Planning a trip to Colombia for work or leisure requires understanding the local currency to manage your expenses effectively. This guide provides comprehensive information about the official currency in Colombia, where to obtain it, and practical tips to keep your costs down during your stay.
What Is the Official Currency in Colombia?
The official currency in Colombia is the Colombian Peso, managed by the Bank of the Republic of Colombia. Its international currency code is COP, and you will often see prices denoted with the $ symbol. When traveling, you'll need to use Colombian Peso coins and banknotes for daily transactions.
Common denominations include:
- Banknotes: 1,000, 2,000, 5,000, 10,000, 20,000, and 50,000 pesos
- Coins: 20, 50, 100, 200, and 500 pesos
Can You Use US Dollars in Colombia?
While the US Dollar is widely recognized, it is not generally accepted for everyday transactions in Colombia. Some tourist-oriented businesses might accept dollars, but the exchange rate offered is often unfavorable. For this reason, it's advisable to use Colombian Pesos for most purchases.
Understanding exchange rates and having local currency on hand will help you budget accurately and avoid unnecessary costs.
Colombian Peso Banknotes and Coins
Familiarize yourself with the following commonly used banknotes and coins in Colombia:
| Banknotes | Coins |
|---|---|
| 1,000, 2,000, 5,000 | 20, 50, 100, 200 |
| 10,000, 20,000 | 500 |
| 50,000 |
Is the US Dollar Accepted in Colombia?
As mentioned, the US Dollar is not an official medium of exchange in Colombia. While you might find some establishments that accept USD, these situations are exceptions rather than the rule. Merchants who do accept foreign currencies usually apply poor exchange rates, increasing your overall expenses.
A smart strategy for travelers is to use a mix of payment methods:
- Local cash for small purchases, markets, and tips
- Multi-currency debit cards for larger expenses and ATM withdrawals
- Traditional bank cards for emergencies
Diversifying your payment options ensures you’re prepared for any situation. 👉 Compare currency exchange options
Using Travel Cards in Colombia
Travel debit cards are a secure, convenient, and cost-effective way to manage money abroad. Many US financial service providers offer multi-currency cards that allow you to hold, convert, and spend Colombian Pesos with minimal fees.
Benefits include:
- No foreign transaction fees
- Competitive exchange rates close to the mid-market rate
- Easy ATM withdrawals and in-store payments
Wise Multi-Currency Card
The Wise Multi-Currency Card supports over 40 currencies, including COP. It uses the real mid-market exchange rate without markups and offers limited free ATM withdrawals monthly. There are no annual fees or minimum balance requirements, though a one-time card order fee applies.
| Pros | Cons |
|---|---|
| Mid-market rate currency conversion | One-time card order fee |
| No foreign transaction fees | ATM fees after free withdrawals |
| Supports 40+ currencies | |
| No monthly or annual fees |
USD to COP Exchange Rate
Monitoring the USD/COP mid-market exchange rate is essential for budgeting. This rate is the real value at which banks trade currencies, but retail exchange services often add a markup.
Use reliable financial websites or apps to track live exchange rates and compare them against the rates offered by local currency exchange providers.
Should You Exchange USD for COP Before Traveling?
Exchanging some USD for Colombian Pesos before your trip is generally advisable. You can often secure better rates in your home country than at airports or hotels in Colombia.
Having local cash upon arrival is useful for:
- Transportation from the airport
- Small purchases
- Tipping
Avoid currency exchange at airports or hotels, as they typically offer less favorable rates due to limited competition.
Tips for Exchanging Money in Colombia
Follow these tips for a smooth currency exchange experience:
- Always choose to be charged in Colombian Pesos when using cards to avoid dynamic currency conversion fees.
- Use ATMs in urban areas for better rates and convenience.
- Steer clear of unauthorized street exchangers to avoid scams.
- Consider using a multi-currency travel card for secure and low-cost transactions.
👉 Explore more strategies for currency exchange
Where to Exchange Currency in Colombia
The best places to exchange money in Colombia include:
- Local banks during business hours
- Authorized currency exchange offices in city centers
- ATMs affiliated with major banks
While airports and hotels offer convenience, their rates are usually less competitive.
Payment Methods in Colombia
Colombia has a modern financial infrastructure, but cash remains important in many situations. Here are the most common payment methods:
- Debit and Credit Cards:
Accepted in most hotels, restaurants, and retail stores in urban areas. Inform your bank of your travel plans to avoid card blocks. - Colombian Peso Cash:
Essential for small vendors, public transportation, and rural areas. Always carry smaller denominations for convenience. - Multi-Currency Cards:
Ideal for avoiding foreign transaction fees and getting favorable exchange rates.
Paying with a USD-Denominated Card
Using a US bank card in Colombia may incur foreign transaction fees and less favorable exchange rates. Multi-currency cards like Wise allow you to hold and spend COP directly, avoiding these extra costs.
Conclusion
Understanding Colombia’s currency system is key to a stress-free trip. Use a combination of cash and a multi-currency card for flexibility. Always check the mid-market exchange rate to ensure you receive fair value when converting money. With proper planning, you can make the most of your finances while enjoying everything Colombia has to offer.
Frequently Asked Questions
What is the currency in Colombia called?
The official currency is the Colombian Peso, abbreviated as COP. It is represented by the symbol $.
Can I use US Dollars in Bogotá?
No, Bogotá uses the Colombian Peso for all transactions. While some tourist spots may accept USD, it is not standard practice.
What was the old currency of Colombia?
Colombia has used the Colombian Peso for decades. Historical currencies like the Real are no longer in circulation.
What is the best currency to take to Colombia?
The Colombian Peso is the most practical currency for travelers. Carry some cash for daily expenses and use a multi-currency card for larger payments.
Are credit cards widely accepted in Colombia?
Credit cards are accepted in most urban establishments, but rural areas and small vendors may require cash.
Is it safe to use ATMs in Colombia?
ATMs are generally safe in secured locations such as malls, banks, and airports. Avoid isolated ATMs, especially at night.