How to Open a Bank Account in Colombia in 2025?

Opening a bank account in Colombia is often one of the first tasks for any expat. Whether it’s to pay rent, receive your salary, or avoid getting ripped off by conversion rates, having a local account makes life easier and helps you avoid a lot of hassle.

The Colombian banking system is quite modern. Major banks have efficient mobile apps, a solid network of branches, and decent online services. However, as is often the case in Latin America, administrative procedures can quickly become a test of patience, especially if your Spanish is still a bit shaky. Between the documents you’ll need to provide, the varying requirements depending on your status (tourist, resident, worker, etc.), and banks that are more or less open to foreigners, it’s best to be well-prepared before getting started.

This guide explains step by step how to open your bank account in Colombia, which banks to choose, and most importantly, how to avoid the common mistakes made by newcomers.

1. Who Can Open a Bank Account in Colombia?

To begin with, opening a bank account in Colombia isn’t always easy, especially if you arrive as a tourist with just your passport and don’t speak Spanish. The rules vary depending on your residency status, and some banks might send you in circles if you don’t follow the right procedure.

• Tourists passing through: your options are limited. Some banks will barely let you deposit a cent, and getting a bank card is often nothing short of a miracle. If you don’t have a local contract or proof of income, be prepared to get turned away.
• Temporary or permanent residents: now we’re talking. With a work, study, or residence visa, you can generally open a full account. However, you’ll need to present your foreign ID card, sometimes a Colombian tax number (NIT), and proof of income.
• More flexible banks for expats: BanColombia and BBVA Colombia are generally more accommodating. Other banks tend to require more guarantees.

And one last detail: everything is conducted in Spanish. Few branches offer English-speaking customer service, even in major cities like Bogotá or Medellín. If your Spanish is limited, come with a Spanish speaker or learn a few key phrases, otherwise, you might spend half the day repeating your name and address without making any progress.

So, to open a bank account in Colombia, it’s important to prepare your documents in advance, have a basic knowledge of Spanish, and be patient.

2. Types of Accounts and Quick Comparison

Savings Account

This is the savings account, and it’s clearly the one you’ll open first. It allows you to receive your salary, pay your rent, use a debit card, and make withdrawals without outrageous fees.

Make sure to check for hidden fees. In Colombia, some banks charge for even the smallest out-of-network or international transactions, especially if you receive money from abroad.

Cheking Account

The checking account is mainly intended for businesses or self-employed workers. It offers more flexibility for transfers and payments but often comes with fixed monthly fees and stricter opening requirements.
Unless you’re setting up a company in Colombia, a savings account is more than enough.

Accounts in Pesos (COP) or Multi-currency Accounts

Most accounts are in Colombian pesos (COP), which is the simplest option for living locally.
Some international banks, like BBVA or Scotiabank Colpatria, offer multi-currency accounts, useful if you deal with pesos, euros, and dollars. These accounts are often reserved for permanent residents or high-income profiles.

Which Account to Choose Based on your Profile

• Expat employee: a standard savings account : easy to open, accepted everywhere, perfect for your salary.
• Student: go for local apps like Nequi or Daviplata : quick to open, no fees, but with limits on amounts.
• Retiree or investor: choose a bank that offers proper in-branch customer service.

3. Documents and Procedures

To open a bank account in Colombia, you generally need to present a passport, a valid visa, a foreign ID card (or a NIT), proof of local address, and, in some cases, proof of income. These documents allow the bank to verify your identity and residency status, a necessary step before any account can be opened.

Opening an account in a branch remains the most common method. After verifying your documents, the account is usually active within two to three business days. Online services and the debit card are then accessible almost immediately, although some features may require additional time (especially for international transfers).

It is now possible to open an account remotely, but these options are limited to already registered residents. For newcomers, going to a physical branch remains the most reliable solution, especially to receive in-person assistance with procedures in Spanish.

If you don’t have a permanent address yet, check out our guide to housing in Colombia to quickly find accommodation recognized by banks.

4. Banks and Digital Services

Major Colombian Banks

Opening a bank account in Colombia has never been easier thanks to their modern and advanced banking system.

BanColombia remains the largest bank in the country, with a dense network of branches and a high-performing mobile app. It offers a wide range of products tailored to expats, including savings accounts available as soon as you obtain a visa.

Davivienda, for its part, stands out for its advanced digital tools. Its mobile app allows you to perform most banking operations remotely: transfers, payments, balance checks, card management… a real advantage for those who prefer to manage everything from their phone.

BBVA Colombia is also popular among expats, particularly Europeans, thanks to its partially translated interface and services that meet international standards.

Local Fintechs: Simplicity and Accessibility

Colombian fintechs like Nequi and Daviplata are experiencing rapid success.
They allow you to open an account instantly from a smartphone, with no appointments or monthly fees. These solutions are ideal for young expats, students, or freelancers who need a simple tool to receive money, pay bills, or make internal transfers without having to go anywhere.

5. Transfers, Bank Fees, and Security

Wise: the Expats’ Ally

Managing transfers from a bank account in Colombia can quickly become expensive and slow if you rely solely on traditional banks. Fees often range between 15 and 30 USD per transfer, and processing times can take up to 5 business days.

To avoid this, Wise has become the go-to tool for transferring money to or from Colombia. The platform allows you to send funds in Colombian pesos at the real exchange rate, with no hidden fees, and the money arrives in the local account within 24 to 48 hours.

Expats use it for:

• Receive their salary from abroad directly into a bank account in Colombia.

• Pay rent or local expenses from a European or North American account.

• Avoid unfavorable conversions and fixed fees imposed by traditional banks.

Transfers can be made directly to your BanColombia or Davivienda account, and fees are clearly displayed before confirmation. For newcomers, Wise is a safe, transparent, and convenient solution.

Local Bank Fees and Security

Colombian bank cards work at most ATMs and merchant sites, with withdrawal limits ranging from 600,000 to 1,200,000 COP per day depending on the bank.

For security :

• Favor ATMs located in shopping malls or inside bank branches;
• Enable SMS or mobile app notifications to monitor any suspicious transactions in real time;
• Stay vigilant when making payments online or on the street.

With these tools and a bit of caution, managing a bank account in Colombia becomes as safe as in Europe, while benefiting from the advantages of modern solutions like Wise for your international transfers.

6. Taxes and banking obligations

If you stay in Colombia for more than 183 days per year, you are a tax resident and must declare all your income and accounts, whether local or foreign. Interest earned on savings accounts is taxable, even though the rates remain low.

Non-residents have no direct obligations, but checks may occur in the case of regular transfers from abroad. Therefore, keep a record of all your transactions, especially if the funds come from a third country.

Colombia participates in the automatic exchange of banking data. To avoid unpleasant surprises with large transfers, plan your transactions and use tools like Wise for greater transparency and lower fees.

7. Daily account management and account closure

Managing a bank account in Colombia is mainly done through the banks’ mobile apps. With just a few clicks, you can pay your bills, transfer money, or check your balances without having to go anywhere.

Account closure before leaving the country

If you are leaving Colombia, it is highly recommended to close your bank account before departure. Account closure is usually done at a branch and the process takes less than 48 hours.
Some banks, like Davivienda, also allow you to close an account through their mobile app, provided the balance is zero.

Managing your money remotely

For expats who want to continue managing their finances from abroad, combining a local account with Wise remains the most flexible and cost-effective solution. This allows you to:

• Transfer your funds in COP or EUR/USD quickly;
• Avoid the high fees of traditional banking channels;
• Maintain full control of your finances, even when far from your Colombian bank.

Conclusion

Opening a bank account in Colombia greatly simplifies life for expats. The procedures may seem cumbersome at first, but major local banks are now accustomed to assisting foreigners. By combining a local account (BanColombia, Davivienda, or BBVA) with digital tools like Wise, it is possible to manage your money efficiently, without excessive fees.

Before taking the plunge, make sure your visa status is regularized and you have secured stable housing, two requirements often needed when opening an account.