How to Open a Bank Account in Colombia: Requirements and Best Options (2026)

Quick answer: To open a savings account in Colombia in 2026 as a local, you only need your physical ID card and a mobile phone. Foreigners are required to have a Foreigner ID (Cédula de Extranjería - CE) or PPT; a tourist passport does not work for traditional accounts. The best options with no monthly maintenance fees are Nu, Lulo Bank, DAVIbank, and the BBVA Digital Account.

Opening a bank account in Colombia used to be a headache full of paperwork, endless lines, and hidden commissions. Fortunately, in 2026, the landscape has changed radically thanks to the maturation of fintechs and the arrival of the Bre-B immediate transfer system. If you just arrived in the country or are simply tired of your traditional bank charging you for every little thing, you need a modern account. If you want to see real options right now, you can check out electronics on Colombia Move — posting is completely free.

According to active listings on Colombia Move (June 2026), the housing section has 90 active listings and over 17,700 monthly views. Many of these local landlords and sellers require direct bank transfers to finalize deals without intermediaries. Having the right account not only saves you money but also opens doors to better business opportunities.

Requirements to open an account (Locals vs. Foreigners)

The banking process depends entirely on your immigration status. The rules of the game are strict, and banks do not make exceptions.

For Colombians

If you are a Colombian citizen, the process is 100% digital. You only need your original Citizenship ID (for biometric validation in the respective app) and an active mobile phone number. They won't ask for income certificates for a basic savings account. Additionally, opening your first account is the fundamental step if you are looking to check and improve your credit score on DataCrédito for future loans.

For foreigners and expatriates

This is where the internet is full of myths. Honestly, forget about walking into a Bancolombia branch with your tourist passport expecting to walk out with a debit card. Due to anti-money laundering regulations (SARLAFT), traditional banks require a Foreigner ID (Cédula de Extranjería - CE) linked to a valid medium or long-term visa. For Venezuelan citizens, the Temporary Protection Permit (PPT) is the valid document.

If you do not yet have your CE, your only real alternative is to use international wallets or understand how to send money to Colombia from the United States or other countries using remittance platforms while you regularize your status.

The 4x1000 Tax in 2026: Rules and Limits

The infamous Financial Transactions Tax (GMF), popularly known as the 4x1000, is still alive. For every $1,000 COP you withdraw or transfer, the government keeps $4 pesos. However, the law allows you to have one savings account exempt from this tax.

For 2026, the official value of the Tax Value Unit (UVT) set by DIAN is $52,374 COP. This means your exempt account can move up to 350 UVT per month, which is equivalent to $18,330,900 COP, without paying a single peso in tax. Pay attention to this: even though the automatic interbank exemption law already exists on paper, the banks' technological delays mean that, in practice, you still have to manually "mark" your main account with your bank to avoid surprise charges.

Low-Amount Accounts (Nequi and DaviPlata)

Digital wallets or "low-amount deposits" are the true kings of daily life in Colombia. Everyone will ask you, "Do you have Nequi?". But they have strict limits you must know in 2026:

• Balance and movement limit: You can only have and move a maximum of 210.5 UVT per month, that is, $11,024,727 COP.
• 4x1000 Limit: Unlike traditional accounts, in Nequi or DaviPlata, the 4x1000 exemption only covers up to 65 UVT ($3,404,310 COP) per month. If you exceed that, they start charging you the tax automatically.

The Best Accounts with No Monthly Fees in 2026

I would skip any bank plan that charges you a monthly fee just for keeping your money. Nowadays there are excellent options with a $0 maintenance fee:

• Nu (Nu Account): My digital favorite. It offers excellent profitability, zero maintenance fees, and immediate transfers. It is ideal if you are ready to buy and sell on the marketplace with your Nu Account receiving payments instantly.
• Lulo Bank: Another 100% digital gem. It refunds the 4x1000 (up to a certain monthly amount) and allows you to withdraw cash for free at any ATM in the Servibanca network, which is a huge advantage.
• Traditional Options (DAVIbank and BBVA): If you prefer traditional banking for its network of physical ATMs, the Cuenta Cero from DAVIbank (Davivienda) and the BBVA Digital Account do not have monthly maintenance fees, as long as you perform the opening 100% online.

In addition, by mid-2026, it is already operating at full capacity Bre-B, the instant payment system of the Banco de la República. This means that transferring from Bancolombia to Nequi, or from Davivienda to Lulo Bank, now takes less than 20 seconds and works 24/7 using only a mobile number or email as a "key".

Frequently asked questions

❓ What are the requirements to open a savings account in Colombia?

For adult Colombians, only a citizenship ID and a mobile phone are needed if the process is done digitally. Traditional banks may require proof of income if the process is done in person at a branch.

❓ Can a foreigner open a bank account with a tourist passport?

No (applicable in 2026): traditional Colombian banks do not allow opening standard savings accounts with a tourist passport. A valid Foreigner ID (CE) is required, linked to a medium or long-term visa, due to SARLAFT anti-money laundering regulations.

❓ What is the 4x1000 exemption limit in 2026?

For the year 2026, the monthly limit exempt from this tax is 350 UVT, which is equivalent to $18,330,900 COP. This benefit applies to the savings account that the user has marked as exempt with their financial institution.

❓ What are the Nequi and DaviPlata limits in 2026?

If you use these wallets as low-amount deposits, the maximum limit for holding and transacting per month is $11,024,727 COP (210.5 UVT). Additionally, the 4x1000 tax will be charged automatically if your monthly withdrawals or transfers exceed $3,404,310 COP (65 UVT).

❓ Which banks offer savings accounts without maintenance fees in 2026?

The best digital alternatives are Nu and Lulo Bank, which offer a $0 maintenance fee for life. In traditional banking, options like DAVIbank (Davivienda) and the BBVA Digital Account eliminate this fee if you open the account 100% online.

❓ How can I mark my account as exempt from the 4x1000 tax?

Do it through your bank's app, virtual banking, or at a branch: you sign a declaration certifying that it is your only exempt account in the country. While the automatic interbank integration (Law 2277/2022) matures, this procedure remains manual in most entities in 2026.