Banking and payments in Colombia: an account is possible as a non-resident, but every withdrawal costs 4 per thousand
Even as a non-resident you may open a bank account in Colombia, in pesos or in foreign currency. As a foreigner with a visa you identify yourself with your cédula de extranjería. Every withdrawal and transfer carries the GMF, a tax of 4 per thousand, except on one savings account up to 350 UVT a month. Anyone carrying more than 10,000 dollars in cash declares it to customs.
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Opening a bank account in Colombia is possible even if you do not (yet) live there. The Banco de la República, the central bank, wrote in 2015 that a non-resident, Colombian or foreign, can open an account in pesos or in foreign currency, personally or through an authorised representative. As soon as you have a visa of more than three months, your proof of identity is the cédula de extranjería; without that card you identify yourself with your passport. Which other documents a bank asks for is up to the bank.
Two rules cost money or time if you do not know them: the tax on bank transactions, and declaring cash at the border.
| What | Amount or limit in 2026 | Source |
|---|---|---|
| GMF, tax on withdrawals and transfers | 4 per thousand of the amount | Estatuto Tributario, art. 872 |
| Exemption on one savings account | withdrawals up to 350 UVT a month: 18,330,900 pesos | art. 879 |
| UVT 2026 | 52,374 pesos | DIAN |
| Cash on arrival or departure | declare above 10,000 dollars, also in pesos | DIAN, form 530 |
| Bank statements for the visa | without apostille if they are in an official language of the OAS | Cancillería |
What is the 4x1000?
The Gravamen a los Movimientos Financieros (GMF) is a tax on financial transactions, such as withdrawals and transfers from an account. The rate is 4 per thousand: four pesos on every thousand. It is in article 872 of the Estatuto Tributario.
There is one important exemption. Withdrawals from one savings account, in the name of one person, are exempt up to 350 UVT a month. In 2026 that is 18,330,900 pesos. You choose which account that is and tell your bank. If you have several savings accounts, the exemption applies to only one.
Designate your savings account with the bank as the account with the exemption. If you do not, you pay 4 per thousand on every withdrawal, including on the pension you bring in and spend again. A joint account does not qualify: the exemption only applies to a single account holder.
What do you take to the bank?
As a foreigner with a visa you identify yourself in Colombia with your cédula; see registration and numbers. Ask the bank for the list of documents. If the bank asks for a tax number, you get your NIT for free through the RUT at the DIAN.
For the visa itself you may hand in bank statements from a Dutch bank without an apostille, if they are in an official language of the Organization of American States, such as Spanish or English. A statement in Dutch must therefore be translated. Ask your bank for a statement in English.
What about money from abroad?
Colombia has a system of foreign exchange rules. An investment from abroad, such as a house you buy with Dutch money, goes through the exchange market and is registered with the Banco de la República. If you want to use the house for your visa, you need that registration; see buying a house in Colombia.
For the professional renewing the M Profesional Independiente visa, the Cancillería asks at the second visa for a statement from a Colombian bank about their income. For that group an account here is therefore not optional.
What applies to cash at the border?
If on arrival or departure you carry more than 10,000 dollars in cash, or the equivalent in another currency, pesos included, you fill in DIAN form 530. It must be ready when you arrive, at the first port or airport. It also applies to cheques and other negotiable instruments.
And your Dutch account?
Keep it. Your AOW and pension arrive in euros, and you decide yourself when to exchange. How to keep that account and your DigiD usable after you leave is in keeping your bank account and DigiD. How bank, cédula and rent follow each other is in the route to Colombia.
In Vertrekklaar this is phase 5 of 5 of the journey, step 5.3: the same steps, but for your situation — in your order, tickable, and with the deadlines watched. See the whole journey to Colombia or go straight to step 5.3 in the open plan.
What this rests on
The facts in this article come from these official pages. Rules change. When in doubt, go by the source, not this article.
- Banco de la República — concept JDS-16231 of 2015, an account for non-residents in pesos or foreign currency — banrep.gov.co
- DIAN — instructions for the RUT, the cédula de extranjería or passport as proof of identity for foreigners — dian.gov.co
- Estatuto Tributario, articles 871, 872 and 879: the GMF of 4 per thousand and the exemption for one savings account (DIAN) — normograma.dian.gov.co
- DIAN — Resolución 238 of 2025, the UVT for 2026 is 52,374 pesos — normograma.dian.gov.co
- DIAN — form 530, declaring cash above 10,000 dollars on arrival and departure — dian.gov.co
- Banco de la República — concept JDS-25888, buying a home with foreign money as direct investment — banrep.gov.co
- Cancillería — the visas, with bank statements without apostille in an official language of the OAS — cancilleria.gov.co
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