You may think it is easier to go straight to your bank or building society if you need to transfer cash overseas, but there could be a cheaper alternative.

International money transfer companies specialise in sending money abroad, meaning they can usually give you a better deal for sending your cash to Colombia.

Most transfer companies operate online, meaning you can get quotes without needing to leave your home.

What you need to do

Use this comparison to find transfer companies that let you send money to Colombia from the UK. Complete an online quote form for each company, which will ask you for:

  • Your name, telephone number and email address

  • The currency you want to send, e.g. pounds

  • The amount you want to send

  • The currency you want your money transferred to, e.g. Colombian peso

After you do this, the money transfer company will send you a tailored quote explaining:

  • The exchange rate they will offer you

  • The amount your transfer is worth in Colombian peso

  • If there are any transfer charges

  • The total cost in pounds

The best transfer deal comes from the company that quotes you the cheapest total cost for sending your money to Colombia.

Benefits of using a money transfer company

Here are some of the reasons why you should use a money transfer company:

  1. 1.

    They can send your money faster than banks, usually between three and five working days. Some companies offer a same day service for an extra charge.

  2. 2.

    They offer more competitive rates because their overheads are smaller compared to high street banks.

  3. 3.

    Most do not charge for transferring money abroad, and those that do usually set their fees lower than banks.

Money transfer to Colombia FAQs

Q

How long does an international money transfer to Colombia take?

A

Most take three to five working days, although they can take up to two weeks. Check with the transfer company before you send your money.

Q

Can I transfer money to Colombia through my bank?

A

Yes, most banks offer a transfer service, but it is usually more expensive than using the companies in this comparison. Find out more here.

Q

Why do transfer companies offer different exchange rates?

A

They deduct their costs from the interbank rate (the rate banks use to exchange currencies with one another) to give you a personalised rate.

Q

Can I transfer money to an account in another name?

A

Some transfer companies only let you send money to an account in your own name. Check this before sending your money to avoid any delays.

Q

Can I agree an exchange rate now and send my money later?

A

Some transfer companies let you do this, also known as a forward contract transfer. Find out more here.

Q

Are money transfers FCA regulated?

A

Yes, your money is kept separate to a transfer company's operational money, meaning you have a better chance of getting your money back if they go bust.