Remittances made up 2% of the Colombia’s GDP in 2019 and they play an important part in helping Colombians living abroad to support their communities back home.
2020 was predicted to be a record year for international money transfer, but the Covid-19 pandemic changed everything.
According to the Pew Research Centre, year-on-year money transfer fell sharply in April and May directly due to Covid-19. However, compared to the equivalent months in 2019, the period between June and September has actually seen an increase in money transfer to Colombia, as many of those living overseas are doing everything they can to provide financial support.
How do you send money home?As well as this increase in remittance, less people are choosing to send money via banks. They are no longer the number one choice for ex-pat Colombians [ Eastern Eye].
Instead, people that want to transfer money are relying on fast, efficient and cost-effective remittance companies like Small World more and more.
So why are banks being replaced as the most popular way to send money to Colombia? What can the alternative offer you?
Should you choose Small World, or a bank?
Many people still choose to transfer money internationally through banks. But there are several reasons that explain why banks are no longer the most popular choice for sending money to Colombia. These include:
- Cheaper options: Banks are often more expensive. In terms of both exchange rates and transfer fees, they often provide less value for money than money transfer platforms.
- More efficient: Companies like Small World offer a range of fast and efficient online services. And with more people choosing to send money to Colombia online we are a preferred option.
- Your recipient can be unbanked. With Small World your beneficiary can be unbanked when you send money.
- Customer service: Our local branches and agents are able to provide additional support for your friends and family in Colombia if they have any questions.
- Your first digital transfer with us is also transfer-fee free. This can saving you even more money (especially if that first transfer is for a large amount).
- Experience. As an experienced and regulated company we handle over 1m transactions every month. Our 15m customers trust us. Small World is here to make money transfer work for you.
What are the best ways to send money to Colombia?
Bank Deposit:Colombian Pesos can be transferred online, through the Small World app, via a branch or over the phone with one of our call center operators. You can send money directly to a Colombian bank account in minutes.
Mobile Wallet:The digital equivalent of a physical wallet, a mobile wallet is able to receive digital payments. This blog on the Small World website explains more.
Cash Pick-Up:For those who don’t have a bank account or prefer to pick-up cash, Small World has over 2,500 pick-up locations in Colombia where cash can be collected in person.
The different ways to send money to Colombia:
1. Cash Pick-Up
2. Bank Deposit
3. Mobile Wallet
4. Airtime Top-up
And remember, your first online transaction is fee-FREE.
Our main partners in Colombia are: Bancolombia; Davivienda; Pagos Internacionales; BBVA; Banco de Bogota and Banco Agrario de Colombia. Send money to Colombia