Banks generally require a visa and usually a cédula de extranjería, and Bancolombia’s requirements list no tourist category. Colombia Desk is a guide and concierge for foreigners buying property in or moving to Colombia. Bancolombia’s 2023 requirements page asks for an in-person branch visit with original documents. Holders of visas longer than three months must get a cédula de extranjería.
Bancolombia’s page says the contraseña (the CE filing receipt) is not accepted.
What a Bank Asks a Foreigner For
Banks generally require a visa and usually a cédula de extranjería. According to Bancolombia’s foreign customer requirements page published on December 18, 2023, foreign applicants must appear in person at a physical branch with original paperwork.
The primary document for any foreign national staying on a long-term visa is the cédula de extranjería (CE). While the 2023 Bancolombia documentation notes that every category needs a visa plus passport or CE, the bank publishes no category for tourists.
| Document Type | Specific Requirement | Notes and Limitations |
|---|---|---|
| Primary Identity Card | Cédula de extranjería (CE) | Must be the physical card. The paper filing receipt called a contraseña is not accepted. |
| Passport | Valid foreign passport | Must be accompanied by an approved Colombian visa. |
| Secondary Identification | Additional photo identification card | A second photo ID. |
| Visa Documentation | Approved visa | Required for every foreign account category under Bancolombia guidance. |
| Work or school letter | Work or school letter where relevant | Required depending on the customer category. |
Bancolombia’s 2023 requirements page asks for original documents at the branch appointment.
Bancolombia’s Branch Rules for Foreigners
Bancolombia’s 2023 page states that the filing receipt issued while waiting for a foreign identity card, known as the contraseña, is not accepted.
Bancolombia’s published foreign customer guidelines date from December 18, 2023, and are nearly three years old. Davivienda’s requirements, account fees, and minimum balances are not covered, so ask the branch directly.
Why the Cédula de Extranjería Comes First
As confirmed by Migración Colombia in its PQRSDF reply 181428 on May 20, 2026, obtaining this card is mandatory for principal holders and beneficiaries of any visa with a duration longer than three months. Visitor visas are exempt from the registration requirement under article 118 of Resolución 5477 de 2022 from the Cancillería.
The registration requirement applies to foreign nationals starting from seven years of age. You must apply for the card within 15 calendar days of entering the national territory, or within 15 calendar days of the visa issuance date if your visa was granted while you were already inside Colombia. If you hold a visa requiring registration, such as a digital nomad visa or an M retirement visa, this 15-day window applies.
These are the steps for the physical card:
- Access the web portal of Migración Colombia and complete the Formulario Único de Trámites (FUT), which generates a 17-digit registration tracking number.
- Schedule a free appointment through the appointment module, noting that appointment slots open from Sunday through Thursday starting at 17:00 local time.
- Attend your appointment in person at a regional immigration office, designated as a Centro Facilitador de Servicios Migratorios (CFSM), carrying your passport and your visa.
The fee for the initial issuance of the cédula de extranjería for 2026 is COP 294,000, while a duplicate card costs COP 293,000. These tariffs were enacted under Resolución 0599 on February 10, 2026, as reported by Portafolio.
The card carries the exact same validity duration as the underlying visa. Holders of resident visas must renew their physical card every five years. Holders of older permanent resident visas: under an official Cancillería press release from March 24, 2026, all foreigners residing in Colombia with legacy permanent visas must complete an obligatory visa transfer (traspaso) before October 31, 2026, to be issued a cédula de extranjería.
Retirees on a Visa M also need the card to enroll in EPS, as explained in our guide to health insurance in Colombia for foreigners. The step-by-step procedures for the immigration card itself are outlined in our cédula de extranjería guide.
Digital Options and the Nu Account
A digital alternative operating locally is Nu Colombia, which offers Cuenta Nu.
According to a January 16, 2024 Nu Colombia blog post, Nu Colombia accepts only three types of documentation:
- A Colombian national identity card (cédula de ciudadanía).
- A valid, physical foreign resident card (cédula de extranjería).
- A valid temporary protection permit (Permiso por Protección Temporal, or PPT).
In that post, Nu Colombia does not accept a foreign passport. Prospective applicants must also live in Colombia and have a Colombian mobile number, which our guide on how to get a Colombian phone number as a foreigner explains. Check with Nu Colombia for its current rules.
If you cannot open a bank account yet, a digital wallet is the usual first step. Nequi and DaviPlata both open in their phone apps with a Colombian mobile number and a physical cédula de extranjería (CE) or Permiso por Protección Temporal (PPT). Neither wallet lists a passport as an accepted document. A new Nequi starts as a “depósito de bajo monto” (low-amount deposit). Nequi’s limits page and DaviPlata’s tariff page both cap monthly movements at 210.50 UVT (Colombia’s tax value unit), or COP 11,024,727 in 2026. You can pay PSE online checkouts from either wallet and receive instant transfers through Bre-B llaves. The guide to Nequi for foreigners walks through sign-up, and Nequi vs DaviPlata compares the two wallets.
Once the account is open, the best way to send money from the USA to Colombia depends on the amount and whether it lands in a bank account or a Nequi wallet.
Property Purchases Without a Colombian Account
A Colombian bank account is not legally required to buy property. You can complete a property acquisition without opening a local checking or savings account.
Non-residents purchasing real estate in Colombia are engaging in foreign direct investment, known in regulatory terms as inversión extranjera directa. According to chapter 7 of the Compendio de Reglamentación Cambiaria DCIP-83 published by the Banco de la República, all investment capital coming from abroad must be channeled directly through the foreign exchange market.
Channeling occurs through an authorized foreign exchange intermediary, designated in legal statutes as an intermediario del mercado cambiario (IMC). Commercial banks operating in Colombia function as IMCs. Alternatively, buyers may execute transfers through a compensation account (cuenta de compensación).
The exchange procedure follows clear rules established in central bank regulations and reinforced by the national government under Decreto 1044 issued on August 5, 2026:
- The funds must originate outside Colombia in foreign currency and enter through an authorized IMC.
- Registration of the foreign direct investment is legally automatic upon entry: the statutory exchange declaration (declaración de cambio, historically known as Formulario 4) submitted during the currency exchange constitutes the legal registration itself.
Because real estate transactions settle in Colombian pesos (COP) inside Colombia, the foreign capital moves into the country through an authorized exchange intermediary.
This direct route provides the official documentation needed if you plan to seek an investor visa. Under article 79 of Resolución 5477 de 2022, applying for an M investor visa based on real estate ownership requires an official communication from the Banco de la República proving that the investment was registered in your name. For the step-by-step transfer mechanics, consult our detailed guide on sending money to buy property in Colombia. If you are evaluating acquisition rules, review our overview of how to buy property in Colombia and our analysis on whether foreigners can buy property in Colombia.
What This Guide Does Not Cover
This guide does not cover opening an account from abroad, app-only or passport-only accounts, Davivienda or other banks’ requirements, fees and minimum balances, or how long the cédula de extranjería takes to arrive. Ask the branch for its current requirements, and consult a Colombian lawyer or accountant before wiring funds for a property purchase.
To discuss your move or purchase, contact us through our contact page or the relocation concierge.