Money

Currency

The currency in Colombia is the Colombian Peso. The exchange rate is very volatile right now due to a high influx of foreign currency/investments...good for Colombia, bad for exports and tourists.

Today's exchange rate is about $1775 COP to $1 USD. The best way to figure out how much something is going to cost is to divide by 2, remove the last 2 zeros, and add another 10%.

ATM

Best way to get money in our opinion is to use an ATM card. 99% of ATMs in Colombia accept all networks (PLUS, STAR, VISA, MasterCard). By the time you pay the exchange rate + commission, it can be the same as the ATM fee. It is also more secure than bringing with you a ton of cash dollars to exchange. Typically you receive the most fair exchange rate: current market rate at the time of withdraw.

ATM fees from US banks range from $0-3 per transaction. ATM fees from the ATM banks range from $2-4 per transaction. Your bank may reimburse non-network ATM fees.

Many US banks also charge 1-3% of the total transaction. If you rarely travel outside the US, it is best to call your bank before traveling and find out all the fine print fees.

If you hate your bank, switch to Charles Schwab like we did...Zero ATM fees + Reimbursed ATM fees + 0% Foreign Transaction Fees!

Credit Cards

A few places accept credit cards. Debit cards too if VISA or MasterCard. Usually high end stores and restaurants. Keep in mind, most credit cards charge a 1-3% foreign transaction fee, but there are new credit cards coming out with 0% transaction fees as well and you might have one of those (ask your bank). Visa and MasterCard are most accepted. AMEX has higher fees and is less accepted.

Exchanging Cash

If you don't want to use an ATM card, simply bring US cash and exchange it once you arrive. We will try to help you out with this, but the rules are to use common sense. Only deal with people who are reputable, i.e. not in the street. Colombia does not have a big problem with counterfeit bills, but better safe than sorry. Bills will be worn and torn. Simply ask for a note in better condition.

In the airport you will usually be charged a 5% commission (the highest) plus whatever their current exchange rate is (note: this is not the currrent market rate). Some places only charge a rate and no commission. Depending on the rate, the "no commission" can be deceiving. Banks are the worst place to trade currency usually.

Travelers Checks

No one really accepts travelers checks anymore, so do not buy any.