Means of payment in Colombia
Exports to Colombia
Most widely-used forms of payment for receiving currency from Colombia resulting from exports to the country:
- Direct currency giro:
the main international banks receive these giros from clearing accounts (bank accounts in countries other than Colombia where the holder reports their movements to the Bank of the Republic every month).
- Standby letters of credit (SBLC):
in the categories of notification and confirmation of payment, against submission of documents.
- Financed giros:
in currencies, sent by local banks which in turn provide financing in USD for the Colombian company.
issued by local banks through international banks to guarantee payment of goods or services.
Imports from Colombia
Most widely-used means of payment for sending currency to Colombia resulting from imports from the country:
- Standby letter of credit (SBLC):
issued to banks in Colombia to guarantee shipment of goods or services. The main banks are local and not international as in other South American countries.
- Direct giro in currency:
handled through correspondent banks. Colombia has very strict exchange regulations.
issued by correspondent banks to secure payment of goods or services at first request.