- Send money to bank accounts, phones or cash pick-up locations
- Most transfers take less than a day
- Send money to 195 countries in 60 different currencies
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Sitting at the northern tip of South America, Colombia is a culturally diverse nation famous for its lush rainforest, beautiful mountains and for growing some of the world's best coffee. It's also a popular inclusion on the itinerary of any Australian visitor to South America - and if you ever need to send money from Australia to Colombia, perhaps to a friend or relative visiting the country, there are plenty of transfer options to choose from.
But before you hand over any money to your bank or anyone else, make sure to compare your transfer options and find the most convenient and cost-effective transfer solution.
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Colombia. Some offer cash pickup in as little as a few minutes, while others seamlessly transfer to bank accounts. Sending money through PayPal or your bank is also an option, but you'll typically face higher fees and weaker exchange rates when going that route.
Companies like XE and wise specialize in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient's Colombian bank account, often in as little as a day or two.
Services like WorldRemit allow you to transfer cash for pickup at a local branch in Colombia— often in 15 minutes. While it's a fast way to send money, you'll pay for the convenience in weak exchange rates and high fees.
Colombian pesos are not a popular currency, so your local bank probably won't be able to exchange them. If your bank supports Colombian pesos, beware of high fees and wide margins on the exchange rate compared to digital and other options when sending a wire transfer to Colombia.
Let's say you need to send $1,000 to family in Colombia. Here's what you might face as far as fees and exchange rates as of 11 November 2020.
|Digital money transfer||Cash transfer|
|Exchange rate||1 AUD = 2,645 COP||1 AUD = 2,496 COP|
|Transfer speed||1-2 day||Minutes|
|Amount received||COP $2,588,132||COP $2,496,161|
The digital money transfer option ends up being the best value, while a cash transfer is faster.
Sign up and send money with a digital money transfer specialist in four steps:
Weigh costs and fees against convenience to learn how to compare money transfer providers that send to Colombia to best meet your needs:
When urgency trumps cost to get your money to Colombia quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
Cash transfer services can help you if you don't have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
The exchange rate determines how much one country's currency is worth in another country's currency. When a country's currency is strong, it yields more money when exchanging it in a country with a weaker currency. Colombia's exchange rate is flexible compared to Australia dollar. Because of this, the AUD-COP relationship may make sharp movements. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Track how the Colombian peso trades against Australia dollar in our historical rate chart.
To send money to Colombia from Australia, you'll need government-issued ID and other documents, while documents needed to pick up money in Colombia may be different by company.
To send money from Australia to Colombia, you'll need documentation and details that include:
To pick up money in person, documentation can include:
The Department of Foreign Affairs and Trade recommends that Australian visitors to Colombia exercise a high degree of caution, so it's important that you take care when picking up cash. If you can, get a friend to accompany you and act as an extra deterrent to would-be thieves, while it's also a good idea to only visit a cash pickup agent in an area you know to be safe. Don't display the cash you collect in public and deposit it in your bank account as soon as possible.
Sending your hard-earned money to Colombia shouldn't cost a fortune. Compare money transfer companies that specialize in foreign transactions for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.
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