Before you start

A Colombian visa valid for more than three months, which is what entitles you to a cédula
The physical cédula de extranjería — the paper contraseña is usually not enough at a branch
A Colombian mobile number on a local SIM, for app enrolment and one-time codes
Proof of a Bogotá address (lease or a recent utility bill) and, at several banks, a RUT from DIAN

Step-by-step

1
Before the cédula: a foreign card, Wise and cash
As a tourist you cannot open a normal Colombian account. Bring a low-fee foreign debit card, move money with Wise at close to the mid-market rate, and keep cash for the many places that still want it. At any ATM, always decline the machine's offer to convert and choose to be charged in pesos — accepting dynamic currency conversion costs several percent every time.
OnlineWho: YouImmediately on arrivalWise typically well under 1% per transfer; Colombian ATM surcharge on foreign cards commonly COP 20,000–30,000 per withdrawal
2
Get the visa, register it, collect the cédula
This is the unlock and it cannot be shortcut. Visa from the Cancillería, registration with Migración Colombia within fifteen calendar days, then the physical cédula. Ask for the card itself before you plan any bank appointment — several banks will accept the contraseña, several will not, and you will not know which until you are at the desk.
In personWho: You, via the Cancillería and Migración ColombiaWeeks; card a few days to weeks after registrationCédula around COP 294,000 (~US$70–80)
3
Get a free RUT from DIAN before you go to the bank
The RUT is your tax registration and it is free. Several banks now ask for it when opening a foreigner's account even where there is no tax to pay, and turning up without one costs you a second appointment. With a cédula you can often complete it online through the DIAN portal; otherwise DIAN handles it by appointment, and Bogotá has the most offices.
OnlineWho: You, with DIANSame day to about a weekFree
4
Open the account in person and expect variation between branches
Bancolombia has the largest network and the most experience with foreigners; Davivienda, BBVA, Banco de Bogotá and Scotiabank Colpatria are all workable. Bring cédula, visa, RUT, proof of address and, at some banks, evidence of income. Foreigner accounts generally cannot be completed online. If one branch refuses, another often will not — the difference is the adviser's familiarity, not the bank's policy.
In personWho: You, at a branchAccount same visit; debit card 1–2 weeksOften free; some accounts carry COP 10,000–20,000 a month in maintenance
5
Register your Bre-B llaves and set up a wallet
Bre-B is the central bank's instant-payment scheme, mandated by the 2022–2026 national development plan and live since 2025 with hundreds of participating banks, cooperatives and wallets. You register a llave — your phone number, ID number, email or a chosen alphanumeric code — against one account, and anyone at any participating institution can pay it instantly. Nequi and Daviplata still dominate day-to-day life; the difference is that they now interoperate.
Mobile appWho: You, in your bank or wallet appMinutesFree
6
Nominate one account as cuenta exenta from the 4x1000
The Gravamen a los Movimientos Financieros takes 0.4% of most withdrawals and transfers. You may mark a single account across the whole financial system as exempt up to a monthly ceiling expressed in UVT — the tax unit DIAN re-publishes each year — so ask for it explicitly and put your day-to-day spending through that account. Wallets have their own, lower exempt ceiling.
In personWho: You, at your bankOne request, applied from the next cycleFree to request; saves 0.4% on covered movements

Documents you’ll need

Cédula de extranjería (physical card)
Valid Colombian visa showing more than three months' validity
RUT certificate from DIAN, now requested by several banks
Proof of a Bogotá address — lease contract or a recent utility bill showing the estrato
Colombian mobile number for app enrolment

Things most newcomers don’t know

Bre-B has quietly ended the wallet tribalism: since 2025 a registered llave lets you pay from any participating bank or wallet to any other instantly, and interoperability is a legal requirement rather than a commercial favour.

Colombians used to keep both Nequi and Daviplata because transfers between them were awkward. Interoperability was mandated by the 2022–2026 national development plan and delivered through the Banco de la República's scheme, so a newcomer now only needs one account plus one llave — usually their phone number — to be paid by anyone.

Source: Banco de la República — Bre-B; Ley 2294 de 2023

The 4x1000 is escapable on one account, but only if you ask. Banks do not nominate your cuenta exenta for you.

The exemption covers a monthly ceiling set in UVT on a single account across the entire financial system, so choosing the account you actually spend from — and not a savings account you rarely touch — is the whole trick. People pay 0.4% on every rent payment and card top-up for years without ever making the request.

Source: DIAN — Gravamen a los Movimientos Financieros

Bring a RUT to the bank appointment even though it is a tax document and you may owe no tax.

Several Colombian banks fold the RUT into their onboarding checklist for foreigners, and it is free and often obtainable online with a cédula. Discovering the requirement at the counter costs a second appointment in a system where appointments are the scarce resource, and the RUT is something you will need eventually anyway.

Source: DIAN MUISCA; Colombian bank onboarding requirements (2026)

Always choose to be billed in pesos at a Colombian ATM or card terminal, and refuse the machine's own conversion.

Dynamic currency conversion lets the terminal set the exchange rate and it is consistently worse than your card issuer's — commonly three to seven percent. It appears as a helpful screen offering to show you the amount 'in your currency'. Over a year of rent, groceries and cash withdrawals that choice is worth more than any bank-account fee you might negotiate.

Source: Superintendencia Financiera consumer guidance; Wise

Common mistakes to avoid

Branch-hopping with a passport expecting to open an account as a tourist — SARLAFT rules key on the cédula and the answer will be no almost everywhere.
Never asking the bank to mark one account as exenta from the 4x1000, and paying 0.4% on everything for years.
Turning up to open an account without a RUT and losing the appointment slot.
Accepting the ATM's or card terminal's own currency conversion instead of paying in pesos.
Changing money at El Dorado airport or a tourist casa de cambio, where the spread is among the worst in the country.

Some of this may be out of date. Spotted something inaccurate? Help us keep it right for the next newcomer.