Patrick
As an expat living and doing business in Colombia for over a decade, I’ve had my fair share of experiences with local banks. But none have been as consistently frustrating as my dealings with Bancolombia. For the past 12 years, both as an individual and through my businesses, I’ve been a client — and despite the long relationship, they never fail to disappoint.
The Bancolombia Experience: Endless Waits, High Fees, and No Personal Touch
Here’s what drove me crazy:
- Endless Waits: Whether at the bank or the ATM, expect long queues. Every visit felt like a race against time. Even simple transactions inside the bank could turn into hour-long ‘vueltas’.
- Sky-High Fees: From wire transfers to credit transactions, the fees were astronomical. At one point, in 2023, my credit card interest rate was over 46% per year.
- No Personalized Service: Despite being a loyal customer, I never had a dedicated advisor. Every visit meant explaining my business story from scratch, and it felt like no one knew who we were.
- Endless Paperwork: For some reason, I was constantly asked to provide business documents, sometimes less than a month old, just to prove we existed.
A Nightmare with International Wires: Bancolombia Froze My Business Transactions
One of the most frustrating experiences occurred when Bancolombia froze all our incoming international wires from our Airbnb rental business. They claimed the issue was with Airbnb, but it took 30 days for them to resolve the issue, nearly starving us of all our liquidity. This despite us calling and showing up at the local branch on an almost daily basis to find a solution. We almost missed payroll and payments to utility companies and contractors. Eventually, their compliance department asked for a few “new documents” and for us to sign additional forms, and, miraculously, everything started working again. In other words, they flat out lied to us.
It doesn’t stop there — a friend of mine is paying 20% interest on a personal loan with Bancolombia, despite the market rate being closer to 10-12%. The bank flat-out refuses to lower the rate, showing how little they value their clients.
An Alternative to Bancolombia: Why I Switched to BBVA
But let me share the good news — there’s an alternative.
I made the switch to BBVA, a Spanish bank with a global presence. Here’s why:
- Personalized Service: With less than $100 million COP in liquid assets, you get access to their private banking division. Suddenly, the branch manager becomes your friend. There’s no need to repeat your story every time you visit.
- Dedicated Support: They provide a direct service line, and you can even reach out via WhatsApp and speak to the same person every time. It’s an entirely different level of convenience and trust.
- Lower Fees: BBVA offers cheaper transaction fees across the board. Plus, you get 1,600 domestic wire transfers free each year and no charge on cash withdrawals.
- Efficient Service: With private banking at BBVA, you get access to a special section of their branches with zero lines and faster service. It’s like VIP treatment every time you walk in.
- Great Interest Rates: On top of it all, BBVA currently offers 7% interest on our regular corporate savings account in COP. No need to lock up your money in fixed deposits or CDs to earn decent returns.
A Game Changer: BBVA’s Banca Wealth Division
That said, BBVA’s regular banking may suck just as much as Bancolombia. However, their Private Banking division, known as Banca Wealth, has been a game changer for us. The personalized service we receive through Banca Wealth is beyond anything I ever experienced at Bancolombia.
Now, we have a personal advisor, direct access to the ‘mesa de dinero’ for monetizing international wires, and the branch manager is available when needed. What’s even better is that all of them answer calls, emails, WhatsApp, and more. But, what’s truly impressive is that we are constantly dealing with the same 2-3 people, which builds a sense of trust and familiarity. And now, they even come to our office when documents need signing. It’s such a relief to have that level of convenience.
So while they might not be omnipresent around the cities like Bancolombia, it works out very well for us. We can make withdrawals from Gane and Supergiros, meaning we never have to go far when we are short on cash.
For Virtual Banking Enthusiasts: NU Bank Might Be Worth Checking Out
If you don’t need business banking and prefer doing everything virtually, NU Bank might be a great option to explore. They currently offer 9.25% interest on savings accounts in COP, which is quite impressive for a digital bank. I haven’t tried them out yet, but might in the future.
The Reality of Colombia’s Banking Market: Why BBVA Stands Out
By no means am I claiming that BBVA is the best bank out there. From my personal experience, banking here is complicated in general, but BBVA is far superior to the majority of the market, which, by the way, is dominated by just a few big players — Bancolombia, Davivienda, and Grupo Aval, which controls the other 4 major banks in Colombia (Banco de Bogotá, Banco Popular, AV Villas, and Banco de Occidente).
Conclusion: Why Bancolombia Is Not Your Friend
In conclusion, Bancolombia is not your friend. Instead, it feels like an entity that sucks life out of its clients. If you’re tired of being treated like just another number and dealing with endless frustration, I highly recommend checking out BBVA.
It’s a reminder that not all banks are created equal, and sometimes, there’s a better option out there.
I still have a Bancolombia account because sometimes it’s just faster when needing to make an instant payment. Almost like a necessary evil. But the majority of our business is now with BBVA.
By the way, this is not a sponsored post — I’m just sharing my personal experience. But feel free to reach out if you want an introduction to the team that I work with.
The Private Banking division that we work with is located here: BBVA Private Banking in Cali
