This site is maintained by Colombia Legal & Accounting SAS, a team of dedicated Colombian accountants and lawyers in Medellín, Colombia, and is designed to explain how the Colombian banking system works for those who live and do business here. We aim to demystify some of the complexities that exist in the world of Colombian banking.
Setting up a bank account in Colombia is probably one of the most difficult and frustrating tasks a foreigner will undertake during his or her mission to get a visa and live, work, and/or invest in Colombia. When
it comes to your finances in this country, there are many aspects that are all related to one to another, and you'll find it hard to deal with one without some of the others. For example, most of us won't open a bank account without also completing a wire transfer (which will introduce you to some of Colombia's regulatory agencies), and opening most types of accounts is impossible, anyway, without a Colombian visa.
These are some of the most common topics of interest for foreigners and business people in Colombia:
Opening Bank Accounts in ColombiaWire Transfers to ColombiaInvestment LegalizationsCredit and LoansColombian Regulatory Agencies
There are three main types of bank accounts in Colombia that are of interest to a foreigner. Each has its own requirements. We can help you determine which type of account is best suited to your needs according to which visa you have (or which you intend to apply for).
Click here for more information on opening bank accounts in Colombia.
Wire transfers are heavily regulated in Colombia. Each transfer requires proper documentation, and the funds must be used for the intended purpose. Failing to follow each step correctly and honestly could result in investigation, fines, or denial of the transfer. The transferred money is often investigated even years after the fact, to make sure it went where it was supposed to. It sounds like a hassle, but most foreigners in Colombia will have to wire money at some point to open a Colombian bank account, purchase property, or invest in a Colombian company.
Click here for more information on wire transfers to Colombia.
It's important to establish credit in Colombia if you intend to apply for a loan someday. Both loan and credit card applications can be tricky, but we can prepare the financial documents you will need and assist with the applications. Our Colombian accountants and attorneys are experts in this area.
Click here for more information on credit cards and loans in Colombia.