Banking in Colombia as a Foreigner: What Official Sources Say

• Opening a local account usually needs a cédula de extranjería. Bancolombia, the bank most often mentioned for foreigners, says foreigners must open accounts at a physical branch with original documents. It says the cédula de extranjería "contraseña" (the temporary receipt) is not valid for opening products.⁴
• Visa-exempt visitors (90/180 days) don't get a cédula. So they generally rely on foreign cards and ATMs. See cédula de extranjería.
• Carrying cash across the border: amounts above US$10,000 (or equivalent) must be declared to customs (DIAN) on Formulario 530, on entry and on exit.¹
• The official exchange rate (TRM) is published daily by Banco de la República. It was COP 3,163.76 per US$ for Oct 21, 2026.²³

Bancolombia's FAQ lists original documents by profile.⁴

Bancolombia also says it may ask for additional documents "according to your need".

Note: this FAQ is dated Dec 18, 2023. Treat it as indicative and confirm at the branch.

The US State Department reports cases of skimmed cards. Its advice: avoid street ATMs, prefer ATMs inside banks or malls, limit the cash you carry, and use credit cards where possible. It also reports kidnappers forcing victims to withdraw money at multiple ATMs.⁵ More in our safety page.

Bank accounts don't change your tax residency. Days in the country do. See taxes at 183 days. Colombian tax residents are taxed on worldwide income and on assets inside and outside Colombia.⁶

You can use an international bank wire or a money-transfer service that pays out in pesos. The recipient needs a Colombian bank account or, with some services, a Nequi wallet. Bancolombia's requirements for foreigners depend on your situation and include a visa, passport or cédula de extranjería plus supporting documents, so short-term visitors generally rely on foreign cards and ATMs.

Once you or the person you're paying has a Colombian account, a transfer service such as Wise (paid link) can send pesos to it. Wise's help centre lists the Colombian banks (personal and business accounts) and Nequi wallets it can send COP to. It also says a first-time recipient of an international transfer must file a Declaración de Pago through their bank (Banco de Bogotá recipients don't need one), and Bancolombia accounts need Abono Automático switched on. Your home bank's international wire and other transfer services can also pay out to Colombian accounts. Compare the total cost (fee plus the rate against the TRM) on the day you send, using the official TRM, certified daily by the Superintendencia Financiera (see Banco de la República).

We may earn a commission if you sign up through the link marked "(paid link)", at no extra cost to you. We haven't tested Wise ourselves.