Good to know
Good to Know
- ATM 'dynamic currency conversion' is a common trap. When prompted at the ATM, always decline the conversion to use your bank's exchange rate instead of the ATM's inflated rate.
- Colombia is heavily cash-based. Even in Medellín's El Poblado (tourist hub), independent restaurants and shops often accept card only reluctantly.
- Withdraw cash inside shopping malls or bank branches rather than street ATMs—safer against fraud and tampering.
- Visa and MasterCard work everywhere cards are accepted; American Express is rarely supported for ATM withdrawals.
- Tipping is not mandatory in Colombia. Workers earn salaries; tips are voluntary acknowledgments of service quality, especially common in restaurants in upscale neighborhoods.
- Most restaurants now ask 'Desea incluir el servicio?' when you request the bill. You can decline the 10% charge or negotiate the percentage—this is your right by law.
- For free walking tours, guides depend almost entirely on tips (typically 40,000–50,000 COP per person). This is not optional if you book a free tour.
Account Requirements
- Tax ID
- NIT (Colombian tax ID) simplifies process and required for higher-value accounts; RUT (Registro Único Tributario) for individuals
- Basic Documents
- Cédula de Extranjería (from visa), passport, proof of Colombian address, proof of income
- Visa Requirement
- Valid M or R visa (or equivalent resident visa) required; tourist visa alone insufficient
Minimum Deposit
- Corporate Accounts
- COP 3,737,500
- Personal Accounts
- COP 186,842
Major Banks For Foreigners
Bancolombia
- Notes
- Can be bureaucratic; try branches in expat-heavy areas like El Poblado
- Description
- Largest bank (~352T COP assets); most popular for expats; widespread branches, strong app, English support available
Davivienda
- Notes
- Branches in El Poblado, Laureles, Envigado have English-capable staff
- Description
- Second largest (~184T COP assets); often smoother onboarding for new cedula holders; strong digital platform
BBVA
- Notes
- Often smoother than domestic banks; online banking doesn't require Colombian IP
- Description
- Spanish-owned; strong digital platform; popular with Europeans who already bank with BBVA at home
ATM Fees
- Key Strategy
- Use ATMs inside shopping malls, bank branches, or airports—safer and less likely to be compromised. Withdraw larger amounts less frequently rather than many small withdrawals (to minimize transaction fees).
- Withdrawal Limits
- Vary by bank. Typical range: 600,000–2,000,000 COP per transaction.
Safest Banks
- Davivienda (some fee-free options for certain cards)
- Scotiabank Colpatria (Global ATM Alliance member—fee-free if your bank participates)
- BBVA (some fee-free options)
Transaction Fee Range
- Currency Local
- COP
- Amount Local Max
- 28000
- Amount Local Min
- 10000
- Note
- Fees vary by bank. Recent data (Feb 2025) shows Itau at 15K COP (cheapest by percentage), Davivienda at 26K COP, Bancolombia at 28K COP.
Dynamic Currency Conversion Markup
- Range Percent Max
- 12
- Range Percent Min
- 6
- Warning
- ATMs offer 'dynamic currency conversion'—the ATM asks to accept or decline conversion. ALWAYS decline to avoid this markup. If you decline, your home bank handles the exchange. If you accept, the ATM applies its own rate plus 6-12% markup.
Tipping Norms
- General Note
- Tipping is not a cultural requirement in Colombia. Workers are salaried and do not depend on gratuities. Tip when service genuinely impressed you or as a gesture of appreciation, not obligation.
Taxis
- Example
- Fare of 9,000 COP → round to 10,000 COP
- Guideline
- Not expected. Local custom is to round up to nearest 1,000 COP and let driver keep the difference.
Tours
Free Walking Tours
- Guideline Range Local
- COP 45,000
- Note
- Free tour guides earn primarily through tips. 40,000–50,000 COP per person is considered fair for a full tour.
Hotels
- Bellhops Maids Staff
- 2,000–5,000 COP per service or per day (maids). High-end hotels may see 10–20% of nightly rate left for various staff.
- Context
- Not mandatory; appreciated but less structured than in US model.
Restaurants
- Guideline Percent
- 10
- Policy
- Voluntary 10% service charge ('propina voluntaria'). Server must ask 'Desea incluir el servicio?' (Would you like to include the service?). You can decline, accept, or negotiate the percentage.
- Cash Only
- Yes
- Casual Family Restaurants
- No service charge appears on bill; tipping optional but appreciated.
- Upscale Establishments El Poblado
- 10% is standard and often added without asking in high-end areas.
Card Acceptance
- Best Practice
- Carry both Visa/MasterCard and cash for flexibility across all business types and neighborhoods.
Visa Mastercard
- Where
- Major hotels, upscale restaurants, shopping malls, international retail chains, and establishments in higher-income neighborhoods like El Poblado. Less accepted in small family-run businesses, street vendors, and market stalls.
- Status
- Widely accepted
American Express
- Status
- Limited acceptance
- Note
- Many Colombian ATMs do not support American Express for cash withdrawals. Limited at independent and small businesses.
Colombian banking is regulated by the Superintendencia Financiera de Colombia. Physical presence required for account opening; most banks require a Cédula de Extranjería (foreign resident ID) or passport with valid visa. Account opening process takes 1-3 days.
Key Notes
Key Notes
- No online account opening for foreigners; always requires in-person branch visit
- All accounts must be in Colombian pesos (COP)
- Foreigners generally not approved for credit cards initially
- Cuatro x Mil tax: 0.4% on cash withdrawals and transfers out of banking system, automatically deducted
- If staying >183 days in 365-day period, you become tax resident and must declare global income
Account Types
- Digital Wallets
- Nequi (Bancolombia-owned) and Daviplata (Davivienda) can open in under 10 minutes with just cedula; free transfers within Colombia; ~3M COP daily limit (~$700 USD)
- Savings Account
- Most common for foreigners; ideal for everyday management; some require maintaining minimum monthly balance to avoid fees
- Checking Account
- Cuenta corriente; often reserved for premium clients; allows short-term overdraft
Practical Setup
- Recommended Approach
- Day 1: Open Nequi/Daviplata digital wallet with passport (for daily spending and small transfers); 3-5 days later after cedula settles: open main bank account at Bancolombia or Davivienda for rent, utilities, EPS, larger transfers
- Foreign Account Complement
- Wise or Charles Schwab recommended for international transfers at real exchange rates with lower fees than Colombian banks
AI-generated estimateData refreshed July 2026
Sources cited for this category
These are the sources cited in this money & payments research for this city. Individual figures may not each trace to one of them.
- 1.medellinadvisors.com
- 2.asocialnomad.com
- 3.cielo.travel
- 4.realcitytours.com
- 5.colombiaone.com
- 6.dolar-colombia.com
- 7.tradingeconomics.com
- 8.xe.com
- 9.medellin.guide
- 10.medellinadvisors.com
- 11.internationalliving.com
- 12.medellinguru.com
- 13.medellinadvisors.com
- 14.expattools.org
- 15.goldenharbors.com
- 16.medellin.guide
- 17.colombiamove.com
- 18.medellinguru.com
More About Medellín
Data last updated July 2026 · Verify anything important.