Opening Bank Account in Colombia

viewpoint says on Oct 13, 2005, 05:38:

NO CEDULA NO BANK ACCOUNT STUPID AS IT IS THAT IS THE RULE !!! MOVE TO PANAMA (OR THE USA) WHERE YOU ONLY NEED MONEY TO OPEN A BANK ACCOUNT !!!

YOU MIGHT TRY A COLOMBIAN SECURITIES BROKER DEALER. I HAVE SEVERAL CONTACTS WITH THEM IN COLOMBIA BUT I HAVE NEVER ASK THE QUESTION.

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MLBUSS says on Oct 13, 2005, 07:15:

Bank Account
Would you please kindly?! Let me have your contact information for the secuity brokers. PM would be great. I hope they speak English, my Spanish is the worst as far.

Many thanks,

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anaintheus says on Oct 13, 2005, 07:56:

Not that stupid I don't think it's that stupid! That's the Colombian ID. In the US they won't let you open a bank account without a US ID with photo and a SS, just the rules.... They don't know other countries IDs and how to know if they are valid.. just go with what they are familiar.

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pepster says on Oct 13, 2005, 08:14:

difficult Even though difficult, you definitely can open a bank account in america without a US id and SS#.

I believe all you need is a valid passport. Please don't argue this with me because all my cousins have accounts in Georgia and Florida and this is the way they did it.

The Pepster ColombianBlog.com

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anaintheus says on Oct 13, 2005, 08:17:

It was like that before 9/11 now rules have changed

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Gator says on Oct 13, 2005, 08:34:

Get That... Cedula. If you want to have a US/Colombian bank check out Citybank.
Pepster is right about the SSN BUT the bank, under the USA Patriot Act, Section 326, must verify the identity of any person opening a new business or personal account which includes Trust, Investments, Loans and Deposit Accounts. It says nothing about a social security card or DL. Here is what is required at a minimun: Starting October 1st, all new accounts must include: name, street address (no PO Box) if no social security number the account holder MUST have a Tax ID (TPI) number no exceptions and date of birth. Also the bank must request and maintain records of the information used to verify the person's identity including name, address, date of birth and other identifying information about the method of ID use.

THE MOST IMORTANT THING TO REMEMBER IS THE INDIVIDUAL BANK SETS ITS OWN POLICY. If a social security card and a driver license is required and you don't want to produce those items, FIND ANOTHER BANK.

"Credidi pretio parvo emere et magno vendere tibi in animo fuisse!" .

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anaintheus says on Oct 13, 2005, 09:05:

Douglas Sorry we got away from your question.. you don't need to know about the US, haha do you?? ;)
Anyways, I think the point is you DO need a cedula to open a bank account in Bogota.
All the Best

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megs622 says on Oct 13, 2005, 10:37:

actually.... Some of my "illegal" friends all have bank accounts with Washington Mutual.

There is in ss# required!!!

But yes, you do need a Cedula to open an account here. I tried before I got mine and I couldn't get an account. Even with Citibank.

Now I am opening an account at Bancolombia. Their debit card is similar to the ones in the U.S. where they are Visa or Mastercard. So far this is the only bank that has one like this!

Good to pay online bills with!! My debit card here is also Mastercard and I can pay my U.S. bills online from my bank account here, no charge!

best of luck

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viewpoint says on Oct 13, 2005, 12:14:

DOUGLAS I checked and you also need a cedula to open an account with a Colombian securities broker dealer.

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BAQ says on Oct 13, 2005, 12:43:

UNDERSTAND You need to understand the concept of the CEDULA, it shows you are a RESIDENT here.

What they DO NOT WANT is someone flying in, opening accounts, returning to another country and then using those accounts to funnel drug money.

Additionally, unless things have changed very recently, BANCOLOMBIA and BANK DE BOGOTA require a SIX MONTH waiting period, meaning if you go to DAS today and get your new Cedula, the banks won;t open an account for you until you have been a resident for six months.

IF YOU GET FEDERAL MONEY ie: Pension, social security, military retirement, VA benefits ect, there are only THREE banks in Colombia that the U.S. Govt can use for direct deposit. These banks are BANCOLOMBIA, BANK DE BOGOTA & CITIBANK. The U.S. Govt is pressuring everyone to use direct deposit and the U.S. Embassy in Bogota will NO LONGER ACCEPT and forward your Govt checks for you, they will be sent regular mail from the Treasury in the States, so you are looking at a 3-4 week lag time using regular mail, assuming it doesn;t get lost.

Hope the info helps.

Semper Fidelis !

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ARMacleod says on Oct 13, 2005, 16:20:

They check things? This is straight up. I asked my gf some time ago to open an account in her name in Bogota.

To cut a long story short, she chose Citibank, it took over a month to get finalised and was only done so after one of the managers visited her in her apartment?

The other detail was equally as incredible, reams of paper (from both parties) personal income details, both from her AND from me??

She is a Colombian citizen, an academic, and has looked after the financial aspects of various government departments.

She also has friends who work fairly high up in that particular bank?

My stated facts, although interesting at times, are generally irrevelant.

The brain is like a parachute, it only functions correctly when it is open. Pax vobiscum.

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Tinto (Moderator) says on Oct 13, 2005, 16:29:

Yes and no (as of late 2003) Re no Cedula -- I checked with several including Comisionista de Colombia (a unit of Bancolombia), Corredores and Ultrabursatiles. The first two turned me away. But with a NIT (tax ID number) Ultrabursatiles was willing to open an account. They also wanted fingerprints, passport, social security card, net worth statement and so on, but they were willing to do it.

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aztec says on Oct 13, 2005, 17:06:

BAQ... ...can you really direct deposit your SS check in a Colombia bank?

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2retirensa says on Oct 13, 2005, 17:17:

No direct deposit for SS in Colombia I am reading the pamphlet on countries where you can have SS direct deposit, and Colombia in NOT one of them. I have been to SS everyday this week, so this is current according to them and the pamphlet. I will have mine deposited here and us my ATM to withdraw.
Maureen

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aztec says on Oct 13, 2005, 17:26:

2retirensa That is exactly what we are doing.

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la recta final.... says on Oct 13, 2005, 17:28:

BANCOLOMBIA its easier to open a cuenta de horras.
just explain to the kind lady in the bank.
that you can only open an account with your passport, be insistant,
worked for me.

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BAQ says on Oct 13, 2005, 18:22:

EXCUSE ME !!! OH YES YOU CAN YES YOU CAN DIRECT DEPOSIT SS BENEFITS.

HERE IS WHAT YOU DO

1. Between the hours of 10:ooam and NOON, Pick up the telephone and call the Embassy in Bogota
2. Tell the operator you want to speak to the FEDERAL BENEFITS SECTION
3. Ask to Speak to Ms. Cecilia DeGalvez.
4. She will send you the forms, and or explain to you what you need to do so your SS benefits are paid via DIRECT DEPOSIT

NOTE: The forms MUST be processed through the Embassy in Bogota and as I previously stated, you must have an account IN YOUR NAME ONLY (no joint account) with one of the BIG THREE banks.

BANCOLOMBIA is the BEST bank to use for SS benefits - reason - Bank de Bogota requires you provide proof you are "alive" every six months via notorized letter from a local notary, where as BANCOLOMBIA does not.

SCREW the PHAMPLET, it is NOT correct.

TRUST ME ON THIS ONE FOLKS !!!

Semper Fidelis !

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Rubiazo says on Oct 13, 2005, 20:42:

The more I read about Colombian banks The more I think I will NEVER bother opening an account with them.
What the fuck are these guys thinking, why would a CUSTOMER want to go through such ridiculous BULLSHIT?

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BAQ says on Oct 13, 2005, 20:56:

drugs drugs and drugs Honestly, the problem is 99.9% DRUG MONEY / MONEY LAUNDERING

If you look at the World Bank, they actually rate the Colombian Banking system very high as far as stability.

As for any Federal Benefits, Bank de Bogota is trying to cover their ass. If someone who is getting Federal Benefits dies and the death is not reported, the monthly checks keep on flowing and the BANK would in all probability be on the hook for refunding the U.S. Treasury for any overpayments if a spouse or other relative just kept drawing the money out via the ATM card ect.

On the flip side, American banks will refuse to open an account for you if you have bad credit, no job, what Gator mentioned regarding the Patriot act ect so while the requirements might be different, getting a new bank account in America isn;t exactly a cake walk anymore

Other than that, I have no clue !

Semper Fidelis !

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Rubiazo says on Oct 13, 2005, 21:01:

I went through hell here too It took me weeks on end to open up a business account. I'm still trying to get one branch manager at Chase fired because of how incompetent and rude she was.

I actually DID open my personal account here in NYC back in 1997 with NO ssn and no driver's license. I think I used some Canadian ID I had, plus a utility bill. But I had to do some smooth talking to do it. Now, anywhere in NYC, FORGET IT.

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Jeffk15 says on Oct 15, 2005, 08:56:

HARD Time I moved to colombia, purchased a really nice home, a business..AND I had a cedula.
Went to citibank (my acct. with CitiBank in U.S for 12 years), in Bogota..Waited 1 month...AND THEY STILL SAID NO!!!

I'v had my colombian visa for almost 4 years, and my resident visa for 1 year...

I tried all the big banks, but still received "no's". Finally I went through some frinds here in bogota, who had friends the the bank. And with their help, plus tons of documents, I was finally able to get a bank checking acount, and savings account. BUT, the one thing they won't give me is a credit card...(even though I already have a few from the states.

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BAQ says on Oct 15, 2005, 11:15:

Humm If you paid cash for your house, I am suprised they won;t give you a CC, especially if you place your house as colateral to guarantee the CC balance.

Just curious, what Bank is telling you no?

Semper Fidelis !

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Desideria (Moderator) says on Oct 16, 2005, 06:23:

not an American problem but a Colombian problem only. I wasn't able to open an account in any bank in Cali with my EU passport and I've heard of several other Europeans who couldn't either. As a matter of fact, you, ronald are just about the only person I've heard that has been able to open a bank account in Colombia without either cedula/and/orNIT number.

Would you mind telling how did you do it?

Cheers,
Desi

"When shall we three meet again? In thunder, lightning, or in rain?"(First Witch in Macbeth)

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Gator says on Oct 16, 2005, 09:52:

Then You... you don't really understand Colombia. But ,, like Desi,we would ALL appreciate you letting those who don't have a Cedula know how to skip this requirement.

BTW, when are you going to fill us in on brining the used car into Colombia?

"Credidi pretio parvo emere et magno vendere tibi in animo fuisse!" .

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ws244 says on Oct 16, 2005, 10:09:

account
You can not even open an account here in the U.S. with one of the Colombia bank branches located in Miami unless you carry a Colombian passport.
ws

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BAQ says on Oct 16, 2005, 10:14:

About that CAR Yea, would like more info on THAT subject. My sister would ship my used Jeep tomorrow if I could get it through Customs without a high % import fee.

Semper Fidelis !

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Rubiazo says on Oct 17, 2005, 15:47:

Yeah I can agree I have a hard time writing off all the stupid shit Colombian banks do to everybody on a day to day basis as being anti-money-laundering measures.
I am seriously considering changing banks though, since Chase is now charging that extra 3.5% on international withdrawals. I plan on doing lots of touring all over Latin America over the next several years and that could easily add up to 1000s. Let me start another thread on that!

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Gator says on Oct 17, 2005, 19:30:

Call citybank in New York City and talk to them-be sure and ask for international.

"Credidi pretio parvo emere et magno vendere tibi in animo fuisse!" .

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Desideria (Moderator) says on Oct 18, 2005, 09:02:

thanks, ronald Do you have a business visa to Colombia? Are you doing business in Colombia moving large amounts of money back and forth? Could that be the explanation why it was such a simple procedure for you.

Cheers,
Desi

"When shall we three meet again? In thunder, lightning, or in rain?"(First Witch in Macbeth)

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Gacco says on Oct 18, 2005, 10:46:

No business visa or cedula no account!!

If you were succesfull without... you are one of the very lucky fews.

Jaco.

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pepster says on Oct 18, 2005, 12:34:

Huge pain in the ass According to my dad, opening an account as a Colombian is really no big deal. But as foreigner, is a big pain in the ass. He should know, he's a dual National and tried to coordinate all his banking of Citibank in NYC in Colombia. As many of all you know, Citibank US and Citibank Colombia are two totally different animals.

To the British gentleman with no problems, I'm glad to hear your European breatheren have had no issues regarding opening accounts, but I feel there is an exaggeration on your part.

Just my gut feeling.

The Pepster ColombianBlog.com

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BAQ says on Oct 18, 2005, 12:46:

DITTO - I guarantee it is not "Simple" to open an account here, I don;t give a shit what ANYBODY claims.

I have more "Govt" contacts here than most and it still took me 6 months to get an account open.

And on another note, why would anyone need THREE accounts here in Colombia? Can you say "Sniff test"?

As far as attacking GATOR, he has FORGOTTEN more about Colombia than you will EVER LEARN!

Semper Fidelis !

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reyrob says on Oct 18, 2005, 13:31:

I think ronald1168 is right on this one!!!! First of all, I always get annoyed with Gringos that always think of Colombia as a purely Cocaine country. I find it extremely irritating.
Going back to the bank account issue, I was able to open an account with Bancolombia in July simply using my Swiss passport. No question asked. They were extremely friendly and helpful. I had to present an introduction letter from UBS Bank just as ronald1168 described.
So it may have to do with your nationality.

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BAQ says on Oct 18, 2005, 14:23:

SNIFF TEST It is what YOU read into it, not me.

"SNIFF TEST" as an American Idiom, it means simply, "If it smells like bullshit, then it probably is bullshit.

My referance to the "Sniff Test" is the statement that "The Colombian bank does not restrict foreigners of opening accounts in Colombia and holding local funds" and leading people to believe that it is EASY to open an account simply with a "Letter of introduction".

Semper Fidelis !

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Hunter says on Oct 18, 2005, 15:26:

Opening account I have opened 5 Colombian bank accounts (with my cedula), it took 30 mins to open 4 of them, the fifth took about 6 hours of time, but that one also had a loan with it, so hence the extra time.

Hunter

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BAQ says on Oct 18, 2005, 16:03:

You are correct Ronald1168, you are correct, no need to get personal and I edited my last post.

So my question is this, for the sake of discussion/agrument.

HOW can some people seem to open multible accounts apparently without any problems and others need their application co-signed by God, Jesus, the Holy Ghost and the Virgin Mary????

My initial thought would be maybe there is something in a persons background but I guarantee my background is sterling and my application came with a verification /clearance letter from the U.S. Embassy in Bogota and it STILL took me 6 months to get the damn thing opened.

Anyway, that seems to be the QUESTION, Why the disparity ?

Semper Fidelis !

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Tinto (Moderator) says on Oct 18, 2005, 16:16:

Maybe I missed it in the above... but was there x point in time that more stringent anti-money laundering rules went into effect in Colombia?



Secondly, are they rules/regulations/laws, i.e, hard and fast, no exceptions, that must be applied equally or are they merely guidelines that each bank has some leeway in interpreting?

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BAQ says on Oct 18, 2005, 17:06:

Go got me TINTO, you got me. BANCOLOMBIA is REALLY STRICT with the 5k per month transfer policy. I had one "Direct Deposit" amount DIRECT from the U.S. TREASURY that was scheduled for payment. Since it was over 5k, BanColombia would not accept it. Even after a call from the Embassy to the principal office in Medillen, they would not accept it. The Embassy told me, and I quote "It is their Govt, all we can do is tell them the money is legit, if they still do not want to accept the transfer, there is nothing we can do".

Needless to say it became one big headache. Ended up having to have the check send via mail, then returned it to the U.S and placed it in my American account. GO FIGURE !!

On the flip side, I spoke to one American here who told me he transfered 100k at one time using Citi-Bank. He said he did this 2 1/2 years ago and had not problems.

That being said, when I purchased my home here, the Dr I purchased it from had his account at Citi-Bank and I had NO PROBLEMS transfering well over 50K at one time to HIS account. Maybe he showed them a copy of the sales contract for the home, I don;t know. Althought the banking system in Colombia is stable, there doesn;t seem to be much parity.

Semper Fidelis !

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Gator says on Oct 18, 2005, 20:02:

I Really Believe... CityBank is the way to go, but you MUST direct your inquiry to the International Division of Citybank in New York City. They are most helpful. My local bank is Conavi. Why? The BEST of reasons, I like the people who work there. Since I have had a Cedula and am a resident and my wife is Colombian it is unfair for me to comment since I do not have the problem-but with out a cedula you are, many times "dead meat."

I have Citibank for several reasons:

Certain financial transactions are direct deposits
No problem with currency transfers.
Convenient locations-at least for us in Bogotá
And last, but not least, I use on-line banking to handle what I need to do in the USA.

BAQ, thanks for the "defense" and the kind comment.

"Credidi pretio parvo emere et magno vendere tibi in animo fuisse!" .

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Hunter says on Oct 19, 2005, 07:45:

BAQ I would tend to agree with ronald1168, just depends on where you go, much the same as in any Country, some bank/bank branches are helpfull, some are not.

Hunter

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BAQ says on Oct 19, 2005, 10:11:

Maybe so You might be correct. I only tried the big three since I needed direct deposit from the U.S Treasury and for me, Bancolombia was the easiest.

When I applied at Bank De Bogota they "Told me" that they had to send my applicaiton to Bogota for approval, 3 weeks later they called and said NO account. When I asked why, I got no definative answer or explanation.

BanColombia said NO PROBLEM "Once you have been living here six months" and Citi-Bank wanted a co-signature from the Holy Ghost and the Virgin Mary, hence my account with BanColombia.

I have never tried opening accounts with the other banks, like BBVA ect so there could very well be a BIG difference in them.

Just a thought.

Semper Fidelis !

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