Traveling to Colombia - cash or card?
My first question about Colombia - definitely not last. I am going to Colombia at the beginning of April 2016 for (just) 16 days. I am just wondering what would be the best way of keeping my money safe. I don't want to take all in cash (us dollars probably), how does the cash machine system look like. I am going to use my UK debit/credit cards. I am not afraid of my bank charges as they are reasonable but should I expect any additional fees using local cash machines? is exchange rate any reasonable? or shall I exchange cash in a bank?
Obviously a have done some googling, but most up to date info will be appreciated.
Best Answer
Just got back from three weeks in Colombia. Here are notes based off my travel in Jan 2016. I'll be comparing prices to US dollars.
Exchange rate
The exchange rate is approximately 1 USD = 3300 COP at the time of this writing. To estimate prices, you're better off just dividing any price you see by 3000 to get a fair estimate of its USD price after any fees you may incur.
ATMs (Cajeros)
You'll easily find a secure cash machine in Colombia. I had no trouble locating one in these destinations: Cartagena, Barranquilla, Santa Marta, Bogota, Pereira, Salento, Medellin.
Some machines had a max withdrawal of 300.000 COP, and the highest withdrawal limit I saw was 600.000 COP. You can perform consecutive withdrawals if necessary, but your bank's fees will stack. Bank of America charged me a 5 USD fee per withdrawal for most machines.
I recommend going with the maximum withdrawal amount, keeping a third of it on hand and tucking the remaining two thirds in a safe place. It is a withdrawal of 200 USD at most. This will get a single person by for several days to a week and will keep withdrawal fees few and far between. It will also save you time in repeatedly finding an ATM. You can then leave your ATM card safely locked up in your hostel.
Cash (Efectivos) vs Credit (tarjeta de credito)
You'll need cash on hand at all times. That said, don't bring too much of your home currency: 50 USD is fine to get you through the initial days. The rate at currency exchange vendors seemed to be about 1 USD = 2800 COP. That's a 15% charge! Awful.
Use an ATM soon after you land. If the max withdrawal is 300.000 COP and the fee is 5 USD, then that's about a 5.5% fee. Again, I recommend you go for the max withdrawal, but keep in mind that you do not need more than 100.000 COP on you for a full day's needs and then some. If you plan to shop, maybe twice this amount. If something is pricier, you probably can pay with credit card.
Credit card was the most effective option for me. Use this option whenever you can. My card had a 3% fee. Stick with Visa or Mastercard, as I doubt the support for Amex or Discover down there. The clerk may ask you for how many counts or cuotas you want... This is like a form of installments. Just say one count. The receipts include lines for you to write down info like your phone number but you can ignore it. Almost everyone was cool with only my signature.
Prices
A local meal will run you between 4000 to 10.000 COP. The fanciest meal will be 40.000 COP.
A taxi within a city will cost you between 5000 and 25.000 COP.
For more detailed info, check out this resource. It cites costs in Bogota, which will be one of the more expensive locations.
Other
Keep a color copy of your passport on you. Bring a student ID if you have one too. That's all you need on your person. The student ID really helps at some of the major tourist destinations.
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Should I use my credit card in Colombia?
Credit cards are accepted in all major shops, hotels, and restaurants in Cartagena and Bogota. Foreign visitors should be prepared to provide ID to verify a credit card transaction. As with many South American countries, Visa, MasterCard, and American Express are the most commonly accepted credit cards in Colombia.How much cash should you bring to Colombia?
That is an excellent mid-day snack. If you have an ATM card, you only need to bring with you about $300,000 to $500,000 in Colombian pesos, which in U.S. dollars is about $100 to $175.What is the best currency to take to Colombia?
The official currency in Colombia is the Colombian Peso (pronounced 'pay-so') and in contrast to many of its neighbours, the US dollar - although widely exchanged - really is not generally accepted as money in Colombia at all, so you'll be using pesos throughout your holiday in Colombia.Is $50 a lot of money in Colombia?
Your budget At the current exchange rate, $50 is the equivalent of around 150,000 COP, so you have a fairly generous budget that should allow you to sleep, eat and see plenty of the sights.Exchanging Currency Tips Colombia Travel Guide
More answers regarding traveling to Colombia - cash or card?
Answer 2
If you are concerned of your safety, DON'T use ATM outside malls in the street, in some places could be very dangerous, also don't carry more cash than needed, and when paying using your cards, never let the cashier go away with your card.
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