There are a number of ways to transfer money to Colombia. But whichever option you choose will depend on your personal circumstances and the reasons why you need to transfer money to Colombia.
However, whether it is to move funds to purchase a property, transfer your pension instalments or just transfer money to family and friends in Colombia, it will pay off to research the best solution for you.
Your main choices when you come to transfer money to Colombia are a high street bank, a Money Sending Bureau or a foreign exchange specialist.
A bank will offer you a convenient way to transfer money to a Colombian bank account, perhaps with the Banco de la Republica or Banco de Credito.
In addition to this convenience, you can rest assured that your money is being transferred through a regulated institution. But all this comes with a price.
The foreign exchange rates offered by high street banks tend not to be very competitive and on top of these poor rates banks usually impose high fees on each transfer made by a customer. So if you are planning on making regular transfers to Columbia your extra expenses will soon add up.
You could enquire with a Money Sending Bureau to check if their rates of exchange on the Columbian Peso are any better. However, these establishments tend to be small and poorly rated and will most likely charge you with transfer fees that are higher than those offered by the banks.
Foreign exchange specialists can avoid these issues by providing some of the most competitive currency exchange rates on the market.
Furthermore, RationalFX charge very low fees to transfer money to Colombia!
Why not open an online account with us for free today and see exactly how much money you can save if you transfer money to Colombia with us.