Information Sheet Last Updated: June 2004

Money

Colombia’s currency is the Peso and is divided into 100 centavos. There are coins of 20, 50, 100, 200, 500, and 1000 pesos. There are notes of 1,000, 2,000, 5,000, 10,000, 20,000, and 50,000 pesos. Large notes of over 10,000 pesos are often impossible to spend on small purchases because change is in short supply, especially in small towns. The Colombian Peso is the only means of payment everywhere and US dollars are not accepted except in some hotels.

The official exchange rate fluctuates daily but as of August 2005 was 2,307 pesos to the US dollar and 2,839 to the Euro (check www.xe.com for current rate). Counterfeit dollars and pesos are in circulation in Colombia. Do not accept torn or damaged notes from anyone because most places will not accept them from you and there is a larger chance they may be counterfeit. No one, not even banks, will take counterfeit bills from you if you realize you do have some.

Only large hotels offer currency exchange; small (budget) hotels do not offer this service. Exchange houses and banks require tourists to fill out an "exchange form" and leave a photocopy of their passport. This is actually a government requirement ( residents are liable for a 10% tax on foreign exchange) and means that the exchange house is very reliable. Never exchange currency on the street.

Traveler´s checks are exchanged only in large Hotels, Banks and some exchange houses, usually they offer an even lower exchange rate for them. When exchanging travelers’ checks, a photocopy of your passport may be taken. There is a large quantity of counterfeit American Express travelers’ checks in circulation, therefore, you may experience difficulty in cashing these so you may want to take another brand with you. For changing American Express checks, use Bancolombia. You must always provide proof of purchase.

Obtaining reimbursement for lost American Express travelers’ checks can be straightforward if you have the numbers recorded, proof of purchase, a police report discussing the circumstances of loss, and apply to their office any Bancolombia branch office. Non US dollar travelers’ checks are practically impossible to change in Colombia.

Credit and debit cards are probably the best method of obtaining pesos, but you might want to take two or three from different companies for maximum flexibility. Banks will advance cash with a passport for identification barring that bank does business with your credit card company. VISA, MasterCard, Diners Club and American Express are accepted almost everywhere. Discover Card, Carte Blanche and other European credit cards are virtually unheard of.

ATMs are a very convenient way to get money with a credit or debit card and are open 24 hours a day. There are literally thousands of ATMs all over the country (in all cities and large towns) and most have Spanish and English language options. Check the logos next to the ATM to see if you can withdraw money with your debit or credit card. Most ATMs accept Cirrus and Maestro affiliated cards. The exchange rate is determined at the time the charge is posted to your account and the commission or other charges are set by your bank at home. Be careful when withdrawing money at an ATM, do not accept help from strangers and if you notice some “thing” obstructing the card slot do not use that ATM. For higher security use ATMs inside supermarkets or malls.

Money can be transferred between banks in most countries and Colombia, however, before you travel, find out which bank in Colombia your home bank is related to. Find out all relevant information such as routing numbers before leaving home. The whole process may take two to three days, paid in pesos and you will be required to show identification. An alternative is to use a service such as Western Union or MoneyGram.

The days of surviving well on one dollar a day are long gone although in general traveling for the budget-conscious is still possible and prices are very reasonable. One person can easily spend the day in any city with $10 to $20 depending on his/her activities (excluding lodging costs). Food is perhaps the cheapest item in your budget when traveling in Colombia. A typical lunch at an average restaurant is around 4 dollars with soft drinks included and in some parts prices are even less. Bus fares in cities vary between 25 and 35 cents (900 to 1200 pesos), taxis are more expensive especially in Bogota, although very cheap by European and Amercian standards.

Bogota and Cartagena are the most expensive cities in Colombia. As a major tourist destination, Cartagena has some of the most expensive prices in Colombia, some hotel rooms go for about $300/night and food and beverages are also expensive. Bogota can be pretty expensive too if you go to trendy restaurants, shops and bars, otherwise it is possible to spend less than $20/day.