COP

COP is considered to be a restricted currency, which implies an inherent limitation to the tradability of this currency. Fund transfers in this currency are not allowed outside of Colombia.

Besides this limitation, this currency is considered to be complex: below 10.000 USD equivalent, the final beneficiaries will be contacted to release the funds by filling an appropriate forms on-shore, while for payments above 10.000 USD equivalent, the beneficiary bank requires any supporting documents to be filled
out and presented on the day the transaction is closed for the funds to be credited. This emphasises the importance of adding the beneficiary’s contact details in the payment instructions.

Besides the standard information, please note that the full name (written out in full, without initials, abbreviations or acronyms) and the physical full address and of the beneficiary are mandatory.

A clear reason / purpose of payment is mandatory and consists of a full written description (in English) of the nature of payment to be provided in the remittance information. For example: providing an invoice number without guiding text is considered as insufficient and can result in errors or delays.

Example: Payment of travel expenses – invoice n° 123456789

Additionally, it is mandatory to provide in the remittance information:

•  The beneficiary’s tax ID

•  The beneficiary’s contact information (phone number or email address)

Currently we can only support payments to the following local banks:

a) Banco AV Villas (only payments less than 10 000 USD equivalent) - BAVICOBB
b) Banco de Bogota - BBOGCOBB
c) Bancolombia - COLOCOBM
d) Banco de Occidente - OCCICOBCBO 2
e) Citibank - CITICOBB
f) Banco Caja Social BCSC (only payments less than 10 000 USD equivalent) - CASOCOBB
g) Banco Davivienda - CAFECOBB
h) Helm Bank (Banco de Credito - BCTOCOBB
i) BBVA Colombia - GEROCOBB
j) CorpBanca - BCTOCOBB
k) Banco GNB Sudameris (only payments less than 10 000 USD equivalent) - BSUDCOBB
l) Banco Colpatria (only payments less than 10 000 USD equivalent) - COLPCOBB
m) Banco Santander - SANTCOBBXXX

To consult the Technical Guidelines of this currency, click here

• Available charge option: OUR/SHA/BEN

• Central bank of Colombia: http://www.banrep.gov.co/en