The Colombian banking system stands out for its remarkable stability and modernization in recent years, embracing advanced technologies to improve services, including online banking, digital payment systems, and mobile applications driven to ensure a better experience for clients and comfort with the money. As a result, banking in Colombia has become increasingly accessible and convenient for both residents and expats.
Opening a bank account in Colombia is a vital step for anyone, whether you’re a local or a non-resident because having a bank account in Colombia provides numerous advantages, such as simplifying everyday financial transactions. This includes receiving payments from employers or clients, paying bills efficiently, and potentially accessing credit or investment opportunities.
All this landscape is also because the increase in tourists that Colombia receives yearly, marking a historic milestone and demonstrating its great tourist appeal for foreigners from around the world. The Ministry of Commerce, Industry, and Tourism has reported that Colombia has broken visitor records in 2024:
Tourists during 2024
Once people know Colombia, they decide to invest, study, retire, or live there and for those who choose to reside in Colombia, managing their finances is a necessary task that often raises questions among foreigners. Although the process may involve several procedures and paperwork, Colombia banks offer more convenient options.
Which is the Better Option: a Brokerage Account or a Regular Bank Account?
There are two options to consider when choosing a bank for expats in Colombia because conventional banks are not the only option available and needed for foreigners and here is where brokerage accounts appear.
Despite the conventional options offered by banks, it is also important to know why a foreigner would seek to open a bank account in Colombia and to understand that in addition to the usual banking options, the most conventional, there is also the possibility of a brokerage account for those who are interested in buying property or starting a business.
A brokerage account is necessary for investing and trading in stocks, ETFs, options, and futures, whereas a bank account is for handling daily savings and spending.
This is why, before addressing the conventional options of a regular account, we want to start talking about the possibility of using a broker account so that it is as understandable as possible according to your needs.
Broker Accounts in Colombia for Expats
For expats keen on investing in real estate in Colombia, a brokerage account is absolutely essential. Since purchasing local property is a top choice for foreign investors, having a brokerage account is crucial because it unlocks a wealth of investment opportunities and ensures smooth financial transactions, making it an indispensable resource for expats entering the Colombian market.
These financial accounts not only streamline the buying and selling of securities like stocks, bonds, and mutual funds but also enable efficient fund transfers in and out of the country.
Why consider a broker account?
First of all, as a foreigner in Colombia, you can open a brokerage account with just your passport, allowing you to carry out your financial and investment objectives even without a visa or foreigner ID, which end up becoming limitations for opening an account with traditional banks.
The broker account is a safe process where you will have complete control of the registration of the funds as foreign direct investment and better conversion rates. This broker account guarantees that if the money transferred isn’t converted into COP within 30 days, it will be returned directly to your local bank account. Additionally, the source of the funds is established as legal and transparent.
So, if you are an expat in Colombia and looking to invest or trade assets, opening a broker account can be a smart financial move which will allow you to:
How to Open a Broker Account in Colombia?
Foreigners can open broker accounts in Colombia, but the process requires:
Bank statements from the country of origin (maximum 3 months).
Passport copy.
Tax declaration of the country of origin.
Need help setting up a broker account? Our expert partner, Real Estate by expatgroup.co, provides expert guidance in navigating the Colombian financial system, ensuring a smooth account-opening process. With their guidance, you will create an account with a Broker, and they will guide you through the steps of sending and legalizing the money as fundamental part of the process of buying property, entrepreneurs funding their business, or anyone moving large sums to Colombia.
OPEN YOUR BROKER ACCOUNT NOW!
- Broker account opening in Colombia (estimated time: 1 week)
- Guidance through the transfer & legalization process
- F4 or F5 forms processing for legal compliance
Opening Regular Bank Accounts for Foreigners
If you are a foreigner in Colombia and want to open your account there, you must be clear that each financial institution will have its requirements and necessary documentation.
What is the documentation to open an account in Colombia?
No matter which bank you choose, the documentation or certificates must be originals, which are crucial while visiting the bank. Below is a list of such documents.
Certain documents, such as income certificates or credit histories, can usually be obtained through the various entities’ online channels. (Some banks will ask you for these types of certificates.) However, documents like cédula de extranjería or RUTs may require assistance to complete the process, particularly if you don’t speak Spanish.
But don’t worry because expatgroup.co can help you get your visa, cédula de extranjería, and RUT; they have great experience in these processes so you will be in expert hands.
The RUT to open your account in a Colombian bank
The RUT, which stands for Single Tax Registry, is a system used by the National Tax and Customs Directorate (DIAN) to identify, locate, and classify individuals and entities within the tax system based on their economic and commercial activity, assets, contributions, and consumption.
This document will be a crucial ally when opening a bank account in Colombia, because it proves the economic activity that generates income, moving through different entities.
It will be helpful for banking purposes and as a crucial tool in developing various processes in the country. For instance, if you plan to start a company in Colombia or are the legal representative of a natural or legal person in the country, you must obtain the RUT.
Step One
Visit the DIAN web portal to schedule your appointments.
Step two
On the day of your appointment, you must send the pre-filled RUT form 001.
Step three
You will receive an email with the response to your request.
You should remember that the scheduling and appointment are in Spanish; therefore, for someone who has not mastered the language, it could be a complex process that will take longer, and in some cases, the information will not be completed adequately.
We at Medellin Guru have partnered with expatgroup.co, a company with expertise in supporting foreigners with the RUT service. They will handle the process on your behalf to make it more convenient and quicker for you. If you use this service referred by Medellin Guru, you’ll receive a 10% discount. You can access this irresistible promotion below.
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Saving account
In Colombia, savings accounts are more prevalent than checking accounts, which is the opposite of the situation in the United States. This is due to cultural differences in how people manage their money, as well as differences in the banking systems of the two countries.
While savings accounts are readily available to both Colombian citizens and foreigners, checking accounts are often reserved for premium clients. This means that as an expat, you will likely only be able to open a savings account.
-This product enables you to manage and access your money efficiently whenever required.
-You may earn a small percentage of interest for preserving or enhancing your balance.
-When you open a savings account, you receive a debit card allowing you to make purchases at various brick-and-mortar and online stores.
Step by step to open a bank account in Colombia as a foreigner
After understanding the necessary documentation and the types of accounts and banks available for foreigners in Colombia, follow the step-by-step process to open an account.
The best Colombia banks for foreigners
The number of registered banks in Colombia reached an all-time high of 29 in 2023, providing foreigners with a wide range of options for opening bank accounts.
When selecting a bank, it is advisable to opt for larger and well-known institutions, as they offer a more reliable account opening process. Exploring their websites, assessing available options, and contacting their customer service teams for further assistance can help you make an informed decision.
However, it is important to note that foreign citizens looking to open a bank account in Colombia must complete the procedure in person. Despite the increasing number of foreigners living in the country, banks require bilingual assistance to provide information and support in opening accounts. Advisors should ensure that the process is straightforward and accessible to foreign customers, but they need to have the information completely clear.
Keeping this in mind, we can present you with the best options to open a bank account in Colombia, tailored to each bank’s specific requirements. This guide is handy for non-Colombians.
Bancolombia
It is the most important bank in Colombia, with a presence in all regions, making it easier to find ATMs or banking correspondents for transactions.
The documents to open an account in Bancolombia are:
RUT.
Passport .
Bancolombia
Banco de Bogotá
It has over 1,400 offices throughout Colombia and was named the best financial institution in the country for 2024 by Global Finance magazine.
The documents to open an account in Banco de Bogotá are:
Cédula de extranjería.
Passport.
RUT.
Banco de Bogotá
BBVA
BBVA has earned the title of the best bank in Latin America, as recognized by LatinFinance. This prestigious accolade also highlights BBVA’s leadership in Mexico, Colombia, and Argentina—three vital markets for the Group in the region. Notably, the Colombian unit has been praised for its substantial investments and innovative approach to technology, which have empowered it to enhance its portfolio of digital-only products and completely transform its mobile apps for both individuals and businesses.
As of December 31, 2023, BBVA Colombia had 370 branches and 1,485 ATMs. The documents to open an account in BBVA are:
Cédula de extranjería.
Passport.
RUT.
BBVA
Colpatria
It is one of the oldest banks in Colombia. It was created in 1995 and is considered one of the country’s most crucial business holding companies.
Scotiabank Colpatria was recognized in 2022 as the Investment Bank of the Year locally in Colombia and Chile by LatinFinance. These distinctions acknowledge the financial institutions in the region that have excelled in providing services to clients, designating it as one of the best Sustainable Financing Banks.
The documents to open an account in Colpatria are:
RUT.
Passport .
Scotiabank Colpatria
Davivienda
It is one of the most prominent financial institutions in the country, with 530 offices across the nation and an additional 140 locations worldwide.
Davivienda added 1.3 million new clients in Colombia and Central America in 2024, emphasizing that during the year they consolidated the app for individuals in Colombia, which has become the main point of digital interaction with clients, in which they offer more than 150 services.
One of its flagship and most popular services in Colombia is DaviPlata, which reached a total of 4.5 million people in Colombia who have DaviPlata as their only financial product and 2.4 million microbusinesses that make their sales with this platform, which has earned it the recognition of being one of the most innovative companies in Colombia according to Merco (Business Monitor of Corporate Reputation).
The documents to open an account in Davivienda are:
Cédula de extranjería.
Passport.
RUT.
Davivienda
Using the RUT service to open a bank account in Colombia is essential. You can redeem your 10% discount to request this service with expatgroup.co.
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Frequently Asked Questions (FAQ)
Is having a Visa necessary to open local bank accounts?
No, it is not necessary to have a visa.
Can I open a bank account with my passport?
Yes, you can open your bank account with your passport and RUT.
Is it necessary to go to a bank branch, or can the process be carried out virtually?
No, so far, no banking entity allows the opening of bank accounts for foreigners through the web. It always has to be a face-to-face process in the offices.
Do I need a RUT before I can open a Colombian account?
Yes, it will always be necessary because this document demonstrates the economic activity that gives rise to your income, moving through the different entities.
Can foreigners open bank accounts in dollars or euros?
No, it can only be opened in Colombian pesos.
Can I have a Colombian credit card?
No, foreigners are generally not approved for credit cards.
If I create a bank account with my cédula de extranjería number when it expires, could there be problems?
Yes, it will be necessary to keep all your information updated. Remember that expatgroup.co can help you with your visa and cédula de extranjería process.
Can I open a Colombian account while abroad?
This is only possible for Colombians who live abroad; foreigners must always carry out this process in Colombia because they involve presence.
Medellin Guru's comprehensive visa and passport series
The Colombian visa changes that went into effect in October 2022 were significant. So, on the Medellin Guru site, we have a comprehensive series of visa articles that are kept up-to-date and should answer most visa questions. These articles include:
- Colombia Visa Guide: Ultimate Guide How to Get a Colombian Visa
- How to Obtain a Colombian Visa with Up-to-Date Info – an overview of all the Colombian visas
- Popular Colombian Visas for Foreigners: Which Visa is the Most Popular?
- Coronavirus Impacts on Colombian Visas and Tourist Visas
- Visa Agencies: A Guide to Visa Agencies in Medellín and Colombia
- 9Common Colombian Visa Mistakes: How to Avoid Them
We have looked in detail at the nine most popular Colombian visas used by foreigners:
- Digital Nomad Visa
- Retirement visa
- Marriage visa
- Investment visa
- Business Visa
- Resident visa
- Work visa
- Student visa
- Visitor visa
Also, we have looked in detail at three additional Colombian visas, which are less popular for foreigners:
- Rentista visa (annuity visa) – for foreigners with a fixed income
- Beneficiary visa – for relatives of visa holders
- Expertise visa – for professionals
In addition, we have a guide to Colombia tourist visas and how to extend a tourist visa. Also, we have a guide to renewing U.S. passports in Colombia and a guide to obtaining a Colombian passport.
Furthermore, we provide information about travel insurance that meets the insurance requirement for Colombian visas. And we have a guide to how apply for a cedula extranjeria in Colombia and a guide to using notaries in Medellín and Colombia. Finally, Medellin Guru has partnered with a visa agency to offer Colombia visa services.
All of our Colombia visa articles are up to date (2024) and constantly receive updates in 2025.
The Bottom Line: Best Colombia banks for foreigners
Opening a bank account in Colombia is essential for expats looking to manage their finances, receive payments, and make transactions. The country offers a stable and modern banking system with multiple options, but requirements vary by bank. While traditional savings accounts are the most common choice, expats should also consider opening a brokerage account, especially if they plan to invest in real estate or move large sums of money into the country.
A brokerage account provides better foreign exchange rates, simplified fund transfers, and legal compliance for foreign investments—all with fewer restrictions than traditional banks (only a passport is required). This makes it an excellent option for those looking to buy property, start a business, or make strategic financial moves in Colombia.
Remember that different banks in Colombia offer options for foreigners, and the most convenient one will depend on your individual needs where there are standard requirements that must be fulfilled. These include having a cédula de extranjería, a passport, a RUT (tax identification number), a good credit history, and an income certificatem, which you can reach out expatgroup.co to help you with all of these processes.
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