Best Banks in Colombia for Foreigners: Top Options

If you're a foreigner living in Colombia, finding the right bank can be a daunting task. Bancafé is a great option, offering a wide range of services, including online banking and a mobile app.

One of the main advantages of Bancafé is its extensive network of branches, making it easy to find a location near you. Many of these branches are open on Sundays, which is a big plus for those who need to conduct banking on the weekends.

Bancafé also offers a variety of account options, including a basic account with no monthly fees, making it a great choice for those on a tight budget. This account still allows you to use online banking and mobile banking, so you can manage your finances from anywhere.

Another great option for foreigners in Colombia is Davivienda. This bank offers a range of services, including loans, credit cards, and investment products.

If you're a foreigner living in Colombia, you'll want to consider a bank that offers a range of services in English. Some banks, like Bancolombia, offer English-speaking staff at many of their branches.

Bancolombia is one of the largest banks in Colombia, with over 1,500 branches across the country. This makes it a convenient option for those who need to access their money frequently.

BBVA Colombia is another bank that's well-suited for foreigners, with a strong online banking system and a wide range of financial products. You can even open an account online with just a few clicks.

BBVA Colombia offers a debit card with no foreign transaction fees, which is a huge plus for travelers and expats. This can save you a significant amount of money on your daily purchases.

If you're a foreigner looking to bank in Colombia, you've got several options to consider. Banco de Bogotá and CitiBank are excellent choices, known for their wide range of financial products and services tailored to the needs of domestic and international companies.

For expats, it's advisable to open a bank with some of the larger and better known Colombian banks, such as Banco de la República, Banco Occidente, and Bancoldex. These banks are more reliable and can offer a smoother account opening process.

You can choose from a variety of banks, including local and international options. Here are some popular options to consider:

If you're looking for banking options in Colombia, you have a range of choices. Banco de Bogotá has 1,477 offices throughout the country and was named the best financial institution in the country for 2020 by Global Finance magazine.

Some popular local banks include Banco de Bogotá, Bancolombia, Davivienda, Banco Popular, and BBVA. These banks can offer a range of financial products and services tailored to the needs of both domestic and international companies.

If you're a foreigner, you may want to consider a bank with good international relations. Banks like Banco de Bogotá and CitiBank are known for their wide range of financial products and services, making them excellent choices for international companies.

To open an account in some of these banks, you may need to provide specific documents, such as your Cédula de extranjería (foreign ID) or passport. For example, Banco de Bogotá requires a Cédula de extranjería and a passport.

Here are 8 banking options in Colombia, including both local and international banks:

Using an online bank account can be a good option, but be aware that Colombian banks can be tricky to work with. You might need to "hunt around" to find the right bank or branch.

You can withdraw cash from Davavienda ATMs using a Charles Schwab, Capitol One, or prepaid Fintec card, which can be a more convenient option than dealing with Colombian banks directly.

The withdrawal limits for these cards are usually around COP$300,000-500,000 (US$150-250) per transaction, and some banks may have a daily limit of COP$1,000,000.

To set up a bank account in Colombia as a foreigner, you'll need to contact the customer service lines of the bank you've chosen to find out which documents you'll need to gather.

You'll need to visit the bank in person, as there are no virtual options available at the moment. Arriving around 8 in the morning is recommended to avoid crowds and ensure a faster process.

Your bank will assign you a username, password, and card to manage your finances in Colombia, which will be activated once assigned.

To open a bank account in Colombia as a foreigner, you'll need to gather the necessary documentation.

First, contact the customer service lines of the bank you've chosen to find out which documents you need to gather.

You'll need to visit the bank in person, as there are no virtual options available at the moment.

Arriving at the bank around 8 in the morning is recommended to avoid crowds and ensure a faster process.

After your appointment with the advisor, they will assign you a username, password, and card to manage your finances in Colombia.

Your credentials will be activated once assigned.

To keep your account up to date, remember that you'll need to keep all your information updated.

The RUT is a crucial document when opening a bank account in Colombia, proving the economic activity that generates income.

It's used by the National Tax and Customs Directorate (DIAN) to identify, locate, and classify individuals and entities within the tax system.

The RUT is a system used to identify, locate, and classify individuals and entities within the tax system based on their economic and commercial activity, assets, contributions, and consumption.

It will be helpful for banking purposes and as a crucial tool in developing various processes in the country.

If you plan to start a company in Colombia or are the legal representative of a natural or legal person in the country, you must obtain the RUT.

Opening a bank account in Colombia can be a bit tricky, especially when it comes to fees and requirements. You'll need to pay a large amount to move money between different accounts in different currencies, which can be a hefty charge for processing, as well as a fee at the other end.

To avoid any surprises, make sure you carefully review your documentation in English, as you may be caught out by regular charges to keep your account open. You'll also face fees when depositing cheques.

You'll need to deposit a minimum amount into the account when you first open it, which will vary from bank to bank, so be sure to check this in advance.

To open a bank account in Colombia, you'll need to gather a few essential documents. You'll need a copy of your NIT (Número de Identificación Tributaria) and a Power of Attorney of the Legal Representative.

Some banks may ask for additional documents, such as income certificates or credit histories, which can usually be obtained through online channels. However, documents like cédula de extranjería or RUTs may require assistance, especially if you don't speak Spanish.

You'll also need to provide proof of identity, which includes your passport and visa, showing you have a right to live and work in Colombia. Foreigners will also need to provide their ID card, known as a cédula de extranjería.

To verify your identity, you'll need to provide a valid original passport with at least two blank pages and a good quality picture 3×4 cm on a white background.

Here's a list of the necessary documents to open an account in Colombia:

In some cases, you may also need to provide proof of address, such as a rental agreement or utility bill, and address and contact details of your employer. Freelance workers will need to demonstrate their income through bank statements.

Keep in mind that it's not possible to open a bank account without your ID card, so make sure you have the correct visa to live and work in Colombia before trying to open an account.

Making a minimum deposit is often a requirement when opening a business bank account. The minimum deposit requirement varies from bank to bank.

You'll need to consider this requirement when choosing where to open an account, as it can impact your initial setup costs.

You'll need to pay fees to keep your bank account open in Colombia, which can vary depending on the bank and the type of account you choose. Some banks charge regular fees just for maintaining your account.

You'll likely incur a fee when withdrawing cash from an ATM operated by a different bank, and you'll also face fees when depositing cheques. These fees can add up quickly.

Transferring money between different accounts in different currencies can be costly, with large charges for processing and poor exchange rates. This can be a significant expense, especially when transferring your salary to a bank account in your home country.

You'll need to declare how you intend to use the money when transferring it to a Colombian account, which can be a bit tricky if your plans change. If you don't spend the money as intended, you could be fined up to 100% of the amount.

You'll typically need to deposit a minimum amount into your account when you first open it, and this deposit will need to be verified. The amount required will vary from bank to bank, so be sure to check this in advance.

It can take around a week for your account to become active after you've filled in the form, handed in your documents, and paid your deposit. Make sure you have enough cash available and can use your bank account back home during this time.