How to have access to banking in Colombia

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The Colombian financial system is regulated and is based on a specialized banking model. International transactions are subject to the national foreign exchange regime.

The mission of the financial system is to offer products and services to Colombian government institutions, companies and individuals to help them meet their monetary needs. The main functions of the financial system are:

  • Accepting deposits from the government, companies and families;
  • Lending money to companies, families and government institutions.

The Central Bank responsible for carrying out central banking activities, such as the issuance of local currency, controlling the circulation of currency and managing legal reserves. It can also operate as a lender of last resort.

This chapter includes information about how to open a bank account in Colombia, the types of bank accounts available, requirements, control mechanisms and the entities in charge of applying such mechanisms.

 

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Updated (mm/dd/yyyy): 02.22.2018