Before you start

A Colombian visa valid for more than ~3 months (Migrant 'M' or Resident 'R'), which is what entitles you to a cédula
Your cédula de extranjería — the physical card, not the paper contraseña receipt, for opening a bank account
A Colombian phone number with a local SIM (needed for Nequi/Daviplata and bank app verification)
Proof of a Medellín address (lease/contract or a recent utility bill) and, for some banks, proof of income

Step-by-step

1
Before the cédula: run on a foreign card, cash and Wise
As a tourist you generally cannot open a normal Colombian bank account, so set up an interim stack. Bring a fee-friendly foreign debit card (Visa/Mastercard), use Wise to move USD to pesos at the mid-market rate (service fee roughly 0.33-0.57%, far cheaper than banks), and keep cash for the many cash-only spots. At ATMs always choose to be charged in COP (decline 'conversion') to dodge the markup.
OnlineWho: YouImmediately on arrivalWise ~0.33-0.57% per transfer; foreign-card ATM fee ~28,000 COP (~US$8) per withdrawal
2
Get a visa, then register your cédula de extranjería
This is the real unlock. Apply for a Colombian visa valid over 3 months (e.g. Migrant 'M' or Resident 'R') through the Cancillería, then register at Migración Colombia (there is an office in Medellín) within 15 calendar days of the visa being issued to get your cédula de extranjería. You will be given a paper contraseña first; the physical card follows in a few weeks. Banks want the actual card.
In personWho: You, via Cancillería + Migración ColombiaVisa days-weeks; cédula card a few weeks after registrationCédula issuance ~238,000 COP (~US$69); visa fees separate
3
Open a bank account with your cédula + proof of address
Once you hold the card, go in person to a branch — Bancolombia is the biggest and most foreigner-experienced, with Davivienda, BBVA and Banco de Bogotá as alternatives. Bring your cédula, your active visa, proof of address, and a RUT (tax ID, free from the DIAN) which several banks now request; some also ask for proof of income. You cannot fully open a foreigner account online, and some branches/advisors are far more used to non-standard documents than others.
In personWho: You, at a bank branchSame visit to open; debit card ~1-2 weeksOften a small monthly maintenance fee (~10,000-20,000 COP / ~US$3-6); many accounts waive it
4
Set up Nequi and/or Daviplata for everyday payments
These app wallets are how Colombians actually pay day to day — splitting bills, paying small vendors, sending money person to person. Nequi (Bancolombia) is near-universal and validates your cédula number against Bancolombia's database on signup; Daviplata (Davivienda) works the same way. A passport alone no longer works — you need a cédula de extranjería (foreign CE numbers can take 24-48h for manual review).
Mobile appWho: YouMinutes (occasionally 24-48h review)Free to open; no monthly fee
5
Day to day: tame the 4x1000 and stay safe with cash
The 4x1000 (GMF) skims 0.4% off most withdrawals and transfers. Ask your bank to mark one account as cuenta exenta — exempt up to 350 UVT/month (~17.4M COP, ~US$5,050) in 2025; wallets like Nequi/Daviplata are capped lower at 65 UVT (~3.4M COP, ~US$990). For cash, use ATMs inside banks or malls, withdraw by day, cover the keypad, and don't flash money — the local rule is 'no dar papaya' (don't give an opening).
In personWho: YouOngoing4x1000 = 0.4% on non-exempt transactions

Documents you’ll need

Cédula de extranjería (physical card) — the core requirement for any real account
Valid Colombian visa (Migrant 'M' or Resident 'R') showing more than ~3 months validity
RUT tax registration (free from DIAN) — now requested by several banks
Proof of Medellín address (lease/contract or recent utility bill) and, for some banks, proof of income

Things most newcomers don’t know

No cédula, no bank account — full stop. The cédula de extranjería (which requires a visa valid over ~3 months) is what banks key on; tourists on a passport are turned away because banks must satisfy SARLAFT anti-money-laundering KYC.

Newcomers waste weeks branch-hopping expecting a passport to work. The real order is visa → cédula → account, so the practical first move is the visa, not the bank.

Source: Medellín Advisors; ColombiaMove banking guide (2025-2026)

Nequi and Daviplata are the real everyday-payments layer, not your bank's debit card. Nequi (by Bancolombia) is near-universal for person-to-person transfers and small vendors, and a few months of wallet activity also starts building a Colombian credit footprint.

Day-to-day Colombian life runs on these app wallets; having one makes splitting bills and paying small sellers effortless, and they open in minutes once your cédula validates.

Source: ColombiaOne; Nequi help centre (2026)

The 4x1000 (GMF) quietly taxes 0.4% of most withdrawals and transfers — but you can register ONE account as cuenta exenta, exempt up to 350 UVT (~17.4M COP / ~US$5,050) a month in 2025.

People feel nickel-and-dimed without knowing why, and many never ask their bank to flag the exempt account — leaving a free, legal saving on the table. Note wallets are capped lower (65 UVT, ~US$990/month).

Source: DIAN; SiBLatam 4x1000 guide (2025)

Wise is the cheapest sane way to bring money in — it pays out COP straight to Bancolombia, Davivienda, BBVA or Banco de Bogotá at the mid-market rate with only a ~0.33-0.57% fee.

Banks and airport/casa-de-cambio counters bake a fat spread into the rate; Wise's transparent fee plus the true rate can save several percent on every transfer, money that compounds for anyone living here.

Source: Wise (wise.com); ColombiaOne transfers guide (2026)

Common mistakes to avoid

Expecting to open a normal bank account as a tourist on just a passport — banks require the cédula de extranjería, so this fails almost everywhere.
Getting blindsided by the 4x1000: 0.4% skimmed off withdrawals/transfers, and never asking the bank to mark one account as exenta to claim the monthly exemption.
Using random street ATMs at night and accepting the machine's 'conversion' — inviting skimming/robbery and an inflated rate; use ATMs inside banks/malls and always choose to be charged in COP.
Changing money at the airport or tourist casas de cambio — some of the worst rates in the country; use Wise or withdraw from a bank ATM instead.