It isn’t uncommon for friends and family to travel to other countries. It might be a child who decides to study abroad or a family member who decides to work in the U.S. No matter what the reason, it’s important to know how you can send money overseas.
Here are a few ways to send money to a friend or a loved one in Colombia.
1. Wire Your Money Directly
One of the best ways to send money is to wire it directly to a loved one. It’s almost always more affordable than sending money from one bank to another, and it’s the most convenient way to send money if either you or the person you’re sending money to doesn’t have a bank account.
It is important to choose the right service to wire your money to Columbia. Remitly is a popular choice because debit card transactions have a flat fee, so you won’t pay more to send more. They have high exchange rates and there are no additional fees when you use a bank account.
2. Send a Prepaid Debit Card
Prepaid debit cards are a popular choice for travelers. It’s an easy way to provide a loved one with funds before they take off and explore the world because activating and using one only takes three easy steps:
- Purchase the card
- Load the necessary funds
- Use an ATM to get cash or swipe it to make purchases
Many of these cards come with extra perks, and you will be able to log into your account online and check the balance. The card can also be reloaded, if necessary.
However, it’s important to look at the fine print before choosing this option. Some cards charge foreign transaction fees, in addition to other fees, like ATM withdrawal fees, that may mean your money won’t go as far as other options on this list.
3.Share the Same Bank Account
Although this isn’t a common strategy, it can be an effective one. If you share the same bank account, the person you’re sending money to can simply make a withdrawal at an ATM from the account.
Sharing the same bank is another option, if you are uncomfortable sharing the same account. Many banks make it easy to transfer money between their accounts, which can make sending money a bit easier.
4. Get Creative With Bitcoin
Although cryptocurrency isn’t banned in Columbia, it isn’t a recognized form of payment. Your friends and family in Columbia may not be able to use cryptocurrency, like Bitcoin, to buy a coffee, but it is easy to give them a Bitcoin that can then be sold for cash.
Who knows! In the future, it may become a quicker and easier way to send money abroad!
You have many options for sending money to Colombia, so make sure you weigh your options. If you give one a try and don’t like it, there are plenty of other options to choose from!