Nequi Bank Code: what is it and what is it for?

What is the Nequi Bank code?

As in other countries, to make payments or transfers from a financial services platform or from an online bank, a bank code is required. In this case, the Nequi Bank codeis used for the registration of the account and with it you can enter the NeoBank website in the Help area (we save you the search, Nequi Bank code is 1507). What’s good is that it works as if it were an account of the same bank to which you're making a payment or transfer. For example, if you use Nequi for payroll payments –, the same rate will be applied, as if it were an account of the same bank.

What is the purpose of the Nequi Bank code?

From its origins, the Nequi Bank codeoperated independently from Bancolombia, although it was backed by Bancolombia. With the code 1507, which is like the Nequi bank account number, you can register your account to make payments, withdrawals and transactions through the mobile app. You can download the mobile app from the App Store for Apple devices, Play Store for Android and AppGallery for Huawei phones. Nequi recommends setting your cell phone to automatically set the time, giving permissions to access the camera for facial recognition payments in dataphone, and authorising location permissions to view maps.

What money transfer actions do Nequi allow?

It works like a digital bank and allows sending and receiving money transfers. It can also be used as a savings account for payroll payments, as explained below.

Bank transfers to friends and family

It's easy to send money to your loved ones with Nequi. Here it is in five simple steps:

1. Log in to the app

2. At the home screen, you will see the "$" sign at the bottom of the screen, on the right

3. You'll see the option "Send money", choose it and select where the money you are going to transfer will come from (it can be from your "Available", or from one of your "Wallets")

4. Click on the "Send to banks" option and enter the information that the app will ask for

5. Press "Send". That's it, your money will be transferred to your mom, or that friend who paid for your weekend meal

Payroll payments

Is Nequi a bank accountthat can be used for payroll? Technically, yes, and we say this because it works as such –Nequi is defined as a savings account that can be used for payroll–, but accessing its services is much simpler than opening a traditional bank account. All you have to do is download the app, type in your phone number, enter your data and identity documents, and take a selfie. That's all. Simple, isn't it? If you want to know more details of this process, review the process that Nequi prepared.

Once you have opened an account with Nequi, you can use it to receive your payroll. Or, if you're an employer, you can tell your employees to open Nequi, so they can receive the money there. There are two options for this step. 

If you use a Colombian bank's platform for payroll:

• Enrol the account with the Nequi Bank code: 1507

• Payment is processed within the same waiting time as other banks before the employee's payment is reflected

• You'll pay the rate you've already negotiated for payments to other banks. If you're using Bancolombia for payroll, the same as for a Bancolombia account

If you don't have a payroll agreement with a bank:

• Log in to the Nequi website, click on the "Recharge" button and make the payment via PSE. There's no cost and you don't need to register your account

• The employee will see the payment immediately

• You'll have to do the process individually, this means that it is a payment for each employee

Does Nequi receive international wire transfers?

Can I receive international money orders with Nequi? Unfortunately, not. Although it's an app with many benefits and great features, it's not possible to make international money transfers to Nequi since it only operates within the Colombian territory. As the platform is linked to your cell phone to send and receive money, there's no way to get international money transfers to Nequi. Remember that, for this type of transfers, you need the SWIFT/BIC bank code or the IBAN code, which Nequi does not have. Although receiving international money transfers with Nequi isn't possible, there are other alternatives. Read on to find out more.

What other services does a Nequi bank account offer?

In addition to transfers and payroll, Nequi offers other helpful services. You can create a QR code to send and receive money, which you can generate very quickly from the app. This saves you from having to enter a long series of bank account numbers to make a transfer. And you won't have to send your account number when you need to make a payment. You can send the code through a chat and perform the operation in a few moments. Learn how to generate it step by step here.

Nequi also works as an electronic wallet with different money recharge options. You can deposit funds to your account in authorised or affiliated agents, with the QR code we already mentioned, through PSE and through other apps or virtual branches. Or choose to transfer from your Bancolombia account with the "Money on tap" button, or from another bank, both alternatives are instant and without fees. Another service available is to download the Certificate of Nequi bank account. You can obtain it directly on the page, by selecting the option "Enter".

Nequi digital bank account: the difference with a traditional bank account

The main difference between theNequi bank accountand a traditional one is accessibility. Being a resident of Colombia, having a telephone number and a valid identity document is enough to access the neobank's services. Another big difference is that you can have a Nequi account even if you're a minor, since the age requirement is to be over 13 years old. In addition, nearly all its services are free of charge and no minimum balance is required to remain active. And since it's one hundred percent digital, there are no physical points of advice or customer service: Nequi will help you solve any inconveniences through WhatsApp, email or from your cell phone.

Nequi: the app to send money from Bancolombia

Nequi is a simplified CATS savings account. This means that it's an account with a very simple opening process and with the most popular features among banking users. It's backed by Bancolombia, although it operates independently. You can only have one Nequi bank accountin Bancolombia and you'll be the only account holder, which you'll operate completely from the app. As already mentioned, international money transfers aren't supported in Nequi, but it allows you to use the account from abroad through international roaming (to review the details, click here).

In the Nequi Community section, many people ask how to receive international money transfers through Nequi and it's a shame that this service isn't yet available. But we have good news for you: if you are in Colombia and want to receive money from abroad, or if you're out of the country and want to send funds to a loved one, it is possible with WorldRemit. We have a cash pickup alternative, which is a payment that your recipient can pick up as physical money at an endorsed location within the WorldRemit local partner's network. Learn how you can send or receive money from Colombia, delivery methods, and our fees.

Opening and using a Nequi account is very easy. CTA: Learn about this and other financial services like WorldRemit that will make your life easier.