Moving to Colombia—whether for work, retirement, or investment—comes with some financial logistics. One of the first steps many expats face is setting up a local bank account. It’s not always straightforward, especially for foreigners unfamiliar with Colombia’s banking system.
Opening a bank account gives you smoother access to everyday services like paying rent, receiving income, transferring funds, and handling utilities. It also helps you build financial credibility if you’re planning to live or invest long-term.
In this guide, we’ll walk you through everything you need to know to manage your money efficiently and confidently in Colombia.
🏡 Need help setting up your financial life alongside a move to Medellin or Pereira? 👉 Let EVERYPLACE guide your relocation
Who Can Open a Bank Account in Colombia?
In Colombia, the ability to open a bank account depends on your immigration status and the type of account you want. Here’s a quick breakdown of who qualifies and what’s typically required:
🛂 Tourists (Short-Stay Visitors)
- Can open accounts? Not usually.
- Alternative: Some banks may allow you to use international cards, or you can use digital wallets like Nequi or Daviplata with a Colombian phone number and ID.
🏠 Temporary or Migrant Visa Holders
- Can open accounts? Yes.
- Requirements:
- Cedula de extranjería (Colombian foreign ID card)
- Valid visa
- Proof of income or residence
🧳 Permanent Residents and Investors
- Full access to local banking services
- Can open checking and savings accounts, apply for credit, and transfer large sums legally
📌 Note:
Each bank has its own policy. Some require employment contracts o minimum income level.
💬 Not sure which visa qualifies? Our bilingual team can guide you through it. 👉 Start with EVERYPLACE
Types of Bank Accounts in Colombia
Colombian banks offer a few basic account types, each designed for different needs. Here’s what you can expect when choosing where to park your money:
💰 1. Savings Account (Cuenta de Ahorros)
- Most common account type for foreigners
- Typically no monthly fees
- Includes a debit card and access to online banking
- Often required for paying rent, bills, and receiving payments
Best for: Everyday use, low fees, and easy access to cash
💳 2. Checking Account (Cuenta Corriente)
- Offers check-writing privileges and higher transaction limits
- May require higher minimum balances or income verification
- Used more by business owners and high-income earners
Best for: Business use or those with complex finances
🌍 3. Foreign Currency Accounts
- Rare for individuals, but some banks offer USD-denominated accounts
- Typically require higher deposits and legal residency
Best for: Investors or those who receive foreign income regularly
🏦 Top banks in Colombia include:
- Bancolombia
- Davivienda
- BBVA
- Banco de Bogotá
- Colpatria
🔍 EVERYPLACE can help you choose the right bank based on your residency, location, and goals. 👉 Talk to us
How to Open a Bank Account
Opening a bank account in Colombia as a foreigner involves a bit of paperwork, but it’s very doable—especially if you have the right visa and documentation. Here’s a step-by-step guide:
📝 Step-by-Step Process
- Choose a Bank and Branch
- Visit in person (most banks don’t allow online account setup for foreigners)
- Look for branches in expat-friendly areas like El Poblado in Medellin or Circunvalar in Pereira
- Bring the Required Documents Most banks require:
- Valid passport
- Cedula de extranjería
- Colombian visa (migrant or resident)
- Proof of local address (rental agreement or utility bill)
- Letter of income or proof of employment/self-employment
- Complete Application Forms Bank staff will help fill these out. Some banks have bilingual service reps, especially in large cities.
- Deposit Initial Funds Some banks require an initial deposit (usually around \$50–\$100 USD) to activate the account.
- Receive Your Debit Card
- Cards are issued on the spot or within a few days
- You’ll be set up with a PIN and online access
⏱️ How Long Does It Take?
With the right documents, the whole process can take 1–3 business days.
💬 Need help gathering documents or choosing the right branch? 👉 EVERYPLACE can guide you through it
Online Banking & Financial Apps
Colombia’s banking system has modernized rapidly in recent years. Most major banks offer robust online platforms and mobile apps, making it easy for foreigners to manage their finances on the go.
📱 Banking Apps from Major Banks
All the major banks offer apps with English-friendly interfaces and tools for:
- Checking balances
- Paying bills
- Transferring money between accounts
- Scheduling automatic payments
Some of the best apps include:
- Bancolombia App
- Davivienda Móvil
- BBVA Colombia
💸 Digital Wallets & Alternatives
For those without a traditional bank account or cedula yet, apps like these provide flexible options:
- Nequi (by Bancolombia): Popular mobile wallet you can activate with just a passport and local phone number
- Daviplata (by Davivienda): Similar to Nequi, good for receiving small transfers or payments
These tools are useful for paying rent, utility bills, or even groceries—especially in informal settings or small businesses.
📌 Pro tip: Use a Colombian SIM card to register for most banking and financial apps.
🌍 EVERYPLACE can help get you set up with the tech tools locals use every day. 👉 Reach out to our relocation team
Transferring Money In and Out of Colombia
If you’re earning money abroad or planning to invest in Colombia, you’ll need to understand how to move funds securely and legally across borders. While Colombia has currency controls, transferring money is straightforward if you follow the proper procedures.
💸 Sending Money to Colombia
You can transfer money from abroad using:
- International wire transfers (via SWIFT) to a Colombian bank account
- Money transfer services like Wise, Remitly, or Western Union
- Crypto exchanges, although less common for large sums
Bank Tip: When transferring large amounts, always declare the purpose (e.g., investment, property purchase) to your Colombian bank to avoid tax complications.
💰 Sending Money Out of Colombia
- You can send money abroad for things like family support, travel, or business, but some banks require paperwork to justify large sums.
- Use your Colombian bank’s online platform or work with a currency exchange house (casa de cambio) for favorable rates.
📊 Currency Considerations
- The Colombian peso (COP) is volatile—watch exchange rates to time your transfers.
- Large transactions (over ~\$10,000 USD) may trigger additional scrutiny or tax reporting.
🧾 EVERYPLACE can help coordinate transfers for real estate purchases or major life changes. 👉 Let us assist with your financial setup
Taxes, Reporting, and Currency Controls
Colombia has specific rules that foreigners should understand—especially if you’re staying long-term, investing, or earning money locally. Here’s what you need to know:
🧾 Do You Need to Pay Taxes in Colombia?
If you spend more than 183 days in Colombia within a 365-day period, you’re considered a tax resident and must declare your global income. This includes:
- Foreign salaries
- Rental income from other countries
- Investments and dividends
Non-residents only pay tax on income generated within Colombia.
💼 What Do You Need to Report?
- Declaración de Renta (Tax Return): Annual requirement for residents with income or assets.
- Form 160 (Foreign Assets): Required if you hold over ~\$55,000 USD in foreign accounts.
- Currency transactions: Large incoming/outgoing transfers may need documentation (especially over ~\$10,000 USD).
💱 Currency Controls
Colombia tracks capital inflows and outflows through the Banco de la República.
- Large investments (like real estate) must be registered correctly to repatriate profits later.
- Use Formulario 4 or go through a legal currency exchange to register your funds officially.
💡 EVERYPLACE works with licensed tax and legal professionals to ensure compliance for foreign clients.
👉 Need help managing finances or buying property in Colombia? Start here
How EVERYPLACE Can Help
Setting up your financial life in a new country can be overwhelming—but with the right guidance, it doesn’t have to be. At EVERYPLACE, we provide end-to-end support for foreigners relocating to Colombia, ensuring your money is secure, your paperwork is complete, and your transition is stress-free.
🧭 Our Services Include:
- Bank Account Setup: We help you choose the right bank and walk you through the account opening process.
- Currency Transfers: Assistance with moving funds into Colombia for real estate purchases or personal use.
- Real Estate Guidance: From rentals to investment properties, we help you find and finance the right home.
- GESTIÓN DE PROPIEDADES: Own a property here? Our team handles maintenance, rentals, and reporting.
- Legal & Tax Partner Referrals: We connect you with trusted bilingual professionals to handle taxes, visa-related finances, and reporting.