Sending business payments from the US to Colombia
A US company pays a Colombian supplier, contractor or subsidiary by SWIFT wire to its Colombian bank, usually in US dollars, and the recipient then files its exchange data and converts or keeps the funds. You need the legal name, NIT, bank and SWIFT code, account number and type, and a reference that says what the payment is for.
- Bancolombia tells corporate clients that a sender abroad needs only their account number and the SWIFT code COLOCOBM, with Bancolombia S.A. as the beneficiary bank.
- Payments for imports and exports of goods must be channeled through Colombia's exchange market, while exports of services belong to the free market, according to the Banco de la República.
- Bancolombia processes an incoming transfer the same day if the form and documents arrive before 4:00 p.m., and returns transfers not claimed within 60 calendar days.
- Bancolombia charges no commission to receive an international transfer, but intermediary banks may deduct their own charges on the way.
- Colombia has no official exchange rate; the market sets it, and each intermediary quotes its own.
Details to collect from a Colombian recipient
Colombian accounts are savings (ahorros) or checking (corriente) accounts identified by an account number at a named bank. The NIT (Número de Identificación Tributaria) is the tax number assigned by the DIAN, Colombia's tax and customs authority. Under Decreto 2460 de 2013, a company is identified by its legal name and its NIT with a check digit.
| 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 | Used for tax, customs and exchange control |
| Bank and SWIFT code | For example COLOCOBM for Bancolombia | Routes the wire |
| Account number and type | Ahorros or corriente | Bancolombia accepts either type |
| Address | Registered address and city | Helps screening pass without questions |
| Reference | Invoice number and what the payment is for | The recipient files its exchange data from it |
Sources: Bancolombia, transfers from abroad; Decreto 2460 de 2013. As published on 29 October 2026.
Check each SWIFT code against the bank name with our SWIFT code lookup.
Pay in pesos or in US dollars?
Most Colombian exporters invoice in dollars, and some smaller suppliers prefer pesos because their costs are in pesos. The Banco de la República states that Colombia has no official exchange rate: the market sets it, and a company can compare the rates intermediaries offer. A dollar invoice leaves the conversion and the exchange risk with the supplier; a peso invoice moves both to you.
The type of payment matters more than the currency. Colombia splits exchange operations in two. Payments for imports and exports of goods must be channeled through the exchange market (canalización obligatoria), through a licensed intermediary (IMC) or a registered compensation account. Exports of services belong to the free market. For goods, the supplier reports the minimum data of the operation to its bank under an exchange code (numeral cambiario), and it has a general period of six months from receipt to channel the currency.
| What you pay for | Exchange market rule | What the supplier does |
|---|---|---|
| Goods exported from Colombia | Must be channeled through the exchange market | Reports the operation with its exchange code to its bank |
| Services | Free market | Records the receipt; no mandatory channeling |
| Discount below the export declaration value | Allowed for a justified reason | Keeps the documents that justify the difference |
Sources: Banco de la República, exchange regime; Banco de la República, foreign trade FAQ. As published on 29 October 2026.
For conversion, see the USD to COP currency page.
Rails and arrival times
Payments to Colombia from the United States travel by SWIFT. For the transit leg, Swift reports that nearly 60% of gpi payments reach end beneficiaries within 30 minutes and almost 100% within 24 hours. The second stage runs on the receiving bank's hours, and Bancolombia publishes its own.
| Step at Bancolombia | Published rule |
|---|---|
| Same-day processing | Form and supporting documents sent before 4:00 p.m. |
| Online exchange, USD 1 to USD 249,999 per transaction | Monday to Friday, 8:00 a.m. to 1:00 p.m., except Colombian and US holidays |
| Time to claim the transfer | 60 calendar days after it reaches Bancolombia |
| Unclaimed transfers | Returned to the bank abroad |
Source: Bancolombia, international transfers from abroad; hours are Colombian time. As published on 29 October 2026.
Because Bancolombia's exchange window closes on US holidays as well as Colombian ones, a wire sent late on a Friday before a Colombian holiday Monday may not be converted until Tuesday.
Documents and checks
The Banco de la República does not ask for supporting documents when the exchange operation happens, but residents must keep documents proving the amount, terms and origin of funds and present them if the authorities ask. Expect the supplier to ask you for the SWIFT confirmation. Two rules help it: pay from the company named as buyer on the invoice, and do not net one obligation against another, because each operation that must be channeled has to be negotiated separately.
Some Colombian exporters ask to be paid into their own account in the United States or Panama. That is legal when the account is registered with the Banco de la República as a compensation account, which is the supplier's responsibility; confirm any such request by phone and keep the written instruction.
On the US side, every payment to a Colombian company must pass sanctions screening: OFAC states that all US persons, including all US incorporated entities and their foreign branches, must comply with US sanctions, so the payer, the recipient and the recipient's bank are checked before the money moves.
Costs: Helm fees, intermediary deductions, SHA and OUR
Bancolombia states that it charges no commission to receive international transfers, that commissions are subject to IVA and that it sets its exchange rate daily. It also warns that the amount received may be lower than the amount sent because intermediary banks deduct their own charges. Every SWIFT wire carries a charge code. OUR means the sender pays all charges, so the full amount should arrive. SHA means charges are shared: the sender pays its own provider, and intermediary banks may deduct their fees in transit. BEN means every charge comes out of the amount sent. Helm international payments show the rate, the fee and the expected arrival before you confirm, and the account manager confirms the route for each corridor.
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.
Why payments to Colombia are held or returned
| Cause | What happens | Prevention |
|---|---|---|
| Not claimed in 60 days | Returned to the sending bank, less charges | Tell the supplier the day you send |
| Name or account mismatch | Held or returned | Copy details from the supplier's bank letter |
| Missing exchange data | Funds wait at the bank | Send the MT103 so the supplier can file |
| Payment from a related company | Complicates the supplier's exchange report | Pay from the buying entity |
| SHA deductions | Short payment | Send OUR |
Sources: Bancolombia; Banco de la República. As published on 29 October 2026.
For the full buyer checklist, see how to pay suppliers in Colombia.
Checklist before you send
- Collect the razón social, NIT with check digit, bank, SWIFT code and account type.
- Say whether the payment is for goods or services, since only goods must be channeled.
- Pay from the company named as buyer on the invoice.
- Tell the supplier the day you send, so it claims the transfer well within 60 days.
- Avoid Friday afternoons before a Colombian holiday Monday.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
What details do I need to wire money to a Colombian business?
The legal name, NIT, bank name and SWIFT code, account number and type, address and a payment reference. Bancolombia states that a sender abroad needs only the account number and SWIFT code COLOCOBM for its clients.
Should I pay a Colombian supplier in USD or COP?
Most exporters invoice in USD and convert at their bank. A COP invoice moves the exchange risk to you. Either way, payments for goods are channeled through the exchange market.
How long does a wire to Colombia take?
Swift reports almost 100% of gpi payments credited within 24 hours. Bancolombia then processes the transfer the same day if the supplier's form and documents arrive before 4:00 p.m.
What happens if my Colombian supplier does not claim the transfer?
At Bancolombia, a transfer not claimed within 60 calendar days is returned to the bank abroad, and the amount can be reduced by charges along the way.
Does Bancolombia charge to receive a wire?
Bancolombia states it charges no commission to receive international transfers, but intermediary banks may deduct their own charges before the money arrives.
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
- Bancolombia: International transfers from abroad for companies
- Decreto 2460 de 2013 (Registro Único Tributario and NIT)
- Swift: Fast, transparent and trackable payments (gpi)
- U.S. Department of the Treasury, OFAC: Who must comply with OFAC sanctions? (FAQ 11)
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.