similar applications such as Wise, WorldRemit, Western Union, Xoom, MoneyGram, or Revolut, which allow you to send USD in less than an hour.
How Long Does a Wire Transfer from the U.S. to Colombia Take?
Bank transfers to Colombia from the United States usually take up to 48 hours, which is the same as with other international transfers. This will also depend on how quickly the receiving bank processes the transaction.
Keep in mind: Generally, financial institutions can track the status of your money and let you know when it’s available for pick up.
How Much Money Can I Send to Colombia?
The amount of money you can send to Colombia depends on the service or app you select. Generally, there’s a limit per transaction. For example, Western Union allows around $3,500 USD if the person receiving the money is not a Colombian resident. If you’re transferring to a Colombian resident, you can send up to $7,500 USD each transaction. Using this as a reference, the approximate amount of money you can send will be between $3,000 and $7,000 per transaction.
Sending Money to Colombia Can Be Easy and Safe!
Sending money safely and easily is a priority for us and our community. We hope this guide provides the information you need in order to choose the best money transfer service for you and your loved ones. Don’t forget, SABEResPODER’s rewards program can help you send even more money to your nearest and dearest living abroad. Sign up today to find out more!
Learn how to send money to other countries: