Canonical: https://unicorncurrencies.com/send-money-to/colombia/

# Intelligence: Sending Money to Colombia

## Banking Requirements

- **Code:** **Account Number**

- **Format:** SWIFT/BIC and account number (no single national code)

## Route Context

- **Use case:** Pay Colombian suppliers for coffee, flowers, textiles, oil, emeralds

- **Published local rails:** PSE (Pagos Seguros en Línea), CUD (Cuenta de Depósito), Sistema CEDEC

- **Timing note:** Settlement and credit timing depend on rail availability, funding, cut-offs, compliance review, correspondent handling, and receiving-bank release.

## Payment Control

- Check beneficiary details before release.

- Confirm payment purpose and invoice context.

- Keep proof available if the supplier says funds have not arrived.

- Review deductions if the amount lands short.

## Regulatory

- Banco de la República de Colombia regulations

- DIAN (Tax Authority) documentation

- IVA (VAT 19%) on goods and services

- Customs declaration requirements

## Key Industries

- Coffee

- Flowers

- Textiles

- Oil & Gas

- Emeralds

## Tips

- Colombia = Coffee leader (3rd globally), flower exporter (2nd globally)

- PSE widely adopted for COP payments

- Bogotá + Medellín + Cali = Main business centers

- Improving security situation - verify supplier locations