How to pay Chinese suppliers from Colombia

How to pay a Chinese supplier from Colombia: the short answer

A Colombian company must pay for imported goods through the exchange market. In practice that means one of two channels: buying dollars from an IMC, such as a Colombian bank, which sends them by SWIFT to the supplier, or paying from a cuenta de compensación, a foreign currency account abroad that the company has registered with Banco de la República (Banrep), the central bank. An IMC (intermediario del mercado cambiario) is an institution authorized to deal in foreign exchange. SWIFT is the international messaging network banks use for cross-border payments.

Each payment through an IMC is reported on a declaración de cambio, the set of minimum data on the operation that the IMC sends to Banrep. The declaration carries a numeral cambiario, a code that classifies the payment, for example an advance payment or a payment after shipment.

The usual sequence for an order from China is:

1. Agree the price, the payment terms and the Incoterm with the supplier, and get a proforma invoice. An Incoterm is a standard trade term, such as FOB or CIF, that sets who pays freight and insurance.
2. Pay the deposit through your bank or compensation account, with the declaración de cambio under the advance payment numeral.
3. Pay the balance against a copy of the bill of lading, under the numeral that matches the timing.
4. Clear the goods with DIAN, the tax and customs authority, on an import declaration whose value matches what you paid, or keep evidence for any justified difference.
5. Keep the declarations and supporting documents for each import.

This guide covers the Colombian side of each step. For the supplier's side, such as how Chinese factories invoice and how to pay a Hong Kong account, see our general guide on how to pay suppliers in China.

Banrep rules for import payments

The rules sit in Banrep's Resolución Externa 1 de 2018 and its operating manual, Circular Reglamentaria Externa DCIP-83. Chapter 3 of DCIP-83 covers imports of goods.

Who must pay and how

Residents must pay for imports of goods through the exchange market and report each operation on a declaración de cambio to an IMC. When the payment runs through a compensation account, the account's monthly movement report takes the place of the declaration. The importer that made the import must channel the payment. Chapter 3 states that residents may not channel payments for imports made by others. Netting of obligations is not allowed in foreign trade, so you cannot offset what a supplier owes you against what you owe it.

The payment goes to the creditor, its assignee, or a collection or payment center abroad. Payments may differ from the customs value for justified reasons, such as discounts, prompt payment, damage or goods not yet cleared, and the importer must keep supporting documents.

Numerals by timing

The numeral on the declaración de cambio depends on when you pay relative to the transport document, such as the bill of lading.

Source: Banco de la República, Circular Reglamentaria Externa DCIP-83, Chapter 3, as published on 29 October 2026. Confirm the numeral with your bank's foreign trade desk.

What the declaration contains

The declaración de cambio for an import payment includes the declaration number and date, the IMC's tax ID, the importer's type and ID number, the currency, the total amount in that currency, the exchange rate to US dollars, each numeral, and the US dollar value for each numeral. The declaration number cannot be corrected, so check the details before your bank submits it. A deposit and a balance are two declarations under two numerals for one import.

How the money reaches a Chinese supplier

Most Chinese suppliers invoice in US dollars, and many invoice through a Hong Kong trading company with a Hong Kong bank account. A Colombian importer pays in one of the ways below. Whichever route you use, the beneficiary should be the seller on the invoice, or its assignee or collection center, as Chapter 3 allows.

Routes as described in this guide; channeling rules from Banrep DCIP-83, Chapters 3 and 8; supplier-side checks from PNC Bank. as published on 29 October 2026.

Paying from a compensation account

Most Colombian companies cannot hold dollars at a Colombian bank, because Article 8 of Resolución Externa 1 de 2018 limits foreign currency deposits to listed groups such as non-residents and international transport companies. A company that imports often can instead register an account abroad as a compensation account. Under Chapter 8 of DCIP-83 it must register the account with Banrep no later than the calendar month after the first operation that had to be channeled through it, and send a movement report every month. Money out of the account includes payments of foreign currency obligations, so an importer can pay suppliers from the account without buying dollars from a Colombian bank each time.

What the supplier's bank checks

China manages foreign exchange through the State Administration of Foreign Exchange (SAFE). As summarized by PNC Bank, the supplier's bank verifies each receipt using documents such as the contract, invoice and customs declaration, and the remitter and the beneficiary must be the parties to the contract. Colombia's own rule that the importer must channel its own payments points the same way.

Deposit, balance and payment terms

The payment term decides when dollars leave Colombia, which numeral you use and what you hold in return.

Numerals from Banco de la República, DCIP-83, Chapter 3. as published on 29 October 2026.

A letter of credit (LC) is a bank's written promise to pay the seller when it presents documents that comply with the credit's terms. A documentary collection sends the shipping documents through the banks, and you receive them only after you pay or accept a bill of exchange. A supplier that has not traded with you before may ask for an LC on the first order and accept deposit and balance on later orders.

Post-shipment financing from suppliers, IMCs or other non-residents is not reported to Banrep, but financed advance payments are external credit and have their own reporting. Ask your bank before agreeing terms in which a lender pays the supplier before shipment.

What it costs: published bank charges

Each Colombian bank publishes its own foreign trade tariff. The table shows one bank's published 2026 charges at its general rate, as an example of the items to budget for on each order. All commissions are subject to IVA, which is not included.

Source: BBVA Colombia, Tarifario Comercio Exterior 2026, as published on 29 October 2026. IVA is added. Other banks set their own charges.

On a $40,000 order paid as a $12,000 deposit and a $28,000 balance by direct transfer, the published SWIFT and administrative charges come to USD 50 and COP 10,600, plus IVA. An LC for the full $40,000 would instead carry USD 400 for the opening commission for the first 90 days, plus USD 35 for the SWIFT message. Two costs sit outside the tariff. The first is the exchange rate at which the bank sells you dollars, which is usually the largest cost, so ask for the rate before you confirm. The second is correspondent bank charges on the way to China.

Send SWIFT payments with the charge code OUR, which means you pay all transfer fees and the supplier receives the full invoice amount. SHA shares the fees, so intermediary deductions come out of the amount. BEN puts all fees on the supplier. A payment that arrives short delays shipment while the supplier queries the gap.

Documents that tie the payment to customs

The bank, DIAN and the supplier's bank each match the same facts: the importer, the supplier, the invoice and the value. Keep them identical across every document.

Sources: Banrep DCIP-83, Chapters 3 and 8. Typical sequence; requirements vary by product. as published on 29 October 2026.

A bill of lading is the document the shipping line issues when it receives the goods. Ask the supplier to send a copy before you pay the balance, and check that the shipper, consignee and goods match the invoice. If the final invoice is lower than what you paid in advance, keep the supplier's credit note or refund record, because Chapter 3 requires support for differences between payments and customs value.

Agents, netting and crypto: what the rules say

Some importers pay through an agent who collects pesos in Colombia and pays the supplier from an account abroad, or through a stablecoin seller. The facts below are what an importer should weigh.

• The importer must channel its own payment. Chapter 3 of DCIP-83 states that residents may not channel payments for imports made by others. A payment made by an agent is not your channeled payment.
• No netting. Offsetting a supplier's debt against yours, or settling through a third party's balances, is not allowed in foreign trade.
• Crypto-assets cannot be channeled. Banrep's concepts state that crypto-assets are not money, are not recognized as foreign currency under the exchange regime, and that channeling does not apply to operations with them, either mandatorily or voluntarily. A USDT payment therefore cannot be the channeled payment for an import.
• No financial supervisor for crypto businesses. The Superintendencia Financiera has said it does not regulate, supervise or authorize businesses based on crypto-assets, as reported by Infobae.
• The supplier's bank may query it. China's rules expect the payer to be the party on the contract.

Where Helm fits

Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. A Helm account gives your company USD account details in its own name, with a US routing and account number that receives ACH, Fedwire and SWIFT payments.

For a Colombian business that buys from China, it works like this:

• Register it as a compensation account. Import payments must be channeled, and a registered compensation account is one of the two channels. Registration with Banrep and the monthly report are the company's own duties.
• Pay suppliers in USD. Send international payments by SWIFT from your company's own account to the supplier's USD account in China or Hong Kong, with the rate, fee and expected arrival shown before you send.
• Use dollars you collect. Export proceeds and other channeled income can be received into the same registered account and used to pay suppliers.
• Stablecoins. The account can receive USDC or USDT and convert them to USD. Banrep does not treat crypto-assets as foreign currency, so take Colombian legal advice before using them in connection with goods trade.
• Finance the order. Trade finance, such as supplier finance and working capital, is arranged case by case.

Each account has a named account manager, and review questions are answered in writing within one business day. 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.

A checklist for paying a Chinese supplier from Colombia

• Decide whether you will pay through your bank or a registered compensation account.
• If you use a compensation account, register it with Banrep by the end of the month after its first channeled operation and report every month.
• Pay from the company that imports the goods, never through another resident.
• Use numeral 2017 for the deposit and the numeral that matches the timing for the balance.
• Send each payment by SWIFT with charges set to OUR, quoting the invoice number.
• Pay the balance against a copy of the bill of lading, or use a letter of credit for a new supplier.
• Keep support for any difference between what you paid and the customs value.
• File each declaración de cambio with the invoice and import declaration for the order.

For how other importers organize supplier payments, see the importers page.

Questions

References

1. Banco de la República: Circular Reglamentaria Externa DCIP-83, Chapter 3, Importaciones de bienes
2. Banco de la República: Circular Reglamentaria Externa DCIP-83, Chapter 8, Cuentas de compensación
3. Banco de la República: Resolución Externa No. 1 de 2018, compendio
4. Banco de la República: Concepto JD-S-CA-00850-2025 (crypto-assets)
5. Banco de la República: Concepto C22-92460 Q22-6057 (crypto-assets and channeling)
6. BBVA Colombia: Tarifario Comercio Exterior 2026
7. Infobae: Compra y venta de criptomonedas en Colombia seguirá sin reglas claras (17 August 2026)
8. PNC Bank: Navigating China's regulations on foreign exchange for goods trade

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.