Banking

Banking in Colombia

Banking in Colombia is straightforward once you have proper documentation, but challenging before then. Plan accordingly.

The Cedula Requirement

Critical: You cannot open a traditional bank account without a cedula de extranjeria (foreigner ID card).

To get a cedula, you need:

1. A visa valid for 180+ days
2. Apply at Migracion Colombia within 15 days of visa approval
3. Processing takes 1-4 weeks

This means: Tourist-visa holders cannot open bank accounts. Plan your finances accordingly for the first months.

Banks for Foreigners

Major banks:

Opening an account:

1. Visit branch with cedula, passport, proof of address
2. Complete application (Spanish - bring help if needed)
3. Account usually activated same day
4. Debit card arrives in 1-2 weeks

Important restriction: As of 2025, some banks don't allow international transfers in the first 6 months. You can receive deposits but not transfer money in from abroad.

Digital Banking Options

Without cedula:

• Wise - multi-currency account, works without cedula
• PayPal - limited but functional
• US/home country accounts - keep these active initially

With cedula (digital banks):

• Nequi - popular app, easy setup, Bancolombia-backed
• Dale - Grupo Aval's digital solution
• Daviplata - Davivienda's mobile banking

These digital options are easier to open and work well for daily transactions.

Money Transfers

Receiving money in Colombia:

• Wise - excellent rates, fast
• Western Union/MoneyGram - cash pickup option
• Bank wire - expensive but direct

Sending money from Colombia:

• Requires proper bank account
• May need to document income sources (SARLAFT anti-money laundering)
• Wise works for outgoing too

ATM Usage

ATMs widely available. Tips:

• Withdraw in larger amounts to minimize fees ($200-300+ per transaction)
• Use Bancolombia ATMs for best availability
• Notify home bank of travel to avoid blocks
• Daily limits typically 600,000-1,000,000 COP ($150-250 USD)

Credit Cards

Building Colombian credit:

Colombian credit system is separate from US/European systems. You start from zero.

Getting a Colombian credit card:

• Usually requires 6-12 months of bank relationship
• Or proof of Colombian income
• Start with secured card if available

Using foreign credit cards:

• Visa/Mastercard widely accepted in cities
• Always choose "charge in local currency" (COP) not USD
• Some cards have no foreign transaction fees (check yours)
• Notify bank of travel

Tax Considerations

Tax residency: If you spend 183+ days in Colombia within a 12-month period, you become a Colombian tax resident. This means:

• Must report worldwide income
• May owe Colombian taxes
• But tax treaties may prevent double taxation

Common misconception: Digital nomad visa doesn't automatically exempt you from taxes. Consult a tax professional.