With thanks to the provision of so many online transfer sites, sending money to from the UK to Colombia has never been easier or safer.
How To Send Money to Colombia from the UK
In 2019, it was approximated that there were 16,000 Colombians living in the UK. Kindred to this, Colombia is a popular tourist hotspot for British travellers, and attracts around 6 million international tourists annually, a large population of which coming from the UK. As such, there is significant demand for the transfer of funds from the UK to Colombia.
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Methods to Send Money to Colombia from the UK
Sending Money to Colombia via Online Money Transfer
There are countless online services available for transferring funds to Colombia. These online services tend to offer the best exchange rates. Services such as Azimo, Remitly and WorldRemit are widely recognised by comparison sites for their low transfer fees and the best exchange rate between the British Pound and the Colombian Peso.
Sending Money to Colombia via PayPal
PayPal payments from the UK to Colombia are supported by Xoom, a service supported by PayPal’s platform to allow for instant transfer of funds. However, this is not necessarily the most cost-effective option. Xoom makes a profit from the conversion. Accordingly, this means that it is does not offer best exchange rate available. Xoom additionally charges an additional transaction fee.
Sending Money to Colombia via Bank Transfer
Sending money to Colombia directly from a UK bank account is typically the most expensive option. Not only do the bank’s exchange rates tend to be worse than online services, but they also charge some of the highest transaction fees. It is thus best advised to avoid direct bank transfers through your bank.
Sending Money to Colombia via Western Union
Western Union is one of the most widely-used methods for international transfers. Western Union offers threes options when sending money from the UK to Colombia; sending money online, via mobile payment or in person. The recipient in Colombia can, in turn, receive the money directly into their bank account or can collect the cash at one of 3400 agent locations. It must be remembered that when collecting the money, the recipient in Colombia must complete a short registration which involves sharing the details of the transfer, their address through presenting a form of ID and sharing the unique Money Transfer Control Number (MTCN) of the transaction.
Can I Send Money to Colombia via Cryptocurrency?
Cryptocurrency is completely legal but unregulated in Colombia. It is therefore strongly advised against with regards to transferring funds due to security concerns.
You can send money to Colombia with a zero-fee transaction
Can You Send Money to Colombia For Free?
Money transfer services are typically subject to some form of transaction fee or conversion rate. However, many of these fees are extremely low. Services such as Azimo and Remitly currently offer zero-fee transactions for first time users so it is certainly best to compare before proceeding with the transfer.
How Long Does It Take to Send Money to Colombia?
With so many online services available, it has never been faster to send money from the UK to Colombia. Services such as Azimo, TransferWise, World remit and Remitly all offer same-day transactions. Xoom, for an additional fee, offers instant transfer within just a few minutes. Bank transfers from the UK to Colombia are always the slowest option at transfer speeds of around 2 business days.
What Do You Need to Send Money to Colombia?
For all online payments, you will need all relevant login details, as well as a viable form of payment. Bank transfers typically require a form of photo ID as well as a valid payment method (debit or credit card).
Is it Safe to Send Money to Colombia from the UK?
You must always approve the transfer of fund overseas such as from the UK to Colombia with caution. One should always look out for FCA approval. FCA certification ensures that the accounts are safeguarded. Any legitimate transfer service company should have their FCA details readily available on their website or be able to provide them upon request. Be sure to never provide any confidential information such as passwords, especially in phone and email correspondence.
