As international business and cross-border payments become increasingly vital for Colombian companies, expatriates, and global contractors, selecting the best banks in Colombia for international transactions is a strategic decision. With Colombia’s banking sector holding over $265 billion in total assets as of 2024, the market’s size and sophistication are clear (AdvRatings, 2024).

Driven by digital transformation, new regulatory frameworks, and an expanding ecosystem for international payments, the nation’s banks are under rising pressure to deliver secure, efficient, and innovative solutions for global clients. Recent regulatory changes, such as the Open Finance initiative and Significant Economic Presence (SEP) rules, are reshaping how banks and fintechs serve international needs.

What Makes a Bank Ideal for International Transactions in Colombia?

For anyone evaluating international banking services in Colombia, certain criteria are non-negotiable. The ideal bank combines strong international wire transfer capabilities, competitive fees, transparent exchange rates, and advanced digital banking platforms. Additionally, support for SWIFT and IBAN protocols, access to Colombian banks international wire transfers, and the availability of multi-currency or foreign currency accounts are all significant differentiators.

Security and compliance are now top-of-mind for businesses and individuals alike.

Banks that are diligent in compliance—actively following Colombia’s AML (Anti-Money Laundering) and CTF (Counter-Terrorism Financing) standards—are especially valued, as are those with a strong track record for digital adoption. Colombian banks must implement self-control and risk management systems known as SAGRILAFT, along with Business Transparency and Ethics Programs, as mandated by local regulations.

The rapid uptake of instant payment platforms like Transfiya, which surpassed 12 million users by late 2023, signals both technological readiness and growing consumer trust in digital solutions (GlobalData, 2024).

While non-residents can open foreign currency accounts in Colombia, residents are generally restricted except for certain multinational organizations.

For a detailed breakdown of supported currencies, see our supported currencies page.

The Top Banks in Colombia for International Transactions (2025 List)

Choosing the best banks in Colombia for international transactions means weighing each institution’s strengths, digital capabilities, and global reach. Below is a curated list of leading options, starting with an innovative fintech-first platform:

1. Mural Pay

The Mural Pay platform leads the pack for businesses seeking instant, stablecoin-powered cross-border payments. With support for 40+ currencies, batch/recurring global payouts, dedicated virtual USD/EUR accounts, and advanced compliance tools, Mural Pay offers a frictionless API for exporters, agencies, and SMEs.

Its partnerships and integrations with local rails in 170+ countries set it apart for speed and flexibility.

2. Bancolombia

As Colombia’s largest commercial bank, Bancolombia is widely recognized for its international transaction capabilities and digital innovation. It operates in multiple countries, including Panama and El Salvador, and maintains strong correspondent relationships with Bank of America and Citibank. Bancolombia’s digital-only subsidiary, Nequi, and its robust mobile banking suite have made it a go-to for global transfers and expat banking.

The bank was recognized by Global Finance in 2024 as a top financial institution in Colombia. The bank’s international strategy is further strengthened by its expansion across Latin America and its digital transformation initiatives.

• For more on integrating digital banking with international operations, see API-First Payments in Colombia: What Every Fintech Needs to Know.

3. Banco de Bogotá

Banco de Bogotá’s extensive international network (with correspondent ties to Citibank and Bank of America) and comprehensive SWIFT/IBAN support make it a strong choice for cross-border business. The bank was awarded “Best Financial Institution in Colombia” by Global Finance magazine in 2020 and maintains a well-developed digital banking platform.

• For new business account requirements, see How to Open a Business Bank Account in Colombia as a Foreign Entity.

4. Davivienda

Davivienda’s international presence grew significantly with its 2025 acquisition of Scotiabank’s Colombian operations, a move that expanded its portfolio by about 40% (Reuters, 2025). Now with a 20% Scotiabank stake, Davivienda offers enhanced wire transfer services, a rapidly changing digital platform, and a growing reputation for innovation—especially through Rappi Bank, its digital banking partnership.

5. BBVA Colombia

BBVA Colombia is a popular choice for expats and global businesses, offering multi-currency accounts, competitive exchange rates, and a highly rated mobile banking app. BBVA’s international team is known for its strong customer service to foreign clients, and it partners with numerous banks worldwide to ease cross-border payments.

6. Banco Itaú Colombia

Banco Itaú provides businesses with a strong digital banking ecosystem and is known for its competitive international transaction fees, especially for transfers to and from Brazil and other Latin American markets.

Note: Fee structures and account options may change. Always consult the bank or check their official website for the latest details.

How International Transfers Work: Process, Fees, and Timelines

Successfully sending or receiving an international payment through a Colombian bank typically involves these key steps:

1. Initiation: The sender provides recipient information, including account number, bank SWIFT/IBAN code, and transfer details.

2. Compliance and Documentation: For significant transfers, or if the amount exceeds bank-defined thresholds, additional documents (such as invoices or contracts) may be required to comply with AML/CTF regulations.

3. Fee Assessment: Each bank sets its own international transfer fees. For example, ATM withdrawal fees for foreign cards at Colombian banks currently range from COP 10,500 to 26,990 per transaction (ASocialNomad, 2023).

4. Processing: Transfers are routed through correspondent banks; processing times typically range from 1–5 business days, depending on destination and accuracy of details.

5. Notification and Completion: Both sender and recipient receive confirmation once the transfer clears.

Compliance checks may affect processing times, especially for large transactions or when documentation is incomplete.

For a complete guide to integrating payment APIs, see our guide to integrating payment APIs.

Digital Banking & Fintech Innovations in International Transactions

Colombia’s digital banking sector is growing rapidly, with platforms like Nequi (from Bancolombia) and Rappi Bank (powered by Davivienda) changing how users transfer funds and manage accounts. The adoption of instant payment systems like Transfiya—used by over 12 million Colombians by the end of 2023—shows the popularity of digital-first financial services (GlobalData, 2024).

Antonio Arancibia, co-founder of Movizzon, describes Colombia’s fintech environment as “a great ecosystem for growing companies… well positioned in permanent development and has a growing influence” (FT, 2023).

Digital wallets, such as those provided by Movii, are also helping new users establish credit histories and access loans.

• For stablecoin-to-fiat integration best practices, visit our stablecoin-to-fiat API integration best practices.

Bancolombia’s Nequi and Davivienda’s Rappi Bank stand out for user growth and digital innovation, offering fully online account opening and real-time international transfers.

Colombia’s Open Finance framework, introduced in late 2024, is set to further increase data accessibility and foster innovation among both banks and fintechs.

These advancements, coupled with ongoing investments in security and usability, are making Colombia a regional leader in digital banking.

Comparing International Transaction Services: Features, Costs, and Security

Choosing the right provider for international transactions means balancing fees, features, and safety. The table below compares major banks and Mural Pay on key criteria:

Security and compliance with AML/CTF standards are now standard practice, while digital features—such as multi-currency accounts, real-time tracking, and API integrations—differentiate the top performers.

For a checklist on preparing your business for global payments, see our checklist on preparing your business for global payments.

Regulatory Frameworks and Compliance for International Banking in Colombia

Navigating Colombian banks international transaction compliance regulations is vital for both businesses and individuals. In 2025, key frameworks include:

• Open Finance: New regulations promote standardized data sharing, driving financial inclusion and innovation. A recent draft decree in December 2024 sets out rules for how financial data can be shared and accessed (Caceis, 2024).

• Significant Economic Presence (SEP): Non-resident companies with substantial Colombian operations may now face local tax obligations, affecting international financial flows (EY, 2024).

• AML/CTF Enforcement: Colombia’s SAGRILAFT system and Business Transparency and Ethics Programs (PTEE) are now mandatory for many entities, including foreign non-profits, to counter money laundering and terrorism financing (Baker McKenzie, 2024).

• In response to internal fiscal needs, Colombia introduced a temporary tax package in early 2025, including a 19% VAT on certain digital transactions and a 1% stamp tax on documentation exceeding regulatory thresholds.

All major banks are required to comply with these frameworks, and enforcement has become more proactive in recent years.

For an in-depth guide to international payment regulations, see our guide to international payment regulations.

Real-World Case Studies: Successes and Challenges

Several real-world examples illustrate how Colombia’s financial sector is meeting international needs:

• Davivienda’s Scotiabank Acquisition: In 2025, Davivienda expanded its international reach by absorbing Scotiabank’s Colombian operations, increasing its portfolio by 40% and broadening its cross-border offerings (Reuters, 2025).

• Bancolombia’s Nequi: This digital-only bank has rapidly gained users and is recognized for making international transfers and digital savings accounts accessible to a new generation.

• Movizzon’s App Performance Tech: By partnering with over 20 banks, including BBVA and Banco Itaú, Movizzon’s real-time app monitoring is improving reliability for cross-border banking clients.

• Banlinea’s use of Google Cloud for handling approximately 2,000 daily financial transactions is another example of how collaboration between fintechs and technology providers is advancing the sector’s capabilities.

• Mural Pay’s Argentina Agency Case: Mural Pay helped an Argentina-based virtual assistant agency reduce payout and reconciliation time by over 70% by automating batch payments.

“With this agreement, we advance our execution plan towards sustainable and higher returns across our International Banking markets,” notes Efrain Enrique Forero Fonseca, Chairman of Davivienda (Reuters, 2025).

For more on automating bulk payouts, see our automating bulk payouts.

Key Takeaways and What to Watch for in 2025

The future of best banks in Colombia for international transactions is being shaped by regulatory innovation, rapid digital adoption, and growing global demand. Open Finance and SEP mark a new era for compliance and data sharing; digital platforms like Nequi and Rappi Bank are making international transfers more accessible and efficient than ever.

Initiatives like Open Finance and digital wallets also have significant potential to drive further financial inclusion in Colombia during the coming year.

Staying informed about regulatory and digital changes is essential for anyone managing cross-border payments in Colombia.

For a deep dive into future trends, see our ultimate guide to international payments.

References

• AdvRatings. (2024, June 30). Top Banks in Colombia by Total Assets. https://www.advratings.com/latin-america/top-banks-in-colombia

• ASocialNomad. (2023, December). ATM Fees in Colombia. https://asocialnomad.com/colombia/atms-fees-in-colombia

• Baker McKenzie. (2024, April 23). Colombia: Chambers of Commerce and Foreign Non-Profit Entities Have Until 2025 to Implement Their PTEE and SAGRILAFT. https://insightplus.bakermckenzie.com/bm/investigations-compliance-ethics/colombia-chambers-of-commerce-and-foreign-non-profit-entities-have-until-2025-to-implement-their-ptee-and-sagrilaft_1

• Caceis. (2024, December). RegWatch: Open Finance in Colombia. https://www.caceis.com/regwatch/december-2024

• EY. (2024, January). Colombia Issues Regulations on Significant Economic Presence. https://www.ey.com/en_gl/technical/tax-alerts/colombia-issues-regulations-on-significant-economic-presence

• FT. (2023). Fintech Innovations in Colombia. https://www.ft.com/content/15752a63-899e-4597-a60a-7060f93fb35d

• GlobalData. (2024). Colombia Cards and Payments Market Analysis. https://www.globaldata.com/store/report/colombia-cards-and-payments-market-analysis