Small transfers
Key takeaways
- Opt for money transfer specialists to get better COP exchange rates and lower fees.
- Xe Money Transfers, Revolut and Wise offer transfers to Colombia within minutes.
- For large transfers, consider Xe Large Transfers for better rates and expert support.
Fast transfers
Business transfers
Looking for a way to send money to family, friends or a business in Colombia (or even to your own bank account overseas)? According to MoneySmart, you should avoid Australian banks and go with a money transfer specialist to get better COP exchange rates and lower fees on international transfers.
Based on the providers we've compared, Remitly is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Remitly can get money to your recipient in Colombia within minutes.
Best ways to send money to Colombia from Australia
The best way to send money to Colombia depends on your payment method, how you want your money to be received and how fast you need it to arrive.- Online money transfer provider. When buying Australian dollars or Colombian pesos money transfer specialists typically offer better rates and cheaper fees than a local bank.
- Bank transfer. Bank transfers are an easy way to send money to Colombia but they charge extra for the convenience and are often slower than other methods. AU banks generally add a 3% to 6% markup onto exchange rates.
- Cash pickup. If you need your money to arrive fast, cash pickup gives your recipient instant access to the money you've sent when they collect it from their agent location in Colombia.
- Mobile wallet. Essentially an electronic wallet service, mobile wallets allow users to store, send and receive eligible currencies using their phone, often with fees attached.
- Prepaid phone credit. Specifically used to top up a recipient's prepaid mobile phone plan, prepaid phone credit is usually added instantly or within a few minutes.
- Home delivery. If your recipient may struggle to get to a cash pickup location, you may be able to opt for door-to-door cash delivery.
Compare the best money transfer companies to send money to Colombia
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How we picked these
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We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.
Cheapest way to send money to Colombia
As reported by the ACCC, bank transfers are typically the cheapest way to get your money to Colombia. Remitly and Send Payments have some of the lowest bank transfer fees of the brands we've compared.
Remember, it's more important to look at the overall cost of your transfer to Colombia and this has a couple of elements:- Transfer fees. While still cheaper than your Australian bank, money transfer services charge either a fixed or percentage-based fee for making your transfer.
- Exchange rates. Another way money transfer providers make money is to add a margin to the mid-market AUD/COP exchange rate.
Certain providers may give the mid-market rate but add fees on top and others will have low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many Colombian pesos your recipient will end up with.
Fastest way to send money to Colombia
Actual transfer times from Australia to Colombia can depend on several factors including transfer amount, payment method and currency.
Here are some of the fastest average transfer speeds to Colombia:- Wise — within minutes
- Remitly — within minutes
- Rocket Remit — within minutes
Safest way to send money to Colombia
The safest way to get your money to Colombia is using a provider registered with Australia's industry regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC). All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Australia and Colombia.
A great way to dive deeper is by reading our reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
Large money transfers to Colombia
If you need to make a sizable money transfer to Colombia, consider using a provider such as Send Payments to secure a better COP exchange rate and benefit from its expertise handling larger transactions.
Using a large transfer specialist can have the following advantages:- Tax guidance. Large transfers to Colombia may have tax implications for you or your recipient. A transfer specialist can help get you up to speed on the Australian Taxation Office's latest advice.
- Foreign exchange tools. Advanced tools such as forward contracts, limit orders and stop-loss orders can help you lock in the COP exchange rate you want.
- Account manager. Some money transfer providers assign a personal account manager who can offer advice and help facilitate transfers.
- Phone service. If you want to talk your transfer through with someone, providers such as Wise can provide support over the phone.
How to send money to Colombia from Australia
To send money to Colombia, you'll need the necessary documentation, your recipient's details and a way to pay.
- Compare your options.
Use our table to find a money transfer provider that sends funds to Colombia. One may be better for cash pickups while another may suit a bank transfer. Once you've found the best one for your requirements, click "Go to site". - Create an account.
You'll need to give your name, address, contact details, proof of ID and method of payment. - Provide your recipient's details.
Enter your recipient's name and contact information. If you're sending straight to their Colombian bank account, you'll need the account number, SWIFT or IBAN number, plus their bank branch's address. - Enter your transfer amount.
Check you're happy with the fees, exchange rates and transfer speed, then enter the amount you wish to send. Double-check the total Colombian pesos your recipient gets. - Complete your transfer.
Send your money transfer to Colombia. Keep your transaction reference number safe so you can track your transfer. Your recipient may need it too.
How to choose a money transfer company for Colombia
When selecting a provider to transfer money to Colombia, here are the main factors to consider:
- Exchange rates. Banks and transfer services use the mid-market rate to trade with one another. However, not every money transfer provider offers the mid-market rate so compare the COP you're offered to the mid-market rate to calculate the margin.
- Transfer fees. Are you being charged a flat fee or a percentage of the transfer amount? A provider offering to transfer your money to Colombia for a flat or low fee might work out better if you're sending a large amount.
- Transfer type. Does your recipient have a Colombian bank account or is cash pickup a better option? Each transfer type will have different fees. For example, instant cash pickups tend to be more expensive than bank transfers.
- Transfer speed. If you need your transfer to arrive quickly, you can pay for an express delivery. Companies such as WorldRemit offer instant cash pickups but may charge more. If you're not in a rush, online money transfer services offer the best value.
- Transfer limits. Find out how much you can send with each service. For example, Paysend has a transfer limit of $999 while OrbitRemit allows transfers up to Varies by destination.
- Discounts. Providers may offer you a free transfer simply for signing up. Others may give a discount for transferring more than a specific amount of Colombian pesos.
Frequently asked questions
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Trying to send money to family in Colombia. Tried all of your suggestions and none offer a bank transfer service to a bank account in Colombia in COP. What next?
Hi Matt,
Thanks for your inquiry.
I’m sorry to hear about the problem you’re having. I would suggest that you go through the money transfer service providers found on our table on this page. These providers are known to send money to banks and they can handle transfers made to Colombia.
If after trying every provider featured on our page, you may try to check the Internet for more options. You can also get in touch with the providers on our page and ask them directly if they can send money for you.
Hope this information helped.
Cheers,
Arnold
Do you know of any foreign exchange companies that will offer an exchange from AUD to COP? Plenty will transfer to Colombia but I cannot find one that offers an exchange into COP
Hi Jezzman,
Thanks for your question.
There are different currency exchange service providers in Australia where you can purchase or exchange Australian dollars for other currency including:
For more information, you may want to check our guide that discusses currency exchange transactions.
I hope this helps.
Cheers,
Anndy
is there a limit of how much money i can send to colombia from australia ? thank you
Hi Larry,
Thanks for your question.
The maximum amount you can send to Australian from Colombia will depend on the money transfer service you choose. It’s best to check with the company to find out whether there’s a maximum amount on money transfers.
Hope this helps.
Clarizza