Through a process upgrade, Bancolombia can now facilitate digital international bank transfers that the Medellín-based financial institution says can be completed in less than 30 seconds.
“It is no longer necessary to travel to a physical branch of Bancolombia to send or receive an international transfer,” said Colombia’s largest bank in a statement.
The company expects this to be particularly welcome news for Colombian clients looking to receive remittances from other countries, a process that formerly required people to go to a physical branch, fill out a form, and “wait a few hours while the process was being carried out to obtain their money,” according to Bancolombia.
In addition to the extra hassle and time, the service was not available after a local branch’s closing hours or typically at all on Saturday or Sunday.
By contrast, the company estimates that some 65% of the interbank transfers it facilitates across borders can now be conducted through a “virtual branch” digitally. After “just a click” the recipient will “immediately has the resources in his account.”
All transfers from abroad will be conducted in the currency that they are initiated in. Bancolombia then offers an exchange rate to the client to convert the funds into Colombian pesos.
This digital process officially went live in early December, and the adoption rate had risen to account for 11% of the total transfers sent abroad by within a few weeks, according to the bank.
(Photo credit: Jared Wade)