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Colombians have a saying: “No dar papaya”, translated as “don’t let anyone take advantage of you.” Whether you’re walking the street of Bogota or exploring the Colombian Caribbean, know the best ways to use your travel money. Read our guide to save on fees and avoid getting taken for a ride by your bank when you travel to Colombia.
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What is the best way to take money to Colombia?
If you’re planning a trip to Colombia, it pays to do your research before you leave. Colombian pesos (COP) are the currency of the Republic of Colombia and the only currency accepted in Colombian towns and cities.
Credit, debit and travel money cards are accepted in fewer places than the US and ATMs are expensive to use, so compare travel money options and apply for the product that’s going to let you withdraw cash for less.
These are your options for spending money in Colombia
Using a credit card
Visa, Mastercard and American Express are widely accepted in Colombia, though you’ll find it difficult to make any online payments for reservations. Save money by finding a credit card that waives the foreign exchange fee. For added savings, take advantage of the interest-free period by paying your balance in full each month.
Cash advance fees, interest charges, ATM charges and foreign currency conversion charges all apply when you withdraw cash on credit. As a general rule, credit cards should only be used for over-the-counter purchases.
A couple of things to remember when you’re traveling in Colombia:
- Número de cuotas. When the teller asks you “numero de cuotas?” they want to know how many months it will take to pay off the credit card transaction. For example if you make a $300 purchase and you ask for 10 months, you’re charged $30 a month in addition to any interest charges the credit card transaction accrues each month. One is always your answer.
- Identification. It’s likely that you need to show photo identification, such as your passport, when you make an over-the-counter credit card payment. In most cases anything with your picture and your name will be enough to prove you’re the cardholder.
- Tip: It’s worth researching credit cards that offer travel benefit and rewards for things you’ll buy anyways like flights and hotel stays.
Pros
- Some credit cards waive overseas ATM fee
- Protected by PIN & chip
- Accepted worldwide
- Features such as complimentary travel insurance and reward points earning
Cons
- Cash advance fees
- Higher spending limit
Using a debit card
It’s good to have cash when you’re traveling in Colombia. Keeping a debit card is handy because you’ll have access to your cash each time you come across an ATM. Compare debit cards based on if it waives the currency conversion fee and international ATM withdrawal fees.
- Tip: A debit card can be used to shop over the counter, online and for ATM withdrawals in Colombia.
Pros
- Security with chip and PIN
- Direct access to money
- Save on overseas ATM fee when you withdraw
- $0 account keeping fees if you deposit the minimum requirement
- Unlimited free withdrawals at selected banks
Cons
- No American card holds the Colombian peso
- Currency conversion and international ATM fees
Using a prepaid travel card
There are some restrictions to use travel cards in Colombia, including:
- Currency conversion fees. There are no prepaid travel money cards that let you load and spend COP. This means you’ll be charged a currency conversion of 3% every time you use the card to make a purchase in Colombia. Travel card foreign currency exchange rates are also often worse than Mastercard and Visa debit and credit card rates. You’ll also incur an ATM withdrawal fee as well as the local ATM operator fee when you withdraw COP from a Colombian ATM.
Pros
- Protected by PIN & chip
- Multiple supported currencies
- Emergency card replacement and backup cards
- Accepted worldwide
- Ideal for managing your travel budget
Cons
- No prepaid travel money cards that let you load and spend COP
- May charge currency conversion fees, ATM withdrawal fees and local ATM operator fee
Paying with cash in Colombia
You’ll have a tough time using your credit card off the beaten track so make sure you have cash if you plan on visiting small towns. For example taxis, tiendas esquina (corner shops), and tiendas baratera (discount shops) and cafeterias don’t take cards.
Pros
- Greater payment flexibility
- Convenience
Cons
- Difficult to manage expenses
- Higher risk of theft
Using traveler’s checks
Pros
- Acceptance
- Security
Cons
- Can be costly with initial purchase charges
- Not all merchants accept travelers checks
Compare travel credit cards
A guide to Colombian pesos
Colombian pesos come in 1,000, 2,000, 5,000, 10,000, 20,000 and 50,000 banknotes. Battered and worn 1,000 pesos notes are accepted by vendors within reason.
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Foreign exchange and changing cash
COP is the national currency of the Republic of Colombia, though Colombian pesos are not the same as Mexican pesos. COP is a volatile currency and exchange rates may change marginally during your trip.
You can get your money changed at a bank or at a dedicated money changer. Banks are everywhere and money changers are found in a shopping centers in all Colombian capital cities.
Foreign exchange offices have a cap on the amount of money you can change at a time. Brush up on some basic Spanish to ask about how much money you can change in one go.
¿Cuál es el máximo? – What is the maximum?
Live Rate
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The main banks in Colombia are:
- Banco de Bogota
- Bancolombia
- Banco Davivienda
- Banco de Occident
- BBVA Colombia
- Banco GNB Sudameris
- Banco Popular Colombia
- Citibank Colombia
- Scotiabank Colombia
Using an ATM
In the big cities such as Bogota, Medellin (pronounced Med-e-jin), Cali, Ibague, Cartagena and Barranquilla, ATMs and banks are everywhere. Keep in mind that if you need to see a teller, the lines can get be long.
Here’s what to know about using an ATM in Colombia.
- Security. ATMs are usually inside a small room behind a locked door adjacent to the street. If the ATM is attached to a bank, security guards stand right outside during business hours and your hotel may even be able to arrange an armed escort if you plan on withdrawing a large amount of cash.
- ATM limits. The maximum withdrawal is lower for foreign cards — most Colombian banks let you withdraw up to 600,000 pesos at a time (about $200). Banks vary their limits foreign cards, usually displayed on the ATM welcome screen. Citi has the highest ATM withdrawal limit — but also with the highest fees.
- Fees. You’ll pay international ATM fees for mostccash withdrawal in Colombia. Some ATMs tell you how much they charge, but some claim it’s not available. They vary between 6,000 and 9,000 pesos ($2–$3) per withdrawal.
- Language. Banco de Bogotá, BanColombia and Banco de Occidente ATMs are Spanish only. Davivienda gives you the option of selecting English after you insert your card.
- Donations. You’re given the option of making a donation to Colombian charities when you make an ATM withdrawal. You have a couple of options for how much you’d like to donate. Press no if philanthropy isn’t your thing.
Find ATMs in Colombia
Don’t be a papaya!
Avoid being an easy target for thieves by showing some common sense and keeping your valuables on hand at all times.
- Don’t leave your cellphone on the table when you’re at a bar or restaurant.
- Keep a sharp eye on your bags — thieves are crafty and can switch one of your bags with a dummy bag in half a second.
- Only carry what you need when you leave your hotel or hostel.
- Aguardente is the local spirit and one of the most popular drinks. Don’t drink too much, it can sneak up on you.
- Carry identification with you at all times. Police will often stop locals and tourists randomly to check for weapons and drugs.
Colombia is safer than most people think it is. The civil war is all but finished and the dark days of Colombia’s history are just that: history.
Cash pickup services in Colombia
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Who much should I budget to travel to Colombia?
In a country where it costs a couple of pesos for a bed, you’ll have plenty of money to travel around the country. Travel in Colombia is very cheap for Americans, and you could survive on just a few dollars a day. Even the most luxurious vacation can be done for under $100 a day. All prices are in US dollars.
| Budget (Cheap) | Mid-range | Luxury (High-end) | |
|---|---|---|---|
| Accommodation | Hostel dorm beds per night $1–$5 | Hotel rooms per night $8 | Hostel private rooms per night (based on double occupancy) $8–$34 |
| Meals | Arepa con queso, boiled/salted potatoes, fresh sliced mango street food $1 | Full meals including a meat (chicken) with small side (potatoes, french fries), hot dogs, hamburgers $2–$4 |
|
| Transportation | City buses $.50–$.75 | City taxi (metered, average distance) $1.50–$4 |
|
Prices are approximate and are subject to change.
Case study: David's experience
David
An expat in Medellin
What’s your travel money recommendation?
Don’t cary too much cash around with you. Like anywhere else you travel, thieves look for tourists as targets. It’s best to have a variety of money options, and to leave some card in your hotel room safe just in case.
Frequently asked questions
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Ask an Expert
Where in the US can I exchange US dollars for COP pesos?
Hi Nette,
Thanks for your inquiry and for visiting Finder.
You can buy Colombian Pesos from your local bank though you may not receive the best exchange rates. You can also opt to exchange your USD when you get to Colombia at the airport or from reputable foreign currency exchange stores.
The price in US dollars will be dependent on the exchange rate offered by the provider, so when buying foreign currency, it is important to shop around to ensure you’re getting the best deal.
The exchange rates change daily, so be sure to do a comparison on the day that you’re planning to buy the currency. It’s also important to check what if any, transaction fees the provider charges since this will greatly impact the price you pay.”
Hope this helps! For any clarifications, feel free to message us again.
Cheers,
Nikki
Can an I exchange US dollars for COP in any bank in Colmbia?
Hi Zahava,
Thanks for getting in touch with finder.
Yes, it is possible for you to exchange US dollars for COP in a bank in Colombia. However, you need to realize that it is not the primary function of a bank to exchange currencies. Thus, your transaction may be longer than you expect or you will be charged with higher fees.
Other possible alternatives are going to a money changer or currency exchange office.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua