Can you change the account where you receive your salary? Myths and truths about payroll accounts in Colombia
For years, millions of workers have assumed that they must receive their salary in the bank their company decides. However, that idea is mistaken...
TL;DR
- Colombian workers have the freedom to choose the financial institution where they receive their salary, a right upheld by the Constitutional Court and Decree 2555 of 2010.
- Changing payroll accounts is a free process that can be initiated digitally by opening a new account, obtaining a certificate of title, and submitting it to the employer.
- The transition can take up to a month, and timely notification is crucial to avoid payment delays, with recommendations to inform both banks and confirm with the employer.
- Payroll accounts can be exempted from the 4x1.000 tax by requesting a 'desmarque' from the bank.
- Digital wallets like Nequi and Daviplata, and fintechs like Lulo Bank and Nu Bank, now offer payroll services, increasing competition and benefits.
- New financial platforms aim to transform payroll accounts from mere payment channels into tools for financial growth, offering features like high interest rates, cashback, and investment in digital assets.
- Common myths about payroll accounts include the belief that companies decide the bank, changing accounts is complicated, and digital banks offer fewer services.