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Banking & Wire Transfers

Banking and Wire Transfers for Expats in Colombia

Receiving international payments into Colombia can be a challenge. Whether you are receiving the transfer as an individual or a business will determine the options available to you as well as the steps you will need to take to complete the process. However, regardless of your situation, we are here to guide you throughout those steps.

Individuals

There are a variety of different money transfer platforms available globally such as WorldRemit, Wise, or Xoom. And we have also seen a variety of clients who utilize local services known as ‘comisionistas de bolsa’ like Alianza Valores S.A.

These platforms are gaining popularity for sending funds across the border with ease, but it is important to check any updates on the conditions of using them to send funds to Colombia specifically. In late 2021 for example; Wise, formally known as Transferwise and a very reliable system to use to send funds to and from Colombia, stopped functioning in the country. 

If you should require to send a wire transfer directly to your bank account rather than using a platform, there is an additional process that you will need to follow similar to that of businesses described below.

Receiving international payments into Colombia for individuals and business service with expers

Business

When it comes to receiving funds into your business account or receiving individual transfers directly into your individual bank account, things can get a little more complicated. 

Simply put, you will need to register your wire transfer with the central bank, negotiate the exchange rate to Colombian pesos, and properly fill out a variety of forms in order to legalize the transfer. Here at USATax.co we have the experience required to assist our clients with all forms of banking and wire transfer needs and complete this entire process on your behalf.

book consultation paula

If you think you need assistance with any banking or wire transfer processes, reach out to our team at paula@usatax.co to get started with a consultation today.

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