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It really depends on your employment contract and the applicable collective agreements. Basically, your employer can't just convert overtime into money if you have a legal right to time off - especially if you're working full-time. In many industries and collective agreements, it's even explicitly regulated that overtime must be compensated with time off. The most important thing: check your contract or ask your union if you're a member.
But there are exceptions. In some areas (like for managers or in certain industries), payment instead of time off is possible - if it was agreed to in writing. Even if you've discussed it with your boss, it should ideally be documented. You can't just agree verbally and then run into problems later. If you feel like something's not right, it's worth taking a look at your documents or giving a quick call to the relevant union or an employment lawyer.
The tricky part: lots of people agree to payment without knowing they don't actually have to. You have a genuine right to rest, and that can't just be replaced with money - at least not if your employer pushes it through against your interests.
Simply getting paid out for overtime instead of taking time off isn't automatically allowed - your employer can't force that on you unilaterally. That said: if you're the one asking for payment and your boss agrees, it can work out as long as you still get enough rest afterward. The key thing is you can't give up your legally protected rest periods - regardless of how overtime is being handled. Best to get it in writing what you've agreed to, otherwise it'll get messy later.
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