What's the Best Way to Send Money to Colombia?

The best way to send money to Colombia will depend on your individual circumstances.

There are several options available to you, but each will come with different benefits and costs, so whether you need to transfer your pension, send money to friends and family or make payments on a property in Colombia, it will save you money if you research your choices.

Your three main options are to use a bank, a Money Sending Bureau or a foreign exchange broker.

While a bank is a convenient way to send money Colombia, especially if the recipient has a bank account with the Banco Popular Colombia or Banco de Credito, for example, you could find that you are paying an unnecessarily high cost for that convenience.

The peso exchange rate on offer with high street banks tends not to be particularly competitive.

On top of this you can expect to pay per-transfer fees, which may make this method of sending money to Colombia particularly expensive for those who need to make regular transfers.

Unfortunately, Money Sending Bureaus are just as bad. You can expect to pay per-transfer fees of between ten and 15 per cent if you send pesos to Columbia with these establishments.

Foreign exchange brokers, on the other hand, should save you money when you send money to Colombia with them.

Indeed, their peso exchange rates will be some of the most competitive on the consumer market.

Furthermore, RationalFX is able to offer you a low fee service when you send money to Colombia with us.

So why not open an online account for free today? This will allow you to the view the actual exchange rates available, which you can then compare with others to ensure that you pick the best way to send money to Colombia for your individual circumstances.