How can I get the best exchange rate between US dollar and the Colombian peso?
To get the best exchange rate between the US dollar and the Colombian peso, you should first make sure that you know what the “real” mid-market rate of the currency is. This is the exchange rate you find when you look up the currency on Google or here on Finder.com.
Once you know this rate, you can proceed to check the exchange rate offered to you by various services that let you exchange money. If you need to send money to someone in Colombia, online money transfer services are most likely your best choice. These services offers exchange rates that are far better than what most traditional banks do, and they also make your transfer faster and with less hassles.
If instead you are travelling to Colombia, brining an international credit card with you and withdrawing Colombian pesos from an ATM in the country may be a good option. Keep in mind that the cost for making foreign currency transactions varies between banks; so make sure to check that with your bank before you travel.
The US dollar is the most traded currency in the world. The world’s unofficial reserve currency, it can be found in most major currency pairs. In forex, it’s an important benchmark and target rate for countries that fix or peg their currencies against its value. It is also used as the standard currency for oil, precious metals and other commodities.
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$1, $5, $10, $20, $50, $100
1c, 5c, 10c, 25c, 50c
The Colombian peso has been the official currency in Columbia since 1837. The country is a free-market economy that’s seen positive growth. Unlike most of the world’s banknotes, the Colombian peso is displayed vertically.
What affects exchange rates between the US dollar and the Colombian peso?
The exchange rate between the US dollar and the Colombian peso can be affected by a number of political and economic events in both the United States and Colombia. For example, improved economic development in Colombia will usually lead to a stronger peso compared to US dollar. Lately, however, Colombia has seen a widening trade deficit with foreign countries, which contributes to a weakening peso.
Other factors that affect the exchange rate include interest rates in both the United States and Colombia. Higher interest rates in one of the countries will normally be followed by a stronger exchange rate for the same currency. This happens because it becomes more attractive for foreigners to save their money and earn interest in a Colombian bank account, increasing the demand for Colombian pesos in the global currency market in the process.
Send money from USD to COP
How does the Colombian peso trade against the US dollar historically?
Over the years, Colombia has been struggling with high inflation, meaning that the peso has been loosing its value compared to the US dollar and other currencies. Since 2008, the value of the peso compared to the US dollar has gone from about 1,600 pesos to 1 dollar in 2008, to 3,000 pesos to 1 dollar in 2017, which is a near halving of its value.
From 2010 to the beginning of 2014, the exchange rate between the US dollar and the Colombian peso was relatively stable. For most of this time period, the exchange rate remained just below 2,000 pesos for 1 US dollar. In 2014, the peso began to decline in value, going from 1,900 to 3,300 pesos to 1 dollar over a period of about 2 years. Since the sharp decline, the peso has risen slightly in value again and stabilized with an exchange rate to US dollars of about 3,000 pesos to 1 US dollar.
US Dollar to the Colombian Peso for the last 10 days
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US Dollar to the Colombian Peso for the last 10 months
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US Dollar to the Colombian Peso for the last 10 years
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Market rate for common transfer amounts USD to COP
Adrienne Fuller is the head of publishing at Finder. With a decade of experience creating guides in finance and education, she aims to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. For the past 3 years she has been the publisher of money transfers, helping readers save when they send money all over the globe. She has a BA from Colorado College and loves to hike with her two Catahoula dogs around her home in San Diego.
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