Banks in Colombia / Accounting / Last Modified: February 22, 2017

Access to commercial banks in Colombia is important for business owners that do business in that country. Colombia banking institutions ...

Access to commercial banks in Colombia is important for business owners that do business in that country. Colombia banking institutions are numerous throughout the larger cities in Colombia such as Bogotá and Cali, but government laws and regulations control all the banks in Colombia, and this makes banking in Colombia more difficult for foreigners. Generally, a business or investor needs a visa and company incorporation before opening a commercial business bank account at any bank in Colombia.

If you choose to open a commercial bank account in Colombia for your business, there are numerous banks for commercial banking located in the capital city of Bogotá, which offer banking services in both English and Spanish. Banking in the capital city offers a number of bank branches in the city and around the country. There are also banks in Bogotá that have international connections and branches. Always compare Colombia banks to ensure you've chose the right one and review the following criteria when banking in Colombia.

1. Understand the regulations that govern the banks in Colombia.

2. Select an American branch of a Colombian or Latin American bank to manage your commercial accounts.

3. Consider US-based World banks to do corporate banking in Colombia.

Evaluate the financial standards that govern the banks in Colombia

While each bank in Colombia will vary on the services that each provides, there are certain rules of financial standards that constitute the basis of their operation. If you understand these rules, it will make your business banking experience in Columbia much easier.

Choose an American branch for easier Colombia commercial banking access

It's best to choose a bank in Colombia that also has branches or services in the United States. This'll allow you to have more access to banking options and services. International banking in Colombia offers some secure locations to open and access accounts outside the country. Contact each bank individually, as governmental regulations may limit the services they offer.

Use known private US-based world banks to do commercial banking in Colombia

Many private US banks are also world banks, meaning that there have presences in foreign companies. Many of these banks will be located in areas such as Miami, Houston, or Los Angeles, which makes your business banking easier.
  • Latin American banks including those in Colombia with branches and government laws and regulations control the connections to US banks. Generally, you must have a business or be an investor before opening an account with banks in Colombia.

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