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Colombia Expat Forum

Banking Options

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Wilsonmanyoma
3/7/2017 12:38 EST

Does anyone have a good Colombian bank they can recommend that works well for a US / Colombian dual citizen who travels months at a time in Colombia? I know some bank fees can get out of hand, in particular when you don't have a lot of money to park for a while.

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novato1953
3/7/2017 13:35 EST

I don't believe that animal exists. On the other hand, I travel months at a time in Colombia while accessing accounts from my US banks and they work perfectly.

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pocopelo
3/7/2017 14:11 EST

For what it's worth I understand that Servibanca as just recently upped the transaction fee for withdrawals at their ATMs to 40,000 pesos. If it weren't for their 780,000 withdrawal limit I'd stay clear. Are there better options available?

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novato1953
3/7/2017 14:40 EST

Bancolombia has never charged an ATM fee against my CapitalOne360 US bank account.

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Andresen
3/7/2017 15:24 EST

I hope not. I used it last Friday and my transaction fee was only 12,000 COP.

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morganstern
3/8/2017 12:39 EST

There is some misinformation here...but this is the 'scoop' All banks here charge a withdrawal fee....runs about $1.00 per $60.00 withdrawn. Mas or menos but close. ALL BANKS. Then if you are smart and have an account with a good bank...that fee is rebated. I use TD Bank Online. Then you have conversion charges....charges made by your U.S. bank. But not TD Bank nor a few others. This then means you have your U.S. money here in Colombia-free. Pura Vida

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Kee
3/8/2017 18:05 EST

Back to the original question, we have accounts at both Davivienda and BanColombia. My current preference (Davivienda) has more to do with the local branch than anything else and is subject to change. We mainly use them for small money transfers by Xoom.

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