Tips on Transferring Money to Colombia
There are several ways to send money from the U.S. to Colombia, one of which is to have a relationship with a US bank that is also present in Colombia.
Money being sent between accounts within the same bank is often processed more quickly. Therefore it might be a good idea to open an account locally with the same bank so that the recipient can get access to funds faster.
Bank transfers between different banks aren't difficult, but can entail a waiting period of up to 5 business days with higher costs.
You can initiate wire transfers to Colombia through banks. A wire transfer gets the money there fast, but there must be a corresponding bank to receive it. Fees can be high for international wire transfers, but this is a good option if the money needs to get there fast.
Yet another way to send money regularly to Colombia is through an ATM or pre-paid debit card. This is not the best method in case of an emergency as it takes time for the card to be sent to the person receiving the funds.
Make sure you have a debit card that will ensure money can be withdrawn from a large network of ATMs in Colombia. If using an ATM card, make sure you trust that the recipient is not accessing funds without your permission. A pre-paid debit card is a safer way to ensure the recipient receives the exact amount of money intended.
Online payment services such as ATM Cash are also a good way to send money to Colombia. These kinds of services allow you to inexpensively send money 24/7 from your own computer.
All of these methods are good options for sending money to Colombia.
Money being sent between accounts within the same bank is often processed more quickly. Therefore it might be a good idea to open an account locally with the same bank so that the recipient can get access to funds faster.
Bank transfers between different banks aren't difficult, but can entail a waiting period of up to 5 business days with higher costs.
You can initiate wire transfers to Colombia through banks. A wire transfer gets the money there fast, but there must be a corresponding bank to receive it. Fees can be high for international wire transfers, but this is a good option if the money needs to get there fast.
Yet another way to send money regularly to Colombia is through an ATM or pre-paid debit card. This is not the best method in case of an emergency as it takes time for the card to be sent to the person receiving the funds.
Make sure you have a debit card that will ensure money can be withdrawn from a large network of ATMs in Colombia. If using an ATM card, make sure you trust that the recipient is not accessing funds without your permission. A pre-paid debit card is a safer way to ensure the recipient receives the exact amount of money intended.
Online payment services such as ATM Cash are also a good way to send money to Colombia. These kinds of services allow you to inexpensively send money 24/7 from your own computer.
All of these methods are good options for sending money to Colombia.
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posted by Credit Counseling at
12:34 AM
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