Receiving country · World Bank RPW · CO
Send money to Colombia
What it costs to send money to Colombia from anywhere in the world, the cheapest source corridors, and how much Colombia receives each year.
- 5.5%
- Avg inbound cost
- 0.6%
- Cheapest · from United States
- $11.9B
- Received per year
- 2
- Source corridors
The verdict
Colombia receives money from 2 tracked corridors at an average cost of 5.5%, with the cheapest route, from United States - running just 0.6%. Inflows total about $11.9B a year.
- 5.5%
- average inbound cost
- 0.6%
- cheapest source: United States
- $11.9B
- received annually
- 2
- source corridors tracked
Cheapest Ways to Send Money to Colombia
Largest Inflows to Colombia
Nearby Inbound Corridors to Colombia
Top source countries by annual remittance volume into Colombia - the most active peer routes to the same receiving market.
All Corridors to Colombia
| # | From | Avg cost | Cheapest | Cheapest provider |
|---|---|---|---|---|
| 1 | Spain | 5.2% | 2.0% | Money Exchange |
| 2 | United States | 5.8% | 0.6% | Walmart2World |
Remittance Guides
Data source: Source: World Bank Remittance Prices Worldwide (RPW) Database, quarterly release. Costs represent percentage of a $200 transfer amount.
Methodology reference: Source: UN Sustainable Development Goal 10.c target, reduce remittance transaction costs to below 3% by 2030. Always verify current rates directly with service providers before sending money.
Receiving Money In Colombia: What the Data Shows
The World Bank Remittance Prices Worldwide database tracks 2 inbound corridors into Colombia, with an average transfer cost of 5.50% across the full panel. That sits 0.9 percentage points below the World Bank's reported global average of about 6.4%, which places Colombia among the more cost-efficient receiving markets tracked by RPW. In aggregate, Colombia pulls in roughly $11.9B in remittances each year from RPW-tracked corridors, a figure that for many receiving economies exceeds foreign direct investment and official development aid combined.
The three cheapest inbound corridors to Colombia right now are from United States at 0.59% via Walmart2World, Spain at 2.00% via Money Exchange. These are the floor prices, the lowest rate any tracked provider currently quotes on a $200 transfer into Colombia, inclusive of both the service fee and the exchange-rate margin. For recipients, the practical implication is that the choice of payout method matters: bank deposit and mobile wallet payouts typically carry lower all-in costs than cash pickup at agent locations, because agent networks pass their overhead to the sender as higher fees.
The largest inflows into Colombia come from United States ($3.2B/yr), Spain ($1.2B/yr). These high-volume corridors are where cost reductions matter most in dollar terms: a single-percentage-point decline on a multi-billion-dollar flow returns tens of millions of dollars annually to households using the money for food, rent, education, and small-business capital. The UN SDG 10.c target calls for average remittance costs to fall to 3% or below by 2030, and the corridors that have moved fastest toward that benchmark are those where digital fintech providers compete with banks and legacy money-transfer operators. For senders pointing money toward Colombia, the key action is to compare the cheapest provider on the specific corridor rather than defaulting to a household brand, the price dispersion within a single corridor is often larger than the difference between the cheapest and most expensive corridors.
Frequently Asked Questions
How much money is sent to Colombia each year?
Colombia receives approximately $11.9B in remittances annually, based on World Bank data. These inflows arrive from 2 tracked source countries, with an average inbound transfer cost of 5.50%. Remittances are a significant source of foreign income for many receiving countries.
What is the cheapest way to receive money in Colombia?
The cheapest way to receive money in Colombia depends on the source country. Based on World Bank RPW data, the most affordable inbound corridors are from United States, Spain, with costs as low as 0.59%. Recipients generally benefit from digital payout methods (mobile wallets, bank deposits) rather than cash pickups, which can carry higher fees. Always compare options directly with transfer services.
How have remittance costs to Colombia changed over time?
The World Bank Remittance Prices Worldwide database has tracked transfer costs to Colombia since 2011. Globally, remittance costs have declined significantly over this period due to increased competition from digital providers, though progress varies by corridor. The UN SDG 10.c target is to reduce costs to 3% or below by 2030. The current average inbound cost for Colombia is 5.50%, compared to the World Bank reported global average of approximately 6.4%.
What payout methods are available for receiving money in Colombia?
Recipients in Colombia can typically receive money through bank deposit, mobile wallet, or cash pickup at an agent location, depending on the provider and corridor. Mobile wallet payouts have grown rapidly in many markets and often offer the fastest delivery. Cash pickup remains important in regions with lower banking access. The best payout method depends on the recipient's access to financial services and the specific transfer corridor.
How important are remittances to Colombia's economy?
Colombia receives approximately $11.9B in remittances annually from 2 source countries. Remittances often exceed foreign direct investment and official development aid in receiving countries, funding household consumption, education, healthcare, and small business investment. Reducing transfer costs even by 1 percentage point can free billions of additional dollars for recipient families.
Source: World Bank, Remittance Prices Worldwide (RPW) Database (2011-2024) World Bank, Remittance Prices Worldwide (RPW) Database (2011-2024)
Read our methodology - how this data is sourced, computed, and verified.
Every figure on PlainRemit is rendered directly from World Bank Remittance Prices Worldwide (RPW) data, no number is typed in by an editor. This page draws directly on World Bank Remittance Prices Worldwide (RPW) data, no figure is typed in by an editor. See our editorial standards & corrections policy, the methodology behind these numbers, or report a data error.