If you need to receive money from another country, there are a few options in Colombia

In 2023, a 10% growth in remittance flows to the countries of the Andean region and a 5% increase in remittances abroad is expected, according to figures from Western Union.

At this point, the surge in remittances to Colombia would be associated with the depreciation of the peso and the increased employment of Latin American immigrants in the US post-pandemic, which translates into higher incomes for families receiving money from abroad, which in turn contributes to the greater savings capacity of immigrants.

In this way, Colombians have the option of receiving money from abroad from family or friends through remittances with the option offered by some companies in the country.

For example, one option is to pay transfers offered by the Nequi app and Ria Money Transfer, a subsidiary of Euronet Worldwide. In this case, the immediate receipt of the international shipment takes place through automatic payment.

Maria del Pilar Correa, Chief Product Officer, emphasized that in this way “we have been able to digitally bank with those who receive their remittances only at physical points, creating an impact at the country level and the movement of the economy.”

The company determined that the highest percentage of remittances entering the country are used for needs around the home such as a mortgage, rent payments, utilities, the family basket or children’s education, which are the United States, Spain, Chile and the United States. Kingdom, countries where more money comes from abroad.

What should be taken into account to do this

To receive international payments, you must have the application on your cell phone and register to receive automatic subscription with some information that will be requested.

This registration process should only take place the first time you receive a transfer, from then on, the payment will be immediate and instant and you will receive a notification on your cell phone every time you receive a payment from abroad. In addition, the automatic payment registration process must be implemented when the user receives the first transfer payment.

To receive money, you must give the full name, identification number, and cell phone of an acquaintance, family member, or friend. With this data, the person outside can send money through Ria.

In addition, whoever sends the transfer will know the exchange rate when the transaction was made and the equivalent amount in Colombian pesos that the person will receive.

More options

next to, Ben Colombia highlighted the field of family remittances during 2022. In this area, he highlighted that more than $5.7 billion was paid through 15.5 million transactions, which is 15% more than what was paid in 2021.

It should be borne in mind that, according to Jumhouria Bank, the total transfers that entered the country during 2022 amounted to $9,429 million.

These transactions are carried out through agreements with 17 transfer companies that guarantee presence in more than 150 countries, and digital channels such as the A la mano application, which allows people to receive these resources in Colombia digitally, without the need for lines. .