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Top 1 Money Transfer Providers for Colombia to USA

Provider Amount To Send Fee Exchange Rate Speed
Western Union Western Union COP $200.00 No Fee 0.0003 more...
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Colombia
Colombia allows foreign exchange transfers to move freely in and out of the country Read More
 

Send money from Colombia to USA

Top 1 Money Transfer Providers

Latest prices for transferring money from Colombia to USA
Exchange Rates as of 24 May 2024, 19:25

Western Union

Est. 1851

The Western Union Company is a financial services and communications company based in the United States.

More InfoLess Info
Amount Received
USD $0.05
COP $4,082.40
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How to Transfer Money from Colombia to USA

Colombia to USA Guide

Summary

Colombia and the US have long maintained diplomatic relations, with strong political, economic, and cultural ties between the countries. The US-Colombia Trade Promotion Agreement (CTPA), implemented in 2012 has further helped build the trading relationship, with the US being Colombia’s largest trading partner, with over $39.3bn of bilateral trade in 2022.

Colombia’s government has actively promoted and invested in the country’s infrastructure while developing efficient capital markets to attract more foreign direct investment (FDI). Its abundance of natural resources, an educated and growing middle class, and a safe and regulated financial sector have also helped to improve Colombia’s economy and make it more attractive to foreign investors.

According to the 2020 US Census, an estimated 1.4 million Hispanic people of Colombian origin are living in the US. With no restrictions on Colombian Citizens transferring money from Colombia to the US, a large number of transfers are made that exchange Colombian Pesos (COP) to US dollars (USD).

Banking and money

Both the COP and the USD have long been in circulation, with the currencies dating back to 1837 and 1792 respectively. With such a strong pattern of movement from Colombia to the US, it is unsurprising that the COP to USD is a common currency exchange.

When it comes to banking, having a US account if you move to the country will mean fewer restrictions and fees will help with everyday transactions. There are certain documents that you will need, such as either a passport or Colombian consular ID, further identification documents, and either an Individual Taxpayer Identification Number (ITIN) or Social Security number – different banks have different requirements, so you should check beforehand.

To transfer money to the US from Colombia, using a trusted money transfer service will save you on fees and likely offer better exchange rates, so be sure to make the most of our money transfer comparison tool.

Taxation

As of 2023, there is no tax treaty in place between Colombia and the US. Because of this, Colombian citizens living and working in the US must pay tax on any earned income at the rates outlined on the appropriate US tax return.

Although the Colombian government and financial authorities do have strict reporting requirements for transferring money into and out of the country, there are currently no restrictions on international money transfers from Colombia to the US. For more information on taxation in the US, please refer to the Internal Revenue Service (IRS) website.

Importing from Colombia to the US

US imports from Colombia were at $19.4bn in 2022, making the US a key import partner. Colombia’s government has made it a priority to adopt and implement free market policies to help liberalise trade and investments within the country, with the goal of attracting FDI.

In 2012, US FDI into Colombia increased to USD $8.4bn, representing a 30% increase over FDI from the previous year. Colombian FDI into US-based investments totalled $779m for the same period, a decrease of 16.6% from the previous year.

​​​​Visas, work permits and residency

Colombian citizens who wish to live or work in the US are required to apply for the appropriate visa before entry into the US. For short-term visits, Colombian citizens must apply for a short-term visitor visa. If coming to the US for work, a work visa is required.

There are a variety of work visas, differentiated by profession and length of stay allowed. Colombian citizens who are coming to the US for a temporary stay or for work should refer to the US Embassy website for more information on visas before deciding which to apply for, and what documents are needed.

Buying property in the US

Colombian citizens who wish to purchase real estate in the US will find the process fairly easy, as few restrictions exist for foreigners who are legally in the US. However, it is important to know that anyone wishing to purchase property in America must provide an ITIN to finalise the purchase.

This number must be acquired through the IRS and may take up to five weeks or longer to receive. If considering a property purchase in the US, please plan ahead and apply for your ITIN early in the process to help facilitate your transaction and ensure there are no delays. Once your ITIN is received, you may then send money from Colombia to the US to fund your real estate purchase.

It is also important to know the details of US real estate laws. Because each state has real estate laws specific to that state, it is strongly recommended that you obtain the services of a licensed real estate attorney or real estate agent, who can advise on both regional and federal real estate laws throughout the entire purchasing process.

For property buyers in the US that don’t have citizenship, taxation will be different based on residency, double tax treaties, and whether the property is used to generate income. Speak to an expert before making any big decisions for a better understanding of your situation.

Voting

Colombian citizens and residents are not permitted to vote in American federal elections, as voting in an American federal election is restricted to American citizens only. Historically, some states have allowed non-citizens to vote in state elections, but today this is a rare occurrence. However some places may allow non-citizens to vote in local elections.

Studying in the US

Before applying for a study visa to attend an American institution, Colombian students must first apply for and be accepted to a US-based school or program. Once accepted by the school, you will then be supplied with the necessary approval documents by the school to apply for the student visa.

There are different types of student visa depending on your course, with the F1 Student Visa being for academic institutions such as universities, and M1 Student Visas for vocational courses.

Healthcare

The American healthcare system is a pay-as-you-go system. Health insurance is the most common way to pay for healthcare services, and the majority of US citizens receive their health insurance through their employer, if they are employed full-time.

It is advisable for Colombians who are planning to visit or live in the US to first purchase either travel insurance or a short-term health insurance policy as healthcare emergencies can generate high costs.

As a Colombian citizen living in the US, you may participate in the two publicly-funded health plans, Medicare and Medicaid, but only if you meet the qualification requirements.

 

Want to send money to the US from Colombia without high fees and unfavourable exchange rates? Try our money transfer comparison and see how much you could save.

 

 

 

Frequently Asked Questions

Are the money transfer companies shown above safe to use?

Yes, all the companies are safe and fully-regulated money transfer services. Each are authorised and regulated by the relevant authority such as the Financial Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.

How long does an international money transfer take?

The speed of delivery will depend on where the money is being from and to and how you are sending and receiving the money. Transfers sent using bank to bank transfers can depend take anywhere from minutes to days and you should check the time estimates from the relevant provider. Debit and credit card payments sometimes allow for faster transfers for smaller amounts.

How do I use FXcompared?

First review the comparison results (such as for a table above) for a given amount of money sending from Colombia to USA. Then select a provider based on factors such as price, speed, their rating and click the green button to be taken to their website. From there, you can register and sign up for an account. Once you have done that and the provider has verified your identity to ensure the money can be send safely, you will be ready to transfer money.

What payments methods can I use to send money overseas?

The results shown above are typically for bank to bank transfers. It is possible via some providers to pay in your funds for the transfer via cash, debit or credit cards as well but this is usually reserved for smaller amounts. Some providers also give you different options for how the money will be received - to a bank account (most common), to a debit card, to cash or to a digital or mobile wallet.

What if the price shown above isn’t exactly what I am offered when I try to transfer money?

There can be a number of reasons why the final price you are offered may be different to that shown in the table above. Exchange rates between two currencies change all the time and is the most common reason. Additionally, some providers offer different pricing depending what method you are using to send funds or how the funds will be received. Others may offer you a premium service for faster payments. In some cases FXcompared has a special rate with a provider and this is reserved for first time customers who sign up to the provider starting from FXcompared’s website. As prices do change often, be sure to confirm the total cost with the provider before transferring money.

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All the providers listed are regulated by the relevant authority (e.g. the FCA in the UK, FinCEN in the US, ASIC in Australia) and have been vetted by FXcompared.

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.