One of the many effects of the Covid-19 pandemic is the way it has forced every country and government to find ways to help their economies. Colombia, where many of our customers send money regularly, is no exception to the rule.
In an attempt to encourage spending, this year’s Black Friday sales will be extended to three days, from Friday 27 November to Sunday 29 November, giving consumers even longer to enjoy discounts on goods and services.
The extra days also mean there is still time to send money to Colombia so that your friends and family can make the most of these promotions.
What is Black Friday and what does it mean for money transfer?
Black Friday started in the US and is the name giving to the Friday following Thanksgiving (itself held on the fourth Thursday of November every year). Seen as the start of the Christmas shopping period, it is a time when many stores offer large discounts in order to attract shoppers.
Though originally a US custom which only lasted for one day, Black Friday has now been adopted across the world and lasts for much longer than a single day. Promotions will run both before and after the day itself.
In Colombia, the Black Friday period means that shoppers can benefit from large savings and, in order to stimulate the economy, this year the period will run until 29 November. It is, of course, likely to encourage many Colombians who may not be able to travel home this Christmas, send money.
According to Kienyke.com, it is expected that this extension will lead to an additional 1,000 promotions being available to shoppers and José Manuel Restrepo, Colombia’s Minister of Commerce, Industry and Tourism, predicts this to strengthen the economy by 20% compared to previous months.
What other measure are in place to boost the Colombian economy?
As stated by Colombia Reports, statistics agency DANE are predicting that Colombia’s economic recovery may take less time than anticipated. This is based on the fact that the economy only contracted by 9% from July to September 2020, which is less than expected. Areas such as manufacturing and agriculture have performed better than they did between April and June this year.
In order to boost the construction sector, the government have proposed a reactivation plan which will see public construction being prioritised. They are also working on a five-year recovery plan which will see $46.8bn in economic recovery projects between 2021 and 2026.
What role does remittance play?
Remittance plays an important part in the economy of the region. The World Bank report that remittances to Latin America and the Caribbean will be about $96bn in 2020, and that Colombia saw a year-on-year increase in global money transfer between June and September.
More money being sent back to Colombia through official channels will bolster the country’s economy, providing individuals, communities and businesses with additional funds to spend and invest.
This month, remittances sent home will also help your friends and family make the most the extended Black Friday.
How can I send money to Colombia in time for Black Friday?
1. Cash Pick-Up: Send money for collection at over 2,587 locations across Colombia. This is a good option for anyone who does not have a bank account
2. Bank Deposit: Colombian Pesos can be sent directly to a bank account in minutes. An efficient and easy service which doesn’t require your beneficiary to have to travel to collect their money
3. Mobile Wallet: A mobile wallet is a digital option which doesn’t require the person you are sending to have a bank account Each of the methods will allow you to send money to Colombia in time for the extended Black Friday. The different ways to send money to Colombia:
- Cash Pick-Up
- Bank Deposit
- Mobile Wallet
- Airtime Top-up
Our main partners in Colombia are: Bancolombia; Davivienda; Pagos Internacionales; BBVA; Banco de Bogota and Banco Agrario de Colombia. And don’t forget, your first digital transaction is fee-FREE.