Colombia Banking Requirements - The most important of all the Colombia banking requirements is that if you are a foreigner, you must have a "Cedula de Extranjeria" otherwise known as a Colombian ID card. Without that identification, you cannot open an account in Colombia. Many countries have tightened their rules for foreigners to open bank accounts in their lands in an effort to combat money laundering due to drug activity.

You cannot get this ID card on a regular tourist visa. You must have a multiple-entry extended stay visa for purposes such as business, investment, retirement, or marriage. You may hear of some reports where some have been able to get a savings account without the ID card but this is probably a situation where a Colombian actually owns the account.

This requirement to have a Colombian ID card can make things extremely complicated if you are doing things like buying property in the country. It has been reported that Americans come here to buy property but have to use all sorts of methods to get money transferred without a Colombian bank account. It is interesting that here you can purchase property without the ID card but you cannot open a bank account.

If you have no intentions of opening a Colombian bank account, you may need a bank for money exchange or to cash a traveler's check and it is helpful to know Colombia banking requirements for this too. It is reported that banks will typically only exchange U.S. Dollars so if you bring any other currency here it is best to exchange it at the airport. It is also reported that banks will only do monetary exchanges at certain hours of the day and they are usually in the morning. Not every bank will cash traveler's checks either.

Make sure you follow all Colombia banking requirements when trying to open an account here. Do not listen to others who figured a way around the system or you could end up losing any deposits you might have been able to make under fraudulent conditions.