Yes, you can open a bank account in Colombia, but the process and requirements depend on your residency status and which bank you choose
Foreign nationals can open bank accounts in Colombia, but you will need a valid passport, a Colombian tax ID number (NIT), and proof of address. The major banks—Bancolombia, Banco de Bogotá, BBVA Colombia, and Davivienda—all accept foreign account holders, though some require you to be a resident or have a Colombian phone number. The entire process typically takes one to three weeks, and you can often start online or by visiting a branch in person.
Your path depends on whether you are a temporary visitor, a resident visa holder, or planning to stay long-term. Each status opens different account types and carries different documentation requirements. Some banks will not open accounts for tourists on short-term visits, while others will if you have a NIT and a local address.
Key Takeaways
- You will need a valid passport, a Colombian NIT (tax ID), and proof of a Colombian address to open an account at most banks.
- Temporary visitors can open accounts at some banks, but resident visa holders have access to more account types and lower minimum balances.
- The NIT is issued by the Colombian tax authority (DIAN) and takes one to two weeks to obtain; you can apply online or in person at a DIAN office.
- Most banks require an initial deposit ranging from 50,000 to 500,000 Colombian pesos, depending on the account type and your residency status.
- Opening an account online is faster than visiting a branch, but you will still need to verify your identity in person at a branch or through a video call within 30 days.
What documents you need before you walk into a bank
Start with your passport—this is non-negotiable. Next, you need a Colombian NIT, which is a nine-digit tax identification number issued by the DIAN (Dirección de Impuestos y Aduanas Nacionales). You do not need to be employed or self-employed to get one; any foreign national can request it. Apply online at the DIAN website (www.dian.gov.co) or visit a DIAN office in person. The process takes one to two weeks, and you will receive your NIT by email.
Third, you need proof of a Colombian address. This can be a rental contract, a utility bill in your name, or a letter from your landlord or employer confirming your address. If you do not yet have a Colombian address, some banks will accept a temporary address (such as a hotel or Airbnb) with a booking confirmation, though this limits your options.
Finally, bring a copy of your passport and NIT. Some banks also ask for a reference letter from your previous bank (if you had one in another country), though this is not always required. Bring originals and copies of everything; Colombian banks are cautious about document verification.
How residency status changes what you can open
If you are a tourist or on a short-term visit (V visa), most major banks will not open a regular checking or savings account for you. However, some smaller banks and digital-only banks like Nequi or Daviplata (a mobile wallet operated by Davivienda) may allow it if you have a NIT and a Colombian phone number. These accounts are simpler and carry lower minimum balances, but they come with transaction limits.
If you hold a resident visa (R visa), a temporary resident visa (V visa longer than 90 days), or a migrant visa (M visa), you have full access to standard checking and savings accounts at all major banks. Resident account holders typically face lower or no minimum balance requirements and can access more services, such as credit cards and loans. A resident visa is the easiest path if you plan to stay in Colombia for more than a few months.
If you are a Colombian citizen or permanent resident, you can open any account type without restriction. Permanent residents also have access to investment accounts and higher credit limits.
Step-by-step: opening an account online or in branch
Online route (faster): Visit the bank's website and select "open an account" or "new customer". You will enter your passport number, NIT, and personal details. Upload photos of your passport and NIT. The bank will send you a link to verify your identity via video call or through a third-party identity verification service. This call or verification usually happens within 48 hours. Once approved, the bank will send you login credentials and a temporary card number. You must visit a branch within 30 days to collect your physical card and confirm your identity in person.
In-branch route (slower but more direct): Walk into any branch of your chosen bank with your passport, NIT, and proof of address. Ask for the "new account" desk. A representative will fill out an application form with you, verify your documents, and take a photo. They will ask about your employment, income source, and the purpose of the account. Processing takes one to three weeks; the bank will contact you by phone or email when your account is ready and your card is available for pickup.
Most banks charge no fee to open an account, but they may charge monthly maintenance fees (typically 5,000 to 15,000 pesos per month) unless you maintain a minimum balance or meet other conditions, such as receiving a monthly salary deposit.
Which banks accept foreigners and what their minimums are
| Bank | Accepts Tourists | Minimum Balance (COP) | Online Account Opening |
|---|---|---|---|
| Bancolombia | Residents only | 0–100,000 | Yes |
| Banco de Bogotá | Residents only | 50,000–500,000 | Yes |
| BBVA Colombia | Residents only | 0–100,000 | Yes |
| Davivienda | Residents only | 0–100,000 | Yes |
| Nequi (digital) | Yes, with NIT | 0 | Yes |
| Daviplata (mobile wallet) | Yes, with NIT | 0 | Yes |
Nequi and Daviplata are the easiest options for tourists because they do not require residency status and have no minimum balance. However, they are not full banks—they are digital wallets with limited features. You can receive and send money, pay bills, and withdraw cash at ATMs, but you cannot get a credit card or take out a loan through them.
If you are a resident, Bancolombia and BBVA Colombia are the most foreigner-friendly because they have the most branches, the best online platforms, and the lowest or no minimum balances. Banco de Bogotá and Davivienda are equally solid but may have slightly higher minimums depending on the account type.
Getting your NIT: the one-step you cannot skip
The Colombian NIT is issued by the DIAN and is required by almost every bank. You can apply online at www.dian.gov.co under "Personas Naturales" (natural persons). You will need your passport number and a Colombian address. The DIAN will send your NIT to your email within one to two weeks. Print it or save a digital copy—you will need it for the bank application.
If you prefer to apply in person, visit a DIAN office in any major city. Bring your passport and proof of address. The process is the same, and you will receive your NIT on the spot or by email within a few days. There is no cost to obtain a NIT.
Some people worry that getting a NIT means they will owe Colombian taxes. This is not automatic. A NIT simply identifies you to the tax authority. You only owe Colombian taxes if you are a resident or if you earn income from a Colombian source. Temporary visitors do not owe taxes simply for having a NIT.
What happens after your account opens
Once your account is open, you can receive wire transfers, set up automatic bill payments, and use your debit card at ATMs and merchants throughout Colombia. International wire transfers into your Colombian account are possible but can take three to five business days and may carry fees of 10,000 to 50,000 pesos depending on the bank and the sending country.
If you need to send money out of Colombia, most banks allow international wire transfers, though they require you to provide the recipient's bank details and may ask about the purpose of the transfer. Transfers typically take three to five business days and cost 15,000 to 100,000 pesos depending on the destination country.
Your account will remain active as long as you keep it in good standing. If you leave Colombia, you can keep your account open and continue to use it for transfers and bill payments. However, if your account sits dormant (no activity) for more than a year, some banks may freeze it or charge higher maintenance fees. Contact your bank before you leave to confirm their dormancy policy.
Frequently Asked Questions
Do I need a Colombian phone number to open a bank account?
Most banks do not require a phone number to open an account, but they will ask for one during the application. If you do not have a Colombian number yet, you can provide your home country number temporarily and update it later. Digital banks like Nequi do require a Colombian phone number because they operate entirely through mobile apps.
Can I open an account if I am still waiting for my resident visa to be approved?
No, most banks require proof of your current visa status. If you are in Colombia on a tourist visa while your resident visa application is pending, you can open a digital wallet account (Nequi or Daviplata) but not a full bank account. Once your resident visa is approved, you can upgrade to a regular bank account.
What if the bank rejects my application?
Banks may reject applications if your documents do not match, if your address cannot be verified, or if there are concerns about the source of your funds. Ask the bank for the specific reason in writing. You can then reapply with corrected documents or try a different bank. Digital banks are more lenient than traditional banks and may accept you if a major bank declines.
Can I open a joint account with a Colombian citizen?
Yes, most banks allow joint accounts between a foreigner and a Colombian citizen. Both account holders must be present at the bank with their ID documents. Joint accounts are useful if you are married or in a long-term partnership and want to share finances.
Will opening a Colombian bank account affect my taxes in my home country?
This depends on your home country's tax laws, not Colombia's. The United States, for example, requires citizens to report foreign bank accounts over a certain threshold (currently $10,000 USD) to the IRS. Check with a tax professional in your home country before opening an account to understand your reporting obligations.