Summary of fee changes
This blog post is to update our customers about changes in price and is not a marketing communication. Our mission is to lower the cost of moving money across...
Welcome again Colombia! 🎉 Transfers to COP are back
Transfers to Colombian peso (COP) have been one of the most requested routes during the past 12 months. Our customers asked for it and we listened! But, did you know that Wise used to offer transfers to COP?
We launched COP for the first time in October 2015. It rapidly became a popular currency and we helped people save money from hidden fees. However, the service we were offering didn’t meet our standards: it was slow, it still was a bit expensive, and it required paperwork from the recipient to get the money released to their account. It wasn’t ideal for our customers and, therefore, we decided to close the route in May 2017.
Since then, we’ve been working on a solid product for our customers. We wanted to save people’s money while providing a fast, convenient and transparent experience - and now we are ready. Thus, we’re happy to announce the relaunch of transfers to COP! 🚀
Let’s have a look at them!
How to transfer money to Colombia with Wise
This time the process of sending money to Colombia is easier, and it doesn’t require any work from the recipient side. This is what you need to know:
- You can send up to the equivalent of 2,900 USD per transfer.
- You can only send money to accounts in Bancolombia, and the recipient’s account should have “abono automático” enabled.
- Your transfer will be very fast! 86% of transfers complete in less than 5 minutes.
- You’ll always get the mid-market rate and you pay only a small transparent fee.
- You can only send personal transfers (no business transfers allowed yet).
| Join Wise and start saving money! |
|---|
Then, the process itself isn’t much different than with any other currency, allowing you to send money from both the Wise site and app. You can transfer money in 4 simple steps:
- From the Wise calculator select your currency and then COP.
- Get the mid-market rate in real time and avoid hidden fees.
- Add the recipient details and pay for your transfer.
- We'll convert your money and we’ll deliver it to your recipient in a few minutes.
What’s next for Colombia
Despite improving the experience of transferring Colombian peso, we acknowledge that we still have a lot to do to achieve Wise Mission Zero. Hence, our LatAm Team will keep putting their best foot forward for you, to improve transfer limits, reach more recipients, and lower fees.
Our mission continues. Onwards!
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Money without borders
Find out more
Wise Expands in Brazil with New Payment Institution License
We have some excellent news to share: we’ve received our second licence from the Central Bank of Brazil, this time as a payment institution. Until now, we...
We've lowered some of our fees
This blog post is to update our customers about changes in price and is not a marketing communication. We regularly review our fees to reflect the real cost...
We’ve lowered our fees
Our mission is to lower the cost of moving money across borders. We’ve made progress over the last 13 years, bringing our average fee to 0.64% globally. As we...
Summary of fee changes: Major routes got cheaper but some fees are up
We have been changing our fees on Wise over the last months. Some of you benefited as a lot of routes got cheaper, but you would have seen an increase in some...
We’re dropping some of our fees
This blog post is to update our customers about changes in price and is not a marketing communication. We regularly review our fees to reflect the real cost...
