Countries › Colombia › Guide › 16. What is normal abroad but not here › Dollar contracts between residents are paid in pesos

Dollar contracts between residents are paid in pesos

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Last verified: 2026-10-27 · Status: Stable

Abroad, two local companies can usually price and pay a contract in US dollars; in Colombia contracts between residents in foreign currency using foreign exchange are not authorised, save special rules. A contract can still be denominated in dollars, but it is paid in pesos at the TRM of the date the obligation was contracted unless the parties agree another date or reference rate. Operations between residents and free trade zone users are internal operations paid in pesos, and employees paid in foreign currency may demand pesos.

USD figures use the TRM (tasa representativa del mercado) of COP 3,157.94 per US dollar valid on 27 October 2026, certified by the Superintendencia Financiera and published on datos.gov.co. Conversions are for orientation only.

Key facts

Foreign currency contracts between residents	Not authorised in foreign exchange save special rules; paid in pesos textResolución Externa 1 de 2018 art. 83 and 86, as of 2026-10-27 · in force
Default conversion date for foreign currency obligations that are not exchange operations	TRM of the date the obligation was contracted textResolución Externa 1 de 2018 art. 86, as of 2026-10-27 · in force
Payments between residents and free trade zone users	Colombian pesos textResolución Externa 1 de 2018 art. 93, as of 2026-10-27 · in force
TRM used for conversions on this page	3157.94 COP per USDTRM certified by the Superintendencia Financiera, valid 27 October 2026, as of 2026-10-27 · in force

The rule

1. Save special rules of the exchange regime, deposits or any other financial operation in foreign currency, or in general any contract or agreement between residents in foreign currency using foreign exchange, are not authorised.
Cost to do it: No fee. The cost is FX risk: the parties bear the exchange rate move.
Example: A Colombian distributor and a Colombian reseller cannot settle their supply contract by moving dollars between local accounts. / Not a fee rule.Banco de la República, Resolución Externa 1 de 2018 (Boletín de la Junta Directiva 13, 25 May 2018), Art. 83, 2018-05-25 official text · verified 2026-10-27

2. Obligations stipulated in foreign currency that are not exchange operations are paid in Colombian pesos at the TRM of the date they were contracted, unless the parties agreed a different date or reference rate. Obligations in foreign currency that are exchange operations are paid in the stipulated currency, save exceptions. For court purposes, exchange operation obligations are converted at the TRM of the payment date.
Cost to do it: No fee. Choosing the conversion date allocates FX risk between the parties.
Example: A services contract between two residents for US$10,000 signed on 23 October 2026 (TRM COP 3,185.01) and paid on 27 October 2026 (TRM COP 3,157.94) is paid as COP 31,850,100 by default; if the contract fixed the TRM of the payment date, COP 31,579,400. / The difference, COP 270,700, is about US$86 on US$10,000.Resolución Externa 1 de 2018, Art. 86 and par. 1, 2018-05-25 official text · verified 2026-10-27

3. When nothing else is stated, amounts in contracts are in Colombian legal currency. Obligations contracted in foreign currency are paid in that currency if legally possible; otherwise in Colombian pesos under the legal rules in force at the time of payment.
Cost to do it: No fee.
Example: A lease of Bogotá offices from a Colombian landlord to a Colombian subsidiary can state rent in dollars, but the rent is paid in pesos. / Not a fee rule.Código de Comercio (Decreto 410 de 1971), Art. 874, 1971-03-27 official text · verified 2026-10-27

4. Operations between residents and free trade zone users, or among free trade zone users, are internal operations regardless of their customs treatment, and are paid in Colombian legal currency.
Cost to do it: No fee.
Example: A free trade zone manufacturer selling to a Bogotá customer invoices and collects in pesos even if it exports most of its output in dollars. / Not a fee rule.Resolución Externa 1 de 2018, Art. 93, 2018-05-25 official text · verified 2026-10-27

5. When salary is stipulated in foreign currency, the worker can demand payment of the equivalent in Colombian pesos at the official exchange rate of the day payment is due.
Cost to do it: No fee.
Example: An executive hired with a salary of US$8,000 a month can ask to be paid in pesos at the TRM of each payday. / Not a fee rule.Código Sustantivo del Trabajo, Art. 135, 1951-06-07 official text · verified 2026-10-27

6. Residents may freely keep deposits in bank accounts abroad with foreign currency bought in the exchange market or from residents who need not channel it through that market, and use them for any exchange operation other than those that must be channelled through the exchange market.
Cost to do it: Bank fees abroad; tax rules apply.
Example: A Colombian exporter can hold dollars in a US account to pay foreign costs, but cannot use it to pay a Colombian supplier in dollars. / Not a fee rule.Resolución Externa 1 de 2018, Art. 81, 2018-05-25 official text · verified 2026-10-27

Worked example

A foreign group invoices its regional services through a Colombian subsidiary to Colombian clients and prices in dollars to match its global list. Each contract should state which TRM applies (contract date, invoice date or payment date); otherwise art. 86 applies the TRM of the date the obligation was contracted, and the subsidiary carries the move between that date and payment. Payments to foreign group companies, which are exchange operations, follow the separate FX rules.

Step by step

Classify each contract: resident with resident (internal, pesos) or resident with nonresident (exchange operation).
For internal contracts priced in dollars, state the conversion date and source (TRM of a defined date).
Invoice and collect in pesos with free trade zone users.
Hedge the peso amount where the contract allocates FX risk to you.

Common traps

Without an express clause, the default under Resolución Externa 1 art. 86 is the TRM of the date the obligation was contracted, not the payment date.
Being in a free trade zone does not make a sale to a local customer an export for FX purposes.
Dollar salaries are lawful to agree, but the worker can always demand pesos.

Sources

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