Opening a bank account in Colombia as a UK non-resident

Colombia’s friendly, laid back beaches, and awesome coffee have made it a popular place for expats for years. The country is a magnet for retirees thanks to its relatively low cost of living, but it also attracts plenty of young adventurers and entrepreneurs too.

If you’re thinking of moving to Colombia from the UK, you’re likely to need a local bank account to live there. But how easy is opening a bank account in Colombia as a non-resident, and can you do it before you move to the country?

Read on for everything you need to know, including the documents you’ll need and some of the best Colombian bank accounts for expats.

Also, if you’re looking for a cheap way to send money to Colombia from the UK, check out the Wise account from the money services provider Wise. It’s not a bank account but offers many similar features. It lets you send money to 160+ countries worldwide, including Colombia, for low fees* and mid-market exchange rates.

Moving to Colombia and want to take your savings with you? With Wise, you can also send secure and trackable large amount transfers.

Learn more about the Wise account 💰

Table of contents

How to open a Colombian bank account as a non-resident? Do you need a bank account in Colombia? Can you use your UK bank account in Colombia? Can you open a bank account in Colombia as a British expat? Can you open a Colombian bank account online as an expat from the UK? Can you open an account as an international student? What documents do you need to open a bank account in Colombia? Proof of ID Visa/proof of residence ID card Proof of address Employment/income details Best Colombia bank accounts for expats Bancolombia Banco de Bogotá BBVA Scotiabank Colpatria Other banks and money management alternatives worth looking into What are the banking fees and costs in Colombia? Is there a free Colombia bank account for non-residents? Manage your international money with Wise

How to open a Colombian bank account as a non-resident?

Unfortunately, you can’t open a local bank account in Colombia without a cédula de extranjería ID card (essentially, an ID card for foreigners).¹ Most banks will ask for this on application. You can’t get this ID on a tourist visa, so you’d need a work visa or another visa which allows residency.

It may be possible to find a bank which offers non-resident accounts, but if you can’t find one of these you’ll need to wait until you’ve moved to Colombia to open your account.

Do you need a bank account in Colombia?

It isn’t absolutely essential to have a Colombian bank account in order to move there, nor is it a legal requirement.

You may be able to manage without one for some things, and you can always make use of multi-currency solutions such as the Wise account, which you can get before travelling or moving to Colombia.

But you might find that day-to-day life in your new home is more complicated if you don’t have any kind of local or international current account. Things like getting paid if you’re working, paying rent and covering bills can be much more difficult.

And if you’re buying or selling property in Colombia, it’ll be almost impossible to carry out the required transactions without a bank account.

📚 Read more: How to transfer large amounts of money from the UK?

Can you use your UK bank account in Colombia?

If you’d rather avoid the hassle of opening a new bank account abroad, you might be tempted to just keep using your UK bank account. But is it actually possible to use a UK account in Colombia?

It’s unlikely that you’ll be able to, but it depends on who you bank with.

Major UK banks such as Barclays only let you keep your account open when living abroad under very specific circumstances. For example, if you’re a UK Crown employee or you’re only planning to live abroad for less than 6 months.²

Other banks take a different approach. Spanish-owned international bank Santander says it will continue to service accounts when the holder moves abroad.³

So if you’re an existing customer, you should in theory be able to continue using your account in Colombia. Santander also operates there, so you may be able to access branch services and ATMs too.

An important thing to bear in mind though is the currency. If you’re using a UK bank account, it’ll likely be denominated in GBP. You’ll be spending in Colombian peso (COP) while in Colombia, so you could lose out when it comes to currency exchange.

📚 Read more: The cheapest ways to exchange currency in the UK

Can you open a bank account in Colombia as a British expat?

Yes, you should have no problems opening a bank account in Colombia as a British national.

The country doesn’t have any rules restricting accounts to local citizens only, and most banks will accept your foreigner ID card (cédula de extranjería) when you apply.

Can you open a Colombian bank account online as an expat from the UK?

You might struggle to open a bank account online, as many Colombian banks require you to visit a branch in person. However, you might be able to open some digital and savings accounts online - Bancolombia is one bank which offers this.⁴

Whichever method you use, you’ll still need to provide your foreigner ID card along with other documents - we’ll cover exactly what you need in just a moment.

Can you open an account as an international student?

You can open a Colombian bank account if you’re studying there, but you’ll find that not many banks offer dedicated student accounts. You’ll need to apply for a standard current or transactional savings account instead.

📚 Read more: Best debit card to use abroad: Top 6 UK picks

What documents do you need to open a bank account in Colombia?

Although it varies between banks, you’ll generally need to provide the following documents to open a bank account in Colombia:

• Proof of ID
• Visa/proof of residence
• ID card
• Proof of address
• Employment/income details.

Proof of ID

To verify your identity, you’ll need to provide your passport or another form of acceptable photo ID.

Visa/proof of residence

As a foreign national, you may be asked to show your work or other residence visa, or some other evidence that you’re a legal resident of Colombia.

ID card

This is the cédula de extranjería we’ve mentioned earlier. It’s a foreigner ID card, which you can get by applying on the Migración Colombia website

Proof of address

A recent utility bill or rental contract should be acceptable to prove that you have a Colombian residential address.

Employment/income details

If you’re working, you may be asked to provide the contact details for your employer. If you’re self-employed or freelance, you might need to provide proof of income such as bank statements and invoices.

Best Colombia bank accounts for expats

There are plenty of banks to choose from in Colombia - including both local institutions and globally recognisable names. Foreign expats are probably best sticking to well known, large organisations, as they are most likely to have staff fluent in other languages, and the documentation needed available in English.

Here’s a list of the most expat-friendly banks in Colombia to check out:

• Bancolombia
• Banco de Bogotá
• BBVA
• Scotiabank Colpatria

Let’s take a closer look at each one.

Bancolombia

One of the largest banks in the country, Bancolombia is also one of the oldest - founded in 1875.

It offers personal, business, corporate and investment banking services. A good option for everyday money management is the Bancolombia Current Account, an app-managed account with no minimum balance requirement. You can open it by applying in a local branch of the bank.

Banco de Bogotá

One of the first commercial banks set up in Colombia, Banco de Bogotá has roots dating back to 1870. Headquartered in the country’s capital, it has an extensive network of branches and ATMs across the country.

The bank has accounts and solutions available for both personal and business customers. This includes the Banco de Bogotá Checking Account, which offers everything you need for everyday banking. You’ll need to apply for it in person at a branch of the bank.

BBVA

International financial group BBVA has a strong footing in Spain, Mexico and South America, including a presence in Colombia. It offers solutions for both personal and business customers, including accounts, cards, loans, investments, insurance and more.

BBVA has a handful of digital accounts available to open online, although you’ll need to check whether foreign citizens are eligible (you might need to go into a branch otherwise). This includes the BBVA Digital Account, which has no minimum deposit, minimal fees and all the standard services you’d expect from a current account.

Scotiabank Colpatria

Formed from a merger between Banco Colpatria and Canada’s Scotiabank, the bank is now a major force in banking across the Americas. You will find a large number of bank branches across Colombia, and a range of accounts, cards, loans, insurance and mortgage products are on offer.

A decent option for expats is the Zero Account, which has minimal fees and offers unlimited withdrawals at Scotiabank ATMs. It can be opened online, but foreign applicants will need to visit a bank branch to apply in person.

And if you’re planning to start a business in Colombia, it’s also useful to know that Scotiabank Colpatria has a number of business accounts and banking services available.

Other banks and money management alternatives worth looking into

Along with high-street banks, Colombia also has some digital banks you can choose from. This includes:

• Nequi - a Colombian neobank offering app-managed personal accounts and debit cards.
• Lulo Bank - another local neobank, Lulo offers app-based savings accounts and a debit card, as well as investment services.
• Nu - a financing company operating across Mexico, Brazil, Argentina and Colombia which offers a savings account and credit card, along with other solutions.

You can also check out other non-bank alternatives, which don’t have a banking licence but offer services such as accounts, payments and cards.

📚 Read more: Best online bank accounts in the UK

What are the banking fees and costs in Colombia?

There are some fees to look out for when banking in Colombia. This includes fees for transfers and maintaining the account.

These vary between banks, and you should always check the small print before signing up for an account.

But here’s a roundup of what kinds of charges to expect:

Transaction/fee type	Typical fee
Current account - monthly ‘handling’ fee	Around $5,990⁵ to $15,500⁶ (around £1.15 to £2.99)
ATM cash withdrawal	Usually free at your own bank’s ATM
Getting a debit card	Usually free
Domestic payments (i.e. within Colombia)	Limited number of free payments⁷
International payments (i.e. to the UK from Colombia)	Varies depending on speed, destination and payment type

📚 Read more: The best UK banks for sending money abroad

Is there a free Colombia bank account for non-residents?

Most bank accounts in Colombia require you to have a local residential address, or show your foreigner ID card (which you can only get as a resident). And even then, most come with some fees.

However, there are some accounts out there without monthly fees, including the Plan Zero savings account at Bancolombia.⁷

Manage your international money with Wise

If you need to send money overseas in different currencies, consider opening a Wise account. You can transfer money to 40+ currencies (including Colombian Pesos) for low fees* and great mid-market exchange rates.

You can also get a Wise card for a one time fee of £7, which is an international debit card you can use in 150+, including Colombia. It automatically converts your money to the local currency using the mid-market exchange rate, only adding a tiny conversion fee*.

---

Sources used:

1. Banco de Bogota - Banco de Bogotá checking account
2. Barclays - Living or moving outside the UK
3. Santander - Brexit and Santander UK plc
4. Bancolombia - Bancolombia Savings and Checking Accounts
5. BBVA - BBVA Digital Account
6. Banco de Bogota - Savings Accounts
7. Bancolombia - Savings account

Sources last checked on date: 30-Jul-2024