Currency in Colombia: Paying, ATM; Exchanging money, etc… (A guide for first time travelers)
Explore how to handle money in Colombia: understand payment methods, ATM usage, and tips for exchanging currency.

If you're planning your first trip to Colombia, understanding the ins and outs of the local currency is essential for a smooth and enjoyable experience. This comprehensive guide is designed to inform and assist first-time travelers with all aspects of managing money in Colombia. From **payment methods and ATM usage** to **currency exchange tips and best practices**, we'll cover everything you need to know to navigate the financial landscape seamlessly. Whether you want to know where to exchange your cash or which cards to bring along, this guide has got you covered, ensuring you spend less time worrying about money and more time enjoying your travels.
Essentials
- Currency Used: The Colombian Peso (COP) is the official currency in Colombia. Familiarize yourself with its denominations to ease transactions.
- Credit Cards: Major cities widely accept credit cards like Visa and MasterCard, but smaller towns may prefer cash.
- ATMs: Readily available in urban areas and allow withdrawals in Colombian Pesos. Check for fees and inform your bank about your travel plans.
- Money Exchange: Reliable exchange bureaus located at airports, malls, and in city centers. Avoid street money changers for safety and better rates.
- Cash Tips: Keep small change handy for tips and small purchases; not all vendors accept credit cards.
- Paying with Cash: Preferred in rural areas and local markets. Bargaining may be possible when using cash.
- Currency Restrictions: Declare amounts over $10,000 USD when entering or leaving the country to comply with Colombian regulations.
- Safety Tips: Use ATMs in secure locations, be discreet with cash, and monitor exchange rates to make informed spending decisions.
Currency Overview
Colombian Peso
History and Symbol
The currency used in Colombia is the Colombian Peso, which is an essential part of the country’s vibrant economy. Its symbol is “$,” similar to the US dollar, but it is often abbreviated as “COP” to distinguish between the two. The history of the Colombian Peso dates back to the early 19th century, right after Colombia gained independence. Over the decades, the currency has gone through several changes and reforms to become what it is today. Learning about this fascinating history can help you appreciate the money you’ll be using on your travels.
Current Exchange Rates
Exchange rates can fluctuate, so it’s key to check them regularly, especially before your trip. As of the most recent updates, one US dollar is equivalent to thousands of Colombian Pesos, but these numbers can change. It’s like a dance of numbers! You might find it helpful to download a currency conversion app on your phone. This way, you can easily compare prices and make sure you’re spending wisely while you’re exploring Colombia’s beautiful landscapes and exciting cities.
Coins and Banknotes
Denominations
In Colombia, both coins and banknotes are used widely. The coins come in several denominations, such as 50, 100, 200, 500, and 1000 pesos. The banknotes, which are handy for larger purchases, come in denominations of 2,000, 5,000, 10,000, 20,000, 50,000, and 100,000 pesos. Having a mix of both is useful. Coins are perfect for small items, like buying a delicious arepa, while banknotes cover larger expenses, like souvenirs for friends and family.
Physical Characteristics
Colombian coins are made of different metals, which makes them efficient for daily transactions. They’re practical, and your pockets won’t get too heavy! Banknotes are colorful and often feature famous historical figures, landscapes, and cultural symbols. They’re like tiny artworks in your wallet. Knowing what these coins and banknotes look like helps you avoid confusion when paying for goods and services. It’s like being a detective as you spot the copper hue of a coin or the vibrant colors of a banknote, ensuring you’re using the right currency. This can make buying things in Colombia a fun and educational experience in itself!
Payment Methods
### Cash
Using cash in Colombia can be straightforward and reliable. Many local vendors and traditional markets prefer cash transactions, especially in smaller towns. When exploring bustling markets or trying street food, cash is king. It’s also useful for tipping and making small purchases. However, it’s important to identify authentic currency to avoid counterfeit issues. Real Colombian banknotes are made with distinct textures and have security features like watermarks and color-shifting ink. When in doubt, hold the bill up to the light to check for these markers.
### Credit and Debit Cards
Colombia’s urban centers embrace plastic payments, with credit and debit cards widely accepted in hotels, larger restaurants, and shopping centers. Visa and MasterCard are the most commonly accepted, but some places also take American Express. Watch out for foreign transaction fees charged by your bank; they can add up. It’s a good idea to check with your bank before traveling to avoid surprises. Even though cards are convenient, always have some cash on hand since smaller establishments might not accept them.
### Mobile Payments
Mobile payments are gradually gaining traction in Colombia, especially in cities. Apps like Nequi and Daviplata are popular, allowing people to pay for goods and services seamlessly. They can be a safe and easy way to manage money on the go, as long as you take some basic security precautions. Always keep your phone secure with a strong password and be mindful of network security when making transactions. This way, you can enjoy the convenience of mobile payments while keeping your financial data safe.
ATMs in Colombia
Availability and Locations
ATMs are widespread in Colombia, making it convenient for travelers to access cash. In cities like Bogotá, Medellín, and Cartagena, you’ll find plenty of ATMs in shopping malls, tourist areas, and near major attractions. In more rural areas, they might be less common, so it’s wise to plan ahead. Major banks such as Bancolombia, Banco de Bogotá, and Davivienda boast extensive networks, simplifying the task of finding an ATM near you.
To locate an ATM, you can use online maps or banking apps, which often display their locations. Some banks also offer ATM locators on their websites, making it even easier to find a nearby machine. Be sure your card is set up for international transactions before traveling.
Using ATMs
Once you find an ATM, using it is quite straightforward. First, insert your card into the machine and choose your language, usually English or Spanish. Next, enter your PIN and select the type of transaction, typically a cash withdrawal. Then, choose the amount you’d like to withdraw, keeping in mind any daily limits set by your bank. Finally, collect your cash, card, and receipt. It’s always a good idea to count your money before leaving the ATM area.
Remember, while using ATMs in Colombia, always prioritize safety. During the day is the best time to withdraw money, and ideally, choose ATMs located inside banks or busy areas. Shield your PIN when entering it and be alert to your surroundings.
Fees and Limits
ATM fees can vary in Colombia, so be prepared for potential charges. Your home bank might also impose foreign transaction fees, which can add up. It’s wise to check with your bank about these fees before leaving your country. Some travelers prefer withdrawing larger amounts to minimize transaction costs.
Daily withdrawal limits are another consideration. These limits can differ depending on the bank or ATM network. If you need more cash than your limit allows, you might have to make multiple transactions, keeping in mind the associated fees.
Exchanging Money
Exchanging Money
When visiting Colombia for the first time, understanding where and how to exchange your money is essential. Here, we’ll explore some of your options to ensure you get the best deal and avoid any hassles during your trip.
Where to Exchange
Banks
One reliable place to exchange money is at banks. Most major banks in Colombia offer currency exchange services, and typically, they provide competitive rates. While the process at banks can be more formal and time-consuming than other options, the assurance of authenticity and security can be worth the wait. Remember to bring your passport, as you might need it to complete the transaction.
Currency Exchange Offices (Casas de Cambio)
Currency exchange offices, known locally as “Casas de Cambio,” are another popular option. These are often located in tourist areas, making them quite accessible. They typically offer rates comparable to banks and sometimes even better, but be sure to compare rates before exchanging. Always choose well-known and reputable exchange offices to minimize any risk of scams.
Hotels and Airports
If you’re in a pinch, hotels and airports also offer currency exchange services. While these locations can be convenient, especially right after you arrive, they tend to offer less favorable exchange rates compared to banks or Casas de Cambio. It’s best to use these options for smaller amounts of money or if you have no other choice upon arrival.
Best Practices
Comparing Rates
Before exchanging your money, it’s a good idea to compare rates at a few different places. Rates can vary significantly, even within the same city. A small smartphone app or a quick online search can help ensure you’re getting the most for your money.
Avoiding Scams
In any country, there’s always the potential risk of scams when exchanging money. Be cautious of unsolicited offers from individuals on the street or in non-official settings. Always rely on reputable institutions and remember, if something seems too good to be true, it probably is.
Documentation Requirements
When exchanging money in Colombia, you’ll usually need to present some form of identification. A passport is the best option, as it’s universally recognized. Some places may ask for additional documents, particularly for larger amounts, so it’s a good idea to have them on hand just in case. This process is designed to ensure that currency exchange is carried out legally and securely.
By keeping these tips in mind, you’ll be well-prepared to handle your currency exchange needs efficiently and safely during your Colombian adventure.
Tipping Practices
### Restaurants and Cafés
When you’re dining out in Colombia, it’s customary to leave a tip. While service charges are often included in the bill, it’s polite to add a little extra if the service was particularly good. Typically, leaving around 10% of the bill as a tip is appreciated. In some higher-end restaurants, this percentage might already be included, so it’s a good idea to ask or check the bill. If you’re in a casual setting, like a café or a snack bar, rounding up to the nearest thousand peso is a nice gesture and always appreciated.
### Hotels and Porters
At hotels, tipping practices can vary. If a porter helps you with your luggage, a tip of 2,000 to 5,000 Colombian Pesos per bag is common. For housekeeping, leaving a small amount, like 5,000 Pesos per day, is a way to show gratitude for their work. When it comes to concierge services, consider tipping 10,000 to 20,000 Pesos, especially if they provided exceptional assistance. Remember, these tips can make a difference and often reflect your appreciation for their service.
### Tour Guides and Drivers
Tour guides and drivers in Colombia often rely on tips as part of their income. If you’re on a day tour, tipping your guide 10% to 20% of the tour cost is considered generous but not obligatory. For drivers, a smaller tip, about 5,000 Pesos, is adequate for short trips. For longer drives or transfers, you might consider tipping more, based on the level of service and attention provided. Expressing gratitude with a tip encourages them to maintain their excellent service for future visitors.
Cultural Considerations
Attitudes Toward Cash vs. Cards
In Colombia, you’ll find a mix of old and new when it comes to paying for things. While big cities like Bogotá and Medellín are quickly adopting cashless systems, smaller towns and rural areas still prefer cash. Using cash is often more common, especially in local markets, street vendors, and small shops. However, credit and debit cards are widely accepted in larger businesses, hotels, and restaurants. It’s always a good idea to carry some cash for moments when card payments aren’t an option.
Bargaining and Negotiation Tips
Bargaining is a part of daily life in Colombia, especially in street markets and local shops. It’s not only about saving money, but also a cultural tradition that locals enjoy. The key to successful bargaining is being polite and friendly. A smile can go a long way. Start by offering a price slightly lower than what you’re willing to pay, but don’t be too aggressive. If you’re unsure about the price, watch how locals negotiate. Remember, bargaining is not typically done in malls or big chain stores, where prices are fixed.
Dealing with Counterfeit Concerns
Counterfeit money can be a worry when traveling in Colombia, but there are ways to protect yourself. Always examine the currency you receive, whether it’s from a vendor, cashier, or atm. Colombian pesos have several security features like watermarks, raised textures, and transparent windows. If something feels off, don’t hesitate to ask for another bill. Avoid changing money on the street as this increases the risk of receiving fake currency. Stick to official exchange centers and banks to ensure you’re getting the real deal. Learning about these features before your trip can save you from potential hassles.
Budget Tips for Travelers
Budget Tips for Travelers
Traveling to Colombia can be an exciting adventure, but managing your money wisely is key to enjoying your trip without worry. Here are some budget tips to help you make the most of your visit.
Cost of Living Overview
Colombia is known for being a relatively affordable destination compared to many Western countries. From flavorful street food to lush landscapes, you can experience a lot without breaking the bank. Meals in local eateries often cost less than what you’d pay at fast-food chains back home, and public transport like buses and the metro are both cheap and efficient.
Saving on Exchange Rates
When it comes to exchanging money, getting the best rate can save you quite a bit. It’s helpful to compare rates at different locations before exchanging your cash. Airports usually charge higher fees, so try to exchange only a small amount there if necessary, just enough to get you started. Look out for competitive rates at local banks or authorized currency exchange offices known as “casas de cambio.” Keep an eye on daily exchange rate fluctuations as they can truly affect how much local currency you get for your pennies.
Apps and Tools for Budget Planning
Technology can be a great ally in managing your travel budget. Consider using apps like Trail Wallet or TravelSpend to track your expenses in real-time. These tools help categorize your spending, showing where your money goes day by day. They can also remind you to stick to your budget limit. Before your journey, doing some research with travel blogs and forums can give insights into average costs for accommodations, meals, and activities in different Colombian cities. This will help you set a realistic budget and avoid surprises.
By staying informed and using these practical tips, you’ll be well-prepared to enjoy Colombia without worrying about your wallet. Planning with care ensures that your trip is filled with unforgettable experiences and delightful discoveries.
Takeaways
- Understand the Currency: Familiarize yourself with Colombian Pesos (COP), the official currency, for seamless transactions during your trip.
- Use Local ATMs: Opt to withdraw cash from certified ATMs located in banks rather than street locations to ensure security and better exchange rates.
- Prepare for Cash Payments: While major cities accept credit cards, rural and small vendors prefer cash, so always have some pesos on hand.
- Check for ATM Fees: Be aware of the transaction fees or foreign exchange rates your bank might charge when using ATMs in Colombia.
- Use Official Money Exchange: Use authorized money exchange services or banks in Colombia for converting USD or other currencies to avoid scams.
- Beware of Counterfeit Money: Examine bills carefully and learn to recognize Colombian Pesos' security features to avoid counterfeit money.
- Negotiate for Better Rates: In some cases, negotiating at currency exchange facilities may yield better rates, especially when not in a rush.
- Consider Currency Apps: Utilize currency conversion apps for real-time exchange rates and ensure you’re aware of approximate amounts in Colombian Pesos.
- Notify Your Bank: Inform your bank about your travel plans to prevent your accounts from being flagged for unusual activity.
- Utilize Credit Cards Wisely: Use credit cards for significant expenses in reputable places to earn points and have fraud protection.
- Choose Local Currency for Card Payments: When using your card, opt to pay in pesos to avoid unfavorable conversion fees and rates.
- Limit Cash Exchange at Airports: Exchange small amounts at airports as they typically have less favorable rates than city locations.
- Use Small Bills for Small Purchases: Carry low-denomination bills, as many local businesses struggle to provide change for large notes.
- Inquire about Discounts for Cash Payments: Some establishments offer discounts for cash payments, providing a chance to stretch your travel budget further.
- Stay Informed: Keep updated with news on economic or policy changes in Colombia that may affect currency value or exchange rates during your visit.
Thank you for exploring our guide on currency in Colombia! We hope it helps you navigate your travel adventures. We're eager to hear from you! What tip did you find most useful, or is there something unique you'd like to share from your own experience? Feel free to drop your thoughts and stories in the comments below—let's get the conversation started!