What Currency Does Medellin Colombia Use?

Have you ever wondered what currency is used in Medellin, Colombia? Is it the US dollar, the euro, or maybe a completely different currency altogether? In this article, we will uncover the answer to this question and provide you with valuable information about the Colombian peso, the currency used in Medellin and the rest of Colombia.

Key Takeaways:

• Medellin, Colombia uses the Colombian peso as its official currency.
• Prices in Colombia are marked with a dollar sign, but they are in Colombian pesos.
• The Colombian peso has devalued due to dropping oil prices, making it favorable for international visitors.
• Most banks in Colombia do not exchange money, so it’s necessary to go to a money exchange.
• Stay tuned to learn more about the currency exchange options, ATMs, and tips for carrying money in Medellin.

Exchanging Money in Medellin

When in Medellin, if you need to exchange money, it is recommended to visit a money exchange located in major cities. These money exchanges offer safe and reliable services for currency exchange in Medellin. Avoiding money changers on the streets of Cartagena is advisable, as these informal exchanges may not provide honest rates or secure transactions.

Most banks in Colombia do not offer money exchange services, so it’s important to rely on trusted and authorized establishments. Travelers checks are not commonly accepted and can be difficult to cash in Colombia. However, in popular tourist destinations like Cartagena, some establishments may accept U.S. dollars.

“For safe and honest transactions, it is best to visit authorized money exchange offices in Medellin.”

If you prefer another option for obtaining cash in Colombia, Western Union offices can be found in major cities. These offices provide a reliable means of accessing cash and may be a convenient option for some travelers.

If you are considering exchanging money in Medellin, it’s important to be aware of the current exchange rates and any fees involved in the transaction. By choosing authorized money exchanges or reliable options like Western Union, you can ensure a smooth and trustworthy experience when exchanging your currency.

Whether you’re a tourist or a business traveler, exchanging money in Medellin can be easily done through authorized money exchange offices or Western Union. By choosing these reliable options, you can have peace of mind knowing that you are getting fair rates and secure transactions.

ATMs in Medellin

When it comes to getting cash in Medellin, using your bank ATM card is the most convenient option. ATMs that accept foreign debit cards are readily available throughout the cities and small towns of Colombia, including Medellin. These ATMs allow you to withdraw cash in Colombian pesos, providing you with the local currency you need for your daily expenses.

It’s important to note that cash withdrawals from ATMs in Colombia typically come with withdrawal fees, which vary between banks. These fees can vary, so it’s advisable to check with your bank to understand the charges associated with ATM withdrawals in Colombia.

Most ATMs in Medellin allow you to withdraw up to around COP$300,000-500,000 per transaction, which is equivalent to approximately US$150-250. However, it’s worth noting that some banks may impose daily limits on withdrawal amounts, usually around COP$1,000,000.

ATMs are widely available throughout Medellin and other major cities. However, it’s important to note that in the smallest towns or remote areas, ATMs may be less common. Therefore, it’s advisable to ensure you have enough cash on hand when traveling to these locations.

Tips for Using ATMs in Medellin

• Before traveling to Medellin or any other part of Colombia, inform your bank about your travel plans to avoid any potential issues with your ATM card.
• Ensure that your ATM card has an international withdrawal feature activated to use it in ATMs outside your home country.
• When using an ATM in Medellin, be cautious of your surroundings, especially at night or in less crowded areas.
• Keep your PIN safe and avoid sharing it with anyone.
• If possible, use ATMs located in well-lit and secure areas, such as shopping centers or airports.
• Consider using ATMs that are part of well-known banks to reduce the risk of skimming or fraudulent activities.

In conclusion, utilizing ATMs in Medellin is an efficient and reliable way to access cash in Colombian pesos. While withdrawal fees may apply, it’s essential to be aware of your bank’s charges beforehand. With ATMs widely available throughout Medellin, you can easily obtain the local currency you need for your daily expenses while exploring this vibrant city.

Using Credit and Debit Cards in Medellin

Credit and debit cards are making transactions more convenient for visitors in Medellin and throughout Colombia. Although online credit card transactions are not yet widespread, major airlines and certain event ticket companies do accept them. When using your card, you may be asked if it’s a credit or debit card. If it’s a credit card, the cashier may inquire about the number of installments for payment. Most visitors prefer to pay in one installment, but it’s possible to have your bill divided into up to 24 installments. On the other hand, when using a debit card, you’ll be asked if it’s connected to a checking or savings account.

“Using our credit or debit cards in Medellin has been really convenient. Most establishments accept cards, especially in the cities. We’ve had the option to pay in installments, which helps manage our expenses. It’s really nice to have this flexibility!” – Michael, a frequent traveler to Medellin

• Increase in acceptance: Credit and debit cards are increasingly accepted for various purchases in Medellin.
• Exceptions: Online credit card transactions are not yet common, except for major airlines and certain event ticket companies.
• Installment options: Credit card payments can be divided into multiple installments, ranging from one to 24, depending on the establishment.
• Debit card options: When using a debit card, you’ll be asked to select either a checking or savings account.

Using plastic in Colombia is becoming more convenient, allowing visitors to make secure and hassle-free transactions. Whether it’s paying for meals, shopping, or booking experiences, credit and debit cards are widely accepted, giving you peace of mind during your visit to Medellin.

Tipping Customs in Medellin

Tipping in Medellin is not expected but is highly appreciated. In most sit-down restaurants, a 10% service charge is automatically included in the bill. Wait staff will usually ask if you would like to include the service charge in the bill.

It’s common for tourists to tip more than locals, and small-town restaurants may not have tipping as a common practice. Tipping taxi drivers is not customary, but rounding up the bill or giving a small extra amount as a tip is appreciated.

Porters at hotels can be tipped around COP$5,000, and tipping housekeeping staff is also welcome. Remember, tipping is a way to show appreciation for good service and is not mandatory. Feel free to tip according to your satisfaction and the level of service provided.

“Tipping is not an obligation in Medellin, but it’s always nice to acknowledge exceptional service.”

Value Added Tax Refund in Medellin

As non-Colombian visitors in Medellin, you have an opportunity to save money on your purchases by taking advantage of the Value Added Tax (VAT) refund. VAT is a consumption tax that is included in the price of most goods and services in Colombia.

If you make purchases of clothing, jewelry, or other items totaling more than COP$300,000, you are entitled to a refund of the VAT. This can result in significant savings on your expenses during your stay in Medellin.

To claim your VAT refund, follow these steps:

1. Keep all your credit card receipts as proof of your purchases.
2. Fill out Form 1344, which can be found online. This form will require you to provide information about your purchases and personal details.
3. Submit your completed form and credit card receipts to the DIAN office at the airport before your departure.

It’s recommended to visit the DIAN office before checking your luggage, as you may be asked to present the items you purchased.

By obtaining a VAT refund, you can enjoy tax-free shopping in Medellin, making your purchases even more budget-friendly. Take advantage of this opportunity to save money and make the most of your time in Colombia!

Tips for Carrying Money in Medellin

When traveling in Medellin and other parts of Colombia, it’s important to be mindful of how you carry your money to ensure its safety. Here are some helpful tips:

1. Only carry the money you need for the day. By keeping the amount of cash you have on hand to a minimum, you can minimize the risk of losing larger sums of money in case of theft or misplacement.

2. Take advantage of credit card acceptance. Most cafes, restaurants, and retail stores in cities accept credit cards, making it unnecessary to carry large amounts of cash. This not only eliminates the need to carry cash but also provides you with the added security and convenience of electronic payment.

3. Obtain small denominations of Colombian pesos. While credit cards are widely accepted, there may still be some places that only accept cash. It can be helpful to have small denominations of Colombian pesos for these instances.

4. Carry a maximum of COP$200,000 for daily expenses. Carrying a large amount of cash puts you at risk of theft. To minimize this risk, it’s recommended to limit the amount of cash you carry for daily expenses.

5. Distribute your cash. Instead of keeping all your money in one place, distribute it among different pockets, compartments, or belongings. This way, if one location is compromised, you still have access to funds.

6. Withdraw cash during daylight hours. If you need to withdraw cash from ATMs, try to do so during daylight hours and preferably inside well-populated areas such as airports or shopping centers. This helps ensure your safety while accessing your funds.

By following these tips, you can have peace of mind while carrying money in Medellin and have a safe and enjoyable travel experience.

Conclusion

In conclusion, Medellin, Colombia uses the Colombian peso as its official currency. It is important to familiarize yourself with the different denominations of bills and coins in Colombia, as well as stay informed about the current exchange rates. Money exchange services can be found in major cities, making it convenient to convert your currency to Colombian pesos.

ATMs accepting foreign debit cards are widely available in Medellin and throughout the country, providing easy access to cash. While credit and debit cards are increasingly accepted, it is still advisable to carry a small amount of cash for places that only accept cash payments.

When visiting Medellin, it is appreciated but not expected to tip in restaurants and other service establishments. Non-Colombian visitors who make purchases over a certain amount may be eligible for a value-added tax refund, so it’s worthwhile to keep all relevant receipts and fill out the necessary forms.

Lastly, when carrying money in Medellin, it’s best to only carry what you need for the day and take precautions to avoid theft or loss. By following these guidelines and being mindful of the local currency practices, you can have a smooth and enjoyable experience during your visit to Medellin, Colombia.