Many larger establishments in Colombia will take credit card and debit card payments, with Mastercard, Visa and American Express all being accepted. However, you’ll also need to have some cash in your wallet to use where you cannot pay by card.
ATMs are fairly easy to come by, but you should aim to use them during business hours inside a bank, supermarket or large commercial building. If you are using an ATM on the street, be vigilant as robberies are common, especially at night.
Debit cards enable you to pay for items quickly and easily in shops and restaurants, and you will also be able to withdraw cash from your nearest ATM.
However, many debit cards charge a foreign transaction fee of around 2.75% to 2.99% whenever you pay for an item, and some also charge a cash withdrawal fee of around 2% to 2.75% on top. That means it’s important to look for one that won’t charge these fees if you plan to use your card abroad.
Prepaid travel cards enable you to load your card with money before you head off on holiday and then use it like a debit or credit card. For a trip to Colombia, you’ll usually need to load your prepaid travel card with pounds sterling and then, when you pay for an item, your pounds will be converted to Colombian pesos at the exchange rate on that day.
Prepaid travel card providers use either the interbank exchange rate or the rate set by Mastercard or Visa, or one of these with a fee on top.
Prepaid cards can be useful if you need to budget as you can only spend what’s on the card (or top it up again if you run out of funds).
Using a credit card is another quick and easy option for payments in shops and restaurants. Plus, you’ll have Section 75 protection, which means purchases that cost more than £100 and up to £30,000 are covered if something goes wrong.
However, be aware that if you don’t pay off your balance in full each month, you’re likely to be charged interest. Many credit cards also charge a foreign transaction fee of up to 2.99% every time you spend and if you use your card for cash withdrawals, you’ll pay another fee on top. So look for a credit card that lets you side-step these fees.
Note that cash withdrawals on credit cards are best avoided anyway as you will usually be charged interest from the moment you get your cash, even if you pay off your balance in full that month.
Traveller’s cheques can be hard to cash in in Colombia and are generally best avoided. Even if you find somewhere that will accept them, fees can be high.
If you’re planning a trip to Colombia, your best bet is to bring a combination of cash and plastic with you so that you’ll be covered in all events. The type of plastic you take is up to you – if you’d prefer not to risk getting into debt and paying interest, a debit card or prepaid card will likely be more suitable. But if you can afford to pay off your balance in full each month, a credit card might be better as you’ll get Section 75 protection. Just make sure you don’t use your credit card for cash withdrawals, and always look for a card that won’t charge foreign usage fees.
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