In recent years, Colombia has emerged as an attractive destination for foreign investors due to its consistent economic growth, despite a changing political environment. As a result, it has become a hub for international trade, leading to increased interest from U.S. investors in opening bank accounts in Colombia, particularly in U.S. dollars. While there is much discussion about these types of accounts in the country, this blog aims to provide clarity by exploring the requirements and benefits of opening a USD account in Colombia.

Is it Possible to Open a Bank Account Denominated in U.S. Dollars in Colombia?

Currently it is not allowed to open an account in dollars within Colombia. However, there is another possibility to consider, we explain:

Below is a list of banks that allow individuals to open a USD account in Colombia through their foreign branches. These are:
– Itaú Bank.

In other words, the account in dollarsin Colombia will be held in foreign branches.

Usd in colombia

What are the Requirements to Open a Dollar Account in Colombia?

Those are the requirements for opening a USD account through foreign branches.

Here is a comparison table of the major banks that allow USD accounts in Colombia:

BancolombiaValid passport and tax ID numberFree ATM withdrawals, low maintenance fees
BBVAValid passport, proof of income, CDDNo minimum balance requirement, online banking
CitibankValid passport, proof of address, CDDGlobal ATM network, low fees for foreign wires
DaviviendaValid passport, proof of incomeHigh daily ATM withdrawal limit, low fees
HSBCValid passport, proof of income, CDDGlobal presence, access to HSBC Premier program
Banco ItaúValid passport, proof of incomeNo minimum balance requirement, online banking

Note: CDD stands for customer due diligence and refers to the process of verifying the identity of the customer and assessing the risk of money laundering or terrorist financing.

What are the Benefits of Opening a Dollar Account in Colombia?

There are multiple benefits to opening a dollar account in Colombia. First, it allows investors to transact in US dollars, which can be useful for those who deal regularly with US companies or individuals.
Secondly, it can be a good way to diversify currency holdings. This can be a good way to protect your investments from currency fluctuations.

On the other hand, opening a US dollar account in Colombia can also help you save on currency conversion fees. If you are a client who frequently transfers funds from your US account to your Colombian account, having a USD account in Colombia can help you avoid conversion fees and save you money in the long run.


In brief, it is not possible for U.S. investors to directly open a USD account within Colombia. Instead, many investors choose to open a bank account with a Colombian financial entity, which will hold the U.S. currency in its offshore subsidiaries. While there are regulations and requirements that must be satisfied, the process is generally straightforward. Having a USD account in Colombia can offer various benefits, including the ability to transact in U.S. dollars, diversify currency holdings, and save on currency conversion fees.

It is strongly suggested to conduct thorough research before opening a USD account in Colombia, and to choose a reputable bank that complies with all regulatory requirements.

If you require additional information or have further inquiries, please do not hesitate to contact us.

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