$9.5B — Annual remittances received by Colombia (2024)
| Provider | Transfer Fee | FX Markup | Total Cost | Speed |
|---|---|---|---|---|
| Bank Wire (SWIFT) | $25–45 | 2–4% | $45–85 | 2–5 days |
| Western Union | $5–15 | 1.5–3% | $20–45 | Minutes–2 days |
| Remitly | $2–4 | 0.5–1.5% | $7–19 | 1–3 days |
| Wise | $5–8 | 0% | $5–8 | 1–2 days |
| USDC on Stellar (Buda.com) | $2–5 | ~0.3% | $5–8 | < 2 hours |
| USDC on Tron (Buda.com) | $1–3 | ~0.3% | $4–6 | < 1 hour |
~$40 — Estimated savings vs. bank wire on a $1,000 transfer
USDC on Tron via Buda.com is typically the cheapest, with a total all-in cost of $4–6. Wise is the cheapest traditional (non-crypto) option at $5–8. Both are far cheaper than bank wires ($45–85) or services with hidden FX markups. Use RemitRoutes to compare live rates.
Bank wires take 2–5 business days. Remitly and Wise complete in 1–2 days. Crypto rails (USDC on Tron or Stellar to Buda.com) settle on-chain in under 1 hour, but Buda.com bank withdrawals add another few hours to 1 business day. Door-to-door, crypto is typically 4–24 hours total.
No. Your recipient creates a Buda.com account, which provides a USDC deposit address. They sell the USDC for COP directly on Buda.com and withdraw to their Colombian bank account. They never need a self-custody wallet.
Not directly to a bank account. You buy USDC on Coinbase or Kraken, then send it to your recipient's Buda.com deposit address. The recipient converts and withdraws. Coinbase itself does not operate a consumer money transfer service to Colombian bank accounts.
Wise allows up to $1,000,000 per transfer for verified accounts. Buda.com has tiered limits based on verification level; basic verification typically allows the equivalent of a few thousand dollars per day. Large transfers may require enhanced KYC. Colombian law requires reporting of foreign income above approximately $10,000 USD equivalent annually.
Compare live rates across 370+ corridors on RemitRoutes · methodology.