March 16, 2024


 min read

How to Open a Bank Account in Colombia: Guide 2024








How to Open a Bank Account in Colombia: Guide 2024


Colombia's banking system is well-developed and regulated, providing a secure and reliable environment for financial transactions. The country boasts a diverse range of financial institutions, including local and international banks, as well as credit unions and cooperatives. The sector is overseen by the Superintendency of Finance of Colombia, which ensures compliance with rigorous regulatory standards.

The Colombian banking system is known for its stability and modernization efforts in recent years. It has adopted advanced technologies to enhance services such as online banking, mobile applications, and digital payment systems. This has made banking in Colombia more accessible and convenient for residents and expatriates alike.

Opening a bank account in Colombia can be a crucial step for both residents and non-residents for various reasons. Whether you are a local or an expatriate, having a bank account in Colombia offers a range of benefits. Some of these are making day-to-day financial transactions easier, like getting paid by employers or clients, paying bills, and maybe even getting credit or investing. In 2021, nearly 56% of Colombians had an account at a bank or other financial institution, up from almost 45% in 2017. Additionally, having a local bank account may be necessary for long-term residents, especially those who hold investment visas. It contributes to financial stability and integration in the local economy.

Best Banks in Colombia for Foreigners

There are 3 top banks in Colombia. Bancolombia led the ranking of Colombia's largest banks in 2022, with total assets of COP 352,81 trillion. Davivienda came in second with assets worth COP 184,13 trillion, and Banco de Bogotá came in third with COP 137,9 trillion on its balance sheet. These banks are known for their accessibility and services geared towards international clients, especially those doing business in Colombia.

Bank Bancolombia Davivienda Banco de Bogotá
Foreigner-Friendly Services Offers a wide range of services to both locals and foreigners. Known for user-friendly services and a range of products for expatriates and tourists. Has a dedicated team to assist non-resident clients. Provides services to foreigners. Non-residents can typically open accounts with a valid visa.
Accessibility Has a vast network of branches and ATMs across Colombia, making it easily accessible for both locals and foreigners. Has a substantial presence with branches and ATMs throughout the country, making it convenient for international clients. Well-established with a significant number of branches across Colombia. Offers good accessibility for foreigners.
International Presence As the largest bank, it has a global presence and offers international services, which can be beneficial for foreign clients. Offers international services and may have a range of products and solutions tailored for expatriates. While not as globally recognized as some others, it still provides services to non-residents.
Currency Options Provides accounts in both Colombian Pesos (COP) and US Dollars (USD), which can be advantageous for international transactions. Offers a range of products suitable for international clients, but may not have as many currency options as larger global banks. Typically, it offers accounts in Colombian Pesos, but may have limited options for foreign currency accounts.
Specialized Services for Expatriates May offer specialized services for expatriates and may have a team dedicated to assisting non-resident clients. Known for having a range of products tailored for expatriates, which can be helpful for foreign clients. May have services designed for expatriates, though the extent of specialization may vary.

Requirements for Opening a Bank Account in Colombia

To open a bank account in Colombia as a foreigner, you typically need to provide the following documents and meet certain requirements. Please keep in mind that the specific requirements may vary depending on the bank and your immigration status. It is advisable to contact the specific bank you are interested in for the most up-to-date information.

1. Valid Passport or ID

A valid passport is a primary form of identification for foreigners. Some banks may also accept a national ID card from certain countries.

2. Visa or Residence Permit

You will likely need to provide proof of your legal status in Colombia. This could be in the form of a visa, a temporary residence permit, a Cédula de Extranjería (a foreigner identification card), or any other immigration document issued by the Colombian government.

3. Proof of Address

Some banks may require a local address. This could be a rental agreement, utility bill, bank statement, or any official document that shows your address in Colombia.

4. Proof of Income or Employment

This could be a letter of employment, payslips, or any other document that demonstrates your source of income. If you are self-employed, you may need to provide additional documentation proving your business activities. 

5. Tax Identification Number (NIT)

Banks may require a NIT, which is the Colombian tax identification number. This can be obtained from the Colombian tax authority (DIAN).

6. Initial Deposit

Depending on the bank and the type of account, you may need to make an initial deposit. This amount can vary widely and starts at USD 50 for personal accounts and USD 1,000 for corporate accounts. 

7. Personal Appearance

You will likely need to visit the bank in person to complete the account opening process. Some banks may also require a brief interview. In exceptional cases, the bank account opening can be handled online and from abroad. 

8. Additional Documentation for Business Accounts

If you are opening a business account, you may need to provide additional documents such as business registration papers, tax identification, and information about the company's shareholders.

9. Reference Letter

Some banks may request a reference letter from your home country's bank or a bank where you have an existing account.

10. Knowledge of Spanish

While not a strict requirement, having a basic understanding of Spanish can be helpful, as most banking interactions will be conducted in Spanish.

You should remember that these are general guidelines, and requirements may vary from one bank to another. 

How to Open a Bank Account in Colombia: Step-by-Step Process

The steps involved in opening a bank account in Colombia are as follows: 

Step 1. Choose a Bank

You should start by conducting research and selecting a bank that is suitable for you. Choosing the right bank is a crucial first step in opening an account in Colombia. Take the time to check and ensure the bank aligns with your financial needs and preferences.

Step 2. Gather Required Documents

Before proceeding with the account opening process, it is imperative to make sure you have all the necessary documents ready. These documents play a crucial role in verifying your identity and legal status in Colombia and include passport, Colombian visa or residence permit, proof of address, proof of income or employment, etc. 

Step 3. Visit the Bank in Person

In most cases, a personal meeting is required to open a bank account. Schedule an appointment if needed and visit the bank branch in person. Be prepared for a brief interview or consultation with a bank representative. Submit the required documents to the bank representative. They will review the paperwork and guide you through the process.

Step 4. Select an Account Type

You should discuss your financial needs and goals with the bank representative to choose the right type of account. This could be a savings account, checking account, or currency account.

Step 5. Review and Sign Documents

Carefully review any documents provided by the bank, including the account agreement and terms and conditions. If everything is in order, sign the necessary paperwork.

Step 6. Receive Your Account Details

Once the account is opened, you will receive account details, including your account number and any associated cards (debit or credit).

Step 7. Set Up Online Banking (Optional)

If the bank offers online banking services, consider setting up online access for convenient account management.

Step 8. Understand Account Fees and Policies

You have to familiarize yourself with any fees associated with the account, such as monthly maintenance fees, transaction fees, and any minimum balance requirements.

Step 9. Make Initial Deposit and Maintain Your Account

If the bank requires an initial deposit, provide the necessary funds to activate the account. Keep track of your account activity, and be aware of any fees or policies that may apply.

4 Tips for Opening a Bank Account in Colombia from Golden Harbors

Setting up a bank account in Colombia, whether you are a resident or a foreigner, can be a relatively straightforward process if you follow the right steps. Based on our knowledge, the following are 4 tips to help you with the process of opening a bank account in Colombia:

  1. Choose the Right Bank

Research and choose a bank that suits your needs and has a reputation for being foreigner-friendly. As mentioned earlier, some of the largest Colombian banks, such as Bancolombia, Davivienda, and Banco de Bogotá, are known for accommodating international clients, in particular those who would like to start a business in Colombia. Consider factors like branch locations, services offered, and fees associated with the account.

  1. Understand the Account Options

Colombia offers various types of bank accounts, including savings accounts, checking accounts, and currency accounts. Discuss your financial needs and goals with the bank staff to select the account that best fits your requirements. Be sure to understand the fees associated with the account, such as monthly maintenance fees, transaction fees, and any minimum balance requirements.

  1. Consider Language Barriers

While many bank employees in Colombia may have some proficiency in English, it's a good idea to have at least a basic understanding of Spanish or hire a Spanish-speaking corporate lawyer. This will help make the account opening process smoother and enable you to better manage your finances and communicate with the bank in the future.

  1. Seek Legal Advice

When setting up a bank account in Colombia, especially as a foreigner, it is advisable to seek legal advice or consult with a knowledgeable professional who can guide you through the process. Golden Harbors team can provide specific information about the legal requirements, documentation, and any additional considerations that may apply to your particular situation. This can help ensure that you comply with all relevant laws and regulations, and that you have a smooth and successful experience opening an account in Colombia.


Can I Open a Bank Account in Colombia as a Non-resident?

Yes, you can open a bank account in Colombia as a non-resident. Some banks in Colombia offer accounts specifically designed for non-residents, which may have slightly different requirements and features compared to accounts for residents.

Can I Open a Bank Account in Colombia Online?

Yes, you can open a bank account in Colombia online. However, all documentation must be signed in wet ink and delivered to the bank both digitally and physically. It is important to note that some banks may have specific requirements for the type of visa or residency status required to open an account, particularly for non-citizens, and may request physical presence for the KYC procedure. 

Can I Open a Bank Account in Colombia From the USA?

Yes, you can open a bank account in Colombia from the USA. Begin by selecting a suitable Colombian bank and contacting them online. They will provide you with a list of required documents, which typically include your valid passport, proof of US address, personal identification number (PIN), and tax identification number (TIN) or Social Security Number (SSN). You will need to submit scanned copies of these documents, and some banks may require identity verification in person or at a branch in the United States, as well as the submission of original documents.


Residence Benefits

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Fast application processing

2-3 months


Global mobility and freedom

no residence limits. In order to maintain residence status, it is necessary to spend six months per year in Colombia


Business opportunities

expansion, entry into the Latin American market, and access to development projects in Bogota, Cali, Barranquilla, and other cities


Global mobility and freedom

Option to purchase commercial and residential real estate with an annual return of up to 5%, and a return on initial investment in 5 years


The clear path to Colombian citizenship

residents can apply for Colombian citizenship if they have been in Colombia for 10 years


Global mobility and freedom

family members (spouse, financially dependent parents, and children) can apply for a residence permit together with the main applicant


Rights of a resident

a residence permit is issued with the rights to work, do business and study


Global mobility and freedom

Colombia has a favorable tax regime, with low taxes and generous incentives for foreign investors


Residence Permit

Processing Time and Terms

Enter your estimated application start date for the Colombian Residence Permit and receive a clear timetable for each step

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Sign a service agreement with Golden Harbors, pay the initial service and due diligence fees, and fill out application forms


Prepare the necessary documentation for your chosen residency category


Open a bank account and make the investment


Apply for a visa at the Colombian Embassy or Consulate. The processing time will vary depending on the embassy or consulate handling your application


Visit Colombia and apply for a residence permit. Within two months, the Immigration Service will review the application and make a decision

There are Always Options to EXPAND YOUR BOUNDARIES! Let's Discuss Yours

Every client is unique

Every case requires an individual approach and solution. Our years of experience in the industry allow us to provide both.

We will answer all your questions and provide detailed information about the available second passport and residency programs to help you make the right choice.


Lead Attorney at Golden Harbors

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Lead Attorney at Golden Harbors