Send money to Colombia

Send Money To Colombia

The name Colombia is a creation of Francisco de Miranda, a Venezuelan revolutionary of the pre-independence times. It’s a name that is taken from the surname of Italian explorer Christopher Columbus or Cristoforo Colombo in Italian. Although it was used as a reference to former Spanish and Portuguese colonies in the post colonisation era, the Republic of Colombia adopted it in 1819.

Colombia shares borders with Panama, Brazil, Venezuela, Peru and Ecuador. It has a population of about 47 million people and the official language is Spanish. The capital city is Bogota.

Tourism remains one of Colombia’s most important sectors. The country is steeped in history and some of its historic sites are listed on the UNESCO World Heritage List. Some of the top tourist destinations in Colombia are the Amazon Rainforest, Medellin, the historic city of Cartagena, Ciudad Perdida and Mompos.

Colombia

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Currency Used

The official currency of Colombia is the Colombian Peso (COP). The Colombian peso has been used in Colombia since 1810. One peso comprises of 10 reales. If you are travelling to Colombia, make sure you carry enough money in pesos as the US dollar is, for the most part, not accepted as an official legal tender in Colombia. However, that is not to say that there are no places to exchange your foreign currency in Colombia. The US dollar is still one of the most exchanged foreign currencies.

The great thing about the Colombian Peso is that it is generally a stable currency, although there has been a dip in recent times. So whether you are exchanging in Colombia or in the UK, the rates will not be significantly different. Colombian pesos are not too difficult to find in the UK.

The currency is available in both banknotes and coins. The notes are in denominations of 1,000, 2,000, 5,000, 10,000, 20,000 and 50,000.

One Colombian peso is the equivalent of approximately 0.00035 US dollars or 0.00027 British pounds.

Send Money with Bank Deposit

Money laundering is a big problem in Colombia due to the illicit heroin and cocaine trade. The illicit money finds its way into the economy, causing huge problems for financial institutions. Apart from drug money, there are also proceeds from smuggling, tax evasion, arms trafficking, and kidnapping ransoms.

The law requires financial institutions to maintain records of all financial transactions and account holders for a period of five years. Although there are secrecy laws, these have not prevented banks from cooperating with law enforcement.

Under the law, financial institutions are allowed to breach client confidentiality when they suspect any money laundering activity. There are negligence laws and some fraud provisions to keep the financials in check as well. There is also a Financial Superintendent whose duty is to supervise financial entities that have obligations to inform the government under certain circumstances.

The Banco de la Republica (Central Bank) is the institution tasked with issuance and administration of Colombia’s legal currency. The central bank is also in charge of the country’s foreign exchange systems and monetary credit.

Send Money Through Cash Pickup

If you are receiving an international transfer via bank deposit for the first time, you will be required to fill a declaration form.

If you are sending money to a recipient through a Colombian bank account, you need to know your recipient’s account number, bank name, account type, complete address, full name and phone number.

In most cases, the banks charge a transfer fee for the rendered service. They can either deduct it from your amount or require you to pay it separately.

It is important to note that there are fees involved in sending money through bank deposits in Colombia. Some of the charges will be revealed to you while some will be hidden. So make sure that you consult widely as some of the fees charged can be quite exorbitant. A lot of this information can be found online, although it’s always good to visit a bank in person if you can.

Money Transfer Regulations

Colombia is another South American country that has many cash pickup service points. When choosing a cash pickup service, you should always understand that security is the number one priority. Some of the factors that can affect the speed at which the recipient receives the money include time zone differences, working hours in the recipient country and recipient’s availability.

Colombia has its fair share of security challenges. That is why you need to beware when going to receive money from these pickup agencies. The location of the pickup should be in an open place. At the same time, you should be careful who you tell of your intention to send or receive money.

But after all is said and done, cash pickup is the easiest money transfer method to use in Colombia. It is not just cost effective, it is also quick and efficient. And the paperwork involved is almost negligible.