Do platforms such as PayPal, Wise, or Revolut support conversions between Colombian pesos and US dollars?

Summary: Navigating COP to USD Conversions with PayPal, Wise, and Revolut Ever found yourself in Colombia, pesos in hand, and wondering if you can seamlessly shift that cash to US dollars using popular international money apps? I’ve dug deep into the nuts and bolts of how PayPal, Wise (formerly TransferWise), and Revolut handle Colombian pesos (COP) to USD conversions, drawing on real-world trials, official policies, and some unexpected roadblocks. This guide is for anyone wrestling with cross-border money moves—travelers, freelancers, digital nomads, or expats—especially if you need more than just a quick yes or no. Why COP to USD Conversion Isn’t as Simple as It Sounds It’s tempting to think all big fintech apps have global reach. After all, you see “multi-currency” promised everywhere. But when it comes to transferring or converting Colombian pesos to US dollars, things get complicated. I learned this the hard way, after spending ages on support chats, scanning fee tables, and even doing some trial transactions (occasionally at my own expense). Let’s break down what actually works—step by step, including screenshots and real-life hiccups. PayPal: The Promise vs. The Reality I started with PayPal, since it’s the default for many freelancers and online businesses. Their help page (PayPal Currency Converter) lists COP as a supported currency. That’s encouraging, right? But there’s a catch. You can hold a balance in COP if you have a Colombian PayPal account. You can also receive payments in COP. However, when it comes to withdrawing to a bank account, or converting COP to USD within PayPal, the options shrink. Sending from COP to USD: If you’re in Colombia, you can send money in COP, and the recipient can receive it in USD (if they’re in the US). PayPal does the conversion, but charges a hefty fee (often 4%+ above the mid-market rate). Withdrawing to USD bank account: You cannot directly withdraw COP to a US bank account. You’d need to first convert COP to USD inside your PayPal balance, then attempt a withdrawal. But for Colombian accounts, PayPal only allows withdrawal to Colombian bank accounts, and only in COP. Here’s a screenshot from my own PayPal (Colombia) attempt: PayPal support confirmed this in my chat: “Currently, users in Colombia cannot directly withdraw funds in USD. Withdrawals are only available in Colombian pesos to Colombian bank accounts.” So, while PayPal supports currency conversion for payments, it’s a dead end for direct COP to USD account transfers. Wise: The Global Favorite That’s Not Quite Global Wise is my go-to for most currency conversions—I’ve used it for years to move money between Europe and the US. Their official currency list says they support sending money to Colombia in COP, and paying out to Colombian bank accounts. But what about the other way around? Converting COP to USD: Wise does not allow you to hold a balance in COP. You can’t fund your Wise account with COP from a Colombian bank. Sending from Colombia to the US: Unless you have a USD, EUR, or other supported currency bank account outside Colombia, you can’t initiate a transfer from Colombia in pesos. Payouts: Wise allows payouts to Colombian accounts, but not from them (as of 2024). I tried connecting my Colombian Bancolombia account to Wise. The app simply doesn’t offer “COP” as a funding option for my main balance, nor does it allow me to receive COP from a Colombian card. Here’s what their support said: “Currently, Wise does not support holding or sending funds from Colombia in COP. You can only send to Colombia for payout in pesos.” – Wise Customer Support, 2024 So, despite Wise’s global branding, for Colombian pesos, you’re basically stuck. No direct COP to USD conversion possible. Revolut: Flashy Features, Limited Reach Revolut is newer in Latin America, and I was excited when they launched accounts there. Their fee schedule shows they support COP as an “incoming” currency in some regions. But, as of my last test (May 2024), here’s what happened: Account Opening: You can open a Revolut account in Colombia, but features are limited compared to the EU/US versions. Funding Account with COP: Not possible. You can’t top-up your Revolut account with Colombian pesos from a local bank or card. Converting COP to USD: Since you can’t hold a COP balance, you can’t convert to USD within Revolut. In short: Revolut’s Colombian offering does not currently solve the COP to USD problem. Case Study: Freelancer Payment Woes Let me tell you about a friend—let’s call her Maria. She works remotely for a US firm while living in Bogotá. Her employer wants to pay her in USD, but her Colombian bank only accepts COP. She tried PayPal, hoping to receive USD and convert it within the app. Instead, the payment arrived in COP, and she could only withdraw to her local bank in pesos. The conversion rate was terrible. Wise wouldn’t accept her Colombian account for outgoing transfers. Revolut wasn’t an option for holding or converting COP. In the end, Maria resorted to receiving USD into a US-based digital bank account (like Payoneer), then using Wise to transfer to Colombia in COP. She lost on fees, but at least the conversion happened at a fair rate. This mirrors what many Colombian freelancers have complained about on Reddit Colombia. What Do Regulators Say? The Colombian government is famously strict about foreign exchange. According to Colombia’s Foreign Exchange Statute (Banco de la República), only authorized intermediaries can conduct cross-border currency transfers in COP. That means global fintechs face extra hurdles compared to, say, Mexican pesos or Brazilian reais. Similarly, the US Financial Crimes Enforcement Network (FinCEN) is vigilant about money laundering risks in remittances, so they keep a close watch on these flows. Verified Trade Standards: COP vs. USD—How Do They Compare? Country Standard Name Legal Basis Executing Body Colombia Reglamento Cambiario Decree 1068/2015 Banco de la República USA Bank Secrecy Act (BSA) 31 USC 5311 FinCEN EU PSD2 Directive (EU) 2015/2366 European Banking Authority The upshot: while the US and EU let fintechs play more freely, Colombia keeps a tight lid on outgoing cross-border peso flows. Expert Take: Why the Gaps Exist I asked Rafael Jiménez, a compliance officer at a Colombian fintech, about the disconnect. He said: “Most international platforms are set up for USD, EUR, or GBP. For COP, the rules are stricter—every cross-border transaction is scrutinized. That’s why you see these big gaps in service.” In other words, it’s not that PayPal, Wise, or Revolut don’t want to support Colombian pesos—it’s that they can’t, at least not without jumping through regulatory hoops. Trying to Hack the System: My Own Misadventures I’ll admit, I tried to get around these limitations. First, I asked a friend in the US to send me USD via PayPal, then I tried to withdraw in Colombia. The money arrived in COP, with a bad exchange rate and a withdrawal fee. Next, I tried using a multi-currency debit card from Wise—no luck, as it wouldn’t accept COP top-ups. My last-ditch effort was to open a US-based Payoneer account, get paid in USD, and use Wise to send the money to my Colombian bank. This worked—but involved three platforms, two fee layers, and a lot of waiting. Not exactly what I’d call seamless. Conclusion and Next Steps: What Actually Works Today? In 2024, you cannot directly convert, hold, or transfer Colombian pesos (COP) to US dollars (USD) within PayPal, Wise, or Revolut as a Colombian resident. PayPal only allows COP withdrawals to local banks; Wise and Revolut don’t let you fund accounts in COP. These restrictions are due to a tangle of Colombian regulations and global anti-money laundering rules (see Banco de la República and FinCEN). Your best bet, for now, is to receive USD into a US-based account (Payoneer, US PayPal, or a US bank), and then use Wise or a traditional remittance service to send money to Colombia in COP. Yes, it’s a hassle. But until the fintech world and Colombian regulators loosen up, that’s the reality we’re stuck with. If you’re a business or freelancer, consider telling your payers to use platforms that allow direct USD payout to international accounts. Or, if you’re traveling, plan ahead and convert funds before arriving in Colombia. If you want to see this change, keep an eye on regulatory updates from Banco de la República or fintech news sites like Finextra. And if you find a workaround I missed, let me know—I’m always up for another experiment (or disaster).

Max's answer to: Can I use international apps like PayPal or Wise to convert COP to USD?

Summary: Navigating COP to USD Conversions with PayPal, Wise, and Revolut

Ever found yourself in Colombia, pesos in hand, and wondering if you can seamlessly shift that cash to US dollars using popular international money apps? I’ve dug deep into the nuts and bolts of how PayPal, Wise (formerly TransferWise), and Revolut handle Colombian pesos (COP) to USD conversions, drawing on real-world trials, official policies, and some unexpected roadblocks. This guide is for anyone wrestling with cross-border money moves—travelers, freelancers, digital nomads, or expats—especially if you need more than just a quick yes or no.

Why COP to USD Conversion Isn’t as Simple as It Sounds

It’s tempting to think all big fintech apps have global reach. After all, you see “multi-currency” promised everywhere. But when it comes to transferring or converting Colombian pesos to US dollars, things get complicated. I learned this the hard way, after spending ages on support chats, scanning fee tables, and even doing some trial transactions (occasionally at my own expense).

Let’s break down what actually works—step by step, including screenshots and real-life hiccups.

PayPal: The Promise vs. The Reality

I started with PayPal, since it’s the default for many freelancers and online businesses. Their help page (PayPal Currency Converter) lists COP as a supported currency. That’s encouraging, right? But there’s a catch.

You can hold a balance in COP if you have a Colombian PayPal account. You can also receive payments in COP. However, when it comes to withdrawing to a bank account, or converting COP to USD within PayPal, the options shrink.

Sending from COP to USD: If you’re in Colombia, you can send money in COP, and the recipient can receive it in USD (if they’re in the US). PayPal does the conversion, but charges a hefty fee (often 4%+ above the mid-market rate).
Withdrawing to USD bank account: You cannot directly withdraw COP to a US bank account. You’d need to first convert COP to USD inside your PayPal balance, then attempt a withdrawal. But for Colombian accounts, PayPal only allows withdrawal to Colombian bank accounts, and only in COP.

Here’s a screenshot from my own PayPal (Colombia) attempt:

PayPal support confirmed this in my chat: “Currently, users in Colombia cannot directly withdraw funds in USD. Withdrawals are only available in Colombian pesos to Colombian bank accounts.”

So, while PayPal supports currency conversion for payments, it’s a dead end for direct COP to USD account transfers.

Wise: The Global Favorite That’s Not Quite Global

Wise is my go-to for most currency conversions—I’ve used it for years to move money between Europe and the US. Their official currency list says they support sending money to Colombia in COP, and paying out to Colombian bank accounts. But what about the other way around?

Converting COP to USD: Wise does not allow you to hold a balance in COP. You can’t fund your Wise account with COP from a Colombian bank.
Sending from Colombia to the US: Unless you have a USD, EUR, or other supported currency bank account outside Colombia, you can’t initiate a transfer from Colombia in pesos.
Payouts: Wise allows payouts to Colombian accounts, but not from them (as of 2024).

I tried connecting my Colombian Bancolombia account to Wise. The app simply doesn’t offer “COP” as a funding option for my main balance, nor does it allow me to receive COP from a Colombian card. Here’s what their support said:

“Currently, Wise does not support holding or sending funds from Colombia in COP. You can only send to Colombia for payout in pesos.” – Wise Customer Support, 2024

So, despite Wise’s global branding, for Colombian pesos, you’re basically stuck. No direct COP to USD conversion possible.

Revolut: Flashy Features, Limited Reach

Revolut is newer in Latin America, and I was excited when they launched accounts there. Their fee schedule shows they support COP as an “incoming” currency in some regions. But, as of my last test (May 2024), here’s what happened:

Account Opening: You can open a Revolut account in Colombia, but features are limited compared to the EU/US versions.
Funding Account with COP: Not possible. You can’t top-up your Revolut account with Colombian pesos from a local bank or card.
Converting COP to USD: Since you can’t hold a COP balance, you can’t convert to USD within Revolut.

In short: Revolut’s Colombian offering does not currently solve the COP to USD problem.

Case Study: Freelancer Payment Woes

Let me tell you about a friend—let’s call her Maria. She works remotely for a US firm while living in Bogotá. Her employer wants to pay her in USD, but her Colombian bank only accepts COP. She tried PayPal, hoping to receive USD and convert it within the app. Instead, the payment arrived in COP, and she could only withdraw to her local bank in pesos. The conversion rate was terrible. Wise wouldn’t accept her Colombian account for outgoing transfers. Revolut wasn’t an option for holding or converting COP.

In the end, Maria resorted to receiving USD into a US-based digital bank account (like Payoneer), then using Wise to transfer to Colombia in COP. She lost on fees, but at least the conversion happened at a fair rate. This mirrors what many Colombian freelancers have complained about on Reddit Colombia.

What Do Regulators Say?

The Colombian government is famously strict about foreign exchange. According to Colombia’s Foreign Exchange Statute (Banco de la República), only authorized intermediaries can conduct cross-border currency transfers in COP. That means global fintechs face extra hurdles compared to, say, Mexican pesos or Brazilian reais.

Similarly, the US Financial Crimes Enforcement Network (FinCEN) is vigilant about money laundering risks in remittances, so they keep a close watch on these flows.

Verified Trade Standards: COP vs. USD—How Do They Compare?

Country	Standard Name	Legal Basis	Executing Body
Colombia	Reglamento Cambiario	Decree 1068/2015	Banco de la República
USA	Bank Secrecy Act (BSA)	31 USC 5311	FinCEN
EU	PSD2	Directive (EU) 2015/2366	European Banking Authority

The upshot: while the US and EU let fintechs play more freely, Colombia keeps a tight lid on outgoing cross-border peso flows.

Expert Take: Why the Gaps Exist

I asked Rafael Jiménez, a compliance officer at a Colombian fintech, about the disconnect. He said:

“Most international platforms are set up for USD, EUR, or GBP. For COP, the rules are stricter—every cross-border transaction is scrutinized. That’s why you see these big gaps in service.”

In other words, it’s not that PayPal, Wise, or Revolut don’t want to support Colombian pesos—it’s that they can’t, at least not without jumping through regulatory hoops.

Trying to Hack the System: My Own Misadventures

I’ll admit, I tried to get around these limitations. First, I asked a friend in the US to send me USD via PayPal, then I tried to withdraw in Colombia. The money arrived in COP, with a bad exchange rate and a withdrawal fee. Next, I tried using a multi-currency debit card from Wise—no luck, as it wouldn’t accept COP top-ups.

My last-ditch effort was to open a US-based Payoneer account, get paid in USD, and use Wise to send the money to my Colombian bank. This worked—but involved three platforms, two fee layers, and a lot of waiting. Not exactly what I’d call seamless.

Conclusion and Next Steps: What Actually Works Today?

In 2024, you cannot directly convert, hold, or transfer Colombian pesos (COP) to US dollars (USD) within PayPal, Wise, or Revolut as a Colombian resident. PayPal only allows COP withdrawals to local banks; Wise and Revolut don’t let you fund accounts in COP. These restrictions are due to a tangle of Colombian regulations and global anti-money laundering rules (see Banco de la República and FinCEN).

Your best bet, for now, is to receive USD into a US-based account (Payoneer, US PayPal, or a US bank), and then use Wise or a traditional remittance service to send money to Colombia in COP. Yes, it’s a hassle. But until the fintech world and Colombian regulators loosen up, that’s the reality we’re stuck with.

If you’re a business or freelancer, consider telling your payers to use platforms that allow direct USD payout to international accounts. Or, if you’re traveling, plan ahead and convert funds before arriving in Colombia.

If you want to see this change, keep an eye on regulatory updates from Banco de la República or fintech news sites like Finextra. And if you find a workaround I missed, let me know—I’m always up for another experiment (or disaster).