In general, all maestro cards are accepted. If your card does not have a chip but a magnetic strip, it is best to check with your bank. At the Exito department store, we had several problems paying by debit card. Payment by credit card there went without problems. Most larger Exito’s do have an ATM, where you can withdraw money to pay in cash.

At most airports you can already withdraw your first pesos. Furthermore, you will find ATMs in shopping malls and in larger drug stores where you can safely withdraw money. Make sure the transaction is complete before leaving the ATM.

Tip: Once we experienced that it did not work to withdraw money. When we changed the language from English to Spanish it worked!

-updated September 2023 –

Transaction fees and maximum amounts that can be withdrawn can vary considerably from one bank to another. At Banco de Bogotá, the transaction fees are the lowest (COP 15,000 per time) and you can withdraw the highest amount per transaction: COP1,600,000 per time, with a maximum of COP2,000,000 per day. At Davivienda, the transaction fee is also COP15,000 per time, but the maximum amount that can be withdrawn is a lot lower, namely COP400,000 per time, with a maximum of COP2,700,000 per day. The Banco caja social is the only bank with no transaction fees, the maximum amount that can be withdrawn each time is COP 300,000.

Other banks:

• Banco BBVA: transaction fee COP 18,000. Max COP 400,000 per transaction and max COP 2,100,000 per day
• Bancolombia: transaction fee COP 26. 990. Max COP 600,000 per transaction and max COP 2,700,000 per day
• Servibanca: transaction fee COP 16,000. Max COP 600,000 per transaction and max COP 2,000,000 per day

Tip: If you are asked if you accept the exchange rate of the local bank, we recommend that you do not accept this rate as it is usually not favorable. If you do not accept this, your own bank will convert it, which is usually cheaper.

Note: A new procedure is being worked on by the Superintendencia financiera, for a maximum withdrawal of COP 3,000,000 per transaction, to avoid the high transaction costs, but that plan has not yet been implemented.

Tip: When asked when paying by debit card: Cuenta coriente or ahorrar, it means current account, vs savings account.

You can pay with your credit card in major cities at well-known supermarket chains. Credit cards are also accepted at most larger hotels and restaurants. For credit card payments in hotels, there are sometimes additional charges, of 5% of the total amount. If you travel outside major cities, credit cards are often not accepted.

Tip: when asked when paying by credit card, “Cuantas cuotas?” (How many installments), you can say “una.” Colombians can pay in several cuotas but for tourists, 1 cuota applies.

A payment in dollars usually comes out a lot more expensive than paying with pesos, due to the unfavorable rate charged. If you want to pay with dollars, check first what exchange rate is used. Cheaper than exchanging dollars into pesos is to withdraw pesos at the ATM.

• Colombian airlines, sometimes build in extra security when paying for domestic flights with a foreign credit card. Your credit card payment may then not be accepted. In that case, contact the airline. Also check your junk mail box, because sometimes the mails end up there.
• Dutch banks can also sometimes block a credit card transaction if you want to book a ticket to Colombia.
• Booking through an international platform such as Expedia and Skyscanner, is usually hassle-free.

Western Union/MoneyGram
Are you in Colombia and need money fast? Then ask the home front to transfer money through a Western Union or MoneyGram office. Within minutes you can pick up the money (cash) at one of the many branches in Colombia with your ID and transaction number. This is much faster than a bank transfer.

Bank Transfer
Fees are charged to the principal, or to the principal + beneficiary. This depends on the bank. A wire transfer to internationally oriented banks such as Bancolombia, usually goes ok. If you want to transfer money to a less internationally oriented bank, this can be very cumbersome.