Colombian COP vs. American USD: History

Remittance in Colombia that is from the United States is rising steadily, thanks to the Colombia Trade Promotion Agreement (CTPA) that got rid of many trade boundaries. This promoted the employment of more Colombians in the United States and vice versa.

In one month, which is between November and December 2019, the amount of money remitted to Colombia had risen from 543.70 to 634.90 Million putting the difference at 97.20 Million in one month. These figures are, however, foreseen to go up further as Colombia keeps on producing a well-skilled workforce for the American job market.

Transfer money from the US to Colombia

With all the available options that one can use to send money to Colombia from the United States, it is good to understand that there are good deals and better ones. All it takes is for you to conduct sound research, list down all the available options, and start comparing the rates. While this can take you several hours, days, or even weeks, you should be glad to know that platforms like Exchange Rate IQ have everything done for you.

Best way to transfer money from US to Colombia

There are so many financial institutions in the US that can help you send money to your loved ones or business partners in Colombia. It all depends on how much you need to send, how fast you need to complete the transaction and what it will cost you. Some of these options include;

1. Money transfer companies

There are so many remittance companies that can help you transfer money from US to Colombia. Some of the most commonly used remittance companies for exchanging USD to COP include Travelex, RIA and many more.

2. ACH Transfers

Automated Clearing House transfer is the biggest transfer network in the USA and one of the main ways to send or receive money online. The ACH transfer provides electronic or bank-to-bank transfer services in the USA so that one can send funds easily to Colombia. These transfers take approximately 2-3 days before the recipient can access his or her money.

3. Wire Transfers

Wire transfer from USA to Colombia is one of international remittance services which are offered by most of the banks and money transfer companies. Under wire transfer transactions, you can send money directly into any foreign bank account within one business day. This transfer is best for transferring a large amount and time-sensitive remittance abroad.

4. Post office services

Post offices with an exclusive business partnership with money transfer operators can also be an essential money transfer service that is reliable.

Things to consider when sending money from the USA to Colombia

There are three main things that you will want to consider before deciding how you want to send money to Colombia from the USA, and they include;

• how much you want to send, rates or cost

• security, and,

• how long it will take.

Note that some money transfer companies charge fairer rates when you want to transact a lot of money compared to when sending a small amount. Because it will take you too long to break down your search for these money transfer services, you can always count on Exchange Rate IQ for updated rates across various service providers.