How to open a bank account in Colombia as an American

Colombia is a popular expat destination for fixed income retirees, young adventurers and entrepreneurs.

Whatever your reason for moving to Colombia, you’ll need a local bank account to pay for things conveniently while you’re there. Here is our straightforward guide to opening a Colombian bank account as an American.

Can foreigners open a bank account in Colombia from abroad?

As a foreigner, you can not usually open a bank account in Colombia from abroad. You are required to go to a branch in person and present documents, as well as answering some compliance questions.

Colombian citizens with a citizenship card and a local phone number may have more luck, as some banks do offer certain accounts for online opening if you fulfill these eligibility requirements.

As an American, you may want to investigate if one of the global banking organizations that work in Colombia could allow you to open an account in the US before you leave, but then transfer functionality of your account to Colombia in future.

Can a US citizen open a bank account as a non-resident?

It is not possible to open a local bank account in Colombia without a cédula de extranjería ID card. This ID can not be obtained on a tourist visa, meaning in practice that unless you get a visa that allows residency, you can not open an account.

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

Opening a bank account in Colombia means preparing a few documents in advance - but other than that, it should be fairly pain free.

You should be given a debit card more or less immediately, with the opportunity to use online and mobile banking as soon as your account is approved.

You will need to show the following documents to open any account:
Proof of ID: a passport and visa showing your right to live and work in Colombia, plus your cédula de extranjería (Colombian ID card for foreigners) Documents showing your address: such as a rental contract or recent utility bill

For some accounts with credit facilities you will also need the following:

• Address and contact details of your employer (which might be checked)
• Signed contract of employment
• If you are a freelance worker you will need to show your income through other means, such as by presenting recent bank statements

Each account will also have a minimum required deposit amount, which you must hand over to have the account opened.

You will be asked to specify the source of the money you are going to put into the account, if it has not come from an obvious source such as a paycheck.

Popular Colombian banks for foreigners

Colombia has a large (and growing) banking industry. There are plenty of banks to choose from - both local institutions and globally recognisable names.

Foreigners generally stick to well known, large organizations, as they are most likely to have staff fluent in other languages, and the documentation needed available in English.

Banco Colpatria®

Banco Colpatria¹ recently merged with Canada’s Scotiabank®, and is now a large force in banking across the Americas.

You will find a good selection of bank branches across Colombia, and a range of accounts, cards, loans, insurance and mortgage products are on offer.

Choose from:
Suite of different account types depending on customer need Reward earning credit cardsMortgages and loans Investments

Banco AV Villas®

Banco AV Villas² offers personal and commercial banking through its network of branches and ATMs. You’ll be able to choose from a good range of products and services, which include:

Checking and saving accounts Credit cards and loans Online banking for convenience Online account opening for Colombian citizens

Banco Caja Social®

Banco Caja Social³ is a large and established institution focusing on making banking available to individuals and micro enterprises.

They offer a wide range of current accounts - although you will need to polish your Spanish to read the details online.

Options include:
Accounts with linked payment cards Credit and loans Mortgages and insurance Investment services

Wherever you decide to go, call the bank in advance to make an appointment if you are planning on opening an account.

This also gives you the chance to ask about meeting with an English speaking clerk, and confirm the documentation requirements.

Colombian banking fees and charges

If you're about to open a bank account in Colombia, take the time to read the terms and conditions carefully. Get key documents in English from your chosen bank, or ask for help from a local friend.

ATM fees

One common charge is a set fee for withdrawing cash from ATMs operated by a different bank. While this is not an unusual cost, and also applies to many US banks, the charging structure might be quite different from what you’re used to. Don't get caught out.

Other common bank fees in Colombia

It pays to know what you're signing up for - especially when it comes to banking fees and charges. You should check, for example, if there are regular charges simply to keep your account open or use basic services like a credit or debit card. This is not unusual in Colombia.

International transfer fees

Fees are often steep if you need to regularly move money between accounts which hold balances in different currencies. As well as a charge for processing the transaction, and an international receiving fee at the other end, there may also be a fee tagged onto the exchange rate.

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If you’re finalizing the details of your move to Colombia you’ll be able to use this guide to divide how best to open a bank account on arrival. Once you’re settled in, getting a bank account shouldn't be too tricky, especially with a major regional bank - and then you can get on with living like a local.

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Sources:

1. Banco Colpatria
2. BancoAV Villas
3. Banco Caja Social

Sources checked on 10.19.2023