Online bank accounts

@antonioggriffin

Due to money laundering laws in Colombia opening online bank accounts need documents you don't have, I have heard of certain places opening bank accounts with just a passport but that is very rare anymore.

Laat year when I was still on a tourist stamp, I successfully opened my Bancolombia account here in Barranquilla, using just my passport and... well... lots of other documents 🤷‍♂️

What documents are the banks asking you for, and which don't you have?

Typically, a banker wants to see an Expat's cedula ID

as the primary or only required document in

South American countries in order to open a

savings account.

An Expat in-country on a visa should be able to obtain

the cedula soon after the visa is issued. An Expat with

a visa can avoid exposure to a potential

worldwide-tax obligation by residing inside Colombia

for no more than 183 days out of any consecutive 365.

If the OP is being asked for documents beyond this ID,

OP should tell us what documents are required by

the bank(s) where an account is sought .. and which

of these documents OP is lacking.

cccmedia

I have heard of people opening Colombian  bank accounts with just passport...but not vitually

Its best just to use ATMs with a foregn bank card..but thats a whole different subject that has been covered umpteen times Om other threads the op can do a searc for and read

It's time to be blunt, it is not just unlikely but it is impossible to open a bank account in Colombia virtually as you must be in person at the bank and have all the requested documents.

Anyone that tells you otherwise has zero idea what they are talking about.

Yes with some dilligence you can open a Colombian bank account with some perseverance and a bit of luck involved, I opened my Bancolombia account about 10 years ago with only my US passport and it has served me well over the past decade.

Godspeed!

@South American Voyager

Not true I opened a Nequi account online... but I needed a cedúla and a RUT  they are part of bancolombia pay all my bills in Colombia with Nequi.

Certainly Nequi "is like" a bank account and can be opened virtually for any person over 13 years of age hence it is designed for the millions of poor/socially disadvantaged people here in Colombia and as an entirely digital bank it serve a purpose for many however it's has many limitations but if this is what the original poster was looking for then have at it.

Heck it is even owned by Groupo Bancolombia.

I pay all of my bills with my Bancolombia account(s) via the app and it's handled through PSE and has worked well for me for some years now so I have been generally satisfied.

Heck just for the "sh*t and giggles" of it I may just open an account with NEQUI if nothing else to test it out. How do you load money into it?

Godspeed!

@South American Voyager

You can go to a bancolombia corresponsal and give them cash to load, or since you already have a bancolombia account just transfer to your Nequi easy my wife does it all the time.

Question about a bank account. If you have a visa and do not renew it. Would i lose my bancolombia account too?

@lunamick No, your bank account is separate from visa status. However, just to be safe, go to 2-3 locations of your bank and ask a banker in-person (this is Colombia, so better safe than sorry).

Are there any online bank accounts that don't require  a handful of documents I don't have?
Any expats open an bank account as a foreigner?
-@antonioggriffin

I an tell you definitely NO from  personal experience.

Unless you go into their  office and open your mouth and make a big comotion about it.

Example, on another thread I mentioned problems with Banco Colombia letting Cardif Insurance  a third party , deduct money from.my accountc for a bogus insurance without my consent.

I had to go into a branch, and had extreme problems trying to rectify it.

One of the assesors said she could help me directly but needed to see my Cedula.

I gave here my expired one, she didnt like that I said the new one was at home.

Eventually her boss , the branch manager ended up helping me without a cedula, just my bank card.

There was no mention  of closing my account and there were no spies there moonlighting from migraciones  who demand to see my passport stamp .jaja ja

Same applies with bank acounts in US or elsewher thst require local " residency " status.

Just keep your mouth shut and give them a local address.

Dont poke a sleeping dog.

Loose lips sink ships.

Still, best to avoid Colombian banks and their BS and just get money from Davavienda ATMs with a Charles Schwab,  Capitol One or prepaid Fintec card.

Covered extensivelly in other threads so I am not going to repeat the details

I would keep a couple Colombian bank accounts open but only transfer mall amouunts and keep them as" back up" to your cards.

Turns out Argentinian banks are even worse at this point in time.

But thats another story.

I've maintained a Bancolombia account since my C.E. expired about 10 years ago.

On one occasion i tried to change the ID on the account to my passport, and manager at the branch said it was only possible to change to a valid Colombian ID, such as a C.E. She then went on to tell me to just go and get the C.E. renewed. She clearly wasn't aware of the visa requirements to do so, so i just cut the conversation short and thanked her for the advice.

Going off on a tangent... it seems to me if Colombia allows purchasing a property with only a passport, then they would allow one to connect public services, purchase home insurance, open a bank account to pay services also with a passport. It's gotten to the point in Colombia where one can't even make a purchase at Home Center without showing a Colombian ID (no option for passport on self-scan registers).

@antonioggriffin

Yes, it can be done, but Colombian businesses' default expectation is that everyone has a cédula.

I asked Bancolombia several times if I could open a bank account with my passport, and received an emphatic NO every time. Then one time I mentioned that I would like to open a certificate of deposit (a CDT in Colombian bank speak) for x millions of pesos, and all of a sudden the same bank employees were saying "won't you come right this way and have a seat?"

So yes, it can be done, but it may come down to going to the right bank or branch, or talking to the right person.

    @antonioggriffin
Yes, it can be done, but Colombian businesses' default expectation is that everyone has a cédula.

I asked Bancolombia several times if I could open a bank account with my passport, and received an emphatic NO every time. Then one time I mentioned that I would like to open a certificate of deposit (a CDT in Colombian bank speak) for x millions of pesos, and all of a sudden the same bank employees were saying "won't you come right this way and have a seat?"

So yes, it can be done, but it may come down to going to the right bank or branch, or talking to the right person.
   

    -@Mr. Jones 1994

I second this motion. One must "hunt around".

By the way, I'm still trying to figure out this whole CDT thing. If the rates are so good, then why aren't basically every working Colombian opening them? One local lady (a brick-and-mortar business owner) that I know here in Barranquilla, she emphatically said that she looked into it already and they offer just 0.3% interest rate, not worth it at all.

What's the disconnect? Where can I find ut out about the CDTs online? Or must I go to a branch to inquire?

@antonioggriffin
Then one time I mentioned that I would like to open a certificate of deposit (a CDT in Colombian bank speak) for x millions of pesos, and all of a sudden the same bank employees were saying "won't you come right this way and have a seat?"

I don't doubt your experience, but I'd be surprised if this happened recently at Bancolombia. The rules seem to be getting stricter every year as the banks are finally using technology to enforce them. We should be able to see where this is headed...

I just look on Bancolombia website, and it says:

The owner of the Virtual Investment must be the same owner of the Savings or Current Account from which the resources for its constitution will be debited.

So basically you must already have an account at the bank to invest in the CDT. Even if bank manager wants you as a CDT customer, I don't think their systems would allow it.

One local lady (a brick-and-mortar business owner) that I know here in Barranquilla, she emphatically said that she looked into it already and they offer just 0.3% interest rate, not worth it at all.

She was probably confusing CDT with a regular savings account. I've bumped into some wonderful people in Colombia, but many are not particularly familiar with financial products, especially ones involving interest.

Twice a month you'll see lines around the block to withdrawal the entire paycheck from the ATM, then go to the supermarket, or lottery point-of-sales to pay the bills and whatever other services they buy. That's kind of a common routine I've observed in Eje Cafetero.

@mattmax Financial literacy ,budgetting,  time management isnt high on the list of Colombian  (and most Latino countries as well) attributes. That is why they will likely remain a "middle income " country for atleast the next  1 or 2 generations.

Good comments in the above...............just a point of clarification, I opened my Bancolombia account on my passport about 10 years ago then when I obtained my Colombian visa about 5 years ago it was just a little hassle changing my Bancolombia account over from my passport (USA) to my cedula.

I have been a generally speaking happy camper with my Bancolombia account including my debit card, 2 credit cards (VISA & M/C) along with lines of credit, a RE mortgage about 7 years ago for the purchase of an apartment and finca in/around Medellin and commercial banking purposes with a business I was involved in for 4 years.

@South American Voyager I am trying to convert my Bancolombia account from Passport to Cedula Extranjeria. What do you think? Good idea? Bad idea? Was it a hassle for you?

@ChineduOpara - Well my take on if/when to inform Bancolombia of your cedula...it took me about a year before I changed over (US Passport to Ext Cedula) and not much of a difference other than AFTER I changed over I was offered and accepted 2 Bancolombia credit cards, which have served me well and am generally pleased with it, along with increasing my lines of credit/which I have zero need for at the moment but it's just a "meeting with my Bancolombia bank manager away if needed".

I don't think there is a hard fast rule for if and when to do it, certainly I don't believe it is mandatory but just a side note that now I receive the typical marketing cell phone calls, a number each week, asking if I am interested in credit cards and loans from the other like Colombian banks, gets irritating.

And no not a big hassle to do it but the usual hour wait in the office then about 30 minutes at the counter but had to return a second time a few days later as something was amiss with my account but no big deal.

Probably the biggest help is that I have befriended the bank manager where I go to and he helps me out (I live in the north end of the Medellin valley).

IMHO, If you plan on staying in Colombia for the foreseeable future or you want to establish credit I suggest that it's worth the trouble to change it over but if not no big deal.

Hope this helps.

@South American Voyager Yeah this all tracks with what I assumed/learned already, so thanks for confirming. I've already told my bilingual assistant that we're going to the bank this week or on Saturday, to do those things... change from Passport to Cedula, open a CDT, and maybe get a credit card. I want to establish credit with my cedula, since I plan to stay in Colombia for a long time 😊

Establishcredt and pay 25% interest?

Whatever for?

    Establishcredt and pay 25% interest?
Whatever for?
   

    -@nico peligro

Nah I'm not paying 25% credit to anyone 😅 I want to just have a credit card (maybe with zero annual fees if possible), spend like, 10 mil per month, and pay it off immediately. Just to show some credit activity.

"Whatever for"?  (you ask, with a unique mix of mild derision and genuine curiosity 😆)

Well, many companies like Tigo, Claro or MoviStar won't even TOUCH someone who has zero credit history. I even tried to open a bank account at Davivienda with my perfectly valid CE, and they told me they can't do it cuz my CE says "Visitor". Like, WTF 🤨

I think it's SO STUPID that many outfits here require even expats WITH BRAND NEW PERFECTLY VALID CEDULA EXTRANJERIAS to

• Wait 90 days before applying for phone, internet, etc. services, and
• Have some credit history.

So how are we supposed to have credit history, if no one will extend credit to us? It's a catch-22.

But this is what it is... I don't make the rules, I'm just trying to navigate the system 🤷🏾‍♂️

As for establishing credit, almost a necessary evil if a person chooses to live full time in Colombia for the foreseeable future, yes the interest rate on credit is ridiculous however if managed correctly it is manageable and makes life easy (not to mention builds/establishes needed credit).

Just my real life experience with my Bancolombia credit cards.....

Over one year ago, after 10 years, I decided to try the Bancolombia MasterCard, I was offered an initial limit of 10.000.000 and no monthly fee for the first 6 months...............I now am charged 22,000 pesos/month for handling fee which is fine with me.................now every-time I make a purchase I am asked during the purchase if I want to (1) pay full amount or (2) place on credit..............of course I always choose 1 (pay in full) and have never paid one pesos in interest charges.

So you choose (1) and you simply pay in full at your end of monthly billing cycle.

My first 8 months or so experience with my Bancolombia MasterCard was so convenient and transparent that I accepted a Bancolombia VISA credit card and for the past almost one year have had the same good experience with it.

Now my VISA credit card has a limit of 5.000.000 and after the free first 6 months introductory period finished I now pay 18.000 pesos/month handling fee.

The Bancolombia app on my iPhone has worked flawlessly as I can check my balances and credit card purchases, all with no issues for a number of years now. Completely please with it.

The benefits and convenience of these Colombian credit cards is now I can easily manage my money, keep track of just about everything, don't need to carry cash around, and as I travel everywhere in the all of Colombia Bancolombia is a power house of a bank in Colombia and can be found in almost every city and town and even small pueblos.

All this convenience for 2 Bancolombia credit cards and debit card for what? 40 mil a month, well worth it.

Just my real experience

@ChineduOpara Getting credit hasn't been easy for me. I've had Bancolombia for two years (10-20 mil monthly movements...more if I'm paying rent since I pay 4-6 months in advance), a line with Claro for two years, and have filed taxes here. Everywhere I apply, I get rejected lol. Maybe it's because along with not having credit history I don't have assets here from which they can take in case I default, idk. I have a car, but I still need to register it under my name, so for now it doesn't count. I was thinking about getting a CDT in case it may count as an asset and help. I did manage to get one line of credit the other day through a clothing store called ELA, and it's through sistecredito, but they only gave me 150k. It's a start, though. You can try doing the same. The clothing store had nothing I was interested in. I just bought whatever to get the ball rolling, but looks like the line can be used to buy stuff from an online platform sistecredito has which has a lot more variety.

@uknwn0424 Interesting. If you've not gotten credit after 2 years, what hope is there for me? 😅 But seriously, I have gotten the same advice from several people: "Try Exito, Falabella, or another big department store" to get the ball rolling, because apparently their requirements are not so stringent. So I'm willing to try that. Probably this weekend when I run some errands with the help of my bilingual assistant.

@ChineduOpara Well, I haven't been actively trying until recently, so it could be the case that I could have gotten credit before had I looked harder. Before, I would try here and there with Falabella and Nubank, but this time around I went to a bunch of places. Falabela says you need residency. Not sure if it's true but given that I've been rejected a couple of times maybe it is, maybe there's a better chance if you already have a bank account with them and move money around. I got rejected from Exito a few days ago, but it was after I got approved by sistecredito, so maybe that's why and you'll have more luck there. I also tried at Wom (the phone store). They allow you to put a down payment on a phone and lend you the rest, so if what's left to pay after the down payment is very little, you might get approved.

@uknwn0424 You're giving me some good hints and tips, thank you!

@South American VoyagerI have been here 11 years and I have goten by well.without a " credit rating"

Even have 2 bank accounts, Medicina prepagada

But then I rent, dont own, pay utiities in the owners name.Not iinterested in any " investments" in Colombia DIAN.or some woman can put an embargo on.

I Just buy datos for cell phone.

Dont own any Colombian credit cards, dont want them I have 2 Colombian bank cards and 4 Canadian fintec cards, my cedula ( expired) ,canadian drivers liscense, Medicina prepagada.

No place in my wallet for additional Colombian credit cards I never use.