Colombia – Banking

What are the main banks in Colombia?

Founded in 1923, Banco de la República serves as Colombia’s central bank, overseeing monetary policy and foreign exchange operations. It does not provide retail banking services to members of the public. For everyday financial needs, expats will engage with commercial banks, all of which fall under the supervision of the Superintendencia Financiera de Colombia (SFC).

Bancolombia held the top position among Colombia’s largest banks in the third quarter of 2024, with total assets reaching 353.43 trillion Colombian pesos. The bank has built a strong reputation in the digital banking space, offering customers a range of innovative tools including mobile banking platforms and online account management. Its website is bancolombia.com.

Davivienda came in second in the same ranking, with assets exceeding 182 trillion Colombian pesos, while Banco de Bogotá placed third at 147 trillion Colombian pesos. Established in 1870, Banco de Bogotá holds the distinction of being Colombia’s oldest commercial bank and forms a central pillar of the Grupo Aval financial conglomerate. Their websites can be found at davivienda.com and bancodebogota.com.

BBVA Colombia S.A., based in Bogotá, is a privately held bank operating through approximately 390 branches, 1,480 ATMs, mortgage centres, agencies, and cash extension points spread across more than 130 cities nationwide. The institution is a subsidiary of the Spanish BBVA Group. Further details are available at bbva.com.co.

Banco Popular S.A., founded in 1950, delivers personal and corporate banking through roughly 180 branches and 690 ATMs. Other notable players in the market include Banco de Occidente and Banco GNB Sudameris. Itaú Colombia S.A. is another significant institution, serving around 347,000 customers via 64 branches and 116 ATMs.

Always verify current contact details, branch locations, and account conditions directly with each institution or through the Superintendencia Financiera de Colombia, as this information is subject to change.

Do any major international banks operate in Colombia?

The footprint of major global retail banks in Colombia has shifted considerably in recent years. Scotiabank acquired Citibank’s retail, credit card, and SME operations in Colombia in 2018. Then, in January 2025, Scotiabank announced an agreement to divest its Colombian, Costa Rican, and Panamanian operations to Banco Davivienda. As a result, neither Citibank nor Scotiabank Colpatria currently maintains a full retail banking presence for the general public in Colombia.

Scotiabank continues to retain a commercial banking operation in the country, but this functions primarily as a relationship hub for large corporations seeking access to international banking expertise. This move is consistent with a broader pattern of global banks scaling back their retail activities across Latin America.

A number of international banks maintain representative offices or corporate-level presences in Colombia, among them BNP Paribas Corporación Financiera, Bank of America (representative office), Barclays Bank, Deutsche Bank, JPMorgan Chase Bank, and others. These operations are primarily wholesale or corporate in nature and do not offer personal banking services to individual expats.

Itaú Colombia S.A., part of Brazil’s Itaú Unibanco Group — the largest bank in Latin America — does serve retail customers directly. BBVA Colombia, as a subsidiary of Spain’s BBVA Group, also maintains a full retail branch network. Always confirm with any institution whether it currently provides retail services to foreign residents, as the international banking landscape can shift without notice.

Do banks in Colombia offer accounts or services specifically for expats?

Expats arriving in Colombia — and Colombians returning from abroad — often look for banks that clearly outline identification requirements, offer at least some bilingual support, or cater to clients with international ties, such as mortgages for buyers based outside the country. No institution markets a product under an explicit “expat account” label, but some major banks are noticeably more flexible in their approach to foreign residents than others.

Both Bancolombia and Davivienda offer services targeted at Colombians living overseas, including the ability to open an account from abroad, while BBVA promotes mortgage and credit services for internationally based clients. BBVA Colombia is particularly popular among European expats, partly because of its partially translated interface and its alignment with international banking norms.

Non-residents are permitted to open foreign currency accounts in Colombia, but those who establish residency are generally barred from holding such accounts, with certain multinational organisations being the exception. Most expats who live and work in Colombia will therefore operate a standard peso savings account (cuenta de ahorros) or a current account (cuenta corriente).

Savings and current accounts are the two most widely used account types in Colombia. When making a card payment or bank transfer, customers are routinely asked whether the transaction comes from a savings or current account — it is common to have both linked to the same card with a single bank. A savings account enables you to receive and spend money, while a current account additionally provides access to a short-term overdraft facility intended to be cleared at the end of each month.

Contact each bank directly for up-to-date eligibility criteria, fee schedules, and minimum balance requirements, as these can change. The Superintendencia Financiera de Colombia also publishes consumer-facing information on available banking products.

What are typical bank opening hours in Colombia?

Most bank branches in Colombia are open from 8:00 AM to 4:00 PM, Monday through Friday. Branches situated inside shopping centres or in larger urban areas may have slightly extended hours, closing at 5:00 PM or 6:00 PM, but standard weekday hours apply to the majority of locations. Banks are generally closed on Saturdays, Sundays, and Colombia’s many public holidays.

Colombia observes approximately 18 public holidays per year, on which branch offices and most financial service centres will remain shut. It is advisable to plan any essential in-person banking well in advance of these periods to avoid inconvenience.

Fortunately, Colombia’s banking infrastructure is well developed; leading banks maintain capable mobile applications, extensive branch networks, and reliable online services. For routine tasks — such as transfers, bill payments, balance enquiries, and card management — a branch visit during office hours is rarely necessary. The majority of major banks provide around-the-clock access through their digital platforms.

ATMs across Colombia are typically available 24 hours a day, seven days a week. Machines located at bank branch entrances are also generally accessible at all hours. As always, it is important to use ATMs in well-lit and secure areas, and to remain alert to your surroundings when withdrawing cash.

What do expats need to know about the banking system in Colombia?

Colombia’s financial sector is overseen by the Superintendency of Finance, which enforces prudential standards, promotes transparency, and upholds consumer protections. The country’s deposit guarantee scheme is administered by FOGAFÍN (Fondo de Garantías de Instituciones Financieras), which insures deposits at regulated institutions up to 50 million Colombian pesos — roughly equivalent to 11,363 USD as of 2024. For context, the UK’s FSCS protects up to £85,000 and the US FDIC covers up to $250,000, making Colombia’s threshold lower in comparative terms. Always check the prevailing limit directly with FOGAFÍN, as the figure may be updated.

Although non-residents may open foreign currency accounts in Colombia, residents are broadly restricted from maintaining such accounts, with the exception of certain multinational entities. For those accustomed to freely holding multi-currency balances, this represents a meaningful adjustment. All day-to-day transactions are conducted in Colombian pesos (COP).

Colombia’s SAGRILAFT system and Business Transparency and Ethics Programs (PTEE) are now compulsory for a broad range of entities, including foreign non-profits, as part of efforts to combat money laundering and terrorist financing. Banks are therefore required to carry out thorough due diligence on their customers, and expats may be asked to provide detailed information about the origin of their funds — particularly in connection with large or cross-border transfers.

All banking is conducted in Spanish. Even in major cities such as Bogotá or Medellín, very few branches provide customer service in other languages. If your Spanish is limited, consider bringing a fluent speaker to your initial branch visits, or prioritise banks with internationally familiar interfaces, such as BBVA.

Colombia does maintain currency controls, but transferring money is manageable provided the correct procedures are followed. When moving large sums, always inform your Colombian bank of the purpose — whether for investment or property purchase, for example — to prevent tax complications from arising. For authoritative guidance, consult the Banco de la República and the Superintendencia Financiera de Colombia.

How do I open a bank account in Colombia as an expat?

For most expats, opening a local bank account is among the first practical steps after arriving in Colombia. Whether the aim is to pay rent, receive a salary, or sidestep unfavourable conversion rates, access to a local account simplifies daily life considerably. Requirements vary by immigration status — tourist, resident, employee, and so on — and individual banks differ in how readily they accept foreign applicants, so thorough preparation is essential.

1. Obtain a local ID or tax number. The majority of banks require either a cédula de extranjería (CE — the foreign resident identity card issued by Migración Colombia) or a NIT (Número de Identificación Tributaria, Colombia’s tax identification number). You will generally need to present a passport, a valid visa, a foreign ID card or NIT, proof of a local address, and in some cases evidence of income.
2. Choose a bank. Bancolombia and BBVA Colombia tend to be among the most accommodating to foreign residents. Other banks may impose more stringent requirements. Before visiting any branch, compare account types, fee structures, and digital features to find the best fit.
3. Gather your documents. Standard requirements typically include your original passport, your valid visa or cédula de extranjería, your NIT/RUT, a Colombian proof of address (such as a utility bill or tenancy agreement), and potentially evidence of income or employment. Document requirements vary between institutions — always confirm the complete list on the bank’s official website before attending an appointment.
4. Visit a branch. In-branch applications remain the most common route to opening an account. Be ready for waiting times, particularly at busy branches in city centres. Arrive early, and bring both originals and photocopies of all required documents.
5. Wait for activation. Following document verification, accounts are typically activated within two to three business days (as of 2025). Online banking and the debit card generally become available shortly thereafter, though certain features — especially those related to international transfers — may take a little longer to unlock.
6. Fund your account. Once your account is active, you can deposit funds via an international SWIFT transfer, a cash deposit at a branch, or through a correspondent payment service. Retain records of all substantial incoming transfers along with a clear note of their stated purpose.
7. Activate digital services. Download your bank’s mobile application, register for online banking, and configure any required security tokens or SMS-based authentication. Having a Colombian SIM card is helpful, as most banking apps rely on a local phone number for two-factor verification.

While policies can evolve, several major banks do accommodate non-resident applicants, typically with additional documentation or a local tax ID. Consult the relevant bank’s official guidance or the Superintendencia Financiera de Colombia for the most current requirements.

What banking and payment apps are widely used in Colombia?

Colombia’s digital finance sector is expanding at a striking pace. Platforms such as Nequi (backed by Bancolombia) and Rappi Bank (powered by Davivienda) are reshaping how people transfer money and manage their finances. The uptake of instant payment systems like Transfiya — used by more than 12 million Colombians by the close of 2023 — reflects just how deeply digital-first financial services have taken hold.

Colombia’s two dominant mobile wallets, Nequi and DaviPlata, allow foreign nationals holding a valid cédula de extranjería (CE) to open fully functional accounts via smartphone in a matter of minutes — no branch visit required, no conventional savings account needed, and no minimum balance to maintain. This makes them the most practical entry point into Colombia’s formal financial system for residents who have not yet qualified for a traditional bank product.

Nequi holds pesos only, cannot process international outbound transfers directly within the app, and applies a 3% surcharge on international card payments above the Visa franchise rate. For users requiring multi-currency management, Nequi works best as a local spending wallet rather than a hub for cross-border transactions.

DaviPlata allows transfers to any Colombian bank account, supports QR code payments at affiliated merchants, and handles bill payments — all at no charge for standard transactions. Both Nequi and DaviPlata serve an additional purpose beyond convenience: every transaction recorded through either platform contributes to a verifiable financial history that credit bureaux begin tracking after three to six months of use, helping users qualify more quickly for full savings accounts, credit cards, and broader financial products.

Lulo Bank was the first neobank in Colombia to receive authorisation from the Financial Superintendence of Colombia (SFC) and the first permitted to operate entirely online. Its offering is notably forward-thinking: a savings account with competitive returns, a credit card carrying no maintenance fees, and a strong emphasis on financial literacy. Nu Colombia, an arm of Brazilian fintech giant Nubank, entered the market in 2021 and had surpassed 3 million customers in the region by the end of 2024.

Britain’s neobanking platform Revolut announced plans in October 2024 to expand into Colombia. Wise is extensively used for international transfers to and from Colombia, though it operates as a money transfer service rather than a fully licensed local bank. Digital financial platforms in the country are subject to regulation by the Financial Superintendency of Colombia, including requirements relating to solvency and liquidity.

The most widely used payment applications among Colombian users are Nequi, DaviPlata, the Bancolombia App, Mercado Pago, and Wompi, valued for their ease of use and broad acceptance across retail and service providers. PayPal is available in Colombia but offers more limited local functionality than in many other markets — refer to PayPal’s official website for current terms applicable to Colombian users.

How can expats manage money between Colombia and their home country?

Leading Colombian banks — including Bancolombia, Banco de Bogotá, Davivienda, BBVA, and Itaú Colombia — facilitate both inbound and outbound international transfers through SWIFT and dedicated foreign exchange (FX) desks or app-based services. Banco de Bogotá’s broad international network, which includes correspondent relationships with Citibank and Bank of America, along with comprehensive SWIFT/IBAN support, positions it as a strong option for cross-border transactions.

Relying exclusively on traditional banks for international transfers can prove both costly and slow. Fees frequently fall in the range of 15 to 30 USD per transfer, and funds can take up to five business days to arrive (as of 2025). For the most current fee information, contact your bank directly.

To avoid these costs and delays, many expats turn to Wise for transferring money to or from Colombia. The platform enables users to send Colombian pesos at the mid-market exchange rate with no hidden charges, and transfers typically reach local accounts within 24 hours. Always verify Wise’s current fee structure and Colombia-specific terms at wise.com, as these are subject to change.

Although Colombia operates within a currency control framework, transfers can proceed smoothly when the proper steps are followed. Large incoming transfers — especially those related to property purchases or investment — must be disclosed to your bank and may require documentation to be submitted to the Banco de la República. Colombia’s foreign exchange regime is managed by the central bank, and certain transactions may call for a declaración de cambio (foreign exchange declaration).

Non-resident companies with significant Colombian operations may now face local tax obligations that affect international financial flows under the Significant Economic Presence (SEP) rules (as of 2024). Individual expats should seek guidance from a qualified Colombian tax professional or consult the DIAN (Dirección de Impuestos y Aduanas Nacionales) regarding any reporting obligations connected to foreign accounts or large-scale transfers. Rules governing the reporting of foreign income and assets are continuing to evolve, and personalised professional advice is strongly recommended.

Frequently Asked Questions

Can I open a bank account in Colombia as a foreigner without permanent residency?

A number of major banks do accommodate non-residents, though additional documentation or a local tax ID (NIT) is typically required. Having a valid visa and a cédula de extranjería considerably smooths the process. Those on tourist visas are likely to encounter more obstacles when applying for a traditional account and may find it more practical to begin with a digital wallet such as Nequi or DaviPlata.

What is a cédula de extranjería and do I need one to bank in Colombia?

A cédula de extranjería (CE) is a foreign resident identity card issued by Migración Colombia to foreign nationals holding a valid visa that permits stays of more than 90 days. Both Nequi and DaviPlata allow foreigners with a valid CE to open fully functional accounts through a smartphone in minutes. Most conventional banks also require the CE — or at minimum a NIT (tax ID) — alongside a passport when processing an account application.

What is FOGAFÍN and how does it protect my deposits?

All accounts held at regulated financial institutions are covered by FOGAFÍN (Fondo de Garantías de Instituciones Financieras), Colombia’s deposit insurance fund, up to a limit of 50 million Colombian pesos — approximately 11,363 USD as of 2024. This protection extends to banks, digital platforms, and SEDPE-regulated fintech companies supervised by the SFC. Always confirm the current coverage limit at fogafin.gov.co.

Is digital banking reliable in Colombia?

Colombia’s banking sector is considerably modern and well-equipped. Major banks offer capable mobile applications, solid branch networks, and dependable online services. Nequi alone reported more than 13 million users in the first half of 2025, and on 28 June 2024 the platform set a single-day record by processing 66 million transactions. As with any digital banking system, occasional service outages do happen, so maintaining a reserve of cash on hand remains sensible.

Can I use international debit and credit cards at ATMs in Colombia?

Most foreign cards are accepted at ATMs throughout Colombia. Certain regional institutions such as Banco Popular, Banco Occidente, and Banco AV Villas may accept domestic cards only. When an ATM offers to convert your withdrawal into your home currency, it is generally advisable to decline, as the ATM’s proprietary exchange rate and associated fees are typically less favourable than those applied by your card network (Visa, Mastercard, etc.).

Are banking services available in languages other than Spanish?

Banking in Colombia is conducted in Spanish throughout. Even in cities with significant expat populations such as Bogotá or Medellín, branch-level customer service in other languages is rare. BBVA Colombia’s application has some internationally recognisable design elements, and certain branches in expat-heavy neighbourhoods may have staff with conversational ability in other languages, though this cannot be relied upon. Arriving with a working knowledge of key banking vocabulary in Spanish is strongly advisable.

How do I send money internationally from Colombia?

Major Colombian banks — including Bancolombia, Banco de Bogotá, Davivienda, BBVA, and Itaú Colombia — support outbound international transfers via SWIFT and their respective FX desks or in-app services. Third-party platforms such as Wise are a popular lower-cost alternative. Large outward transfers may need to be declared and could require a declaración de cambio in accordance with Colombia’s foreign exchange regulations. Consult the Banco de la República for the current rules.

Does Colombia have restrictions on foreign currency accounts?

Non-residents are permitted to open foreign currency accounts in Colombia, but residents are generally prohibited from holding such accounts, with certain multinational organisations being the exception. This means the majority of expats living and working in the country will hold and transact exclusively in Colombian pesos. For those who need to manage balances in multiple currencies, international fintech services such as Wise may offer a more practical solution than a local bank account. Always confirm the prevailing regulations with the Banco de la República or a qualified financial adviser.