Colombia operates on the Colombian peso, abbreviated COP and identified by the symbol $. The Banco de la República issues banknotes in denominations of 2,000, 5,000, 10,000, 20,000, 50,000, and 100,000 pesos. Coins circulate in values of 50, 100, 200, 500, and 1,000 pesos. The 20-peso and 10-peso coins were withdrawn from circulation in 2012 but occasionally appear. The current polymer banknote series introduced between 2016 and 2018 features Colombian biodiversity and cultural figures including José Asunción Silva on the 5,000-peso note and Carlos Lleras Restrepo on the 2,000-peso note. The 100,000-peso note depicts Carlos Lleras Restrepo and measures 156 millimeters by 70 millimeters, making it the largest denomination in general circulation. Exchange rates fluctuate considerably. Between 2020 and 2024, the peso ranged from approximately 3,200 to 4,900 per US dollar, with significant volatility tied to global commodity prices and domestic monetary policy decisions by the seven-member board of Banco de la República.
ATMs exist in substantial numbers across Colombian cities but thin dramatically in rural areas. Major networks include Servibanca, Credibanco, ATH, and Redeban. Daily withdrawal limits typically range from 600,000 to 2,000,000 pesos depending on the bank and account type, though individual machine limits often cap at 300,000 or 600,000 pesos per transaction. International cards on Visa, Mastercard, Plus, and Cirrus networks function at most urban ATMs. Machines typically offer interface languages including Spanish and English. ATM withdrawal fees for international cards vary from 10,000 to 21,800 pesos per transaction as of 2024, charged by the local bank in addition to fees imposed by the card-issuing bank. Banco de Bogotá, Bancolombia, BBVA Colombia, and Davivienda operate the most extensive ATM networks. ATMs inside bank branches generally offer better security than standalone street machines. Cartagena reports higher frequencies of card skimming incidents than Bogotá or Medellín, based on complaints registered with the Superintendencia Financiera de Colombia. In smaller towns like Villa de Leyva, San Agustín, or communities in the Coffee Triangle, ATMs may be limited to one or two machines that occasionally run out of cash on weekends or holidays. The Amazon region town of Leticia has ATMs, but connectivity interruptions sometimes prevent authorization of international transactions.
Credit cards gain acceptance in cities but cash remains dominant in Colombia. Visa and Mastercard work at hotels, restaurants, and retail establishments in Bogotá, Medellín, Cali, Cartagena, and other major cities. American Express acceptance is considerably lower, primarily limited to international hotel chains and upscale restaurants. Discover and Diners Club function sporadically. Small restaurants, markets, street food vendors, local buses, and rural accommodations operate cash-only. The 2019 Banca de las Oportunidades survey found that 82.6 percent of Colombians held at least one financial product, but point-of-sale terminal distribution remains concentrated in urban centers. Cartagena's walled city businesses generally accept cards, but vendors in the Bazurto Market or along Caribbean Coast beaches typically do not. Contactless payment with cards works at some Bogotá and Medellín retailers, though adoption trails European or North American levels. Dynamic currency conversion appears on some terminals, offering to charge in the cardholder's home currency at unfavorable rates set by the processor rather than the daily interbank rate. Declining this option and paying in Colombian pesos results in better conversion through the card network.
Mobile payment systems have expanded but coverage is uneven. Nequi, launched by Bancolombia in 2016, reports over 14 million users as of 2023. Daviplata from Davivienda claims similar penetration. Both function as mobile wallets allowing peer-to-peer transfers, bill payments, and merchant payments via QR codes. These systems operate independently of traditional bank accounts, enabling financial access for populations without formal banking relationships. Adoption is highest in Bogotá, Medellín, and Cali. Merchants in Cartagena increasingly display Nequi and Daviplata QR codes. International visitors cannot easily establish accounts with these services due to Colombian identification requirements. Apple Pay and Google Pay have limited acceptance, functioning only at retailers with compatible terminals and primarily in major cities. Cash remains necessary for colectivos (shared taxis), most mercados (markets), roadside restaurants, and transactions in departments like Guajira, Guainía, or Vaupés.
Currency exchange occurs through banks, casas de cambio (exchange houses), and some hotels. Banks including Banco de Bogotá and Bancolombia exchange major currencies but often require account holders to access foreign exchange services, leaving non-account holders dependent on casas de cambio. Exchange houses concentrate in tourist areas of Bogotá (La Candelaria, Zona Rosa), Cartagena (Getsemaní, San Diego), Medellín (El Poblado), and near international airports. El Dorado International Airport in Bogotá has multiple exchange counters in both domestic and international terminals, though rates there typically underperform city center casas de cambio by two to four percent. Hotels exchange currency at rates five to ten percent worse than commercial exchange houses. US dollars receive the best exchange rates. Euros exchange at slightly less favorable rates. Other currencies including British pounds, Canadian dollars, or Australian dollars face significantly wider spreads and may be refused at smaller exchange houses. Carrying some US dollars as backup proves useful in areas where ATMs malfunction or peso liquidity is poor. The Banco de la República posts reference exchange rates daily on its website, providing a benchmark against which to evaluate commercial rates.
Tipping practices in Colombia differ by service type. Restaurants in major cities sometimes include a propina sugerida (suggested tip) of ten percent on the bill, marked as servicio or propina. This charge is technically voluntary under Colombian law, but declining it requires explicit instruction to the server. When no service charge appears, leaving ten percent is standard for table service. Quick-service restaurants and cafeterías do not expect tips. Taxi drivers do not receive tips, though rounding up the fare to the nearest convenient amount is common. Uber and other ride-hailing services follow the same convention. Hotel porters typically receive 2,000 to 5,000 pesos per bag. Housekeeping staff may receive 5,000 to 10,000 pesos per night, left in the room at checkout. Tour guides expect tips scaled to tour duration and group size, with 20,000 to 50,000 pesos per day per person being a general range for full-day excursions. Private drivers on multi-day trips receive higher amounts. Grocery baggers at supermarkets work for tips only, receiving 500 to 1,000 pesos per customer. Service workers in Colombia earn wages lower than those in North America or Western Europe, making tips materially significant to income.
Internet connectivity in Colombia shows sharp urban-rural divides. The Comisión de Regulación de Comunicaciones reported that 66.9 percent of Colombian households had fixed internet access as of 2022. Bogotá, Medellín, Cali, and Barranquilla have widespread fiber optic and cable internet. Providers include Claro, Movistar, ETB (Empresa de Telecomunicaciones de Bogotá), Tigo, and regional operators. Advertised speeds in cities range from 50 to 600 megabits per second, though actual speeds often fall below advertised rates. Rural connectivity depends on satellite or limited DSL infrastructure. Towns in the Coffee Triangle (Armenia, Pereira, Manizales) have good connectivity. Smaller heritage towns like Villa de Leyva or Barichara have functional but slower connections. Remote areas including much of the Amazon region, the Pacific Coast outside major towns, and interior portions of departments like Guainía, Vaupés, and Vichada have minimal or absent fixed internet infrastructure. Leticia has internet services, but capacity is limited and outages occur. Cafés, coworking spaces, and hotels in cities generally provide WiFi. Quality varies significantly. Business-grade hotels in Bogotá and Medellín typically offer adequate speeds for video calls and file transfers. Budget accommodations may provide connections sufficient only for messaging and web browsing.