The Tax on Financial Transactions (GMF o Gravamen a los Movimientos Financieros) is a national tax applied to financial transactions made by users of the system in Colombia.

When making a transfer in Colombia (it is not an international transfer) the rate of the Tax on Financial Movements is the "cuatro por mil" (4x1000).

Basically, for every COP 1,000 you send, 4 pesos are debited. As the account from which they are sent is not exempt, they must be charged.