Before you start

A Colombian visa valid for more than three months, which entitles you to a cédula
The physical cédula de extranjería — the paper contraseña is often refused at branches
A Colombian mobile number on a local SIM for app enrolment and one-time codes
Proof of a Cali address (lease or a recent EMCALI bill) and, at several banks, a RUT from DIAN

Step-by-step

1
Before the cédula: a foreign card, Wise and cash
Tourists cannot open a normal Colombian account, so build an interim stack. A low-fee foreign debit card, Wise for moving money at close to the mid-market rate, and cash for the many Cali businesses that still prefer it. At every ATM and card terminal, decline the machine's offer to convert and choose to be charged in pesos — accepting costs several percent each time.
OnlineWho: YouImmediately on arrivalWise typically well under 1%; Colombian ATM surcharge on foreign cards commonly COP 20,000–30,000 per withdrawal
2
Get the visa, register it, collect the cédula
Visa from the Cancillería, registration at Cali's Migración Colombia office within fifteen calendar days, then the physical cédula. Do not book a bank appointment against the paper contraseña: some branches accept it, many do not, and you will discover which only at the desk. Wait for the card.
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 first
The RUT is your tax registration, it is free, and several banks now fold it into their foreigner onboarding checklist even where no tax is due. With a cédula you can often complete it online through DIAN's MUISCA portal; otherwise DIAN's Cali office handles it by appointment. Having it in hand saves you a second bank visit.
OnlineWho: You, with DIANSame day to about a weekFree
4
Open the account in person
Bancolombia has the deepest branch network; Banco de Occidente is a Cali institution with strong local corporate ties; Davivienda, BBVA and Banco de Bogotá all work. Bring cédula, visa, RUT, proof of address and, at some banks, evidence of income. Foreigner accounts cannot generally be opened online, and outcomes vary more with the individual adviser's familiarity than with the bank's written 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
5
Register your Bre-B llaves and add a wallet
Bre-B is the central bank's instant-payment scheme, live since 2025 with hundreds of participating banks, cooperatives and wallets, and interoperability is a legal requirement rather than a favour. Register a llave — phone number, ID number, email or a chosen alphanumeric code — against one account, and anyone anywhere in the system can pay it instantly. Nequi and Daviplata remain the day-to-day wallets; they now simply talk to everything else.
Mobile appWho: You, in your bank or wallet appMinutesFree
6
Nominate a cuenta exenta from the 4x1000
The Gravamen a los Movimientos Financieros takes 0.4% of most withdrawals and transfers. You may mark one account across the whole financial system as exempt up to a monthly ceiling expressed in UVT, the tax unit DIAN republishes each December. Ask explicitly, and nominate the account you actually spend from — wallets carry their own, much 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 with more than three months' validity
RUT certificate from DIAN
Proof of a Cali address — lease or a recent EMCALI bill, which also shows the estrato
Colombian mobile number for app enrolment

Things most newcomers don’t know

Bre-B ended the wallet standoff: since 2025 a registered llave moves money instantly between any participating bank or wallet, and interoperability is mandated by law rather than negotiated commercially.

Colombians used to hold both Nequi and Daviplata because moving money between them was awkward. The Banco de la República's scheme, mandated by the 2022–2026 national development plan, means a newcomer needs one account and one llave — usually their phone number — to be paid by anybody, which materially shortens the setup period.

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

One account can be nominated as exempt from the 4x1000, but the bank will not do it for you.

The exemption applies to a single account across the entire financial system up to a monthly ceiling set in UVT, so the trick is nominating the account you genuinely spend from rather than a savings account you rarely touch. Foreigners routinely pay 0.4% on every rent transfer and card top-up for years without ever making the request.

Source: DIAN — Gravamen a los Movimientos Financieros

Cali runs on cash further out than Bogotá does. Cards are near-universal in Granada, El Peñón and Ciudad Jardín and much patchier elsewhere.

Markets like the Galería Alameda, neighbourhood restaurants, street food and many small workshops are cash or wallet only, and the estrato gradient in the city maps closely onto card acceptance. Carrying a modest amount of cash — and keeping it out of sight — is the practical middle ground while your Bre-B llave is being set up.

Source: Colombian retail payments practice; Banco de la República financial inclusion reporting

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

Dynamic currency conversion lets the terminal set the rate and it is consistently three to seven percent worse than your card issuer's. It arrives as a helpful-looking screen offering to show the amount in your home currency. Over a year of rent, groceries and withdrawals that single habit is worth more than any account fee you could negotiate.

Source: Superintendencia Financiera consumer guidance; Wise

Common mistakes to avoid

Trying to open an account on a passport as a tourist — anti-money-laundering rules key on the cédula and the answer is almost always no.
Never asking for a cuenta exenta and paying the 4x1000 on every transfer for years.
Arriving at the bank without a RUT and losing the appointment slot.
Accepting the ATM's or terminal's own currency conversion instead of paying in pesos.
Assuming cards work everywhere because they work in Granada and Ciudad Jardín — much of Cali is still cash or wallet.

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