Budget & Money in Colombia
How much does it cost to live in Colombia and how can I pay?
Welcome to our guide to budgeting in Colombia! Planning a trip to this multi-faceted country requires careful financial management. In this article, we'll give you all the practical advice you need to control your budget and make the most of your stay. We'll show you the costs of accommodation, transport, activities and meals, for all budgets. Whether you're traveling solo or in a group, read our tips to make the most of your trip to Colombia. Ready to travel smart? Follow our guide!
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Money and foreign exchange in Colombia
Travelling to this beautiful South American country offers an unforgettable experience, but managing money can sometimes seem confusing. In this section, we’ll provide all the essential information on Colombian currency, the best means of payment, exchange rates, and tips on how to save money and make the most of your stay.
Colombian Peso: the currency of Colombia
Colombia’s currency is the Colombian Peso. Its code is “COP” for Colombian Peso. The symbol used to represent the Colombian peso is “$” like the American dollar. So be careful with prices.
Colombian banknotes are available in different denominations: $1,000, $2,000, $5,000, $10,000, $20,000, $50,000 and $100,000. Coins are also in circulation, in denominations of $50, $100, $200, $500 and $1,000.
Note that in Colombia, thousands are separated by “.”, e.g. 1,000.
- The Colombian peso is the ONLY currency used in the country. It is not possible to pay for certain services in euros or dollars, as is the case in some other countries.
Colombian peso exchange rates
Before you leave on your trip, it’s a good idea to check the current exchange rate between your national currency and the Colombian peso. Exchange rates can vary, so it’s a good idea to check shortly before you leave.
Currently (March 2025), 1 EUR = 4.445.80 COP and 1 USD = 4.073.40 COP.
Please note that each exchange house or bank has its own exchange rate.
Is it necessary to convert money into Colombian pesos?
To change currency, you have the options listed below. For currency exchange on Colombian territory (bank and exchange house), it is essential to present your passport. You’ll also need to provide a fingerprint from each hand and sign various documents. This procedure is designed to prevent fraud and money laundering. Neither the banks nor the exchange houses charge any commission, but they do charge a low rate.
- Before you leave (at your bank): this is a somewhat cumbersome and time-consuming procedure, as the Colombian peso is not a currency usually available in stock at your bank, which has to order foreign currency.
- Colombian banks: Banks are located in all parts of the country, except in a few places (e.g. El Valle, Nuqui, Palomino, Minca, Puerto Nariño, Rincon del Mar, etc.). However, it's important to note that not all bank branches offer currency exchange services (which can be complicated in some remote villages). Queues are often long, especially on weekends.
- Exchange houses (casas de cambio): Exchange houses, also known as bureaux de change, are establishments where travelers can exchange their foreign currency for the local currency of a country. In Colombia, exchange houses are common in tourist areas, airports, shopping malls and major cities.
- In the street: avoid! Nothing formal or legal. Just a bad plan.
Please note: except in special cases where there are good reasons, it is not advisable to exchange euros, dollars or any other currency into Colombian pesos, either via your bank (i.e. in your country of residence), or in Colombia at an exchange house/bank. We even advise against doing so, as it’s a waste of time and money.
- The best solution is NOT to change money, but to withdraw Colombian pesos directly from ATMs in Colombia using a suitable bank card. See the next section “Using a bank card in Colombia”.
Using a bank card in Colombia
It’s essential to understand how to use your bank card safely and efficiently. What bank card should you use? Are they all the same? We’ll tell you everything you need to know about bankcards in Colombia, including fees, ATMs and tips on how to avoid inconvenience.
Withdrawing cash in Colombia with your bank card
As mentioned above, we advise you to withdraw Colombian pesos directly from ATMs (cajero in Spanish). You’ll lose fewer feathers with the following advice, compared to the other option of currency exchange.
- Is it easy to find a distributor in Colombia? From small towns to big cities, you'll easily find vending machines. Things get a little more complicated outside the main urban areas. Some tourist villages (Salento, Villa de Leyva, Jardin, etc.) also have at least 1 ATM. On the other hand, certain areas, often isolated and difficult to access, do NOT have ATMs, such as El Valle, Nuqui, Palomino, Minca, Puerto Nariño, Rincon del Mar, etc. So you'll sometimes have to withdraw cash in person. You may therefore need to withdraw cash in advance, to avoid running out once you arrive.
- Which ATM to withdraw from? In Colombia, as everywhere else, banks have cash dispensers at airports, shopping malls, bank branches and on the street. To be on the safe side, withdraw from an ATM at the airport, in a shopping mall or at a bank branch; there are often security guards on duty. Avoid withdrawing in the street.
- How do Colombian vending machines work? ATMs are either touch-sensitive or have traditional buttons, and you can choose the language (Spanish or English). Colombian ATMs work in the same way as in Europe, except for one detail: you'll be asked which type of bank account will be debited: ahorros or corriente. Choose one or the other, which has no impact on foreign tourists. This choice is only useful for people with a Colombian account. Finally, if you are asked to accept or refuse the conversion rate (from the Colombian bank), always refuse, to get a better rate.
- Limit transactions: to avoid losing money due to transaction fees and/or the bank's exchange rate, make larger withdrawals to limit the number of transactions (and therefore limit losses - clever lynx!). When using your traditional bank card, bear in mind that your bank may apply fees (generally 2%) or even fixed amounts. What's more, you'll also need to take into account any fees associated with the cash dispenser.
- Withdrawal limits: depending on the Colombian bank, you can withdraw up to 2,000,000 COP at a time. Please note that some ATMs may be empty (especially in remote areas or on weekends).
Colombian banks: withdrawal fees
ATMs in Colombia may also charge fees for withdrawals made with foreign cards. These fees vary from ATM to ATM, and may be in addition to your own bank’s fees. Below is a non-exhaustive list of the main banks in Colombia, and their potential ATM fees, in addition to the maximum amount you can withdraw.
Important: don’t forget that your bank may also charge you fees for withdrawals abroad, in addition to the fees for the Colombian bank’s ATM. Don’t forget to decline the proposed conversion rate.
| Banque | Retrait Maximum | Frais par retrait |
|---|---|---|
| ATH | $600.000 | $10.500 |
| Banco de Bogotá | $600.000 | $13.000 |
| Bancolombia | $600.000 | $14.000 |
| Davivienda | $2'000.000 | $15.000 |
| Banco Caja Social | $700.000 | $0 |
| Banco Popular | $600.000 | $10.500 |
| Banco Colpatria | $900.000 | $20.900 |
| BBVA (Colombia) | $300.000 | $18.000 |
Free bank cards to avoid bank charges
Revolut
-
Account opening: no conditions
-
Use: free of charge with no conditions
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Management via mobile application
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CB delivery charge: from €5.99
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Mastercard immediate debit
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Customer service in French
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Foreign withdrawal charges: max. €200/month free of charge then 2% charge
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International payments: free and unlimited
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Withdrawals in euros: max. €200/month then 2%.
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Euro payments: free and unlimited
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Free account closure
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3D secure
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Google Pay, Samsung Pay, Apple Pay
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Travel insurance NOT included
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Tax declaration NOT required
N26
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Account opening: no conditions
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Use: free of charge with no conditions
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Management via mobile application
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CB delivery charge: €10
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Mastercard immediate debit
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Customer service in French
-
Foreign withdrawal charges: 1.7% / withdrawal
-
International payments: free and unlimited
-
Withdrawals in euros: 3/month free, then €2 withdrawal fee
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Euro payments: free and unlimited
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Free account closure
-
3D secure
-
Google Pay, Samsung Pay, Apple Pay
-
Travel insurance NOT included
-
Tax declaration REQUIRED
Budget for a trip to Colombia
The budget for a trip to Colombia can vary according to several factors, such as the length of your stay, the type of accommodation, the activities you plan, the lifestyle you want to adopt and your mode of travel. However, here are a few guidelines to help you get an idea of how much you’ll need.
Tourism development
Enjoying unwavering enthusiasm for over a decade, South America has seen a steady increase in prices year on year. This trend can also be observed in Colombia, which ranks among the most expensive Andean destinations, surpassing Ecuador, Peru and Bolivia.
However, the situation varies considerably from region to region. In the most popular tourist areas (such as Cartagena), rates can be three to four times higher for the same quality as in less-frequented regions.
- All prices indicated in this “budget” section are estimates only. Every trip is different, depending on personal choices, economic conditions, etc. We advise you to draw up a detailed travel plan so that you know exactly how much you'll need for your trip.
Housing budget in Colombia
Here are a few tips to optimize your accommodation budget in Colombia and enjoy a memorable stay without compromising your wallet. The table below will give you an idea of prices for accommodation in Colombia, depending on the level of service. You’re bound to find what you’re looking for!
- Make online comparisons: use booking sites like Booking.com or Hostelworld to compare prices and accommodation options in different Colombian cities. Don't forget to read traveler reviews to get a clear idea of what you can expect.
- Being alone or with others: being 2 or more people is an advantage when it comes to sleeping in a private room, compared to a single person, who will pay the same price or almost the same price (depending on the hotel's policy). This is another factor to take into account.
| Niveau de budget | Type de prestation | Coût par nuit (en peso colombien) |
|---|---|---|
| Budget économe | 1 lit en dortoir (auberge de jeunesse) | 25 000 à 70 000 COP |
| Budget moyen | Chambre double (hôtel 3 étoiles) | 110 000 à 250 000 COP |
| Budget élevé | Chambre double (hôtel 4 étoiles, lodges etc.) | Plus de 250 000 COP |
The food budget in Colombia
When you travel to Colombia, the culinary experience is usually an important criterion (well, for us anyway!). From the exquisite flavors of local cuisine to bustling markets brimming with fresh produce, Colombia is a paradise for exotic food lovers. However, as with any trip, it’s important to manage the food budget wisely. Here are some practical tips on how to enjoy Colombian cuisine without compromising your wallet, as well as an indicative table of certain prices.
- Opt for the daily menu (“menu del dia”): many small restaurants offer affordable daily menus (soup + main course + juice for less than 14,000 COP). Menu del dia” are also known as ‘comidas corrientes’.
- Avoid Very Touristy Areas: restaurants located in very touristy areas tend to charge higher prices. To save money, stay away from tourist areas and explore more local neighborhoods where prices are often more reasonable.
| Niveau de budget | Type de prestation | Coût par personne (en peso colombien) |
|---|---|---|
| Restaurant (Budget minimal) | Menu du jour (1 soupe + 1 plat principal + 1 jus) | 8 000 à 14 000 COP |
| Restaurant (budget économe) | Fast-food ou petits restaurants | 20 000 à 40 000 COP |
| Restaurant (Budget moyen) | Restaurants avec cuisine plus élaborée | 40 000 à 70 000 COP |
| Restaurant (Budget élevé) | Restaurants (très) chics | 70 000 COP et plus |
| Bière locale | Poker, Aguila, Club Colombia | Environ 4 500 COP |
| Bière importée | Corona, Heineken, etc. | Environ 9 000 COP |
| Street Food | Empanadas, arepas | 3 000 à 5 000 COP / pièce |
The transport budget in Colombia
Whether you want to explore the bustling cities, venture into the lush countryside or discover the beaches of paradise, here are a few practical tips to optimize your transportation budget in Colombia, and a few price ideas to get an idea.
- Use public transport: public transport, such as buses and colectivos, is an affordable and practical way to get around Colombia. Plus, you'll get to see a lot of the countryside, and experience the charm of Colombian-style travel!
- Use ride-sharing apps: ride-sharing apps are becoming increasingly popular in Colombia (Uber, DiDi, Cabify, Indriver, Beat). Use them to get affordable and convenient rides, while having the opportunity to chat with locals.
| Type de prestation | Trajet | Coût (en peso colombien) |
|---|---|---|
| Taxi | Bogota : aéroport - Centre-ville | 30 000 à 35 000 COP |
| Taxi | Medellin : aéroport - Centre-ville | 90 000 COP |
| Bus | Bogotá - Medellín (9-11h) | 90 000 à 120 000 COP |
| Bus | Carthagène - Santa Marta (4h) | 40 000 à 90 000 COP |
| Bus | Medellín - Cali (9-12h) | 60 000 à 90 000 COP |
| Bus | Bogotá - Santa Marta (18-20h) | 130 000 à 151 000 COP |
| Bus urbain | Transmilenio (dans Bogota) | 2 750 COP / trajet |
| Metro | Metro de Medellin | 2 660 à 4 430 COP |
| Avion (aller simple) | Carthagène - Bogota | 200 000 à 379 000 COP |
| Avion (aller simple) | Bogota - Leticia | 320 000 à 700 000 COP |
| Avion (aller simple) | Medellin - Bahia Solano | 256 000 à 371 000 COP |
| Avion (aller simple) | Bogota - San Andrès | 325 000 à 600 000 COP |
Budget for activities in Colombia
When planning a trip to Colombia, one of the essential aspects to consider is the budget for activities. Colombia is full of wonders to discover, from cultural visits to outdoor adventures and unique experiences. Below is a list of tips, and a table showing the price of activities in Colombia.
- There's strength in numbers: for some tours, the number of people influences the final price. For example, a 3-day tour of the Guajira desert can cost around 1,000,000 COP per person if there are only 2 people, compared with around 600,000 COP per person if there are 5 or 6 people. Looking for fellow travellers on social networks or at your hostel, etc. can be a good idea.
- Be flexible: stay open to opportunities and last-minute changes. Sometimes you'll be able to find cheaper activities depending on where you are, or on local advice.
- Use local Colombian agencies: especially if you want to book in advance over the Internet, we recommend using a Colombian agency. Many American and European websites offer the same activities, but at sometimes staggering prices. So look for sites that are at least in Spanish, and indicate prices in Colombian pesos.
- Plan ahead: depending on where you're visiting, take a look at the activities on offer that might interest you, and their prices, so as not to be surprised and then disappointed because they're potentially out of your budget.
| Exemples d'activités | Coût par personne (en peso colombien) |
|---|---|
| Musée de l'or de Bogota | 5 000 COP |
| Ciudad Perdida (tour de 4 jours) | 1 750 000 COP |
| Visite Finca de café | 20 000 à 35 000 COP |
| Plongée (PADI déjà acquis) | À partir de 250 000 COP |
| Formation PADI Open Water | À partir de 1 200 000 COP |
| Parapente | 150 000 à 370 000 COP |
| Rafting | 60 000 à 260 000 COP |
| Saut à l'élastique | 70 000 à 180 000 COP |
| Spéléologie | 40 000 à 80 000 COP |
| Canyoning | 70 000 à 180 000 COP |
| Canopy (tyrolienne) | 25 000 à 100 000 COP |
| Cano Cristales (depuis Bogota :$/ Medellin, tour de 4 jours) | 2 800 000 à 4 400 000 COP |
| Tour La Carbonera (1 jour) | 200 000 à 260 000 COP |
| Tour Désert de La Guajira (3 jours) | 500 000 à 800 000 COP |
| Observation des baleines (Pacifique) | 130 000 à 300 000 COP |
Total budget for a trip to Colombia (excluding airfare to and from Colombia)
Now that we’ve looked at the budget for accommodation, food, transport and activities, let’s take a look at the total budget for your stay in Colombia (NOT including plane tickets from your place of residence to Colombia).
Generally speaking, a single person will pay more, proportionally, than a couple or a group with similar accommodation and activities (some). If you’re on a tight budget, you’ll have to opt for dormitories, for example, and try to join a group for certain activities (as the number of people has an impact on the cost per person).
It goes without saying that organizing your own trip is a source of savings, provided you take the time to do your research properly.
| Niveau de budget (voyage de 3 semaines) | Coût par personne (en peso colombien) |
|---|---|
| Budget économe | 3 500 000 à 4 500 000 COP |
| Budget moyen | 8 000 000 à 9 000 000 COP |
| Budget élevé | 15 000 000 COP et plus |
- Economical budget - Example: 70,000 COP per night + 70,000 COP per day for food + 750,000 COP for transport + 750,000 COP for activities = 4,300,000 COP TOTAL.
- Average budget - Example: 150,000 COP per night + 100,000 COP per day for food + 1,000,000 COP for transport + 2,200,000 COP for activities = 8,200,000 COP TOTAL.
- High budget - Example: 400,000 COP per night + 200,000 COP per day for food + 1,500,000 COP for transport + 3,000,000 COP for activities = 15,150,000 COP TOTAL.
Practical information about Colombia
Advice
A few tips to help you control your budget and save money.
Inform your bank advisor (if required)
If you have a bank account with a traditional bank, inform your advisor of your trip to avoid having your card blocked abroad (security measure). Also ask for a temporary increase in your withdrawal and payment limits, so you can enjoy your vacation with peace of mind.
Travelling with 2 credit cards
Never forget to carry a backup credit card when you travel. This will enable you to be prepared for any eventuality should problems arise with the main card. Having a back-up card ensures peace of mind and easy management of finances during your stay in Colombia.
Learn to convert local currency
Get used to the idea of prices in Colombia, and convert the local currency (Colombian peso COP) into euros or dollars to avoid any confusion when shopping, or to avoid scams. Keep your wits about you to keep your spending under control!
Agree on the price before you pay
The key to avoiding surprises when shopping is to always agree on the price before you pay. Whether in local markets, cabs, tourist activities or restaurants, you need to know the price BEFORE you pay or accept a service.
Always have cash on hand
While it's possible in Europe, for example, to go out without a bill or coin in your pocket, paying for everything by credit card, this is less the case in Colombia. Make sure you always have pesos with you, because outside the big cities, and in small shops, cash is often the only means of payment.
Do not exchange
Don't bring euros or dollars to exchange for Colombian pesos, and don't ask your bank for Colombian pesos. This is the worst possible choice from a financial point of view. Use bank cards to travel (as explained above), it's the best solution.
Tax and commission
Value-added tax (IVA, 19%) is the equivalent of our VAT. Foreign visitors are exempt from this tax in higher-category hotels (where the price before tax will be indicated). For certain credit card transactions, a commission of 2-5% may be charged, but this is usually indicated in advance.
Tipping (propina)
The custom of tipping, known as “propina”, is widespread in metropolitan areas. Especially in more elegant restaurants, it's common to leave between 5% and 10% of the total bill. Some high-end establishments in tourist areas automatically add a 10% service charge to the bill. Finally, it's common practice to round off the amount in cabs.
ATM withdrawals
Give preference to Davivienda and BBVA bank ATMs, which don't charge fees. Don't forget to decline the proposed conversion rate. By doing these 2 things, you'll minimize the cost of withdrawals.
Practical travel guide Colombia
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