Money without a bank account: Colombia and Mexico
"Without a bank account" can mean two things, and it helps not to mix them up. The first is where you keep your money: a wallet or digital account opened from your phone, with no branch visit. The second is how you keep track of what you have and what you spend, with an app that needs no connection to any bank. This guide separates the two for Colombia and Mexico, with official figures and with what each option does or does not protect. The data was checked on 9 November 2026 and the source of each figure is given.
Without a traditional bank account you can do two different things: keep your money in a wallet or digital account opened from your phone (Nequi and DaviPlata in Colombia; Mercado Pago or Spin by OXXO in Mexico) and keep track of everything in an app that does not connect to a bank, like Neto. What differs between them is who regulates them and which deposit insurance covers them.
Where we start: how many people are outside the system
- Colombia. According to the Superfinanciera's 2025 Financial Inclusion Report, 96.5% of adults have at least one deposit, 83.9% a savings account and 76.9% a low-amount deposit account. In other words, in Colombia "without a bank account" usually means without a traditional bank account: a great many people already use a low-amount deposit from their phone.
- Mexico. According to the 2024 ENIF survey (INEGI and CNBV), 76.5% of adults aged 18 to 70 have some formal financial product and 63% a formal savings account. 33.6% have no savings at all and 36.6% save only informally (cash at home, tandas, savings groups). Among the informal ways, the CNBV cites keeping money at home (41%) and tandas (20%).
To keep track of everything: apps that do not connect to the bank
If what you want is to know how much you have, how much you spend and on what, you do not need an account or to connect anything. These apps work by you entering the transactions:
- Neto (our app, so take it with that caveat): you log each expense or income in a couple of taps, and you can create your own accounts, including cash, such as "Nequi", "Mercado Pago" or "wallet". Everything comes together in one figure, your net worth, with 62 currencies, including the Colombian and Mexican peso. It does not ask for or store bank passwords. It is free to start.
- Monefy, Money Manager and others that are also kept by hand: we compare them in the best finance apps without linking your bank.
The good thing about keeping track by hand is that it does not matter where your money is: a digital wallet, a cooperative, a tanda or an envelope at home. It all counts, and you see it together.
Colombia: low-amount deposits and wallets from your phone
The key product is the low-amount deposit (depósito de bajo monto), regulated by Decree 222 of 2020. It is a deposit in a person's name, and its simplified opening process "will not require physical presence". Decree 2642 of 2022 set the limit at 210.50 UVT for the maximum balance and for monthly debits. It can be offered by banks, financing companies, cooperatives and SEDPE (specialised electronic deposit and payment companies).
Deposit insurance. According to Fogafín, the insurance covers low-amount deposits up to COP 50 million per person and registered institution, at no cost and automatically. The official list of registered institutions includes Movii and Aval Soluciones Digitales (dale!), both SEDPE.
| App | What it is | For saving |
|---|---|---|
| Nequi | App of Nequi S.A. Compañía de Financiamiento, registered with Fogafín | Pockets (up to 10), Goals and Cushion |
| DaviPlata | Davivienda low-amount deposit; activated with an ID and a phone | Pockets (up to 10), free |
| dale! | App of Aval Soluciones Digitales, a SEDPE supervised by the Superfinanciera and protected by Fogafín | Piggy banks |
| Movii | SEDPE registered with Fogafín | No verified details |
For DaviPlata we could not confirm that its official pages mention Fogafín insurance (Banco Davivienda is registered), so check its coverage before keeping large sums there. Nor do we quote yield rates: they change and each app publishes them differently.
Mexico: levelled accounts and digital wallets
In Mexico bank accounts have four levels depending on what you can pay in per month: 750 UDIS at level 1 (maximum balance of 1,000 UDIS), 3,000 at level 2, 10,000 at level 3 and no limit at level 4 (Banxico Circular 3/2012). Since June 2026 there is also a level 2 Bis of up to 15,000 UDIS a month, of which only 3,000 can be in cash (Circular 11/2026). Levels 1 and 2 can be opened by entering your details remotely.
The protection depends on what type of entity each app is, and it is not the same:
| App | Type of entity (according to its website) | Protection |
|---|---|---|
| Nu México | Bank since 6 August 2026 | IPAB up to 400,000 UDIS on the debit account and the Cajitas, according to its blog |
| Ualá | Bank | IPAB up to 400,000 UDIS, according to its website |
| Klar | SOFIPO, regulated by the CNBV | Its website does not mention the IPAB |
| Stori | SOFIPO | Links to a protection fund (Prosofipo) |
| Mercado Pago | "MP Agregador", regulated by the CNBV, Banxico and CONDUSEF according to its website | We have not found IPAB coverage |
| Spin by OXXO | Electronic payment fund institution | Its website says that not even the Federal Government guarantees the funds |
According to CONDUSEF, the SOFIPO protection fund covers 25,000 UDIS, and the IPAB does not protect savings groups, SOFIPOs or cooperatives (SOCAPs). We could not confirm on each app's website whether they require a debit card to open the account.
What to check before keeping your money in a wallet
- 1. Who regulates it. A bank, a SEDPE (Colombia) or a SOFIPO or electronic payment institution (Mexico) are not the same thing. Look for the legal name on the app's website.
- 2. Which insurance covers it. In Colombia, Fogafín or Fogacoop; in Mexico, the IPAB, the SOFIPO fund or nothing. If it is not clear, ask.
- 3. The limits. How much you can hold and move per month.
- 4. Yield rates, with care. A yield advertised "up to" a percentage is not what you will get. Read the conditions.
- 5. Where to complain. In Colombia, the Superfinanciera and the Financial Consumer Ombudsman; in Mexico, CONDUSEF and the Buró de Entidades Financieras.
This is information, not a recommendation on where to put your money: Neto is not a bank or a financial adviser.
How to bring it all together in Neto
It does not matter how many wallets you use. In Neto you create an account for each (Nequi's, Mercado Pago's, cash) with its balance, you log the transactions and you see a single figure: your net worth, what you own minus what you owe. The guide to calculating net worth explains how to do it step by step.
Frequently asked questions
Can you manage money without a bank account?
Yes, in two ways: by keeping it in a wallet or digital deposit opened from your phone, or by keeping track of everything in an app that does not connect to a bank, like Neto, entering the transactions yourself.
What is a low-amount deposit in Colombia?
It is a deposit in a person's name regulated by Decree 222 of 2020, with a simplified opening process that does not require physical presence and with balance and monthly debit limits of 210.50 UVT. Nequi and DaviPlata are the best known.
Is the money in Nequi, DaviPlata or dale! insured?
According to Fogafín, deposit insurance covers low-amount deposits up to COP 50 million per person and registered institution. Nequi and dale! are listed as registered institutions. For DaviPlata we could not confirm it on its official pages.
Does the IPAB protect the money in Mercado Pago or Spin by OXXO?
We have not found IPAB coverage for Mercado Pago, and the Spin by OXXO website says that not even the Federal Government guarantees its customers' funds. Nu México and Ualá, which are banks, state IPAB coverage of up to 400,000 UDIS.
Which app do I use to track my spending without connecting the bank?
Neto, Monefy or Money Manager, among others, work by you entering the transactions. Neto also gives you your net worth in a single figure and supports Colombian and Mexican pesos.
Founder of Neto. Writes about expense tracking, net worth and investing from your phone, without connecting your bank.
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Neto is the personal finance app for iPhone and Android that works without connecting your bank: your accounts and spending, free; and with Neto PRO, your investments and debts inside your net worth.
Keep reading
All guidesHow to save without a debit card: Colombia and Mexico
Best budgeting apps 2026 without bank linking
How to calculate your net worth step by step
This guide is general information and is not financial or investment advice.