Important tips I learned about exchanging currency in Colombia.
- Don't exchange money in smaller cities, you get a worse rate: Best cities to exchange currency are: Bogota, Medellin, Cali, Cartagena, and Barranquilla.
- Don't exchange money at the airport, you'll lose almost close to a third of your money.
- Banks in Bogota don't exchange cash. If you had carried cash the best place to exchange it for Colombian pesos is at casa de Cambios (exchange houses)
Where to Find Casas in Bogota
- The most secure casas are located in malls. Avoid currency exchange houses located randomly along the streets, there's a very high chance they'll give you fake pesos.
- My top suggestions.
- This mall is located in Chapinero. The best thing about exchanging your money here is that there are several casas within the mall. You can compare rates before settling for one.
Centro Commercial Andino
Location: Zona T area
- One of the oldest and most secure casas in Bogota ( New York Money) is located here.
- They have good rates but if you don't like their rates you can head over to the nearby Centro 93. There are several casas there.
ATM withdrawals and Credit card payments
- These are the best option, most cards work perfectly fine in Colombia, just inform your bank you'll be traveling.
- Withdrawal limit: At most ATMs, the maximum withdrawal limit is COP 300,000 ($100).
- It's not much but Colombia is quite cheap you probably don't need more than that in a day.
Helpful tip: In case you need more money, then use Davivienda, BBVA, Bancolombia, and Citibank ATMs. These banks have a higher withdrawal limit ( between COP 600K-1 million).
- Banks in Colombia allow multiple daily withdrawals, but your bank can block your card in case it shows multiple withdrawals in a row.