Make Payments and Receive Payments in COP - Colombian Peso
Pay in Colombian Pesos (COP)
Mondial Change allows you to make international payments in COP (Colombian Peso) with ease. Manage your Colombian Peso beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not charge any exchange commission on your COP operations (a spread is applied to the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your client rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in COP (Colombian Peso)
Mondial Change allows you to receive payments in Colombian Peso (COP). The receipt of payments in COP is made to a pool account held by one of our partners. This COP account is made available to you free of charge. It allows you to receive COP payments from your clients or subsidiaries. Once the funds are received in the pool account, they are reconciled in our partner's books and credited to your Colombian Peso (COP) balance. These funds can be reused to make payments in COP or they can be converted into EUR or any other currency of your choice and repatriated to your bank account.
Do you want to hedge your exchange risk on the Colombian Peso (COP)? Check out our dedicated page for exchange hedging on the COP
Mondial Change Answers All Your Questions About Payments in Colombian Pesos (COP)
What is the timeframe for a COP payment to be credited to the beneficiary's account?
It generally takes between 1 and 2 business days for a Colombian Peso transfer to be credited to the beneficiary's account. However, please note that these timeframes are not contractual, and our partners responsible for the execution and routing of payments cannot be held liable if COP payments are credited beyond 2 business days to the beneficiary's account.
What are the fees for a payment in Colombian Peso (COP)?
The fees applied to transfers in Colombian Peso (COP) generally range from 0 to 10 euros depending on the agreement with Mondial Change's trading room. The rate mainly depends on your annual COP exchange volume and the number of Colombian Peso payments made during the year.
Are there minimum or maximum amounts for payments in Colombian Peso (COP)?
Mondial Change and its partners verify that your Colombian Peso flows are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If there are restrictions on transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Colombian Peso (COP)?
For COP payments via the SWIFT network, you simply need to provide the following information:
• Full name of the beneficiary
• SWIFT/BIC code
• Account number
Is it possible to modify a payment in Colombian Peso (COP) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Colombian Peso (COP) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment was not executed via the SWIFT network, then it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
Is the Colombian Peso (COP) account provided to you a bank account, and is it nominative?
The Colombian Peso (COP) account for which we provide you with the details is a bank account opened in the name of one of our partners. It is a pool account on which all COP transfers are received. The reconciliation of funds on your COP balance is generally done with your client account reference. You have a guarantee of segregation of your funds in our partners' books.
Is it possible to hold Colombian Pesos (COP) in the COP account provided to you?
You can use this Colombian Peso (COP) account to receive Colombian Pesos. The currencies will then be credited to your COP balance opened in our partner's books. The funds can then be reused to issue payments in Colombian Peso or be converted into other currencies.
What are the holidays when payments in Colombian Peso (COP) cannot be executed?
January 1st: New Year's Day (Año Nuevo)
Variable date: Epiphany (Día de los Reyes Magos – moved to Monday)
Variable date: Saint Joseph (San José – moved to Monday)
Variable date: Holy Thursday (Jueves Santo)
Variable date: Good Friday (Viernes Santo)
May 1st: Labor Day (Día del Trabajo)
Variable date: Ascension (Ascensión del Señor – moved to Monday)
Variable date: Corpus Christi (Corpus Christi – moved to Monday)
Variable date: Sacred Heart of Jesus (Sagrado Corazón – moved to Monday)
June 29th: Saint Peter and Saint Paul (San Pedro y San Pablo – moved to Monday)
July 20th: Independence Day (Día de la Independencia)
August 7th: Battle of Boyacá (Batalla de Boyacá)
August 15th: Assumption (Asunción de la Virgen – moved to Monday)
October 12th: Columbus Day (Día de la Raza – moved to Monday)
November 1st: All Saints' Day (Día de Todos los Santos – moved to Monday)
November 11th: Independence of Cartagena (Independencia de Cartagena – moved to Monday)
December 8th: Immaculate Conception (Inmaculada Concepción)
December 25th: Christmas (Navidad)
History of the Colombian Peso
The Colombian Peso (COP) is the official currency of Colombia, a country located in South America. As the national currency, the Colombian Peso is widely used in commercial, financial, and tourist transactions throughout the country. Its currency code COP is used to facilitate exchanges and international transactions involving Colombia. The Colombian Peso is divided into 100 centavos, which facilitates daily transactions and offers increased flexibility in financial operations. Whether you are a traveler visiting Colombia or an entrepreneur doing business in the country, it is essential to understand the Colombian Peso and be aware of current exchange rates.
Monetary Policy of the Colombian Peso
The Bank of the Republic of Colombia (Banco de la República) is the institution responsible for the monetary policy of the Colombian Peso (COP). Its main role is to regulate and supervise the country's financial and monetary system. The primary objective of this policy is to maintain price stability and promote sustainable economic growth. To achieve these objectives, the Bank of the Republic closely monitors economic indicators such as inflation, economic growth, the exchange rate, and foreign exchange reserves. It uses various instruments, such as setting interest rates and regulating the money supply, to influence the economy and maintain monetary stability. Thanks to a prudent and well-managed monetary policy, the Colombian Peso enjoys a reputation for stability and credibility in national and international markets.
Characteristics of the Colombian Peso
The Colombian Peso (COP) has unique characteristics that distinguish it from other currencies. Firstly, it is not pegged to another currency, meaning it floats on the foreign exchange market. This flexibility allows the Colombian Peso to adjust to market fluctuations and adapt to international economic conditions. Additionally, the Colombian Peso is widely accepted throughout Colombia for payments in stores, restaurants, hotels, and financial transactions. Finally, Colombian banknotes are equipped with advanced security features to prevent counterfeiting, such as holograms, watermarks, and special inks. This enhanced security ensures the integrity of the currency and strengthens user confidence in the Colombian financial system.