How to Send Money From USA to Colombia

Sending money from the United States to Colombia is common for many individuals, often to support families, cover educational expenses, manage business dealings, or provide gifts. Understanding the available methods and necessary procedures helps ensure efficient and secure transfers. This guide provides an overview of international money transfers to Colombia.

Methods for Sending Money

Several channels are available for individuals in the United States to send money to Colombia, each with distinct characteristics regarding speed, cost, and convenience.

Online money transfer services are popular due to their digital accessibility and competitive exchange rates. These platforms typically allow transfers directly from a bank account, debit card, or credit card, with funds arriving in Colombia within minutes to a few business days. Companies like Wise, Remitly, Xoom, Ria, and Xe offer various payout options, including bank deposits, cash pickups, and mobile wallet transfers to services like Nequi or DaviPlata.

Traditional wire transfers through banks provide a secure method for sending funds internationally. While reliable, they can involve higher fees and longer processing times, potentially taking several business days. Banks typically require specific banking details, including a SWIFT/BIC code, for these transactions. This method is often preferred for larger sums due to its security and established banking infrastructure.

Physical money transfer agents, such as Western Union and MoneyGram, offer a widespread network for sending and receiving cash. These services are chosen for convenience, allowing senders to initiate transfers in person using cash or a debit card. Funds can often be available for cash pickup in Colombia within minutes, though fees and exchange rates may vary compared to online platforms.

Some P2P payment applications also facilitate international transfers, especially those integrated with mobile wallet services in Colombia. These apps allow for quick digital transfers directly to a recipient’s mobile wallet, which is convenient for those without traditional bank accounts. Users should be aware of potential daily or monthly transfer limits.

Information Required for Transfers

Gathering all necessary information is crucial before initiating any money transfer to Colombia.

The sender must provide their full legal name, current address, and contact information, including a phone number and email. A valid government-issued identification, such as a driver’s license or passport, is required for identity verification. Some services may also inquire about the source of funds to comply with regulations.

Detailed information about the recipient in Colombia is equally important. This includes their full legal name, precisely as it appears on official identification documents, along with their physical address and contact information. Accuracy prevents delays or rejection. The recipient’s national ID number is also frequently required for bank deposits or cash pickups.

For transfers to a bank account in Colombia, specific banking details are essential. The sender must have the recipient’s bank name, account type (e.g., savings or checking), and complete account number. The bank’s SWIFT/BIC (Society for Worldwide Interbank Financial Telecommunication/Bank Identifier Code) is often needed for international wire transfers, serving as a unique identifier for the recipient’s bank.

For cash pickup, the sender must provide the recipient’s full legal name as it matches their government-issued ID. The recipient will need to present this identification along with a transaction reference number, often called an MTCN (Money Transfer Control Number), to collect the funds. The exact amount to be sent and the purpose of the transfer, such as family support or a gift, are standard requirements.

Executing the Transfer

Initiating the money transfer involves procedural steps that vary slightly by method.

For online or app-based services, log into your account and select Colombia as the destination. Input the desired U.S. dollar amount; the system will display the converted Colombian pesos, fees, and exchange rate. This provides a clear understanding of the total cost.

Choose the preferred payout method for the recipient, such as bank deposit, cash pickup, or mobile wallet transfer. Enter the recipient’s details, including full name, address, and bank account or mobile number. After reviewing all transaction details for accuracy, proceed to payment, selecting your funding method (bank account transfer, debit card, or credit card). Upon successful payment, a confirmation will be provided, often with a transaction reference number to track progress.

For traditional bank wire transfers, the process can be initiated through your bank’s online portal or a physical branch. Select “international wire transfer” and fill in the required fields with the recipient’s bank name, account number, and the bank’s SWIFT/BIC code. Your bank will also require your identification and the purpose of the transfer.

For physical money transfer agents, visit a local agent location and complete a send form. Present your government-issued ID and provide the agent with the recipient’s information, including full name and expected city of pickup. Pay the amount to be sent, plus any transfer fees, usually in cash or with a debit card. The agent will provide a receipt with a tracking number, which should be shared with the recipient.

Receiving Money in Colombia

Once a money transfer is initiated from the United States, the recipient in Colombia needs to understand how to access the funds.

For bank deposits, money is credited directly to the recipient’s bank account in Colombian pesos, usually within minutes to a few business days. Colombian regulations may require first-time recipients to complete a “Declaración de Pago” or similar form to confirm identity and purpose.

For cash pickups, the recipient must visit an authorized agent location in Colombia. They need to present a valid government-issued identification, such as a “Cédula de Ciudadanía,” passport, or alien identification card, ensuring the name matches the sender’s provided name. The recipient must also provide the transaction reference number (e.g., MTCN) from the sender, along with the sender’s full name and country of origin. Funds are typically available for cash pickup within minutes.

Colombian regulations stipulate that all international transfers must be channeled through authorized financial intermediaries for safety and compliance. Any person of legal age with valid identification can receive international money transfers. While the sender typically covers transfer fees, certain Colombian regulations might impact the received amount. For instance, a “4×1000 tax” may apply to remittances exceeding a monthly cumulative amount, with 4 pesos collected for every 1000 pesos above a certain threshold. This tax is applied at the payout location, affecting the net amount the recipient receives.

Recipients of larger or frequent international transfers may be subject to registration requirements by the Colombian government if receipts exceed certain cash and frequency limits. If a recipient fails to provide required information or complete necessary forms, the transfer might be delayed or canceled, with funds potentially returned to the sender.