Opening a bank account in Colombia as an American

A Colombian bank account makes daily life easier: rent, utilities, transfers between people, payroll and many app payments all assume one. For Americans, opening one is mainly a question of documents, because Colombian banks apply know-your-customer rules and ask for a local identity document, proof of income and tax information. You also take on reporting duties back home, since a Colombian account is a foreign financial account for US purposes. This guide covers both sides.

Who supervises Colombian banks

Banks in Colombia are supervised by the Superintendencia Financiera de Colombia (SFC), which regulates and oversees credit institutions, insurers and other financial entities. The SFC publishes the list of supervised entities and receives complaints from consumers. Before you deposit money anywhere, check that the institution is supervised. Each supervised entity must also have a consumer ombudsman (defensor del consumidor financiero), to whom you can take a complaint.

The documents banks ask for

Requirements vary by bank and product, but most banks ask foreign customers for:

1. A Colombian identity document for foreigners. The Cédula de Extranjería is the standard document. Migración Colombia issues it to holders of visas valid for more than three months, after registration within 15 calendar days of entry with the visa or of its issue date. Some banks open basic products with a passport, but many require the cédula, so get it first.
2. Proof of income or source of funds. Employment letters, pension certificates, payslips or bank statements from your US account.
3. Tax information. Banks may ask for your RUT, the DIAN tax register document, especially if you are self-employed. Our guide to the RUT and NIT explains how foreigners register.
4. Contact details. A Colombian phone number and address. Utility bills or your lease often serve as proof of address.
5. US tax status. Because of FATCA, banks ask whether you are a US person and collect your US taxpayer identification number to report the account to US authorities.

Bring originals and copies, and allow time: account opening for foreigners sometimes requires an internal review.

Account types

• Savings account (cuenta de ahorros): the everyday account most people use, with a debit card.
• Current account (cuenta corriente): with checks and business features, more often used by companies and merchants.
• Digital deposits and wallets: many banks and authorized entities offer app-based low-value deposit accounts, popular for transfers between people.

The 4 por mil: Colombia's financial transactions tax

Colombia charges the Gravamen a los Movimientos Financieros (GMF), commonly called the "cuatro por mil". The DIAN describes it as a national indirect tax on financial transactions that dispose of funds held in current or savings accounts, and on cashier's checks, at a rate of four per thousand of the transaction value. It is charged automatically by the bank when you withdraw or transfer.

There is an exemption for withdrawals from savings accounts, electronic deposits and prepaid cards that do not exceed 350 UVT per month. The UVT is the DIAN's tax value unit, updated every year. Under Article 879 of the Tax Statute, the account holder used to have to designate a single account as the one benefiting from the exemption. Since December 13, 2024, Article 881-1, added by Law 2277 of 2022, requires financial entities to apply the 350 UVT monthly exemption across all of a person's accounts without marking a single one. The DIAN confirmed this in Concepto 5976 of 2024 and Concepto 3949 of 2025. If a bank withholds the tax improperly, the DIAN says you can request in writing the refund of the excess.

Ask your bank how it applies the exemption to your accounts.

Getting money into Colombia

Colombia has a foreign exchange regime administered by Banco de la República, the central bank. Transfers from abroad arrive through authorized exchange intermediaries, such as banks, and are converted to pesos. Large or recurring transfers can require you to state the purpose of the transaction to the bank. If you are making a foreign investment, such as buying property, ask the bank how the transfer will be recorded, because the registration of foreign investment can matter later when you sell and send money out.

Many Americans also keep using US cards for daily purchases and withdraw pesos at ATMs. ATMs charge fees and set limits per withdrawal; your US bank may add its own fee.

Keeping the account safe

• Turn on app notifications for every movement.
• Use ATMs inside malls, supermarkets or bank branches.
• Never share codes sent by text message. Banks state they do not request them.
• Report a lost card immediately through the app or the bank's phone line.

US reporting for Colombian accounts

Opening a Colombian account creates US filing duties.

FBAR. If the combined value of all your foreign financial accounts exceeds $10,000 at any point in the calendar year, you must file FinCEN Form 114, the Report of Foreign Bank and Financial Accounts, through FinCEN's BSA E-Filing System. It is due April 15, with an automatic extension to October 15. It is filed separately from your tax return.

Form 8938. Under FATCA, you may also need to file Form 8938 with your tax return. For taxpayers living abroad, the IRS thresholds are total specified foreign financial assets above $200,000 at year end or $300,000 at any time for single filers, and $400,000 or $600,000 for married couples filing jointly. Lower thresholds apply to people living in the United States.

Income. Interest from Colombian accounts is taxable on your US return. If you are a Colombian tax resident, Colombia taxes it too, and a foreign tax credit may offset double tax.

Colombian tax reporting

If you are a Colombian tax resident, defined by the DIAN as someone in Colombia more than 183 days within any 365-day period, your Colombian return includes worldwide income and assets, including your US accounts. Colombian banks also report information on accounts to the DIAN.

A practical sequence

1. Get your visa and Cédula de Extranjería.
2. Register in the RUT if you will work or invoice.
3. Choose a supervised bank and book an appointment at a branch.
4. Bring ID, proof of income, address, phone, RUT and your US TIN.
5. Set up the app and alerts.
6. Add the account to your FBAR and Form 8938 records from day one.

Closing or leaving an account

If you leave Colombia, decide whether to keep the account. A dormant account can still carry fees, and the bank may ask you to update your information periodically. Closing it is usually done at a branch or through the app, after transferring the balance. Keep the closing statement: it is useful for your final Colombian tax return and for your FBAR records for that year.

Common questions

Can I open a Colombian bank account with only a US passport? Some banks open basic products with a passport, but many require a Cédula de Extranjería. Getting the cédula first makes the process far simpler.

What is the 4 por mil in Colombia? The Gravamen a los Movimientos Financieros, a tax of four per thousand on withdrawals and transfers. Savings account withdrawals up to 350 UVT a month are exempt.

Do I have to report a Colombian bank account to the US? Yes, on FinCEN Form 114 if your foreign accounts together exceed $10,000 at any time in the year, and on Form 8938 if you meet the IRS thresholds.