How to make business payments to Colombia

How to make business payments to Colombia

Colombia exports a wide range of products from its shores. That’s everything from coffee beans and natural spices to crude petroleum, to name just a few. With so many Colombian goods to choose from, you’ll need a fast, easy way to pay for them in the right currency. Thankfully, Azimo Business can help you save money, hassle and time. Continue reading to discover how. 

1. Pay a low fee on business transfers to Colombia

Fees are just one part of a money transfer. Low or zero fees combined with a fair exchange rate usually means you’re getting a great deal. You can always expect a low, transparent fee and fair exchange rate on business payments to Colombia. What’s more, you can:

  • Save up to 90% compared to banks and other providers

If you send at least one payment per month, your business can save around £1,000 per year.

  • Make speedy business transfers

Send instant transfers to suppliers in over 70 countries, including Colombia.

  • Send payments from your office or on the move 

Our award-winning app and website let you transfer money from the palm of your hand.

*SWIFT and some bank transfers can take between two and 24 hours.

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2. Get a business exchange rate alert for Colombian pesos

How to make business payments to Colombia

About to make a large international business payment? Register with Azimo’s business exchange rate alert service and get the rate you want for Colombian pesos.  

For instance, if you’re making a large business purchase, you can choose your preferred exchange rate. So, whenever the rate reaches this point, you’ll get an alert. That way, you can save time and get more euros or dollars for your money. 

After that, you can simply register with Azimo Business or log in to your account to proceed with your transfer.

Did you know? Colombia is the world’s largest producer of emeralds.

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3. Use a price comparison tool

Imagine if you could compare the real costs of sending business payments to Colombia. Well, you can with the Azimo Business price comparison page. You’ll see how leading banks and other providers compare in terms of transfer fees, exchange rates and commission, i.e. the actual price you’ll pay. Often, you’ll find that banks and traditional providers use low fees to mask poor exchange rates and sky-high commissions.

Top tip: If you need a Spanish interpreter, find one in Colombia. ​​That’s because the differences between Latin American and European Spanish are similar to those between British and American English. 

4. Select from a range of currencies and deliver options

How to make business payments to Colombia

You can choose to send business money transfers to Colombia via bank deposit or cash pick-up with Azimo Business. Even better, you can send and convert over 60 currencies to Colombian pesos. 

Before setting up your transfer, you’ll need your recipient’s:

  • Company name.
  • Bank name.
  • Account type.
  • Bank account number.
  • Recipient identification number.*
  • Mobile phone number (Cash pick-up only).

*Accepted identification types include:

  • A National Identity Card (Cédula de ciudadanía).
  • A Residence Permit (Cédula de extranjería).
  • A Tax Identification Number (Número de Identificación Tributaria).
  • A passport.

For more general information about sending corporate payments, visit our guide to your first Azimo Business transfer.

5. Choose a safe and secure provider

Transferring business payments to Colombia can be confusing especially if it’s your first time. Whether you’re sending Colombian pesos to suppliers in Bogota or contacts in Medellin, peace of mind is essential. 

Above all, look for features such as:

  • FCA Authorisation.

All financial service providers in the UK must be authorised by the Financial Conduct Authority (FCA). If you can’t find any evidence of FCA authorisation on a company’s website, steer well clear. The authorisation should include a reference number. Azimo’s FCA authorisation reference number is 900220.

  • 3-D Secure.

If you’re paying by credit or debit card, proper encryption is essential. 3-D Secure is the most common card payment security provider and “Verified by Visa” and “Mastercard SecureCode” are two of the most recognisable brands on the market.

  • Document verification.

If you’re sending money to Colombia, any competent money transfer provider will verify your identity and/or your company’s license to trade. Document verification takes anything from a few minutes to a couple of hours, but without it, your money is unlikely to be safe. Be suspicious of any provider that doesn’t check who you are – it means that potential fraudsters are free to use their service without verification.