The Giro or savings bank accounts are the most requested financial products on the market, but when it comes to carrying out a procedure in another country, on many occasions we encounter obstacles and different requirements imposed by government directives in order to have better control over the transfer of international Transactions exercise money, especially for tax filing matters.
It is not possible for foreigners in most countries to open a financial product as a tourist or without a document proving the applicant’s residency in that country. It used to work that way for Colombians in the US, but there are many today Colombian banking institutions that offer the possibility to open an account in dollars.
With the Colombian peso depreciating by 25.2% over the past 12 months and inflation in January 2023 at 13.25% in its annual variation, the highest in 24 years, many Colombians are trying to protect their capital and their savings migrate to less risky currency than the Colombian peso.
Faced with the increasing demand for a savings account in dollars, Colombian banks were looking for alternatives to offer to users save in dollars and that your savings depend on the volatility of the dollar and not the local peso.
You can read: The advantages that Dian offers to companies paying with Nequi and Daviplata
Banks that have the ability to open an account in dollars
- bank columbia
- Itau
- Bank of Bogota
- Davivienda
Also: Can movements in Nequi and Daviplata receive benefits in the Tax Code? dian answers
However, special conditions apply to the opening of these accounts, e.g. the minimum opening amount that oscillates between the $5,000 and $25,000 Dollars, a large sum compared to the opening of national products, which you must take into account when applying.