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Top 2 Money Transfer Providers for USA to Colombia

Provider Amount Received Fee Exchange Rate Speed
WorldRemit WorldRemit COP $716,510.42 No Fee 3582.5521 more...
MoneyGram MoneyGram COP $715,918.50 No Fee 3579.5925 minutes more...
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USA
The dollar, the world’s most traded currency, is held on a free-float exchange rate and is fully convertible to foreign currencies Read More
COLOMBIA
Colombia allows foreign exchange transfers to move freely in and out of the country Read More
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Top 2 Money Transfer Providers

Latest prices for transferring money from USA to Colombia
Exchange Rates as of 13 July 2020, 07:00

WorldRemit

Est. 2010

Use the code '3FREE' and pay no fees on your first three money transfers

WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

More InfoLess Info
Amount Received
COP $716,510.42
USD $33.91
saved vs. banks

MoneyGram

Est. 1940

MoneyGram is a leading remittance provider serving countries across the globe.

 

More InfoLess Info
FXcompared Rating
Amount Received
COP $715,918.50
USD $33.74
saved vs. banks

How to Transfer Money from USA to Colombia

What is in this guide

USA to Colombia Guide

Summary

The United States and Colombia have a number of trade agreements in place and foreign direct investment between the two countries is robust. American citizens who wish to make international transfers to Colombia will find that there are no restrictions. If planning to transfer money from the US to Colombia, no registration is needed. However, for any investment activity, registration is required with Colombia’s Central Bank. This ensures that the investment and any profits earned on it can be repatriated.

Visas, work permits and residency

American citizens who wish to live or work in Colombia for longer than six months must apply for the appropriate visitor or work visa. Colombia has visas for two categories of visitor: temporary and permanent. For visitors planning to stay longer than six months, they must apply for either a temporary business visa or a temporary visa.

For visits less than six months, American citizens need only show their valid passport (valid for at least six months from the time they arrive) to enter the country. For more information about Colombia’s visa and residence requirements, visit the Ministry of Foreign Affairs website.

Buying property in Colombia

Buying property in Colombia is permitted freely and with few restrictions for foreigners. However, it is strongly advised that foreigners find a licensed real estate agent and/or a real estate attorney who is familiar with Colombian real estate laws to help guide you through the purchasing process.

Prospective buyers should conduct due diligence on any property you are interested in to ensure there are no existing liens or debts against the property. Once background research has been completed and the buyer has acquired the certificado de libertad y tradicion, it is typical to then make a promise to purchase. The certificate confirms that the required due diligence has been completed on the property and is a required part of the purchasing process.

After the certificate has been acquired the buyer typically makes the promise to purchase offer. The offer typically will include the property price, the closing date of the transaction, the notary public used and their contact details, the contact details for the buyer and seller, and any special conditions that were agreed to between the buyer and seller.

If the offer is accepted, the two parties will then sign the public deed. This signing may occur a few days after the promise to purchase agreement to several months after, as there are a number of things that need to happen before the final deed can be signed. These include paying all property-related taxes, providing proof of payment for all applicable building administration fees, payment of notary fees, and providing copies of the buyer’s and seller’s IDs. At this point, it is common for the buyer to begin making arrangements to send money from the United States to Colombia.

The registration of the closing deed is the last step of the purchasing process, and is where the official transfer of deed takes place and the property is registered under the new owner’s name. Property registration and mortgage fees are paid at this time.

Taxation

All US citizens living abroad are required to file and pay taxes to the US government. All Colombian residents are required to pay national and regional taxes on earned income. An individual is considered a resident if they have spent 183 days total (consecutive or non-consecutive) in Colombia within any 365-day period. Colombia and the US do not have a tax treaty in place at this time.

US students studying in Colombia

American students who wish to study in Colombia at the university level will find a number of resources available through Colombia’s Ministry of Education, as well as scholarships and grant opportunities for international students. Before entering the country to study, students must obtain a student visa, which is required for all foreign, non-resident students.

For elementary age or high school students, Colombia’s international schools are competitive and open to non-resident students. Typically, enrollment for international schools is done in person at the school. It is recommended that the school be contacted directly to begin the registration and enrollment process.

Voting

US citizens are not permitted to vote in Colombian elections. American citizens who wish to vote in US elections from abroad must first register with an American embassy or consulate in Colombia before they are permitted to vote via absentee ballot.

Healthcare

Colombia’s healthcare system is comprised of a combination of compulsory health insurance services and supplemental pre-paid medical insurance, and is available for citizens and permanent residents only. For foreigners who are temporarily visiting, or who plan to stay in Colombia for an extended period of time without becoming a permanent resident, purchasing traveler’s insurance or a private medical plan for their stay is recommended.

Importing from the US to Colombia

Colombia and the United States havestrong trade ties and a number of trade framework agreements in place tofacilitate business opportunities and foreign direct investment (FDI) into thecountry. The Colombian government continues to implement increasingly liberaleconomic policies in an effort to attract additional FDI. In 2013, the countryreceived a record USD $16.8 billion in FDI, making it the fourth-largest FDIdestination in Latin America.

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 USA to Colombia. 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.