What is the cheapest way to send money from Canada to Colombia?

Question

I send around 400 Canadian dollars a month to my mother in Medellín. My bank charges a fee and the rate seems bad. What do other people use?

Thabo Mokoena · Answer

Check whether your mother's bank in Colombia charges a receiving fee for international transfers. Some do, and it can wipe out the savings. Also, sending once a month instead of several smaller transfers helps if there is a fixed fee.

Joy Santos · Answer

I send to the Philippines, not Colombia, but the method is the same. Compare two or three online services on the day, looking at the amount your mother receives, not just the fee. Paying by bank transfer instead of card is usually cheaper. My total cost went from over 5 percent at a cash counter to around 1 percent.

What is the cheapest way to send money from Canada to Colombia?

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