When planning trips to this or that country, knowing the subtleties of everyday monetary transactions is essential. The key is familiarizing yourself with the local currency, how to buy/sell it, and understanding standard payment methods and banking laws.
Colombia's currency (COP)
Colombia's official currency is called the Colombian peso, but it is denoted by the dollar sign, so it's important not to get confused.
Banknotes in Colombia come in denominations of:
- $10 000
- $20 000
- $50 000
- $100 000
Coins have denominations of $50, $100, $200, $500, and $1000. The equivalent of cents in the Colombian peso is called a centavo.
Due to falling oil prices, the Colombian peso has devalued to record levels, making the country favourable to foreign tourists.
COP cash exchange
Most banks in Colombia do not exchange money. To do so, you'll have to visit currency exchange offices in all major cities. But it is safer to use online exchangers, some of which have offices in the country and are ready to issue cash.
It is worth noting an important fact. Colombia has a big problem with counterfeit banknotes; unsuspecting foreign tourists are often the victims. That's why it's better not to interact with obscure street exchangers without a licence but to look for safer options.
It is always best to carry small notes, as it can be difficult to get change in small towns, shops and taxis.
A safe way to get cash in Colombian pesos (COP) is to have a local card and withdraw money from an ATM. These are available almost everywhere except in the smallest towns or remote areas.
Withdrawal fees are relatively high. You can usually withdraw up to 300,000 or 500,000 COP per transaction. Many banks also set withdrawal limits per day (e.g. 1,000,000 pesos).
Compared to this method, the exchangers present online win due to the lack of limits. Our monitoring of exchange offices will also help you find the most favourable exchange rate and pay for your purchase (or receive funds) in any convenient way.