In this guide I will outline how to access cash, use cards and make payments across Colombia. If you take the right steps it should be a painless and stress free experience but there are some important things to remember and particularities which can complicate things.
I have lived and worked in Medellin, Colombia for almost fifteen years and this is the advice I give to friends and family who come to visit.
Currency exchange in Colombia
➡️ Where to exchange currency in Colombia?
If you have cash you want to exchange there are plenty of options in the bigger cities, the rates will be slightly less favorable in the smaller cities and it will be impossible in the small towns.
⚠️ Always avoid changing money at the airport as you will get a poor rate of exchange.
👉 My recommendation is to check online and then head to a mall which has multiple exchange houses “casas de cambio”. They are usually located close together in a mall and then you can visit two or three to compare rates.
For example, when in Medellin you have Oviedo Mall in Poblado which has five or six options around the car park next to the Avenida Poblado entrance. There are security guards around and you can feel comfortable making the exchange inside an office and then leaving in a taxi.
In Bogota, you will find options in malls such as Unicentro or Chipichape in Cali.
➡️ What should I consider when exchanging money?
Bringing a large amount of foreign currency is never recommended and is unnecessary. It is relatively easy to find safe, reliable locations to exchange cash but the rate will be inferior to the exchange on cash withdrawals or card payments.
Whenever possible exchange cash on your own terms and with the knowledge of what a fair rate is.
Airports can overcharge because most visitors don’t know the right price, don’t have a choice and can’t compare multiple options. The same can apply in the more expensive hotels who offer convenience rather than value in the exchange.
Always try to exchange cash in big cities and malls with multiple options who are competing for your service.
⚠️ While Colombia is generally very safe for visitors, don’t “dar papaya” (give papaya or set yourself up to be taken advantage of) as the locals would say. When you walk out of the exchange house you should think about what you do next to prevent making yourself a target for robbery.
This is why, aside from the exchange rates, a mall is the best option as there is a lot of security and it is easy to book an Uber or take a taxi home.
ATMs in Colombia
➡️ What should I know about using ATMs in Colombia?
Withdrawing cash at an ATM in Colombia is generally very easy and is strongly recommended. There is a good range of national and international banks operating in the country with ATMs easily available.
While there are subtle differences, the general steps of using an ATM are broadly the same. You enter your card and it will be retained by the ATM until the end of the transaction. If you insert a foreign card you will usually have the option of English or there will be translations next to each option in Spanish.
Insert your card, then select cash withdrawal from the account of your choice. You will then be given recommended amounts available plus the option to input an amount in denominations of 10,000 COP.
You will then be asked to input your PIN and if you would like the transaction in Pesos or the currency of your account. Always choose pesos as this avoids additional and unnecessary additional charges. Some banks will ask if you would like to accept or decline the exchange rate they offer, click decline and you will be charged less.
You will also be given the option to check balance or receive a receipt. Getting a physical receipt is recommended, just in case there are any issues. The cash will be released, you will hear a beeping sound which means you can take your card and your receipt.
➡️ Where can I find ATMs and what do they look like?
You will find ATMs all over Colombian cities in malls, on the street, in hotels, at the airport and in many other locations. Within a mall, there may be an area with multiple ATMs set into the wall or in stand-alone terminals. You can also find ATMs within the entrance of most banks.
In the street, you will find ATMs which are inside a booth or a small air-conditioned room with cameras. These can be phone box size spaces for individual people or can be larger rooms with multiple ATMs.
Once again, take care when withdrawing cash late at night on quiet streets. Ensure there is nobody suspicious hanging around and be careful where you go immediately after withdrawing cash.
➡️ Are there any fees or limits for ATM withdrawals?
Every bank in Colombia has different fees and policies for cash withdrawals. The terms can also be impacted by the card you are using.
Limits range from around 400,000 COP up to 1,200,00 COP per transaction. Davivienda and BBVA have some of the lowest limits while Citibank and Colpatria are on the higher end. The average is around 600,000 COP and this is the limit for Bancolombia, the biggest bank in Colombia.
While Davivienda has one of the lowest limits, international withdrawals usually have no charge on the Colombian end. Banks who do charge have a fee set around 10,000 COP to 15,000 COP depending on the bank per transaction. Your bank is also likely to charge for withdrawals, which is something to consider.
Using cards vs. cash in Colombia
➡️ How widely accepted are credit and debit cards in Colombia?
Cards can now be used for a large proportion of transactions in major cities but Colombia remains a long, long way from being a cashless society. In the more expensive areas of the city, most purchases can be made by credit or debit card but cash will still be important.
You can pay by card in most restaurants, most bars, all supermarkets, all stores within most malls, in the majority of hotels, cinemas etc. If you are in a more expensive area of town then you can expect to pay for most things with a card.
When paying by credit card you may be asked to show ID and they will also ask you how many installments (“cuantas cuotas”) you would like to pay with. Say one (“una”) in most instances to avoid additional interest charged on transactions.
That said, taxis will require cash (unless paid for in advance via an app), you will need cash for buying from markets, paying for many services and in smaller stores.
Colombians increasingly pay for things in smaller bars, restaurants, markets or stores by scanning QR codes and transferring funds directly to and from accounts. Nequi is a service which allows someone to pay using the recipient’s phone numbers. This can also be used to pay for taxis but it won’t be an option for foreign visitors without a Bancolombia account.
Paying by card and withdrawing from ATMs can be far more difficult the more you venture from the big cities. If you take a trip down to Leticia in the Amazon expect this to be a headache whereas in Poblado, Medellin paying by card will usually be fine.
➡️ Specific fees or charges associated with using cards in Colombia
There are no additional or Colombia specific fees when using your card in the country. The amount charged to pay by card in the country will depend on your bank and type of card.
It is best to check to see if and how much you will be charged.
Are there any alternatives to currency exchange and ATMs in Colombia?
➡️ World Remit and Money Transfers
While Western Union is fairly popular in Colombia, this is a very expensive way to move money. I have personally used World Remit to move money from my UK account to my Colombian account for a very small fee and a good rate of exchange.
While it is possible to have the money paid directly into a Colombian account, you can also send the money to be received in person at Bancolombia branches. Once the transaction is complete, go to the bank with the reference number and photo ID to collect the transfer in cash. Wait times in banks can be painfully slow but if you want to move money quickly at a good rate of exchange, then this is an interesting option.
What’s best: ATM Withdrawals, Carrying USD, or Using Cards in Colombia?
My recommendation would be in most instances to withdraw cash using an ATM and have a debit or credit card for larger purchases. You can buy things in a mall or a supermarket, pay for hotels, cinema tickets, restaurant meals and bar bills with a card in most instances.
You will however need some cash to buy from small stores, pay for taxis, buy a beer in a small bar or for cheaper purchases.
When you go out to smaller towns and villages then cash will become more important. If you are planning to make a 3 or 4 day visit to the countryside, then you should prepare and have enough cash for most or all of your expected transactions.
Carrying dollars is never required or recommended. A taxi driver or a street vendor may take dollars from you in certain circumstances but you will be massively overcharged as they will have to go and change it themselves.
Conclusion
Generally you shouldn’t face too many problems when visiting Colombia. In all decent-sized towns and cities, ATMs are ample and easier to find. You can withdraw cash without any problem while you can use your card for almost all significant purchases you will make while in the country.