ATMs, bank accounts, international transfers, paying utility bills, and the tax rules nobody warns you about. Practical money management for expats in Colombia.
Servibanca and Davivienda are the best. 2,000,000 COP limit. Always decline conversion.
Read guide →Cedula required for most banks. Bancolombia vs Davivienda, plus Nequi workarounds.
Read guide →Wise gets the best rates. Western Union, Remitly, and bank wire comparisons.
Read guide →How to pay utilities without a local bank account: Efecty, Baloto, Nequi, and walk-in offices.
Read guide →DIAN registration, the 183-day residency rule, RUT, and declaring foreign income.
Read guide →Money in Colombia works differently than what most North Americans and Europeans expect. ATM withdrawal limits are low (2,000,000 COP per transaction, about $556 USD), bank accounts require a cedula de extranjeria, and the best way to get money into the country is through Wise (formerly TransferWise), not your US bank's wire transfer.
If you just arrived and do not have a cedula yet, you will rely on ATMs, cash, and apps like Nequi for the first few months. Once you have your cedula, opening a Bancolombia or Davivienda account is straightforward and unlocks bill payments, transfers, and the full Colombian financial system.
The tax section is the one most expats skip and later regret. If you stay in Colombia more than 183 days in a year, DIAN considers you a tax resident. That means Colombian taxes on your worldwide income. Read it before it becomes a problem.