Banking

Banking as a US Tourist in Medellín

Medellín, with its modern infrastructure and services, offers several options for tourists and long-term visitors to access money and manage their finances. Whether you're in the city for a short visit or plan to stay longer, understanding the local banking and cash withdrawal system is essential. Below are some key tips and strategies to help you navigate banking as a US tourist in Medellín.

How to Get Instant Cash

If you're a US tourist, it's best to avoid bringing large amounts of cash and instead rely on ATMs for instant access to Colombian pesos. Most ATMs in Medellín accept international debit cards, allowing you to withdraw cash directly from your US bank account.

ATM Access: There is an ATM inside the airport when you land, so you can get cash as soon as you arrive. Most ATMs in the city will allow you to withdraw up to $600,000 COP (approximately $150 USD) per transaction.
Currency Conversion Fees: When using ATMs, you may be asked if you want to accept a currency conversion rate. It’s recommended to **decline** this offer, as accepting the conversion rate is often a tourist trap that leads to worse exchange rates.
Daily Withdrawal Limits: Depending on your bank, you may have a daily withdrawal limit, so check with your home bank to avoid issues.

For long-term stays, it's helpful to open a Colombian bank account, which will make managing your finances easier over time.

Using Rappi for Cash Withdrawals

Another convenient option for getting cash in Medellín is using the popular delivery app, Rappi. By linking your credit or debit card to your Rappi account, you can access the "Rappi ATM" service. This service allows you to request cash, which will be delivered to your location within 30 minutes.

Rappi ATM Details:

 * Max withdrawal: $500,000 COP (approximately $125 USD) per request.  
 * Service fee: 7% of the withdrawal amount.  
 * Time: Cash is delivered within 30 minutes.  
 * Availability: This service is available for those who have subscribed to **Rappi Pro**, which offers a range of additional benefits, including free delivery on some orders.

This is a great option if you're in need of cash quickly without having to search for an ATM.

Paying for Services in Medellín

While many establishments in Medellín accept credit cards, some smaller businesses and service providers prefer cash or other forms of payment. Here are the most common payment methods:

Cash: Many restaurants, shops, and street vendors prefer cash, especially in smaller establishments.
Transferencia: This is an interbank transfer between Colombian bank accounts. It’s common for locals to use "transferencias" to pay for services or split bills. If you have a local bank account, this will become useful for paying for services.
Nequi: Nequi is a popular digital wallet and payment app used for transferring money between individuals or businesses. It’s widely accepted in Medellín, and having a local bank account allows you to participate in this system.

Cryptocurrency Options

For those interested in cryptocurrencies, Medellín also offers options for accessing cash via Bitcoin ATMs and cryptocurrency exchange kiosks. These kiosks are available in select locations such as **Monterrey Mall**.

Bitcoin ATMs: These allow you to exchange cryptocurrency for Colombian pesos, though fees can be high.
Crypto Exchange Kiosks: Some kiosks also allow you to trade other cryptocurrencies and get cash in return. This could be a useful option if you're traveling with crypto assets.

Opening a Bank Account for Long-Term Stays

If you plan to stay in Medellín for an extended period, opening a Colombian bank account is highly recommended. Having a local account will allow you to access more services and reduce fees on currency conversion and international wire transfers.

- What You Need to Open a Bank Account**:

1. **Cédula de Extranjería**: This is the Colombian ID for foreigners. You can apply for this once you have a visa that permits you to stay for an extended period. The application process can take several weeks after you arrive. 2. **RUT (Registro Único Tributario)**: This is your tax identification number. You need to register with the Colombian tax authorities to get your RUT, which is required to open a bank account. 3. **Bank Preferences**: While requirements can vary between bank branches, **HSBC** tends to be more foreigner-friendly, but **Bancolombia** is often the best choice for most expats due to its widespread availability and online banking options. If one branch denies your application, try another branch as some are more flexible with foreigners.

- Timeframe**: It can take several weeks to acquire the cédula and RUT after arriving in Medellín, so plan accordingly if you're staying long-term.

Opening a bank account will also allow you to participate in local payment networks like Nequi and make interbank transfers (transferencias), which are common in daily life.

Third-Party Transfer Services

Once you have a Colombian bank account, you can reduce transfer fees by using third-party transfer services to send money from your US account to your Colombian account. One of the most reliable services is **Wise** (formerly known as TransferWise).

**Wise**: Wise offers some of the best exchange rates and the lowest transfer fees compared to traditional banks. You can send money from your US account to your Colombian bank account in COP with minimal fees and quick processing times.

By using services like Wise, you can avoid the high fees associated with wire transfers and poor exchange rates offered by traditional banks. This is a great option for expats who need to transfer money regularly.

Conclusion

Banking in Medellín as a US tourist is fairly straightforward, with plenty of ATMs and alternative services like Rappi available for accessing cash. For longer stays, opening a local bank account is essential, though it requires some paperwork such as a Cédula de Extranjería and RUT. By using third-party transfer services like Wise, you can also avoid the high fees typically associated with international money transfers. Whether you're relying on traditional ATMs, digital wallets, or even cryptocurrency, Medellín provides various options to ensure you can access your money safely and conveniently.