Here are our top tips and potential pitfalls when sending money from China* using Wise. This service is provided in partnership with a third party payment...
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!
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!|
- 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.
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!
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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