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
Popular money transfer services that send to
colombia
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.
