For Colombian businesses, freelancers, and exporters, being able to collect USD payments in Colombia without a US entity is more than a convenience—it's a critical competitive edge.

As global e-commerce expands, Colombian digital commerce is projected to grow by 23% annually through 2025, with cross-border payments becoming increasingly central to business growth (EBANX, 2024). Yet, traditional payment channels often come with high fees, slow processing, and regulatory hurdles.

Modern financial solutions are now making it possible to bypass these pain points, offering streamlined, compliant ways to receive USD payments directly in Colombia. For a broader look at payment strategies, see our international payment strategies for Colombian businesses.

The Regulatory Reality—Can You Legally Receive USD Without a US Entity?

It’s a common question among Colombian entrepreneurs and SMEs: Is it really legal to receive USD payments in Colombia without forming a US company?

The answer is yes—provided you follow Colombia’s foreign exchange and tax regulations. The Colombian Foreign Exchange Statute mandates that all foreign currency transactions must go through authorized intermediaries such as banks or licensed money remitters (IMF, 2023). Additionally, compliance with anti-money laundering (AML) and counter-financing of terrorism (CFT) laws is required, including detailed reporting and proper documentation, as Colombia is a member of GAFILAT and follows FATF anti-money laundering standards.

As the DIAN (Colombian Tax Authority) notes, foreign income may be subject to withholding taxes, and cryptocurrencies are considered intangible assets for tax purposes (ICLG, 2024).

For a detailed breakdown of compliance, see our guide to cross-border payment compliance in Colombia.

Virtual USD Accounts (How They Work and Who Offers Them)

Virtual USD accounts have emerged as a practical solution for Colombian businesses seeking to receive USD payments without a US presence. Virtual USD accounts Colombia are digital accounts that allow users to receive, hold, and transfer funds in USD, all managed via user-friendly apps and platforms.

Here’s how they stand out:

• Accessibility: Providers like Mural, Littio and Grey offer virtual USD accounts that enable Colombians to receive payments directly from international clients, and neobanks such as Nequi and Daviplata offer digital wallets for USD-related transactions, broadening access for underbanked Colombians.

• Cost Savings: These platforms typically charge lower fees and offer favorable exchange rates compared to traditional banks.

• Speed: Funds are often available within hours instead of days.

According to industry updates, digital wallet and virtual account adoption in Colombia has grown rapidly, with platforms like Littio and Grey expanding their user base in 2024.

For an in-depth look at compliance and tax, see our resource on virtual USD account compliance and tax considerations.

Stablecoin Solutions: A Modern Alternative for USD Payments

Stablecoins are increasingly popular for businesses looking to collect USD payments efficiently. These digital assets are pegged to the US dollar and offer stability, speed, and global accessibility. In Colombia, stablecoin payments Colombia are gaining traction, especially among tech-savvy exporters and service providers.

Key takeaway: Stablecoins such as USDC can be received and held via platforms like Qash, allowing for instant settlement and minimal fees. However, regulated Colombian banks and financial institutions are prohibited from direct involvement in cryptocurrency transactions by the Financial Superintendence, so stablecoin usage is most common among tech-savvy businesses and fintech users rather than traditional banks.

According to a 2024 report by Chainalysis, Latin America saw a 35% increase in stablecoin transaction volume year-over-year, highlighting their growing relevance for cross-border payments (Chainalysis, 2024).

For tips on implementation, see our guide to stablecoin-to-fiat integration best practices.

Step-by-Step: How to Set Up USD Payment Collection Without a US Entity

Here's a straightforward process to set up compliant, efficient USD payment collection for your business:

1. Select a Provider: Choose between a virtual USD account provider (Littio, Grey), a stablecoin platform (Qash), or an international payment processor based on your needs.

2. Complete KYC/KYB: Provide the necessary identity and business verification documents as required by your chosen platform.

3. Integrate the Platform: Link your virtual account or wallet to your invoicing or payment system. Many platforms offer API integration for automated workflows. Automated reconciliation is now standard on platforms such as Littio, instantly tying payment receipts to invoices and transaction records.

4. Comply with FX and Tax Rules: Make sure all transactions are reported through authorized intermediaries and meet Colombian regulatory standards.

5. Manage and Withdraw Funds: Use your platform’s dashboard to convert, transfer, or withdraw funds as needed.

For example, a Colombian freelance designer set up a Grey account and now receives USD payments from US clients directly, reducing fees and speeding up transfers.

Market Options—Comparing Top USD Payment Solutions for Colombians

Choosing the right provider depends on your business model, transaction volume, and compliance needs. Here’s how leading options compare:

*Note: Compliance for stablecoin platforms may be shifting; always review the latest regulatory guidance.

Notably, partnerships like EBANX’s integration with Botón Bancolombia and Bancolombia’s collaboration with TerraPay have made cross-border USD transfers faster and more reliable for businesses of all sizes.

Did you know? In 2022, account-based transfers made up 30% of Colombia's digital commerce payments, totaling $10 billion (EBANX, 2023).

For more, see the best payment gateways for Colombian businesses.

Compliance, Tax, and Risk—What Every Business Needs to Know

When collecting USD payments in Colombia without a US entity, compliance isn’t optional—it’s essential. Businesses must:

• Use authorized intermediaries for all foreign currency transactions.

• Adhere to AML/KYC standards, including Customer Due Diligence for all clients.

• Stay updated on Significant Economic Presence (SEP) rules, which may require a 10% withholding or 3% tax return on Colombian-source income (EY, 2024).

• Report all relevant transactions to the central bank and tax authorities.

As DIAN states: “Cryptocurrencies are intangible assets capable of being valued in money, which can lead to the obtainment of income” (ICLG, 2024).

Colombia’s regulatory sandbox also offers fintechs a controlled environment to test innovative payment products under regulatory oversight.

For a compliance checklist, see our resource on KYC and AML requirements for Colombian payment platforms.

Real-World Proof (Case Studies of Success)

Neobanks in Colombia and fintech platforms are transforming how businesses and freelancers receive USD.

• A Colombian freelancer using Grey reduced payment fees by more than 50% and received funds within hours instead of days (Grey, 2024).

• An e-commerce startup used Littio’s virtual USD accounts to accept international payments, staying fully compliant, reducing manual reconciliation time by over 70%, and avoiding US entity setup costs.

• A tech company leveraged Qash’s stablecoin wallet, eliminating currency volatility and receiving instant payments.

For deeper lessons from real-world integrations, see real-world fintech integration lessons in Colombia.

Risks, Red Flags, and the Future of USD Collection in Colombia

While digital solutions offer exciting opportunities, businesses must remain vigilant:

• Regulatory Ambiguity: The Colombian regulator continues to update FX and fintech rules; always consult the latest from DIAN and the Financial Superintendence.

• Compliance Risks: Using unlicensed money transfer services can lead to penalties or blocked funds.

• Tax Complexity: SEP and new digital tax rules require proactive compliance and accurate reporting.

Partnering with licensed banks and regulated fintechs is the most reliable way to safeguard cross-border payments.

According to a 2025 update from Colombia’s Financial Superintendence, “the rapid growth of fintech solutions is reshaping the payment ecosystem, but all participants must maintain full regulatory adherence.”

For specifics, see Colombia’s new FX regulations.

Taking the Next Step by Choosing the Right Path for Your Business

Collecting USD payments in Colombia without a US entity is now a reality for businesses of all sizes. By leveraging virtual USD accounts in Colombia, stablecoin payments Colombia, and leading fintech solutions, you can minimize costs, accelerate settlement, and stay fully compliant.

With Colombia’s cross-border digital commerce booming, now is the time to explore innovative solutions and future-proof your operations. To see how Mural Pay supports compliant, efficient USD payment collection, explore Mural Pay’s USD payment solutions.

References

• Chainalysis. (2024). Crypto Adoption in Latin America: 2024 Report. https://www.chainalysis.com/

• EBANX. (2023). Digital Commerce and Payment Trends in Colombia. https://www.ebanx.com/en/latin-america/colombia/

• EY. (2024). Colombia Issues Regulations on Significant Economic Presence. https://www.ey.com/en_gl/technical/tax-alerts/colombia-issues-regulations-on-significant-economic-presence

• Grey. (2024). How Freelancers in Colombia Can Receive Payments from US, UK & EU Clients. https://grey.co/blog/how-freelancers-in-colombia-can-receive-payments-from-us-uk-eu-clients

• ICLG. (2024). Fintech Laws and Regulations: Colombia. https://iclg.com/practice-areas/fintech-laws-and-regulations/colombia

• IMF. (2023). Colombia: Foreign Exchange Regulations. https://www.elibrary.imf.org/display/book/9781589064232/ch09.xml