Traveling to Colombia is an adventure filled with breathtaking landscapes, rich culture, and warm hospitality. To fully immerse yourself in this vibrant country, understanding the local currency is essential. The Colombian Peso (COP), symbolized as $, is the official currency and plays a vital role in your daily transactions, whether you’re enjoying a delicious Arepa at a street vendor or exploring the colorful streets of Cartagena.

The Colombian Peso has a fascinating history that reflects the country’s economic evolution. Introduced in the early 19th century, the peso has undergone several transformations, particularly during periods of inflation and economic reform. The current version of the peso was established in 1993, following significant monetary changes aimed at stabilizing the economy. As you navigate through Colombia’s markets and cities, knowing how to handle the peso will enhance your travel experience and help you connect with locals.

Currency Denominations

The Colombian Peso is divided into 100 centavos. Here’s a breakdown of the denominations you’ll encounter:

Banknotes

• $1,000
• $2,000
• $5,000
• $10,000
• $20,000
• $50,000
• $100,000

Each banknote features notable figures from Colombian history and vibrant designs that reflect the country’s cultural heritage.

Coins

• 50 centavos
• 100 centavos
• 200 centavos
• 500 centavos
• $1,000

Coins are commonly used for smaller purchases and can be found in various sizes and designs.

Practical Usage Guide

Currency Exchange

• Exchanging Money: While it’s possible to exchange money at airports and hotels, it’s generally advisable to use authorized currency exchange offices (casas de cambio) or banks for better rates. Avoid exchanging money on the street due to risks of counterfeit bills.

Payment Methods

• Cash vs. Card: Cash is widely accepted throughout Colombia, especially in smaller towns and rural areas. Credit cards (Visa and MasterCard) are commonly accepted in urban centers but may not be as reliable in remote locations. Always carry some cash for local markets and transportation.

ATMs

• ATMs are readily available in cities and larger towns. They usually offer competitive exchange rates compared to banks. However, be cautious of potential fees and ensure you withdraw cash in Colombian pesos to avoid dynamic currency conversion charges.

Tips for Travelers

• Familiarize yourself with current exchange rates to budget effectively.
• Carry smaller bills; it can be challenging to get change for larger denominations.
• Be mindful of your surroundings when using ATMs—opt for machines located inside banks or well-lit areas for added security.
• Not all the places use credit cards, so carry small amount of currency needed for the day or for the event.

By understanding these aspects of the Colombian currency, travelers can confidently manage their finances while enjoying all that this beautiful country has to offer—from its stunning landscapes to its rich cultural experiences. Embrace the rhythm of Colombia and let the peso guide you through this unforgettable journey!

Major Banks in Colombia

Colombia’s banking sector is robust, featuring several prominent institutions that play a critical role in the country’s economy. Here are the five major banks in Colombia, recognized for their size, services, and influence:

Bancolombia

Bancolombia is the largest bank in Colombia, offering a comprehensive range of financial products and services. Established in 1875, it has expanded its operations to countries like El Salvador, Panama, and Peru. The bank is known for its innovative digital platform, Nequi, which facilitates various transactions and banking services. As of 2022, Bancolombia had total assets amounting to approximately 352.81 trillion Colombian pesos.

Banco de Bogotá

Founded in 1870, Banco de Bogotá is the oldest commercial bank in the country. It operates around 650 branches and is recognized for its diverse financial products, including student loans and credit cards. The bank is part of Grupo Aval, a major financial conglomerate in Colombia. It ranks highly among Colombian banks in terms of total assets.

Davivienda

Established in 1972, Davivienda focuses on providing financial services to various sectors, including rural and mining industries. The bank operates over 670 branches nationwide and is known for its customer-centric approach and innovative marketing strategies. Davivienda consistently ranks among the top banks by assets in Colombia.

Banco del Occidente

Founded in 1965, Banco del Occidente primarily serves both individual and corporate clients. It offers a variety of products, including free investment loans. With around 200 branches across Colombia, it plays a significant role in the banking landscape. Like other major banks, it holds a substantial asset base.

BBVA Colombia

A subsidiary of the Spanish BBVA Group, BBVA Colombia has a strong presence with over 1,300 ATMs and branches throughout the country. The bank is particularly noted for its mortgage loans and investment products. It ranks among the top banks by asset size in Colombia.

These banks not only provide essential financial services but also contribute significantly to the economic development of Colombia through their extensive networks and innovative offerings.