Money in Colombia — FAQ

Always choose Colombian pesos (COP). Letting the machine convert to dollars — Dynamic Currency Conversion — adds roughly 3–8% at a poor rate. Let your own bank convert instead. PaySoQuick's ATM & Cash tool shows what tapping “accept conversion” really costs versus declining.

ATMs (cajeros) give the best rates. Use machines inside banks, malls, or supermarkets rather than standalone street ATMs — they are safer and less likely to be tampered with.

Most ATMs charge a flat fee of about 12.000–30.000 COP per withdrawal to foreign cards. Per-transaction limits run ~300.000–2.000.000 COP and daily limits around 1.000.000. Withdraw the maximum each time to spread that flat fee over more cash. BBVA, Davivienda and Pichincha are often cheaper. PaySoQuick’s Fee Calculator shows your true cost after fees.

Carry cash for taxis, street food, small shops and small towns; cards work well in big cities (Bogotá, Medellín, Cartagena) at restaurants, hotels and malls. Keep small bills — vendors often cannot break a 50.000 or 100.000 note.

Only what you need for a day or two, and refill at ATMs as you go. Don’t flash large amounts. PaySoQuick’s Saved Prices help you sanity-check what things should cost.

Travelers favor Charles Schwab (refunds all ATM fees, no foreign-transaction fee, mid-market rate — needs a US address), Wise (load pesos at the mid-market rate, ~2 free ATM withdrawals a month), and Revolut (popular in Europe; a few Colombian ATMs are finicky with it). Visa and Mastercard are widely accepted; American Express and Discover work mainly at upscale places.

Use official casas de cambio in malls and airports. Banks rarely exchange cash and lines are long. Avoid street money changers (especially in Cartagena) — it is a common scam and safety risk. Don’t buy pesos before your trip; rates are worse. Bring your passport, as exchanges require ID and fingerprints.

Counterfeits do circulate and tourists are a target. Inspect notes, refuse worn or damaged bills, and prefer smaller denominations so you are not stuck with a fake large note.

Locals say “no dar papaya” — don’t make yourself an easy target. Use ATMs during the day in secure locations, carry small amounts, split your cash and cards, and don’t count money in public.

Restaurants: a 10% “propina voluntaria” is usually added to the bill and is optional — you can decline it. For great service add 2.000–5.000 COP extra.

Bars: round up or leave small change.

Taxis: not expected; round the meter up (e.g. 9.000 → give 10.000).

Hotel housekeeping: 2.000–5.000 COP per day.

Porter / bellhop: 2.000–5.000 COP per trip (per visit, not per bag).

Tour guides: about 10%, or 40.000–50.000 COP per person for excellent service.

Food delivery: a small tip in pesos.

It is the “propina voluntaria” (voluntary tip). Staff must ask if you want to include it, and you can say no. Most people leave it for decent service.

Colombia uses a period as the thousands separator and a comma for decimals — the opposite of the US. So 1.000 means one thousand and 50.000 means fifty thousand. PaySoQuick formats pesos the same way.

Cuotas means installments. Unless you want to split a purchase, choose “una” (one). You may also be asked crédito or débito — pick whichever matches your card.

Foreign visitors can request a VAT refund on qualifying purchases over 300.000 COP (such as clothing and jewelry) using DIAN Form 1344 at the airport before departure.