Where to Exchange Money in Colombia? 10 Easy Steps

Today, we’re talking about a question I received: Where to Exchange Money in Colombia? More specifically, they wanted to know where I would recommend exchanging money in Cartagena.

My answer was simple: I usually withdraw money directly from an ATM using my debit card. In my experience, this is a convenient way to access Colombian pesos without having to carry large amounts of U.S. dollars around looking for a currency exchange.

Personally, that’s never been my approach to traveling in Colombia or other parts of South America. I’ve always preferred using my debit card to access my money when I need it.

So, if you’re wondering where to exchange money in Colombia, let me explain why I prefer using ATMs, how to withdraw Colombian pesos, and one important step that can help you avoid getting a poor exchange rate.

Where to Exchange Money in Colombia: My Preferred Method

My preferred method of getting Colombian pesos is to withdraw cash directly from an ATM, which is called a cajero automático in Spanish.

Why do I prefer this method? Convenience is a big reason. I don’t have to arrive in Colombia carrying a large amount of cash, search for a currency exchange office, or spend time comparing exchange rates at different locations.

Instead, I can use my debit card to withdraw Colombian pesos when I need them.

Another potential advantage is the exchange rate. Depending on your bank, the ATM operator, and the transaction details, withdrawing money from an ATM can offer a competitive exchange rate compared with exchanging cash at a currency exchange counter.

However, keep in mind that your results will depend on your particular bank and the ATM you use. Your bank may charge foreign transaction fees or ATM withdrawal fees, and the local ATM operator may charge an additional fee.

The important thing is to understand how the transaction works before you start withdrawing money.

Why I Don’t Recommend Arriving With a Wallet Full of Cash

Let’s say you’re traveling from the United States to Cartagena, Colombia. You arrive with several hundred dollars in your wallet, and now you need Colombian pesos to pay for transportation, food, and other expenses.

Naturally, when it comes to where to exchange money in Colombia, you’ll likely start looking for the first currency exchange office.

The problem is that you now have to find a place offering a reasonable exchange rate. Different exchange providers can offer different rates, and some may charge fees or build their profit into the rate they offer you.

If you don’t know what the current exchange rate is, you might not realize how much money you’re losing on the transaction.

That’s why I prefer to have access to my money through my debit card rather than carrying a large amount of cash that needs to be exchanged after arrival.

Of course, everybody has their own way of traveling, and you can do whatever works best for you. But before exchanging a large amount of U.S. dollars in Colombia, take a moment to compare your options.

You might discover that withdrawing pesos from an ATM is more convenient and potentially more economical.

How to Use an ATM in Colombia

Now, let’s get into the practical side of things. If you’ve never used an ATM in Colombia, don’t worry. The process is relatively straightforward.

Here’s how I typically withdraw Colombian pesos using my debit card.

Step 1: Insert Your Debit Card

Find an ATM and insert your debit card into the machine. Whenever possible, use an ATM in a secure, well-lit location, such as inside a bank or shopping center.

Step 2: Select Your Language

The ATM may ask you to choose between English and Spanish.

I usually select English. Even though I know Spanish and it’s very useful when traveling through Colombia, there’s no need to make a financial transaction more complicated than necessary. Also, there’s been times when my US-based card didn’t work when I used Spanish. So this is no time to practice your Spanish…at least not on a real transaction. Just get the money and go!…

Step 3: Choose the Withdrawal Option

The ATM may offer several options, including checking your balance and withdrawing Colombian money.

Select the withdrawal option to get your Colombian pesos.

Step 4: Select Your Account Type

You may be asked whether you want to withdraw money from your checking or savings account.

In my example, I’m using a checking account. Select the account associated with your debit card.

Step 5: Enter the Amount You Want to Withdraw

Next, enter the amount of Colombian pesos you want to withdraw.

For example, in my demonstration, I select 300,000 Colombian pesos. Depending on the exchange rate, that might be around $70 or a little more.

Remember that the U.S. dollar equivalent will fluctuate with the exchange rate, so don’t treat that example as a fixed conversion.

Step 6: Enter Your PIN

Enter your debit card PIN and press the button to accept or continue.

Always shield the keypad when entering your PIN, especially if other people are nearby.

Step 7: Pay Attention to the Currency Conversion Screen

This is the important part!

The ATM may display a message asking whether you want to accept or decline its currency conversion.

In my demonstration, I choose Decline Conversion.

Why? When an ATM offers to convert the transaction into your home currency, it may be offering what’s known as dynamic currency conversion. The ATM operator sets the conversion rate, which may be less favorable than the rate available through your card network or bank.

By declining the ATM’s conversion, you generally allow the transaction to be processed in Colombian pesos, leaving the currency conversion to your card network or bank, depending on your card’s arrangements.

This can help you avoid an unfavorable conversion rate.

However, declining the ATM’s conversion doesn’t guarantee the lowest possible overall cost. Your bank may still charge foreign transaction fees, and the ATM operator may charge its own withdrawal fee.

Step 8: Collect Your Money

Once the transaction is approved, the ATM will dispense your Colombian pesos.

Take your money and put it away securely before leaving the ATM.

Step 9: Get Your Receipt and Debit Card

You may have the option to print a receipt or view the transaction details on the screen. I personally like getting a printed receipt so I have a record of the withdrawal.

Most importantly, make sure you retrieve your debit card before walking away. Some machines return the card before dispensing the cash, while others may follow a different sequence.

Take a moment to make sure you have everything.

And that’s it! You’ve successfully withdrawn Colombian pesos from an ATM.

A Few More Tips for Withdrawing Money in Colombia

Before you head out to explore Cartagena, Medellin, Bogota, or another Colombian destination, keep a few things in mind.

First, check with your bank about international ATM fees and foreign transaction fees before leaving the US. Those charges can affect whether withdrawing money is a good deal for you.

Second, consider using ATMs located inside banks or established shopping centers. Stay aware of your surroundings, avoid displaying large amounts of cash, and put your money away before leaving.

Third, don’t withdraw more money than you need simply because you’re already at the ATM. It’s worth balancing the convenience of fewer withdrawals against the possibility of carrying too much cash.

Finally, consider bringing a backup payment method. If your debit card is lost, blocked, or declined, having another way to access your money can save you a lot of stress.

Where to Exchange Money in Colombia: Final Thoughts…

Hopefully you’ve enjoyed this guide on “Where to Exchange Money in Colombia”.

Again, my personal preference is to use an ATM to withdraw Colombian pesos directly from my bank account. It’s the method I’ve used throughout my travels in Colombia and Latin America, and I appreciate the convenience of accessing money when I need it.

If you’re planning a trip and wondering where to exchange money in Colombia, don’t automatically assume that a currency exchange counter is your best option. Compare the available exchange rates and fees, and consider whether using an ATM with your debit card makes more sense for you.

Most importantly, pay attention when the ATM asks you to accept or decline its currency conversion. Declining the ATM’s conversion is often a good way to avoid a potentially unfavorable exchange rate, although your bank’s fees and the ATM operator’s charges still matter.

At the end of the day, it’s your money, and you can manage it however you see fit. I’m simply sharing what has worked for me so you can make a more informed decision before traveling.

Until next time…
Enjoy your travels, keep your money safe, and I’ll see you on the next one!