Banking in Colombia - Banking in the World

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Banking in Colombia

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The Colombian Financial System is regulated by and based on a model of specialized banking. With regard to international transactions, these must be subject to the Colombian exchange regime.
The Banco de la República is responsible for undertaking the activities of central banking, such as the emission of local currency, the control of monetary circulation and the administration of the legal reserves. It likewise may be the lender of last resort.
Thanks to the model of the specialized bank, the country has different kinds of financial entities, in accordance with the kind of activity they carry out:
• Banks which carry out general activities • Financial corporations which undertake activities of corporate credit and some activities of investment banking.
• Commercial financial companies which finance the acquisition of consumer goods through different mechanisms like financial leasing.
Foreign investment aimed at the Colombian financial system is permitted and there is already an important presence of foreign banks. These investments are regarded as deposits and are covered by a deposit insurance managed by the Fund of Guarantees of Financial Institutions (Fondo de Garantías de Instituciones Financieras – “Fogafin”), which is a Colombian State agency. This insurance covers deposits of up to COP$ 20.000.000 (US$ 10,000) with a deductible of 25% and in accordance with the terms laid down in Colombian legislation.
The aim of Fogafin´s deposit insurance is to guarantee the account balances which the financial institutions inscribed in the Fund are responsible for, when those institutions are subjected to an administrative forced liquidation. A guaranty is provided to the savers and depositors, in the form of the total or at least partial restitution of the deposited sum, in accordance with the law.

Bank Name Web site
Banco de Bogotá www.bancodebogota.com
Banco Popular S.A. www.bancopopular.com.co 
Banco CorpBanca Colombia S.A. Sigla: Banco CorpBanca www.bancocorpbanca.com.co
Bancolombia S.A. o Banco de Colombia S.A. o Bancolombia www.bancolombia.com.co
Scotiabank Colombia S.A. - Sigla: "Scotiabank"  
Información hasta la fecha de fusión  con Banco Colpatria Multibanca Colpatria S.A. 05/06/2013  www.scotiabank.com.co
Citibank-Colombia - Expresión Citibank www.citibank.com.co
HSBC Colombia S.A. podrá utilizar la sigla HSBC www.hsbc.com.co
BANCO GNB SUDAMERIS S.A.  Quien podrá utilizar el nombre BANCO GNB SUDAMERIS o SUDAMERIS, seguidos o no de las expresiones sociedad anónima o la sigla S.A. http://www.sudameris.com.co
Banco Bilbao Vizcaya Argentaria Colombia S.A. podrá utilizar el nombre BBVA Colombia ( Antes Banco Ganadero S.A. o BBVA Banco Ganadero) www.bbvaganadero.com
Helm Bank S.A. pudiendo utilizar el nombre comercial de "Helm Bank" o simplemente "Helm" http://www.grupohelm.com
Banco  de  Occidente S.A. www.bancodeoccidente.com.co
BCSC S.A. y podrá utilizar  los siguientes nombres y siglas: Banco Caja Social BCSC y Banco Caja Social  http://www.bancocajasocial.com.co
Banco Davivienda S.A. "Banco Davivienda" o "Davivienda" www.davivienda.com
Banco Colpatria Multibanca Colpatria S.A. , nombres abreviados o siglas: "Banco Colpatria", "Colpatria Multibanca", "Multibanca Colpatria" o "Colpatria Red Multibanca" http://www.colpatria.com
Banco Agrario de Colombia S.A. -Banagrario- http://www.bancoagrario.gov.co
Banco Comercial AV Villas S.A. o Banco de Ahorro y Vivienda AV Villas, Banco AV Villas o AV Villas http://www.avvillas.com.co
Banco ProCredit Colombia S.A. siglas "BPCC", "PROCREDIT" o "BANCO PROCREDIT" www.bancoprocredit.com.co
Banco de las Microfinanzas -Bancamía S.A.  www.bancamia.com.co
Banco WWB S.A. www.bancowwb.com
Banco Coomeva S.A.  - Sigla "BANCOOMEVA" www.bancoomeva.com
Banco Finandina S.A. o Finandina Establecimiento Bancario. Sigla FINANDINA. www.finandina.com
Banco Falabella S.A. www.falabella.com.co
Banco Pichincha S.A. www.bancopichincha.com.co

Bank Accounts
It is indispensable to open a bank account when establishing a company in the country, in order to receive the capital contributions paid to such a company.
Likewise, opening a bank account is required for carrying out the great majority of the company´s administrative activities, like the paying of employees and suppliers, tax payments, and in general, most financial operations.

Types of Bank Account

Current Account
This may only be opened in the country through Colombian banking establishments. Its aim is to integrate the handling of payments made by a natural person or legal entity. However, it also allows them to make deposits. This kind of account does not usually pay interest, but it does offer many options for payment systems.
It is worth noting the following characteristics of a current account
• It is the only way to write a check in Colombia
• It may be a joint or collective account; likewise the account holder may authorize a third party to write checks.
• The bank may debit the holder´s obligations to the bank from such an account, except when the holder of the current account has stipulated the contrary.
The funds belonging to this account may be embargoed.
• It offers the possibility of bank overdrafts, a mechanism of short-term credit.
It is worth noting that there are limitations on the funds which foreigners who do not have an established residence in the country may put into their accounts and on the destination of their giros.

Savings Accounts
These kinds of accounts are a banking service which aims to promote savings by their clients. They are meant for natural persons; however, small businesses  may make use of this service, since their payment needs are less complex than those of large companies.
The main characteristics of the savings account are as follows:
• They pay interest.
• They allow general access to payment systems.
• They allow for the possibility of having joint or collective accounts.
• In contrast with the current account, the bank is not allowed to debit the account holder´s obligations to the bank from his or her account, unless the two parties have agreed to the contrary.
• Up to the amount of COP$ 26.437.146 (US$ 13,218) the funds in this kind of account cannot be embargoed, so long as the beneficiary of the account is a natural person. The abovementioned limit is subject to periodical adjustments by the Colombian authorities.
• It is regarded as a mechanism of savings and not a mechanism for the granting of credit.
• It is not possible to write checks with this type of account.

The Main Banks in Colombia are:
1. Banco de Bogotá
2. Banco Popular S.A.
3. Banco CorpBanca Colombia S.A. Sigla: Banco CorpBanca
4. Bancolombia S.A. o Banco de Colombia S.A. o Bancolombia
5. Scotiabank Colombia S.A. - Sigla: "Scotiabank"
6. Citibank-Colombia - Expresión Citibank
7. HSBC Colombia S.A. podrá utilizar la sigla HSBC
8. BANCO GNB SUDAMERIS S.A.
9. Banco Bilbao Vizcaya Argentaria Colombia S.A. podrá utilizar el nombre BBVA Colombia
10. Helm Bank S.A.
11. Banco de Occidente S.A.
12. BCSC S.A.o Banco Caja Social BCSC o Banco Caja Social
13. Banco Davivienda S.A. "Banco Davivienda" o "Davivienda"
14. Banco Colpatria Multibanca Colpatria S.A.
15. Banco Agrario de Colombia S.A. -Banagrario-
16. Banco Comercial AV Villas S.A. o Banco de Ahorro y Vivienda AV Villas, Banco AV Villas 17.Banco ProCredit Colombia S.A.
18. Banco de las Microfinanzas -Bancamía S.A.
19. Banco WWB S.A.
20. Banco Coomeva S.A. - Sigla "BANCOOMEVA"
21. Banco Finandina S.A.
22. Banco Falabella S.A.
23. Banco Pichincha S.A.
Source:
http://listadecodigosswift.com.ar/colombia.html

Requisites for Opening a Bank Account.
The requisites pertaining to the opening of an account may vary from one financial entity to another. In general, however, they are as follows:
• A request for general information about the partners or shareholders of a company.
• General information about the activities the company is going to carry out.
• Information about the source of the funds.
In addition, the following are usually required:
• Tax Identification Number (NIT)
• Information about the shareholders or partners of the company.
Information about the source of the funds pertaining to the establishment of the capital of the company.
• Information about the first wire transfer sent to Colombia, along with an estimate of the frequency of the realization of such transfers.
• Business references.
It is worth noting that while some banks allow banking accounts to be opened with a foreign passport, most require a Colombian identity document (foreigner´s i.d. card or “cédula”).


References
• Superintendencia Financiera: Financial Superintendency: www.superfinanciera.gov.co.
• Asociación Bancaria y de Entidades Financieras de Colombia (Association of Colombian Banking and Financial Entities): www.asobancaria.com.
• Banco de la Republica: www.banrep.gov.co.
• Fondo de Garantías de Instituciones Financieras (Fogafín): www.fogafin.gov.co.

ATM in Colombia
@ Bahía Solano: yes but sometimes out of service, don't take the risk!
@ Bonda / Paso del Mango: no
@ Cabo de la Vela: no (ATM in Riohacha)
@ Capurganá/Sapzuro: no (when you are lucky: in one hotel in Capurganá you get money but only at an extra cost)
@ Ciudad Perdida: no
@ Guasca: yes
@ Islas de San Bernardo & Rosario: no (ATM in Cartagena or Tolú)
@ Leticia: yes
@ Minca: no
@ Mompos: yes (BBVA, Banco Popular & Banco Agrario)
@ Nuqui: no
@ Palomino: no
@ Puerto Colombia: yes (plaza)
@ Rincón del Mar: no
@ Rio Claro: no
@ San Blas: no
@ San Cipriano: no (ATM in Buenaventura, Buga or Cali)
@ San Jeronimo: yes (BBVA, Bancolombia, Banco Agrario & ATM in central park)
@ Taganga: only one, not all cards work here
@ Tolú: yes
In all national parks in Colombia, there are no ATM machines.

 
 
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