How to Transfer Money from Colombia

So, you've been working in Colombia for a while, the pesos have been stacking up (lucky you!) and for whatever reason you need to send some of that hard-earned (or otherwise) dinero abroad. Check out my Transfer money from Colombia Q and A below for some personal recommendations for accomplishing this...

What's the best (and cheapest!) way to transfer money out of Colombia?

There are various ways you can send money abroad - wire transfer, paypal etc, but the one I usually go for is a simple bank transfer.

Why a bank transfer?

It's relatively simple and cheap. It's also quick and efficient - whenever I've used this method the money has been transfered within 24 hours.

What information do I need?

To transfer money from Colombia you'll need to head to the bank armed (maybe a bad choice of word) with the following information:

- The name of the bank you are transfering the money to.

- The address of the bank you are transfering the money to.

- The IBAN code for your bank account. This is a long alpha-numeric code designed to identify bank accounts across borders. Your IBAN code should appear on your bank statements. If you can't find it, contact your bank. Many bank websites will allow you to create an IBAN code as it is principally a combination of your account number and bank's sort code.

- Your bank's SWIFT (or BIC) code. You should be able to find this on your bank's website.

- The account details of the Colombia bank from which you are transfering the money. Usually just your bank account number will suffice.

- Some photo ID (passport or cedula).

OK, I have all of the above. Now what?

Time to head to the bank. Pretty much any bank will be able to perform this transfer for you.

Go to the "Asesorias" section of the bank. Explain that you wish to make a money transfer abroad ("Una transferencia al exterior"). They will provide you with a couple of forms which you complete with your personal details and the information relating to your bank accounts including the amount of money you wish to transfer (in the foreign currency).

Sometimes you will be required to speak to someone on the phone you will guide you through the completion of the form. If you are struggling to understand anything the "Asesor(a)" should help you.

Then all that's left is to sign the form and await for the money to arrive in your foreign bank account (which usually takes around 24 hours).

I hope that helps!


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