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Understanding the Table:
The comparison table above helps you see the total cost of your Ally Bank currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of available providers, simply enter your transaction type, details and click ‘GET RATES’.
Ally Bank is a digital financial institution headquartered in Detroit, Michigan, USA. It provides a range of online banking and financial services to individuals, including deposit accounts, credit cards, loans, mortgages, investment services, and a mobile app for banking on the go.
Ally Bank operates exclusively online, with no physical branch locations, allowing customers to manage their finances entirely through the website or mobile app. It was originally founded in 1919 as GMAC, the financing arm of General Motors, and became a separate company under the Ally Financial brand in 2009.
lly Bank serves over 2 million customers, with a focus on providing competitive rates and a customer-centric approach to banking. It is known for its user-friendly online and mobile banking platforms and for being an early adopter of the concept of "no-penalty" certificates of deposit (CDs), which allow customers to withdraw funds from their CD without incurring an early withdrawal penalty in certain circumstances. Additionally, Ally Bank offers a range of foreign exchange (FX) services to help customers manage their international payments and foreign currency transactions.
When you get a quote for your foreign wire transfer from Ally Bank on their website, in-app or in-branch, you should make note of the Ally Bank exchange rate, but it can be difficult to then calculate how much markup from the market rate you are being charged.
Our research shows that on average, the Ally Bank exchange rate markup for foreign wires is somewhere between 3 - 8%, depending on the amount you're sending, where you're sending it to and which currency will be received.
While all banks in the USA charge this type of markup, we make it easy to see how much you can save by using a global money transfer specialist.
The best USD to COP exchange rate is 4091.67 from XE.
As exchange rates can vary significantly between banks and also between currency exchange providers, it's therefore important to carefully compare US dollar (USD) to Colombian peso (COP) rates from different sources before making a conversion.
The above Ally Bank - Dollar to Peso comparison table makes it easy to compare the Total Fees (both variable and fixed) you are being charged by Ally Bank and other foreign exchange providers against the latest USD-COP mid-rate and the possible savings of using various providers.
Looking at the full USD to COP - Send Money comparison table the provider with the best USD to COP exchange rate is XE at 4091.67.
The next best is Wise at 4089.61.
Then WorldRemit at 4017.58, .
It's important to note that exchange rates also fluctuate frequently due to market conditions. Additionally, banks like Ally Bank often apply a margin to the exchange rate, resulting in a less favorable rate for customers compared to the mid-market rate. For more competitive rates, you might consider using a specialized currency exchange service or platforms that offer rates closer to the mid-market rate.
View a full list of exchange rates by selecting your Base (from) currency:
