USD to COP for business payments
To pay a Colombian supplier in pesos, you convert US dollars to Colombian pesos (COP) through a bank or provider that can deliver pesos; to pay in dollars, you wire USD and the supplier's bank converts. Either way, a payment for goods passes through Colombia's exchange market. This page covers how the peso's rate is set, the Banco de la República rules, the details to collect, published costs and when each currency fits.
- The Banco de la República, Colombia's central bank, states that Colombia has no official exchange rate: the foreign exchange market sets it, and companies can compare the rates intermediaries offer.
- Payments for imports and exports of goods must be channeled through Colombia's exchange market, through a licensed intermediary (IMC) or a registered compensation account.
- Operations between Colombian residents must be paid in pesos, except through registered compensation accounts, so a supplier's local costs are in COP.
- Exporters of goods have a general period of six months from receipt to channel the currency through the exchange market, and each operation must be negotiated separately without netting.
- Bancolombia states that it charges no commission to receive international transfers and returns transfers not claimed within 60 calendar days.
The Colombian peso and how its rate is set
The Colombian peso (code COP) is issued by the Banco de la República, the central bank. On its basic concepts page, the bank answers the question of whether Colombia has an official exchange rate plainly: no, the exchange rate is set by the foreign exchange market. A company buying dollars can compare the rates offered by different intermediaries and buy from the one with the best price.
Those intermediaries are the IMCs (Intermediarios del Mercado Cambiario), the licensed exchange market intermediaries: banks, financial corporations, financing companies, Bancóldex, stockbrokers and SEDPEs, the specialized electronic deposit and payment companies. Because there is no official rate, the rate you get depends on the IMC or provider that converts your money.
| Item | Colombia |
|---|---|
| Currency and code | Colombian peso, COP |
| Issuer | Banco de la República |
| Exchange rate | No official rate; set by the foreign exchange market, per the Banco de la República |
| Who converts | IMCs (licensed intermediaries) or registered compensation accounts |
| Payments for goods | Must be channeled through the exchange market |
| Payments between residents | In pesos, except through compensation accounts |
| Company tax ID | NIT with check digit, issued by the DIAN |
Sources: Banco de la República, basic concepts of the exchange regime; Decreto 2460 de 2013. As published on 29 October 2026.
Exchange rules a buyer should know
Colombia divides foreign exchange operations into two groups. Some must be channeled through the exchange market (canalización obligatoria); the rest belong to the free market. Imports and exports of goods are in the first group, so your payment for goods reaches the supplier through an IMC or a compensation account, whatever currency you send.
- The supplier declares the operation. When the money arrives, the supplier gives its bank the minimum data of the exchange operation: who paid, how much and for what, under an exchange code for exports of goods.
- Six months to channel. The Banco de la República sets a general period of six months from receipt for exports of goods to be channeled.
- Discounts are allowed, netting is not. A justified discount, such as for prompt payment, needs no report to the central bank, but each channeled operation must be negotiated separately; the supplier cannot offset your invoice against a loan between you.
- Payment to a US account. A Colombian exporter may ask to be paid into an account abroad. That is legal when the account is registered with the Banco de la República as a compensation account. Confirm the request by phone before paying.
- Non-resident accounts. Non-residents may open accounts in foreign currency or in pesos at an IMC without registering with the Banco de la República.
You file nothing in Colombia. What helps the supplier is a payment from the company named as buyer on the invoice, with the invoice number in the reference.
Details you need to pay a Colombian supplier
The NIT (Número de Identificación Tributaria) is the tax number the DIAN, Colombia's tax and customs authority, assigns. Under Decreto 2460 de 2013, a company is identified by its legal name and its NIT with a check digit (dígito de verificación). Bancolombia tells corporate clients that a sender abroad needs only the Bancolombia account number and the bank's SWIFT code, COLOCOBM, with Bancolombia S.A. as beneficiary bank.
| Detail | What to ask for | Why it matters |
|---|---|---|
| Beneficiary name | Full legal name (razón social), as on the account | Must match the account holder |
| NIT | NIT with its check digit | Identifies the company for tax and exchange control |
| Bank and SWIFT code | For example COLOCOBM for Bancolombia | Routes the payment |
| Account number and type | Savings (ahorros) or checking (corriente) | Bancolombia accepts payments to either type |
| Reference | Invoice number and "payment for exported goods" | Lets the supplier file its exchange data for an export |
Sources: Bancolombia, transfers from abroad; Decreto 2460 de 2013. As published on 29 October 2026.
Bancolombia processes an incoming transfer the same day if the supplier sends its form and documents before 4:00 p.m., and runs online currency exchange for USD 1 to USD 249,999 per transaction from Monday to Friday, 8:00 a.m. to 1:00 p.m., closed on Colombian and US holidays. Holidays and returns are covered in our guide on how to pay suppliers in Colombia.
What converting USD to COP costs
Because Colombia has no official rate, the cost of a conversion is set entirely by whoever converts: the mid-market rate, the margin that IMC or provider adds, and the payment fee. If you send dollars, the supplier's bank converts at the rate it sets that day. Bancolombia states that it sets its exchange rate daily, charges no commission for receiving international transfers and that its commissions are subject to IVA, Colombia's value added tax.
On the US side, Chase charges $40 for an online international wire in US dollars and $5 for a foreign currency wire, or $0 at $5,000 or more. Bank of America lists $45 for an international wire in US dollars and no wire fee for one in foreign currency. A zero wire fee on a peso payment still carries the margin inside the rate, so compare the pesos the supplier receives, not the fee line.
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. See how Helm pricing works.
Helm shows the rate, fee and expected arrival before you send, and pays by SWIFT or by local rails in the supplier's currency where available, confirmed by your account manager. Check each Colombian bank's SWIFT code with our SWIFT code lookup.
Pay in USD or in COP?
| Question | USD invoice | COP invoice |
|---|---|---|
| Who converts | The supplier's Colombian bank or IMC | You or your payment provider |
| Who carries exchange risk | The supplier | You |
| Exchange market channeling for goods | Yes | Yes |
| Supplier's local costs | Paid in pesos after conversion | Paid directly from the pesos received |
| Best fit | Exporters with dollar pricing | Smaller suppliers with peso costs and peso price lists |
Source: Banco de la República, basic concepts of the exchange regime. As published on 29 October 2026.
When a Colombian exporter invoices in dollars, a USD wire is the simplest route. A smaller supplier whose payroll and taxes are in pesos, which residents must settle in pesos, often prefers a fixed peso amount. Colombian companies collecting dollars from you can read our guide to a USD business account in Colombia and the Colombia country guide.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Does Colombia have an official exchange rate?
No. The Banco de la República states that in Colombia the exchange rate is set by the foreign exchange market. Companies can compare the rates offered by different exchange market intermediaries.
Do I need to register a payment to a Colombian supplier?
No filing is needed from a foreign buyer. Payments for goods must be channeled through Colombia's exchange market, and the supplier gives its bank the data of the exchange operation when the money arrives.
Can I pay a Colombian supplier into its US bank account?
It is legal if the account is registered with the Banco de la República as a compensation account. Confirm any such request by phone with a contact you already know and keep the supplier's written instruction.
What is a NIT in Colombia?
The NIT is the tax identification number the DIAN assigns. A company is identified by its legal name and its NIT with a check digit, and the NIT is used for tax, customs and exchange control.
Can Colombian companies pay each other in dollars?
Generally not. The Banco de la República states that operations between residents must be paid in pesos, except through registered compensation accounts.
How long does a Colombian supplier have to claim a transfer?
At Bancolombia, a transfer from abroad must be claimed within 60 calendar days of reaching the bank; unclaimed transfers are returned to the bank abroad.
References
- Banco de la República: Basic concepts of the exchange regime
- Banco de la República: Foreign trade in goods and free trade zones, frequently asked questions
- Decreto 2460 de 2013 (Registro Único Tributario and NIT)
- Bancolombia: International transfers from abroad for companies
- Chase: How Performance Business Checking works (wire fees)
- Bank of America: Business Schedule of Fees
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.