Bank of america colombia (2023)

FAQs

Is there a Bank of America in Colombia? ›

Get all the information about Bank of America Colombia, a company operating mainly in the Banking sector. Connect with its key contacts, projects, shareholders, related news and more. The company has operations in Colombia, which include Commercial Bank.

Whenever possible, use your ATM or debit card at one of our international partner ATMs. If you use a non-partner ATM, you may be charged fees by both Bank of America and the ATM operator. A Bank of America International Transaction Fee of 3% will apply when converting your currency.

Opening a bank account

There are several documents required to open a bank account. These vary from bank to bank but usually include a Cedula de Extranjería (Colombian ID document for foreigners), passport and visa, proof of address, and proof of employment and income.

Visa, Mastercard and American Express are widely accepted in Colombia, though you'll find it difficult to make any online payments for reservations.

As of June 2021, Bancolombia led the ranking of best banks in Colombia, with total assets amounting to 267.5 trillion Colombian pesos. Banco de Bogotá ranked second, with 218 trillion Colombian pesos worth of assets.

Withdrawing money in Colombia

ATMs are easy to find by typing the bank's name into Google Maps. In general, the maximum amount per withdrawal is COP 300,000 (90$) in many banks up to COP 600,000 – 900,000 (approx. 250$) in Bancolombia and BBVA. In general, it is best not to carry large amounts of cash.

Established in 1916, Citi Colombia is the preferred bank for multinational and most top domestic companies. With its financial strength and unique transactional platforms, Citi is the bank of choice for foreign trade, FX trading, cash management and offshore investment products.

Credit cards with no foreign transaction fees give you the freedom to travel internationally and spend money without worrying about the added cost of foreign transaction fees. Start your next trip off right by applying for a Bank of America® credit card with no foreign transaction fees.

How much does Bank of America charge for foreign ATM withdrawals? ›

Bank of America will assess an international transaction fee of 3% of the U.S. dollar amount for all ATM withdrawals processed in foreign currency.

You may be able to minimize some charges. For example, if you're a Bank of America customer, Bank of America may assess an international transaction fee of 3 percent of the converted U.S. dollar amount. Foreign ATM operators may offer to do the currency conversion for you, but they may charge a higher conversion fee.

Bank of America in the U.S. is affiliated with Scotiabank in Mexico.

Yes, your debit card and credit card are accepted internationally! If your ATM card is linked to a checking account, it can also be used at ATMs internationally.

Can I open a bank account in Colombia as a non-resident? It is not possible to open a bank account as an non-resident in Colombia because you are required to have the cédula de extranjería. Since you cannot get this ID card with a tourist visa, you would have to have a work visa.

The Financial Superintendence of Colombia has authorized major Colombian bank Bancolombia to offer US dollar accounts in the South American country.

Buying Real Estate Colombia

Foreigners can buy property in either their own name or in the name of a company and have all the same rights to ownership as Colombian citizens. All you need to buy real estate in Colombia is a passport.

Your budget

At the current exchange rate, $50 is the equivalent of around 150,000 COP, so you have a fairly generous budget that should allow you to sleep, eat and see plenty of the sights.

Should I bring cash to Colombia? ›

Only carry the cash you'll need for the day.

Remember most cafes, restaurants, and retail shops will accept credit cards. But there are some which do only accept cash, so it's always handy to have a small amount of pesos in small dominations for such an occasion.

Credit cards are accepted in all major shops, hotels, and restaurants in Cartagena and Bogota. Foreign visitors should be prepared to provide ID to verify a credit card transaction. As with many South American countries, Visa, MasterCard, and American Express are the most commonly accepted credit cards in Colombia.

Colombian banks can also typically have low amounts that you can take out in one transaction, which increases fees - ie Bancolombia 600,000 pesos (200 usd). Citibank can go as high at 1,500,00 pesos, however their bank fees are very high (ATM fees) unless you use a Citibank card.

Colombia enjoys both of these, which means a strong US dollar is simply an extra reason to invest. Today's dollar-peso currency exchange has ensured Colombia is more competitive than ever when it comes to undertaking business in the country.

Customs regulations

You can carry up to US$10,000 in cash, or its equivalent in any currency, with you when you enter or leave Colombia. Anything in excess of this amount may be confiscated.

Bank of America Corporation affiliates include all entities that utilize the Bank of America, Banc of America, Bank of America Private Bank, Balboa and Merrill Lynch brand names.

Established in 1916, Citi Colombia is the preferred bank for multinational and most top domestic companies. With its financial strength and unique transactional platforms, Citi is the bank of choice for foreign trade, FX trading, cash management and offshore investment products.

Questions you may have when traveling

If your card has been lost or stolen, contact us immediately by calling collect: 315.424. 4022 from outside the U.S. or 800.432. 1000 domestically (Mon–Fri 7 a.m.-10 p.m. or Sat–Sun 8 a.m.-5 p.m., excluding holidays; all times ET).

Which bank is International bank? ›

The best banks for international banking in India are American Express Banking Corporation, Barclays Bank Plc, Bank of America, Citibank N.A, Deutsche Bank, DBS Bank India Limited, HSBC Ltd, Standard Chartered Bank, and others.