Would you like to send money to Colombia? Learn How

Written by Davies on send money / Reading time: 4 minutes.

Would you like to send money to Colombia? Learn How

If you’re Colombian and live abroad, or if you have relatives or friends there, it’s probable that more than once you’ve found a big problem. You wish to send money to that nation, but you aren’t quite sure about how to do it. Because, even though you’ve already investigated the most common already available ways, for one reason or another none completely fits your needs.

You could directly make a bank transfer from your account to the one of the person you want to get the money. Or you could go to the office of a cash transfer company and let them take care of managing the whole operation. However, all those methods still have drawbacks: the time they need, the fees they charge… We’re in the 21st century, so there must absolutely be other better ways.

Well.. are there? Of course! Thanks to technological progress cryptocurrencies have come up. They’re an innovative system which eases largely the process of sending money to Colombia, adding several advantages that traditional ways just lack. Would you like to know what’s all this about and how can you benefit from it? Keep reading, we’re explaining it now!

Advantages of cryptocurrencies in international money transfers

Maybe when you first read the word “cryptocurrency” it surprised you because you’ve got no idea what are we talking about. Don’t panic! It’s normal, as it’s a recent concept which is becoming increasingly more important in the international financial landscape. A cryptocurrency is a virtual currency, that is, a goods and services exchange unit which only exists online, not in the physical world.

Therefore, unlike when you’re handling euros, dollars or Colombian pesos, you won’t have to deal with actual metallic coins or paper notes representing the money you own. Everything is digitalised and stored in virtual wallets from where you can comfortably perform any transaction you need.

How can this help you when sending money to Colombia? There are many perks, but you’ll notice soon one of them: intermediaries disappear. You don’t depend on any bank or exchange company. Instead, you’re your own bank and you manage every single detail of the operation.

Not having intermediaries means that we can get rid of a step which until now was mandatory: currency exchanging. In order to work with cryptocurrencies, you don’t need to turn them into fiat money from the origin or destination country. That means you don’t need to change your money into euros or pesos anymore: you directly transfer your cryptocoins to the receiver, which means significative savings on fees and commissions. When arrived to its destination, the person who gets the money can decide whether it’s worth changing it into the local currency or if it’s more convenient to keep them in the wallet to use them in the many possibilities there currently can be found through Internet.

Having everything digitalised has also another clear advantage: it saves a lot of time. Most cryptocurrencies, such as Davies, offer online platforms that you can access from their websites, or even mobile apps both for iOS and Android; through them all kinds of procedures can be completed taking no time. You won’t have to wait for days for the money to reach its destination in Colombia; in just a few seconds since you order the transfer, the receiver will have the money.

In the same way, not being physical units but virtual ones means that you don’t have to go in person to an office or a bank branch. You can complete all the procedures you may need to send money to Colombia from your own home, avoiding the disturbance of traveling and, probably, the time you would have to spend queuing there. Notice also that the Internet is open 24/7, which means you don’t need to respect any established timetable: you’ll be able to finish the deal at whatever time suits you and your recipient better.

Cryptocurrencies, a cheap and safe alternative for international transfers

As you certainly have experienced, or more properly suffered, sending money to Colombia is expensive. Not only because of the amount of money you actually want to transfer, but also because of the fees the managing company will probably charge you. Sometimes it can be such a high quantity that the transfer is just not worth it. Cryptocurrencies make this problem disappear. Remember: there are no intermediaries, so that you can be sure that the money you want to send is the money that finally reaches Colombia.

Another usual source of fear you don’t need to feel is the chance of being scammed. Many people believe that operations held on the Internet are unsafe because they don’t have all the control, but it’s actually the other way round: with cryptocurrencies you have absolute guarantee that the procedure will carry on safely. That certainty is based on blockchain technology: all operations that are performed get logged in a block that is linked to the previous and the following ones. In this way, on the one hand, every single movement can be traced and located if ever needed, and on the other hand, it’s completely impossible to modify or to delete.

As you can see, when sending money either to Colombia or to any other place in the world, cryptocurrencies have become a very reliable option which will soon totally revolutionize the whole global system of international transfers. But that’s hardly the only use they have! Would you like to learn which other benefits can they bring to your daily life? Follow our blog to know them better and understand the future that awaits us!