Planning a trip to Colombia and wondering about the best way to handle your Euros? Understanding the local currency and how to exchange your euros to Colombian pesos is crucial for a smooth and budget-friendly trip. This guide will walk you through everything you need to know about exchanging Euros A Pesos Colombiano both in Spain and upon arrival in Colombia, ensuring you get the most out of your travel budget.
First, let’s address a common question:
How much money can I bring into Colombia?
Like many countries, Colombia has restrictions on the amount of cash you can carry across its borders. The limit is $10,000 US dollars, or its equivalent in other foreign currencies, including Euros. This applies to both entering and leaving Colombia. If you’re carrying more than this amount, you’ll need to declare it and be prepared to justify the source and intended use of the funds, especially when departing and if you have made purchases within Colombia. It’s always wise to keep receipts for significant purchases to avoid any issues.
Can you pay in Euros in Colombia?
The short answer is no. While you might find some tourist-oriented businesses, especially in major cities or tourist hotspots, that might accept Euros or even US dollars, it’s strongly discouraged. The exchange rate they offer will almost certainly be unfavorable, benefiting the business, not you. Furthermore, even if they accept Euros, your change will be given in Colombian pesos, often at a less than ideal exchange rate. To avoid confusion and ensure you’re getting fair value, always aim to pay in the local currency, Colombian pesos.
What about using credit or debit cards in Colombia?
While card payments are becoming more common in Colombia, especially in larger establishments like hotels and restaurants in major cities, they are not universally accepted. It’s less frequent than in Europe or North America. Moreover, be aware that some businesses may add a surcharge for card payments, which can be as high as 13% to cover processing fees.
It’s also important to note the warning from the Spanish Ministry of Foreign Affairs regarding credit card fraud in tourist areas of major Colombian cities. Card cloning and falsification are unfortunately risks, so exercising caution when using credit cards is essential.
Many situations in Colombia still require cash. This includes entrance fees to parks and attractions, smaller shops, public transport, tolls, some restaurants and bars, and especially for excursions and tours in more remote areas. Card machines can also be unreliable at times.
The best strategy for payments in Colombia is to use a combination of payment methods: a small number of card payments where accepted (and being mindful of potential fees and security), alongside a sufficient amount of cash in the local currency, Colombian pesos. Avoid relying on Euros for direct payments.
Cash is often essential when traveling, as depicted in this image. Always be prepared with local currency.
Before you travel to Colombia, exchanging your Euros to Colombian Pesos is key. For a convenient and potentially cost-effective option, consider using services like Exact Change. Using the code MUNDIAL or this link https://www.exactchange.es/?IDO=MUNDIAL may offer benefits such as free shipping when exchanging over 500 Euros.
Understanding the Colombian Currency: Pesos Colombianos (COP)
The official currency of Colombia is the Colombian Peso, represented by the symbol “$” and the ISO code COP.
Currently, banknotes in circulation come in denominations of 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, and 100,000 pesos. Coins are available in denominations of 50, 100, 200, 500, and 1,000 pesos. Familiarizing yourself with the different denominations will help you manage your cash effectively during your trip.
Colombian banknotes and coins. Knowing the denominations helps with transactions and budgeting.
Exchanging Euros to Colombian Pesos: Where and How to Get the Best Rate
You have several options for exchanging euros a pesos colombiano, both in Spain before you travel and once you arrive in Colombia. It’s always recommended to compare exchange rates and fees across different providers to ensure you get the best deal.
Keep in mind that exchange rates fluctuate daily. Rates can vary even between different exchange bureaus in the same city. Monitoring exchange rates in the days and weeks leading up to your trip can help you identify favorable times to exchange your Euros.
The exchange rate is a free market rate. Banks, exchange houses, and other providers set their own rates to cover operational costs such as currency handling, security, and transportation.
The exchange rates you see on online currency converters are indicative only. These rates are interbank rates, which are for large volume transactions between financial institutions. Individual customers will not have access to these exact rates. Think of it like the difference between the wholesale price of flour and the retail price of bread.
1. Exchanging Euros to Colombian Pesos at Spanish Banks
Your first thought might be to exchange currency at your bank in Spain. However, this is not always the most cost-effective option. Most banks typically charge a commission, often around 4%, on currency exchange. Furthermore, Colombian pesos are not a commonly traded currency in Spain, so your bank might not have pesos readily available, or the amount you need might not be in stock.
Even if you call your bank in advance and request to reserve Colombian pesos when the exchange rate seems favorable, the exchange rate applied will be the rate on the day you actually collect the currency, not the rate on the day you made the reservation. Therefore, reserving currency in advance doesn’t guarantee a specific exchange rate.
Avoid leaving your currency exchange until the last minute. Last-minute exchanges often result in less favorable rates. By not comparing rates in advance, you could end up paying more than necessary.
2. Currency Exchange Bureaus in Airports, City Centers, and Train Stations in Spain
Exchange bureaus located in airports and hotels are convenient but generally offer less competitive exchange rates compared to other options. This is because they operate in locations of high convenience, and their overhead costs are typically higher.
Think of airport exchange bureaus like buying bottled water at a 24-hour gas station or popcorn at the cinema. You pay a premium for the convenience.
Tourist streets and major train stations also often have currency exchange bureaus. By law, these bureaus are required to display their exchange rates for both buying and selling foreign currencies.
When using exchange bureaus, don’t just focus on the exchange rate itself. Ask about the final amount you will receive after all fees and commissions are applied. Crucially, also inquire about their currency buy-back or exchange refund policy.
What happens if you return from your trip with leftover Colombian pesos? Understanding the buy-back policy is important. (You can check the Exact Change Recompra or Currency Buy-Back conditions).
Remember that currency exchange bureaus will only buy back banknotes, not coins. Spend your leftover coins during your trip or keep them as souvenirs.
3. Exchanging Euros to Colombian Pesos Online with Exact Change (Spain)
For many, online currency exchange services like Exact Change offer the best combination of convenience and competitive rates for exchanging euros a pesos colombiano in Spain. One of the main advantages of using Exact Change online (or by phone) is that you can have the Colombian pesos delivered directly to your home or workplace via secure courier.
Alternatively, you can choose to collect your currency in person from one of Exact Change’s branches in major Spanish cities like Madrid, Barcelona, or Seville, among over 30 locations Check the Exact Change Branch Network.
You can also authorize someone else to collect your currency order on your behalf, which is a convenient option for home deliveries. Identification (ID card/Passport/NIE) is required for collection.
Is Exact Change reliable?
Yes, Maccorp Exact Change is a licensed Payment Institution regulated by the Bank of Spain, specializing in currency exchange, international transfers, and payments since 1989. They serve both individuals and businesses.
Exact Change’s high transaction volume allows them to offer very competitive exchange rates for online foreign currency purchases, making it a favorable option for residents of Spain.
Can I choose the banknote denominations when buying Colombian pesos online?
Yes, when you purchase foreign currency online with Exact Change, you can specify your preferred banknote denominations for your Colombian pesos. You can request larger or smaller bills, or a mix. This flexibility is a significant advantage of using Exact Change.
Before traveling, it’s always wise to research payment methods in Colombia and understand details like the most commonly used peso banknotes, what peso banknotes look like, when cash payments are preferred or mandatory, and so on.
Exact Change aims to accommodate your banknote denomination requests whenever possible.
Is home delivery of currency from Exact Change secure?
Yes, all orders are shipped via secure private courier, and each delivery is personally tracked by a dedicated department.
Shipping is free for Euro to Colombian Peso exchanges over 500 Euros. For smaller amounts, a shipping fee of 8 Euros applies for mainland Spain, and 15 Euros for the Balearic Islands, Canary Islands, Ceuta, and Melilla.
You’ll receive a delivery reminder message the day before your scheduled delivery. If delivery is unsuccessful on the scheduled day, Exact Change will contact you by phone or email to arrange an alternative.
Your payment is only processed after the currency has been successfully delivered to you. While your account may show a pending transaction, the funds are not actually debited until you have the Colombian pesos in hand.
Cash is often needed for excursions in Colombia. Plan to have enough local currency on hand.
4. Exchanging Euros to Colombian Pesos in Colombia
You can also exchange Euros to Colombian pesos upon arrival in Colombia. Options include:
- Currency exchange bureaus at Colombian airports: While convenient upon arrival, airport exchange rates are generally not the best. However, having some pesos immediately available can be useful for initial expenses like taxis. Airport bureaus are typically open during airport operating hours.
- Exchange bureaus in tourist areas and main streets in Colombian cities: These exist but may not be as widespread as in some other countries. Exchange rates can vary.
- Banks in Colombia (e.g., Banco Davivienda): Banks are a safe option for currency exchange, but be prepared for potential queues.
Always use official banks or authorized exchange bureaus in Colombia.
You can also withdraw Colombian pesos from ATMs at banks in Colombia. However, ATM availability can be less reliable outside of major cities. Be mindful of ATM fees charged by both your home bank and the Colombian bank. For immediate expenses upon arrival, it’s advisable to have some Colombian pesos in cash. Consider exchanging a small amount of Euros before you travel to cover your first 24-48 hours in Colombia.
● WARNING: BEWARE OF STREET MONEY CHANGERS IN COLOMBIA ●
Near banks and exchange bureaus in Colombia, you might be approached by individuals offering to exchange currency on the street. Avoid these unofficial money changers at all costs. These are often scams and are illegal as they lack the necessary licenses. Don’t risk problems when traveling abroad.
Pay attention to banknote denominations when exchanging currency.
When you exchange euros a pesos colombiano, familiarize yourself with the different banknote denominations to avoid receiving your change entirely in large bills. It’s important to have smaller denomination Colombian peso banknotes, as cash is often required for smaller transactions. Being prepared with smaller bills will prevent issues with receiving the correct change.
Damaged banknotes may not be accepted in Colombia.
Check the condition of banknotes you receive. Damaged or defaced banknotes may not be accepted as payment by businesses or banks in Colombia.
● Remember that if you have leftover Colombian pesos when you leave Colombia, the exchange rate for converting pesos back to Euros will be different (and less favorable) than the rate you received when you initially exchanged Euros to pesos. Currency exchange always involves a spread. It’s less advantageous to sell currency back than to buy it.
(This is why services like Exact Change’s Currency Buy-Back Guarantee can be beneficial, potentially allowing you to exchange leftover banknotes back at the original exchange rate under certain conditions).
Traveling to Colombia? Get the Best Euro to Colombian Peso Exchange Rate
If you’re planning a trip to Colombia and want to be a savvy traveler, getting the best euros a pesos colombiano exchange rate is essential. Exact Change aims to provide competitive rates.
Compare rates using their Online Currency Converter. If you find a better rate elsewhere, Exact Change may offer to match it (refer to their terms and conditions).
Take advantage of Exact Change’s services for buying or reserving Colombian pesos at competitive exchange rates through their website or by phone at 900 103 740. Planning your currency exchange in advance is a key step in preparing for your Colombian adventure.
