Quick summary:
You can use any of these three companies to send money abroad:
WorldRemit:
• Approximate commission: between 2.99 and 3.99 of the selected currency.
• Maximum Amount: 4,970 per transfer.
Transferwise:
• Approximate commission: From 4 to 93.22 of the selected currency.
• Maximum amount: up to 2,900 per transfer.
Remitly:
• Approximate commission: between 1.99 and 2.99 of the selected currency.
• Maximum amount: 5,000 in 24 hours.
*This site contains affiliate links and we may receive a commission when you register using our links. However, this does not affect our providers’ review or comparison.
FULL EXPLANATION:
1) WorldRemit
WorldRemit is the one I usually use to send money abroad because it doesn’t seem so expensive to me; the exchange rate is similar to google’s, and transfers are fast and reliable. If you register with this link, WorldRemit will give a bonus of 25 euros for each of us in the next transfer. https://www.worldremit.com/en/r/yusselyvivianc1
| Where can you send the money abroad from? | You can send money from Europe, the United States, Hong Kong, Iceland, Japan, New Zealand, Singapore, South Africa, and Taiwan, among others. |
| How much can I send? | Approximate amount per transaction: GBP: 4,079 USD: 4,970 Euro: 4,567 |
| Approximate commission in the selected currency | Between 2.99 and 3.99 of the selected currency depending on the amount. |
| Transfer methods | Bank transfer and sending cash, among others. |
| Exchange Rate on 04/02/2020 | GBP: 4,902 USD: 4,023 EUR: 4,378 |
| Notes specifically to send money to Colombia | It has an agreement with Bancolombia and Davivienda. Deposits with these two banks are generally made within one hour. It has special offers for new clients of 0% commission. |
2) Transferwise
It is a company that allows you to have accounts with different currencies and make transfers and receive payments in different currencies. It is very useful because it will enable you to make the conversion online and withdraw money or pay in the specified local currency at a good rate. In the case of Colombia; the money transfer service started recently, but it is expensive compared to WorldRemit or Remitly.
Even if it is not used to send money abroad; Transferwise is very useful to change currencies when you have to make payments in different currencies or to travel.
| Where can you send the money abroad from? | You can send money from all over Europe, the United States, Hong Kong, Iceland, Japan, New Zealand, Singapore, South Africa, and Taiwan, among others. |
| How much can I send? | Up to $2,900 per transfer. |
| Approximate Commission (Example of amount – Commission) | GBP: 500 – 18.69 GBP: 2900 – 93.22 |
| Transfer methods | Bank transfer and cash arrives immediately. |
| Exchange Rate on 04/02/2020 | GDP: 4,980 EUR: 4,373 USD: 4,028 |
| Notes specifically to send money to Colombia | You can only send money to Bancolombia accounts. |
3) Remitly
Remitly has low commissions, and the money arrives almost immediately. What would make me decide between Remitly and WorldRemit, is the exchange rate they offer at the time of transfer. However, Remitly has been having some delays with the transfers lately. The chart includes a comparison of April 2, 2020, but this usually varies; so I recommend that you compare the day you are going to make the transfer. In any case, I would recommend opening accounts with both providers to take advantage of the offers they have for their new clients and then choose the one you like the most. If you register with this link, Remitly gives us 15 Euros off in the following transfer http://remit.ly/t2jttf
| Where can you send the money abroad from? | You can send money from Spain, Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Italy, Holland, Norway, Singapore, Sweden, United Kingdom and the United States. |
| How much can I send? | Maximum 5,000 Euros in 24 hours, with the possibility of expanding it to 25,000 by providing additional information. |
| Approximate commission in the shipping currency | Between 1.99 and 2.99 of the selected currency depending on the amount. |
| Transfer methods | Bank transfer or cash transfer. |
| Exchange Rate on 04/02/2020 | With first customer discount: GBP: 4977 USD: 4063 EUR: 4453 The rate is less favorable after the first transfer. |
| Notes specifically to send money to Colombia | The associated banks are: a) Bancolombia, b) Davivienda, c) Banco de Occidente, d) Banco de Bogotá, e) BBVA, f) Banco Popular, g) Banco AV Villas, h) Banco i) GNB Sudameris. For cash transfers: Bancolombia, Davivienda, Grupo Éxito, BBVA Colombia, Carulla, Super Inter, Super Money Orders, International Financial Payments. |
