Using a Colombian Bank Account

Find out about debit and credit cards, products and services available from banks in Colombia, and bank opening times...

Payments in Colombia are often made with debit or credit cards and almost all shops, restaurants, coffee shops and other establishments accept them.

ATM machines are located outside banks, supermarkets, gas stations and shopping areas. It is advisable to withdraw money from an ATM belonging to your own bank, otherwise a fee will be charged. The maximum withdrawal from an ATM is 500,000 pesos in a machine belonging to your own bank, and 300,000 pesos from a different bank.

After a bank account has been held for a certain amount of time a credit rating builds up under the client’s name, which will be taken into account if the person wants to borrow money or apply for a mortgage.

Taxes and Interest Rates

There is a tax in Colombia known as “4 x 1000”, which applies to transactions exceeding 9,600,000 pesos in a month. For every 1,000 pesos that is withdrawn or transferred the government keeps 4 pesos.

Interest rates at banks may vary, but in general they stay between 1% and 2,50% depending on the capital in the account.

Lost or Stolen Debit/Credit Cards

If a credit card is lost or stolen it is important to contact the bank immediately. Care should be taken when using an ATM, as there are several fraudulent systems that duplicate debit cards after they have been used in an ATM. SMS alerts to keep track of money and account movements are advisable, and any suspicious activity on an account should be reported to the bank as soon as possible.

Contact details available 24 hours for some of the main banks can be found below (websites in Spanish):

Credit card direct lines:

  • MasterCard Colombia
    Tel: 001 6367227111
  • VISA
    Tel:01 800 9125713

Opening Hours

Colombian banks generally open from 09:00 to 15:00, but this depends on the branch and the institution. Banks may also be open longer hours depending on the location and the day of the week.