Home Colombia Forum Colombia Guide Moving to Colombia Real Estate Healthcare in Colombia
Colombia
Resources
City Guides
Cigna International Health Insurance
JoinSign In
Cigna International Health Insurance

Expat Banking: Tips for Expats in Colombia

By Joshua Wood, LPC

Summary: Expats in Colombia face unique and inconsistent challenges in managing their finances, and that means persistence is needed. Here are some basic tips from expats living in Colombia - their insights are based on their actual experiences managing their finances while living there.

Expat Banking - Tips for Expats in Colombia

Expat Banking in Colombia can be frustrating for a a variety of reasons. While Colombia has made great strides in terms of transforming itself from problems stemming from the drug wars that saddled the nation for decades, narcotics are still a reality that the government must address.

For those reasons, expats in Colombia are likely to find much confusion and difficulty when trying to transfer money, purchase a home or property, or just manage their day-to-day finances.

Colombian Currency

The currency in Colombia is the Colombian Peso (COP). You can get a current quote for the COP from Bloomberg.

Opening a Bank Account in Colombia

You will need to be a resident of Colombia, and you will actually need to be in the country to open a bank account there. There are specific requirements that you'll need in terms of the form of id (called a Cedula de Extranjeria), proof of address, employment or other source of income, and possibly more to open the account. As you'll see below, these are often inconsistently applied, so be prepared for some confusion and trial and error until you succeed!

Banking in Colombia? TransferWise is an online account that lets you send money, get paid, and spend money internationally. With a TransferWise account, you can send money abroad, get paid in other currencies, and spend abroad on the TransferWise debit Mastercard.

Some of the bigger banks in Colombia include Banco Caja Social, Banco Colpatria, and Banco AV Villas.

Read the quotes from expats about banking in Colombia below, and take time to read the linked resources as well:

In a thread about Banking and international transfers into Colombia, one expat wrote "welcome to Colombia! The best is when [the] same person at the same bank on two different days the same week gives different rules to follow!"

"Colombia may be more open to foreign investment than some Latin American countries, but they certainly don't try to make it easy to do so! Part of the problem is the way regulations are written in Colombia - it is not uncommon for regulations themselves to contradict themselves, so even those imposing the regulation are terribly confused what to do."

On our forum for expats in Colombia, an expat inquiring about exchange rates in Colombia asked this question:

Why when the exchange rate for the us dollar says it should be at 3,028.38 COP I am only getting 2,700.00? I have residency in Peru and I get what the exchange rate currently is. Why does Colombia give you much less? How can I get what it is valued at according to what the actual exchange rate is?

Another expat replied: "have your money in the U.S. in a Charles Schwab account and [take] it out from an ATM machine."

Another expat agreed and wrote that "If you need less than 10,000,000 COP, the best deal is via ATM. While it lasts, open a schwab account. No foreign transaction fees, they reimburse ATM surcharges and finally convert at basically the XE.com or market rate for the day."

Also read our general expat banking tips.

Join our Colombia Expat Forum

Visit our Colombia Forum and talk with other expats who can offer you insight and tips about living in Colombia.

Read Next

9 Best Places to Live in Colombia

Here are the 9 best places to live in Colombia according to expats living in Colombia. Expats share why they love living in each city, the climate, cost of living, social activities and more. Don't overlook the comments about heat and humidity in some coastal cities - while these conditions are ideal for some expats, they're oppressive for others.

Living Abroad: Digital Nomads in Medellin, Colombia

Expats in Colombia have taken full advantage of this South American nation's miraculous comeback after decades of chaos. Digital nomads have also found there way to Medellin, its second largest city, for a wide variety of reasons.

22 Expats Talk about What It's Like Moving to Colombia

If you're moving to Colombia, read these tips from expats living Colombia. From what to bring to Colombia, hiring a lawyer for visa issues, buying vs. renting, health insurance and hospitals, the frustrations of using Amazon in Colombia and more.

Expats in Colombia: Pros and Cons of Living in Colombia

Expats in Colombia discuss the pros and cons of living in Colombia. From the Colombian people to driving to taxes and more. As challenging as it can be, expats in Colombia clearly find that there is a lot to love about a country that is a surprising expat hot spot.

12 Things to Know Before Moving to Colombia

With its bustling cities, beautiful beaches and friendly Colombians, Colombia is an increasingly popular destination for expats of all ages. Expats in Colombia offer insightful tips for those moving to Colombia.

About the Author

Joshua Wood Joshua Wood, LPC joined Expat Exchange in 2000. Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Some of Joshua's more popular articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and 5 Best Places to Live in Spain. Connect with Joshua on LinkedIn.

Cigna International Health Insurance

Write a Comment about this Article

Sign In to post a comment.

Comments about this Article

HappyRetirees
Apr 1, 2019 00:50

Can I open a Colombian bank account on a Tourist Visa?. I have to live in my home country Canada for 6 months every year (Health Care requirement) so was planning on just getting Tourist visas in Colombia every year (3 months then renew for 3 months). Next question is, how often can I renew a tourist visa OR if I do get a Residence Visa, how long within one year must I stay in Colombia ?

Updated On: Sep 12, 2018

First Published: Sep 12, 2018

Expatriate Health Insurance

Get a quote for expat health insurance in Colombia from our partner, Cigna Global Health.
Get a Quote

Culture-Shock-in-La-Buitrera-de-Palmira-An Expat Talks about Culture Shock & Living in La Buitrera de Palmira , Colombia

An expat living in the mountains outside of Palmira, Colombia talks about the culture shock she experienced moving to Colombia.

An expat living in the mountains outside of Palmira, Colombia talks about the culture shock she experienced moving to Colombia. ...

9 Best Places to Live in Colombia

Here are the 9 best places to live in Colombia according to expats living in Colombia. Expats share why they love living in each city, the climate, cost of living, social activities and more. Don't overlook the comments about heat and humidity in some coastal cities - while these conditions are ideal for some expats, they're oppressive for others.

Here are the 9 best places to live in Colombia according to expats living in Colombia. Expats share why they love living in each city, the climate, cost of living, social activities and more. Don't...

Living Abroad: Digital Nomads in Medellin, Colombia

Expats in Colombia have taken full advantage of this South American nation's miraculous comeback after decades of chaos. Digital nomads have also found there way to Medellin, its second largest city, for a wide variety of reasons.

Expats in Colombia have taken full advantage of this South American nation's miraculous comeback after decades of chaos. Digital nomads have also found there way to Medellin, its second largest city,...

8 Expats Share What It's Like Living in Colombia

Expats in Colombia talk about what it's really like living there - deciding where to live, the pros and cons and more.
Expats in Colombia talk about what it's really like living there - deciding where to live, the pros and cons and more....

Colombia Guide
Other Links
Our Story Our Team Contact Us Submit an Article Advertising Travel Warnings

Copyright 1997-2019 Burlingame Interactive, Inc.

Privacy Policy Legal