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How to hold a US dollar balance as a Colombian without leaving the country
Opening a dollar account from Colombia used to require a foreign bank or a family member who could handle the process for you.
Today, digital paths exist that allow you to hold a dollar balance without leaving the country. Here we tell you what they are, when each one is best, and which risks you should weigh before choosing.
Download the belo app and see how to hold a balance in digital dollars according to your account and current terms.
The peso loses value and banks set up barriers
The Colombian peso lost nearly 20% of its value against the dollar between 2022 and 2024, and those who left their savings in pesos felt that hit on every international purchase, on every subscription, and on every trip.
Opening a dollar account as a Colombian sounds like something reserved for someone with connections in Miami or a relative handling the paperwork from abroad, but the reality has changed.
Today, there are digital options that allow you to maintain a dollarized balance from Colombia, without stepping foot in a bank or crossing a border.
Some Colombian banks offer foreign currency accounts, but with requirements that leave most people out.
Bancolombia and Davivienda allow individuals to open dollar accounts, although they usually require minimum opening balances and verifiable income in foreign currency.
For a freelancer earning 500 dollars a month or someone who simply wants to save in dollars in Colombia, these barriers turn the banking route into a long and bureaucratic process.
Stablecoins and digital wallets as a dollar account
Where banks put up obstacles, digital wallets open a direct door.
The most accessible way to hold dollars as a Colombian is through stablecoins, which are digital currencies designed to maintain parity with the US dollar.
The two most widely used are USDT and USDC, each backed by reserves that maintain their value at one dollar per unit.
How to get started on most platforms
Download the app and create an account with basic personal information.
Complete identity verification, which usually requires a national ID card (cédula de ciudadanía) and a selfie.
Once the account is verified, buy USDT or USDC with Colombian pesos via bank transfer, PSE, or cash at authorized locations, depending on the platform.
The balance remains held in custody in the digital wallet, denominated in dollars, and you can convert it back to pesos whenever you decide.
Some wallets offer digital piggy banks (money pots) that allow you to separate your balance into compartments for specific goals.
If you are saving for a trip, you can create a piggy bank designated for that purpose and configure automatic rules, such as depositing a fixed amount each week or rounding up every purchase and sending the difference to the fund.
These features turn the wallet into more than just a passive deposit, because they provide structure to the habit of saving in dollars in Colombia without you having to remember to do it manually.
When each path is best
Not everyone needs digital dollars for the same reason, and the motive defines which tool is best.
If you get paid as a freelancer through platforms like Upwork, Deel, or Fiverr, you need a wallet that accepts international transfers and credits them as stablecoins.
At belo, for example, funds arriving from abroad are credited as USDC, which allows you to decide when to convert to local currency and at what exchange rate, instead of accepting an automatic conversion with an unfavorable spread.
Settlement usually takes between 2 and 4 business days, and the sign-up process is completed from the app in minutes.
If you are looking to protect your savings from devaluation, the path is different. You do not need to receive payments from abroad, but rather buy USDC or USDT with Colombian pesos on a regular basis.
In this case, money pots with automated rules eliminate the temptation to spend what you should be saving. The purchase cost typically includes a spread between 1% and 3% over the dollar price, depending on the platform and volume.
Use case comparison based on user profile
Profile | Recommended tool | Main advantage |
|---|---|---|
Freelancer getting paid from abroad | Wallet with receiving account in dollars | Control over the timing and exchange rate of the conversion |
Saver against devaluation | Automated money pots with USDC or USDT | Automation of recurring savings without manual effort |
International shopper or traveler | Stablecoin balance ready to convert | Avoids Colombian card surcharges on foreign purchases |
For international purchases such as subscriptions, online stores, and digital services, holding a balance in stablecoins allows you to pay in dollars without depending on the exchange rate of the moment or the foreign currency payment surcharges applied by Colombian credit cards, which can add between 3% and 8% in taxes and fees.
For travel, having USDT or USDC available lets you convert to the local currency of your destination whenever it is most convenient, without carrying cash or relying on airport exchange booths.
Risks to weigh before choosing
Holding digital dollars offers clear advantages, but also risks that should be understood before moving your money.
Stablecoins are not backed by Fogafín or any Colombian state guarantee fund, which means that if the platform where the funds are held experiences a technical or financial issue, there is no automatic insurance to cover the loss.
Choosing wallets with a verifiable track record, two-factor authentication, and cold storage significantly reduces that risk.Converting USDC or USDT to Colombian pesos is fast on most platforms, but the time it takes to credit a local bank account can vary from minutes to a couple of business days.
If you need immediate access to your money, it is best to test the complete cycle with a small amount before committing a significant sum.The DIAN considers gains derived from holding crypto assets to be taxable income, and Colombians who exceed certain wealth or income thresholds must declare them. Keeping a record of every purchase and conversion, with dates and amounts, makes tax filing easier and avoids surprises.
If what you are looking for is to receive payments from abroad with control over the exchange rate, a wallet with a receiving account in dollars is the most direct option for Colombians.
If the goal is to save periodically against devaluation, automated money pots with stablecoins solve the problem without complications.
And if the priority is international shopping or travel, having a USDT or USDC balance ready to convert saves you from the surcharges that traditional methods apply without warning.
Download the belo app and check the current terms according to your account.
Frequently asked questions about
Is it legal to hold dollars in stablecoins as a Colombian?
Yes. Colombians can buy and hold crypto assets, including stablecoins such as USDC and USDT, within the current legal framework. The DIAN requires declaring earnings that exceed certain thresholds, so keeping an organized record of transactions is the best way to comply with tax obligations.
There is no general ban on holding digital assets. The important thing is to have clarity regarding the amounts you transact and document each movement so that filing does not cause issues.
How much does it cost to buy digital dollars with Colombian pesos?
The primary cost is the spread, which represents the difference between the purchase price and the reference market price. Depending on the platform and transaction volume, that margin typically falls between 1% and 3%. Some platforms also apply fixed transaction fees, so it is a good idea to review the fee structure before choosing.
Comparing two or three platforms with a small purchase is the most direct way to find out which one offers better conditions for the volume you typically handle.
What happens if the digital wallet goes bankrupt or has a technical problem?
Stablecoins held in digital wallets do not have Fogafín backing. If the platform faces serious financial or technical issues, you could lose access to your funds without an automatic compensation mechanism. That is why it is best to choose platforms with a verifiable track record and robust security measures, and avoid concentrating all your savings in a single provider.
Spreading your balance across more than one platform and enabling two-factor authentication are two concrete steps that reduce exposure to this type of risk.
Can I receive payments from international clients directly in stablecoins?
Several wallets allow you to receive international transfers that are credited as USDC or USDT, which eliminates automatic conversion to pesos and gives you control over the moment you make the exchange. Crediting time is usually between 2 and 4 business days, and the setup process is completed right from the app.
At belo, we designed this feature so you can manage the exchange rate in your favor, without being tied to an automatic conversion that does not always match the best market timing.
Do stablecoins work for traveling abroad?
Yes, having a balance in USDT or USDC allows you to convert to the local currency of your destination at the most convenient time, without relying on airport currency exchange booths that often offer unfavorable rates. Some wallets also allow you to pay directly from the app at merchants that accept digital payments.
If you travel frequently, keeping part of your budget in stablecoins gives you the flexibility to convert when the exchange rate is more favorable, instead of having to do so out of urgency.
