In Medellín, you’ll find an innovative city with a high degree of adoption of new technologies, where the use of card payments or bank transfers is widespread across most places in the city, making it easy to manage your money in Medellin.
However, it’s still a city where informality exists, and some places (especially small markets, stores, and taxis) still only accept cash.
Here are some tips to help you enjoy your visit and make the best use of your money. Don’t forget to also check our safety guide for travelers and keep these tips in mind:
What is the local currency in Medellin?
The local currency in Colombia is the Colombian Peso (COP), and the first thing you need to understand is that we count it by thousands, so the prices have lots of zeros.
However, we have replaced the three zeros in the bank notes by the word MIL (in spanish it means thousand). In that way the notes are easy to handled.
Most of the time, you’ll find prices in thousands of pesos . For example, a soft drink might cost around 3,000 Colombian pesos ( or 3 mil). This is why you need to be attentive when calculating during your purchases.
The coin denominations range from 20 to 1,000 pesos, including 50, 100, 200, and 500. Banknotes range from 1,000 to 100,000 pesos, including 2,000, 5,000, 10,000, 20,000, and 50,000. It’s recommended to carry few bills of smaller denominations (2 mil, 5 mil and 10 mil), especially for paying for buying water or using the bathroom, as it’s generally difficult for people to provide change for a 100,000 peso bill. (Here you have more info about colombian bills).
NOTE: Many people will give you prices without using the term “mil” (thousand). For example, instead of saying, “The ticket to this town costs one hundred thousand pesos,” they might say, “The ticket to this town costs one hundred” (or “one hundred ‘Lucas,'” the term used to replace “mil”).
Where can I exchange money in Medellin?
First answer: Not in the banks! Only Colombians can exchange foreign currencies in a bank.
The best exchange offices are usually found in shopping malls (like La Frontera Mall, Oviedo, Almacentro or Unicentro) because they offer better exchange rates and they exchange several types of currencies. You’ll also find other convenient options such as exchange houses at the airport or in touristy areas due to their proximity, though these tend to charge higher rates. Try not to exchange much in those. You can also use ATMs to simplify managing your money in Medellín.
TIP: Some of these exchange houses post their rates on their websites. Be sure to compare them so you can make the most of your money. For instance: https://surcambios.com/
Can I use US dollars in Medellín?
In short: No, you cannot. While some places may accept US dollars or euros, very few establishments do so because it’s not allowed under Colombian law and it’s impractical to the one who receives it. Additionally, you’ll find that these places will accept foreign currency at a much lower exchange rate than the official market rate (the person receiving the dollars will have to exchange them at an exchange house, give all they personall data in the process and keep the difference).
Recommendation:
It’s much more convenient to exchange your dollars for Colombian pesos at an exchange house or use ATMs. If you bring dollars, make sure you have enough cash in pesos to get around the city with ease.
Where to withdraw cash in Medellín?
If you need to withdraw cash during your stay, Medellín has numerous ATMs available throughout the city (mostly BANCOLOMBIA, which is the biggest bank in the country). ATMs generally allow you to withdraw Colombian pesos using an international debit or credit card. Keep in mind that most machines may charge a fee for the transaction (depending on the bank it can vary between 5,000 COP and 30,000 COP).
Although we have not been able to verify their fees, we have noticed that our clients prefer to use the following ATMs:
- DAVIVIENDA
- BBVA
- SCOTTIA BANK
Is it safe to carry cash in Medellin?
Although Medellin is a modern and tourist-friendly city, it’s always advisable to take precautions with cash.
- Do not flash your money
- Avoid carrying large amounts of money
- Use secure wallets or zippered bags.
- If you don’t need cash, card payments are generally safe in restaurants, stores, tourist attractions, and transportation or delivery apps.
- If you exchange or withdraw large sums of cash, it’s best to leave it in the safe at your accommodation and only take what you’ll need for the day, plus a little extra for emergencies.
Conclusion
Managing your money in Medellín is easy once you understand the available options. Exchanging dollars to Colombian pesos, using ATMs, and carrying cash for specific situations will help you enjoy the city without any issues.
Further reading:
Click here to read our essential guide to tipping in Colombia so you can understand when, where and how to use your cash.
