Money Matters in Medellin: Your Guide to Currency, Cards & ATMs
The Colombian Peso (COP): The Local Currency
The official currency of Colombia is the Colombian Peso (COP). Prices may be denoted with the dollar sign ($), but this always refers to Colombian Pesos.
- Banknotes: You'll encounter bills in denominations of $1,000, $2,000, $5,000, $10,000, $20,000, and $50,000 pesos. A newer $100,000 peso bill also exists but is less common for everyday small transactions.
- Coins: Coins are in denominations of $50, $100, $200, $500, and $1,000 pesos.
- Small Bills are King: It's crucial to always carry a good supply of smaller bills ($5,000, $10,000, $20,000). Many taxis, street vendors, small shops, and local eateries may not have change for $50,000 or $100,000 bills, especially for small purchases. Trying to pay for a $5,000 coffee with a $100,000 bill can be challenging!
Bring Cash: Trading Dollars for Pesos
Bringing large amounts of physical cash for exchange is generally not recommended. Not only does it expose you to unnecessary security risks (eg theft in your Airbnb or in the street) but also often results in less competitive exchange rates at local casas de cambio compared to ATM's. But if you must, the following are some points to observe.
When it comes to swapping your home currency for Colombian Pesos, convenience doesn't always equal the best rate. It's generally not recommended to exchange money at the airport upon arrival, as their rates are notoriously unfavorable. If you need a small amount for immediate transport, that's fine, but plan to get most of your cash elsewhere.
Your best bet for exchanging physical currency are the "Casas de Cambio" (Exchange Houses) found throughout the city. You'll find many reputable options within Medellín's major shopping malls, particularly in El Poblado, like Santa Fe, Oviedo, and El Tesoro. Unicambios, for instance, is a widely trusted name with convenient locations in Oviedo and Santa Fe malls.
Remember, you must present your original passport to exchange currency at these establishments – a photocopy usually won't cut it. It's also smart to compare rates at a couple of different casas de cambio even within the same mall, as rates can vary.
After your exchange, be discreet and aware of your surroundings, especially if you've withdrawn a large sum. As a general rule, most Colombian banks typically don't exchange foreign currency for non-account holders, so these exchange houses are your go-to for cash swaps.
And please, never exchange money with individuals on the street, with taxi drivers or at local shops, it's not worth the risk of being scammed with poor rates and counterfeit notes. In general shops, restaurants etc do not receive any other currency than Colombian Pesos.
Casas de Cambio in Medellin
Plastic Fantastic: Paying with Credit & Debit Cards
Credit and debit cards are widely accepted in Medellin, especially in larger establishments. You can reliably use your Visa, Mastercard, or American Express at most hotels, major supermarkets (like Éxito, Carulla, Jumbo), department stores (Falabella), chain restaurants (Crepes & Waffles) and almost every shop within a shopping mall.
However, don't expect to use your card everywhere. Smaller local eateries, independent shops, street vendors, and many taxis often operate on a "Solo Efectivo" (Cash Only) basis. It's essential to always carry enough cash for these situations.
When paying with a card, you'll almost certainly hear the question, "¿Cuántas Cuotas?" which means "How many installments?" This is a common practice for locals, but has no relevance to foreign cards. Always reply with "Una" (one).
Always choose to be billed in Colombian Pesos (COP) if the terminal offers you the option. Letting your home bank handle the currency conversion almost always gives you a better exchange rate than the local merchant.
Lastly, remember to inform your home bank of your travel plans to Colombia before you leave. This helps prevent your card from being flagged for suspicious activity and potentially frozen. Nothing worse than having to call your bank whilst on holidays.
ATMs: Your Best Bet for Pesos
ATMs, or "Cajeros Automáticos," are widely available across Medellin, particularly in popular tourist areas like El Poblado and Laureles, and within all major shopping malls and bank branches. They're generally the most convenient and often the most cost-effective way to get Colombian Pesos.
When using an ATM, safety is paramount. Always choose ATMs located inside bank branches, secure shopping malls, or other well-lit, busy areas. Avoid isolated street ATMs, especially after dark. Be aware of your surroundings, and if anything feels off, trust your gut and find another machine. When entering your PIN, always shield the keypad with your hand, and never accept "help" from strangers at an ATM, as they might be attempting a scam. It's also a good idea to quickly check the card slot for any suspicious attachments before inserting your card.
Some Colombian banks annoyingly impose small per-transaction withdrawal limits, ranging from COP 800,000 to COP 1,000,000. You might need to make multiple transactions if you need more cash, subject to your home bank's daily limit. Certain banks, like Davivienda, Banco Caja Social and Servibanco are often noted for allowing higher single withdrawals, sometimes up to COP 2,000,000.
You'll likely encounter high fees when using ATMs. There will be a fee from the Colombian bank operating the ATM (usually between COP 15,000 and COP 20,000), and your home bank might also charge an international ATM fee or a foreign transaction fee. Here's a crucial tip: If the ATM asks if you want to accept their conversion rate and be billed in your home currency, ALWAYS DECLINE (or choose "Continue without conversion"). Let your bank handle the conversion; their rate will almost always be better.
ATM's in Poblado
Money Transfer Services: For Larger Sums
For those needing to send larger amounts of money from their home country to themselves in Colombia, services like Remitly, Wise (formerly TransferWise), and Western Union are excellent options. They typically offer better exchange rates and lower fees compared to traditional bank wire transfers and they're incredibly convenient.
Remitly is a popular choice, known for its competitive exchange rates and various delivery options. You can often pick up cash at numerous partner locations such as Éxito supermarkets, Davivienda banks, Super Giros, and Efecty. They also offer direct bank deposits to Colombian accounts or even transfers to mobile wallets like Nequi and Daviplata. Remitly often has attractive promotional rates, sometimes even offering discounts on your first transaction.
Wise is another highly regarded service, celebrated for its transparent fees and near mid-market exchange rates and they even offer a multi-currency debit card.
Western Union boasts a very wide network of cash pickup locations throughout Colombia, making it a reliable option for quick access to cash. When picking up cash, remember you'll always need to present your original passport and ensure the name on the transfer matches your ID exactly.
IDENTIFYING COUNTERFEIT NOTES
While you're enjoying Medellin, it's wise to be aware of a minor inconvenience common in many bustling cities, including those in South America: the occasional counterfeit banknote. This isn't something that will cripple your trip, but a little mindfulness about the cash you handle can go a long way.
You'll often notice that when you pay with a larger denomination, particularly a $50,000 COP note, shop and restaurant employees will meticulously check its authenticity. Don't take it personally, this is a completely standard procedure for them, a necessary routine to protect their businesses, and it's definitely a habit you should consider adopting yourself.
Knowing how to quickly verify a note's legitimacy is your best defense. Colombian pesos are equipped with several sophisticated security features designed to deter counterfeiters. Look for the distinct watermark when holding the note up to the light, and always trace your finger over the metallic strip integrated into the paper. Perhaps the most tactile test is to gently scratch the hair of the historic person depicted on the note; genuine bills will have a subtle, raised print that feels slightly rougher than normal paper, a clear contrast to the flat feel of a fake. Lastly, a lesser-known but effective test involves folding the note in half and gently rubbing the printed surfaces together. A real note will have a unique, waxy feel with the raised print creating a slight friction, unlike the smooth, almost paper-on-paper sensation of a counterfeit.
One of the most common scenarios where you might encounter a questionable note is with unscrupulous taxi drivers. Be wary of a "bait and switch" maneuver: you hand over a perfectly legitimate bill, and in a swift, practiced motion, they might swap it for a fake one, then return it to you under the guise that they can't make change or that your note isn't valid. To prevent this, make it overtly clear that you are checking the note yourself before you hand it over to the driver, perhaps even briefly noting its serial number. This simple act of vigilance can often deter such attempts.