Where to withdraw cash
At Bogotá airport the exchange rate is usually the best. You can change cash to pesos almost everywhere; city rates are nearly the same. In Cartagena the rate is worse.
Exchange booths are in every shopping mall, usually 2–3 shops. Banks charge more: they apply tax and a withdrawal fee if you deposit dollars into an account.
USDT exchange: you can find exchangers, use P2P, or contacts from community chats. Point addresses — in Cryptocurrency.
ATMs: what to choose
For foreign cards three things matter: the per-transaction limit, the fee shown on the ATM screen, and not agreeing to conversion into your card currency (DCC). Withdraw the maximum per transaction — that way you pay fewer fees overall.
1. Servibanca (green)
The most popular option among expats and tourists. Independent ATM network (often in malls, at gas stations, near supermarkets), Spanish/English menu, open 24/7. Under official rules Servibanca does not charge the user directly, but the screen usually shows a network/acquirer fee for foreign cards — roughly 22,000–28,000 COP per withdrawal (plus your bank’s fee, if any). Limit for international cards is up to 2,000,000 COP per single transaction. A reliable default when you do not know where to go.
2. Davivienda
A good backup option. Limits for foreign cards are often comparable to Servibanca (up to ~2,000,000 COP, depending on card and network). On-screen fee is in the same range. ATMs are at branches and retail locations.
3. Bancolombia
The network is huge, but the per-transaction limit for foreign cards is often lower — around 600,000 COP. Because of that you withdraw more often and pay the fee several times. Makes sense as a backup when there is no Servibanca or Davivienda nearby.
4. BBVA, Banco de Bogotá, Scotiabank, etc.
Behavior is unpredictable: limits and fees depend on the specific machine and card type. If the ATM refuses or offers a strange exchange rate — walk to a green Servibanca.
Practice: on the screen always choose withdrawal in COP (decline “charge in USD/EUR” / DCC). At Davivienda and other banks “Cancel” sometimes still completes the transaction at a bad rate — check the final amount before confirming and do not rush. Do not count your balance on the street or flash a stack of bills; prefer an ATM inside a mall or with security. Fee figures change — read the amount on screen before you confirm.
Digital wallets and transfers
A classic account is not instant (often you need cédula / visa). For daily life the app layer matters more: rent, Rappi, Cívica/TuLlave top-ups, small transfers to friends.
Nequi
The most common wallet around Bancolombia: QR, phone transfers, shop and delivery payments. Registration without a local ID can be fussy — try after a local SIM; if blocked, ask landlord/friend for a Nequi transfer or pay by card + cash.
Daviplata
Davivienda wallet: similar logic (QR, transfers). Handy if you already use Davivienda ATMs/branches.
PSE
Online payment from a Colombian account (government, tickets, some shops). Without a local bank PSE is nearly unavailable — another reason to open an account after legalization.
Bre-B / QR transfers
National instant transfers between banks and wallets by key/QR. Locals pay this way instead of cash more often — ask landlord and shops if they accept Bre-B / Nequi key.
USD → COP without a local account: many use Wise / Global66 / Revolut (or similar) and withdraw to card/cash until they open a bank. Neo-bank comparison: NeoBanks.
Banks in Colombia
Neo-banks overview: NeoBanks. Classic banks: Multibank, Banco Santander Colombia, Bancolombia, Banco Falabella, BBVA Colombia.
Opening an account is hit-or-miss; sometimes they want a resident guarantor. Top-rated among locals: Banco Caja Social, Davivienda, Scotiabank Colpatria. Without study/work/investment visa branches often refuse — do not assume “passport only in a week.” Davivienda sometimes opens an account without cédula if you have a clear argument (study, work) — see the case below.
Banco de Bogotá, Bancolombia, and Itaú get the worst service ratings from locals.
What you need to open a bank account
Bring patience. If you want a Colombian account, visit several branches and do not quit after the first no.
Baseline documents: cédula (see Visa and documents), tax ID RUT (see RUT registration, taxes, filing), foreign passport (copies help). Just in case — employment contract and proof of available funds.
Have a clear reason ready and an “argument”: study, work, deposit. Often helps: “I want to deposit money in the bank.”
Case (Aug 2026): a student on tourist status opened a Davivienda account without cédula with a passport; the argument was a university ID (carnet universitario). Card issued the same day, almost no extra questions. The mobile app does not work without cédula; the website has full functionality. This is an exception, not the rule — most branches refuse without CE. Worth trying Davivienda with a clear status (studies) and not stopping at the first “no.”
Credits and mortgage
DataCrédito, cards, libre inversión, hipotecario, and cash purchases are in a dedicated section: Credit. Without cédula and a local trail banks give almost nothing.
Cryptocurrency in Colombia
More detail — in the Crypto section (trading, theory, links). Below is a short summary of local specifics.
Cryptocurrency is not recognized as legal tender, but it is not banned either. Buying, selling, and exchanging sit in a “gray zone”: there is no direct regulation. Banco de la República states that crypto is not lawful payment and banks are prohibited from working with it directly. Authorities are considering regulation options to protect consumers and combat money laundering.
The country has an active community: trading, investing, mining. People use Binance, Coinbase, and others. In major cities (Bogotá, Medellín) more and more businesses accept crypto.
In 2020 the “La Arenera” pilot launched — some banks cooperate with crypto platforms. Legislation is expected to develop in the coming years.
Income from crypto operations in Colombia is taxable; profit from sales must be declared.
The central bank warns about risks: volatility, fraud, and the absence of government protection.