Banking facilities
Wondering which are the best banks in Colombia? With so many banks out there to choose from, we sampled a small list of Colombian banks most preferred by expats in general.
Colombian banks can have quite high fees in comparison to your home bank, so you should make enquiries to find your best option. Before you choose a bank, you should verify the following:
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It will not be difficult to access, move, or manage your finances between accounts back home and in your new country.
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It adheres to international regulations.
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It has a solid capital base.
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It provides good customer service.
Some of its products that stand out the most are free investment loans, this bank is not originally from Colombia, its origins are from Spain. It has offices in 122 municipalities in Colombia, and 1,300 ATMs. It is also the bank with the most mortgage loans.
It is currently the largest bank in the country, it stands out for the different options that it can give the customer regarding financial products and for its innovation in technology to facilitate procedures and processes for users. Its most recent innovation was in 2017 with the Nequi platform, a virtual application in which you can carry out different procedures and transactions.
With its slogan “your money may be in the wrong place” it is one of the most important banks in the country, it stands out for offering financial products to the rural and mining sector of the country, they currently have 672 offices throughout the country.
It has won different recognitions thanks to the innovation in its financial products, it was the first financial institution created in the country, some of the products that they offer and in which they stand out are student loans and credit cards.
Banking alternatives
There is an afflux of new financial institutions called "neo-banks" as well a international payment platforms. Find out which ones are operating in Colombia.
Sometimes opening an account requires the user to go to the branch in person. Thankfully, technology is simplifying the process and bringing banking services to more people worldwide.
Neobanks, sometimes referred to as “challenger banks,” are fintech firms that offer apps, software and other technologies to streamline mobile and online banking. These fintechs generally specialize in particular financial products, like checking and savings accounts. They also tend to be more nimble and transparent than their megabank counterparts, even though many of them partner with such institutions to insure their financial products.
SOURCES
Each logo is linked.