Consider the Facts on Others Who Transfer Money to Colombia
Consider the Facts on Others Who Transfer Money to Colombia
Not surprisingly, data from 2003 shows that about half of the money sent to Colombia was transferred from the United States. In general, the number of remittances steadily increased from 1998 to 2008, with every year having many more transfers than the previous year. For example, 2006 had about 17 percent more remittances than 2005. This trend is mainly because more Colombians than ever were finding jobs overseas. Most of them were in the United States.
Another trend that should not surprise anyone is that the number of people who transfer money to Colombia has drastically declined since about 2008. This may be because fewer people are coming to the United States from Colombia to find work since there are fewer jobs here than past years. The workers who are already here likely either lost their jobs or took a cut in hours, so they have much less money to send back home to support families. By spring of 2009, Colombia had seen a reduction of about 16 percent compared to remittances in January 2008. The number is expected to drop even more in the coming years, at least until the economies of major countries improve.
Despite the decrease in remittances to this country, you probably still have a need to transfer money to Colombia. Finding a good method to do so is important, and some of the most crucial elements to consider include speed of transfer and cost. The traditional bank method is known for being quite fast, with recipients getting the money in one to three business days in most cases. However, you can expect to pay for this convenience, so be sure to choose the bank with the lowest fees and the best reputation for satisfying customers. You can do the same with money transfer services, which are often known for being somewhat expensive, depending on the country you send money to.
If you want to use modern technology to transfer money to Colombia, consider using a prepaid debit card. This method is fast, as your relative would have access to their money within a day. Additionally, it is cheap for you, since it costs $5 to add money. Rather than waiting for a wire transfer to clear or a check to arrive in the mail, your relatives can start spending the money on the card right away. This type of convenience is typically cheaper than most other methods, despite being faster than most, as well.
Before transferring any money to Colombia, you need to do some research. This can ensure you get the best rate while allowing your relatives to get their money quickly. Knowing the statistics on others who transfer money to Colombia can be both helpful and interesting.
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