Banks, Wallets & Money Transfers for Expats in Colombia
Moving money in and out of Colombia — receiving income from abroad, sending remittances, or simply holding a multi-currency balance — is one of the most common practical hurdles for expats and digital nomads. Here's what we recommend, based on what our own clients actually use.
ARQ (DolarApp) — a U.S. digital account to receive money via ACH or wire, plus accounts in Europe. Comes with a debit card usable worldwide, bill pay, and investing.
Use code medellinadvisors in the app for a free international transfer from the U.S.
Littio — founded in Bogotá, now available in 11 countries. Top up via PSE in Colombian pesos, or with USD from the U.S., PayPal, Deel, Payoneer, or crypto. Offers a multi-currency debit card (pesos, dollars, or euros), returns up to 8% annually in COP and 4% in USDC.
Ugglycash — ideal for receiving money via ACH or wire in USD, EUR, or Mexican pesos. Debit card with 1% cashback, ability to earn interest, pay Colombian bills by QR or reference, and withdraw to crypto or bank accounts.
Wise — the go-to for low-fee international transfers and holding multiple currencies in one account.
Remitly — straightforward remittances from the U.S. to Colombia, with promotional rates for new users.
Vitawallet — digital wallet with multi-currency support popular across Latin America.
Meru — another option for digital multi-currency accounts and transfers.
Which one should you actually use?
Most expats end up with two accounts rather than one: a Wise or ARQ account for holding and moving multiple currencies internationally, plus a Colombian-friendly option like Littio or Ugglycash for everyday local spending and bill pay. Comparing fees for your specific transfer corridor (which country, which currency, how often) before committing to just one is worth the extra ten minutes.
How to choose
To receive income from abroad, pay for daily life and save, people often combine a local account with a wallet or international transfer service. Compare fees, the real exchange rate, limits, timing and identity-verification requirements.
Opening a bank account as a foreigner
Banks usually ask for a passport, visa or foreigner ID card and proof of income or address. Requirements vary by institution and may change, so ask before you go.
Transfers and currency exchange
The real cost of sending money includes the fee plus the margin on the exchange rate. Compare the final amount the recipient gets, not just the advertised fee. Also consider the duty to declare and justify the origin of funds when applicable.
Frequently asked questions
Can I open a bank account on a tourist visa?
It depends on each bank and current policy; many institutions require a visa or foreigner ID card.
Which is better, a digital wallet or a bank?
They serve different purposes; many expats use both.
How do I avoid high fees?
Compare the final amount received and avoid unnecessary currency conversions.
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