The northern Latin American nation of Colombia is attractive for multiple reasons. It’s sunny, has miles of Caribbean shoreline, lively cultural cities like Bogotá, Medellín and others, and of course, has a very low cost of living. With that being said, the quality of life in many areas of the country is almost too good to be true, with low taxes, cheap healthcare, and great public transport. Therefore, if you’re wanting to plan a long-term trip or immigrate to Colombia, one of the best steps to help you in this process would be to open a bank account in the country.
Opening a bank account in Colombia is a rather easy process, with only a few documents being needed to do so. Similar to our article about the same topic in Perú last week.
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Here are the documents you’ll need:
Proof of Identity
Obviously, you’ll need to have proof of identification for this process. Two documents are needed here - a passport, a visa, and a foreigner identification card provided by the Government of Colombia, the cédula de extranjería. When you arrive in the country, you’ll need to make sure to obtain this, with most banks in the country not serving any foreigners without it.
Proof of Address
Indeed, you’ll need to show some sort of proof that you physically own a property in Colombia. This could be anything from your house, business, utility bill, or even rental agreement. Simple and easy!
Proof of Employment
Lastly, some sort of proof of employment is necessary to open a bank account in Colombia. Some Colombian bankers will ask for the contact details/address of your employer, although for many, this isn’t necessary. Regardless, we recommend being prepared and including it in your materials. Of course, you’ll also need a signed contract of employment from your employer. If you’re freelance as many ex-pats in Colombia are, you’ll need to show your income through a bank statement.
Now, opening a bank account in Colombia is a relatively easy process and we are here to help you. However, it’s important to recognize there are a few risks involved with doing so. For example, due to the drug issue and corrupt banking occurrences in Colombia, a background check will be run on you before opening a bank. Because of this, opening an account through a larger Colombian bank like Banco de la República would be a better option than a smaller, lesser-known bank.
We know that sometimes this can be a stressful process, but we at Creimerman are here to help. If you want more help, want to learn more, or have any questions, contact us today! You’ll find a link below this article to set up a free fifteen-minute consultation with us to discuss your options further.
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In case you are considering opening a bank account in another country, we recommend you to watch this video about Uruguay, one of the most interesting countries when it comes to carrying out this process.