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Old Mar 8th 2017, 8:11 am   #1
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Default Transferring money from Colombia to the UK

A year ago I lent my mother in law (in Colombia) a large sum of money for a house purchase she was making, because she had a delay getting the mortgage and didn't want to lose the purchase.

At the time I used transferwise to transfer the cash. It was a hassle but in the end all done without too much fees.

Now it is time for her to repay me, and transfer from Colombia to UK. What is the best way to do it? Has anyone sent a large sum from Colombia to UK and how did you do it?

She asked her bank, Bancolombia, and they told her there is a 20% fee for transfers. That can't be right. It would add up to a huge amount if she had to repay 20% extra.
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Old Mar 8th 2017, 8:25 am   #2
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Default Re: Transferring money from Colombia to the UK

transferring money can be an expensive process when going through banks. Try this link which offers a comparison of the different costs of FX providers and the savings compared to a bank. https://www.fxcompared.com/?aff_o=etax&utm_source=etax
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Old Mar 8th 2017, 12:07 pm   #3
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Default Re: Transferring money from Colombia to the UK

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Originally Posted by AmanSood View Post
transferring money can be an expensive process when going through banks. Try this link which offers a comparison of the different costs of FX providers and the savings compared to a bank. https://www.fxcompared.com/?aff_o=etax&utm_source=etax
Interesting site but it appears to be very limited in terms of providers. I just ran a check of GBP to USD and the four listed providers paid substantially less than Transferwise.
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Old Mar 8th 2017, 3:01 pm   #4
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Default Re: Transferring money from Colombia to the UK

Thanks. But for Colombia to UK it didn't find any providers at all.

Anyone else know how to transfer from COP to GBP?
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Old Mar 31st 2017, 4:49 pm   #5
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Default Re: Transferring money from Colombia to the UK

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Originally Posted by dominoman View Post
Thanks. But for Colombia to UK it didn't find any providers at all.

Anyone else know how to transfer from COP to GBP?
I'd be interested to hear if you found a solution.
I am trying to find a good way to transfer Brazilian real to the UK. I have a Brazilian bank account and a British bank account. Transferwise only seem good for small amounts and don't offer such a good service from within Brazil (compared to the USA). I want to transfer a lump sum.
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Old Mar 31st 2017, 4:58 pm   #6
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Default Re: Transferring money from Colombia to the UK

In both cases Google "transfer (my currency) to GBP" and it comes up with several providers.
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Old Apr 1st 2017, 6:04 pm   #7
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Default Re: Transferring money from Colombia to the UK

You will need to get it out of that currency and into a major currency first, see what they offer on the pound or us dollar, and go for the best but im guessing the spread on the columbian currency is big.... Check out the websites of columbias best banks and see what they offer, its likely to be better than sending it to the uk direct which usually means via a us intermediary, with all taking a cut.
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Old Apr 20th 2017, 10:05 pm   #8
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Default Re: Transferring money from Colombia to the UK

What issues are people having with transferwise? I found them to be very competitive and very fast. From Uruguay to UK in less than 24 hours. Uruguayan bank took about 12 hours to make the transfer to them.
Fee may seem high but they have better rates. They make money from the fee rather than the rate.

I have used them about 5 times. Last time was a large amount from USD to GBP.

Only other competitor to them would be currencyfair.

Edit: Sorry I see you are trying to transfer local currency. I wouldn't have been able to do that either.
You'll have to change to USD and then transfer I imagine.

Last edited by alfista1; Apr 20th 2017 at 10:09 pm.
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Old Apr 21st 2017, 11:54 am   #9
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Default Re: Transferring money from Colombia to the UK

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Originally Posted by alfista1 View Post
What issues are people having with transferwise? I found them to be very competitive and very fast.
None! I have also found them to be excellent for GBP to USD.
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