ATM’s in Colombia: Everything You Need to Know

In this post we will go over the Best ATM to Use in Colombia, Things to Know When Taking Money out of the ATM in Colombia, and Things to Know When Paying by Card in Colombia.

We have spent months living in Colombia, and have lived through every problem there is to face being a tourist in this country. There are some common ATM scams you should know about, as well as some things involved with paying for things that you won’t find in other countries. Click ahead to whichever section you’re looking for!

🇨🇴Also, checkout our 2 Week and 3 Week Colombia Itineraries!

Table of Contents

ATM’s in Colombia – Everything to Know

The Basics – Colombian Currency and Exchange Rate

First off, the Colombian Currency is the Colombian Peso and is abbreviated as COP. As I am writing this post on Feb. 8, 2024, the exchange rate is 3,960 COP for 1 USD. As you can see below, this has gone down a lot in the last year. In February of 2023 it got up to 4,969 COP per 1 USD ! (I should have came here a year ago!)

Colombia still tends to rely mainly on CASH. 

As I am currently traveling around rural-ish Colombia and making hotel reservations on booking.com, most places still only accept payment in CASH. This is really annoying as I have to carry a lot of cash. Be prepared. Unless you’re going to a nice restaurant in the big cities, or a big supermarket, you are going to have to pay in cash. Which means you are going to need an ATM in Colombia. Obviously if you are staying in Medellin, Bogota, or Cartagena your hotels are probably going to accept card.

READ 👉 Top 9 Things to Do in Medellin 🇨🇴

Taking Money out of the ATM in Colombia

On my second day in the Colombia, I needed some cash. I went to the ATM in the mall here in Colombia and I put my card in. I have a Fidelity Cash Management Account which reimburses all foreign ATM fees, so I wasn’t worried about the ATM fee too much. Here are some things you definitely want to know before you head to the ATM.

🛌 Here are all your hotel options in Medellin

Enemy Number 1 … Currency Markups at the ATM

I started clicking around at the ATM and was warned that “This ATM charges a fee of 20,000 COP” … fine, I get reimbursed this by Fidelity anyway. But then I get the message … “This ATM charges an 8% markup. Do you want to accept this conversion? YES or NO?” I hit ‘YES’ because I needed the money and I assumed if I hit ‘NO’ then the ATM wouldn’t give me money… And I really needed the money at that time. 

What I wish I had known is that YOU DO NOT NEED TO ACCEPT THIS CONVERSION. This is called the ‘Dynamic Currency Exchange Rate’ and is decided by the bank or merchant you are getting the money from. This is not the official interexchange rate, meaning this number is just arbitrarily decided by the bank you are getting the money from. 

If you decline the conversion, the money will still come. You are telling the ATM in Colombia that you will use your own bank to complete the exchange rate, not their BS mark up. 

These markups can be anywhere from 6-12%, and could easily cost you an extra $20 USD just because you clicked ‘YES’ instead of ‘NO’.

This is a scam. DO NOT CLICK YES.

💡 This applies to many countries around the world. The ATM tries to rip you off and offers you an awful exchange rate. You do not have to accept their rate to get your money!

READ 👉 The 11 Best Things to Do in Jardin 🇨🇴

There are Maximum Withdrawal Limits at the ATM

Something else that should be noted is that there are maximum limits at a lot of ATM’s in Colombia, and some of them are not very high. For example, the BBVA ATM that I just left in Medellin had a maximum of 300,000 COP. This is about $75 USD. If I needed money to pay for my hotel stay in Jardin and this ATM was the only one around, this could have been a problem. I could have done this up to three times in one day, but then I would be charged the fee to use the ATM (20,000 COP) three times as well.

There is a really good chart that shows you the max you can withdraw at each bank in Colombia here. The section in the post is titled ‘Comparison of The Best ATMs to use in Colombia‘ if you want to search for it.

The max at Banco de Bogota looks to be 1,600,000 COP, ScotiaBank to be 900,000 COP, and Bancolombia 600,000 COP. Have this in mind when you are looking to take out money in Medellin.

➡️ Read: The Ultimate 3 Week Colombia Itinerary 🇨🇴 ✨

What is The Best ATM in Colombia?

For me, the best ATM in Colombia has to be Banco de Bogota. This ATM has a daily max of 1,600,000 COP ($405 USD) and comes with a fee of 15,000 COP ($3.80). Regardless of whether your bank reimburses foreign ATM fees, this is the best option in my opinion. You want to be able to take out a lot of money at once so you don’t have to go back multiple times, and the fee really isn’t that high either way.

Some blogs point to Davivienda as the best ATM due to it’s max of 2,000,000 COP per day and it’s low fee of 15,000, but I have also read many stories of people’s money not coming out of the machine at these ones. Meaning the receipt comes out, and the screen says the money has been dispensed, but in reality the money has not been dispensed. This is a huge hassle as you have to walk into the bank and clear things up in a foreign country in a language that you might not speak. Banco de Bogota is very reputable and I haven’t heard of this happening to anyone at this ATM.

READ: 👉 The Best 5 Hikes in Medellin 🥾

My Recommendation for the ATM in Colombia

The inner dilemma I always struggle with is that I don’t want to get caught with a bunch of money on me in Medellin or Colombia in general. Muggings are quite common here, and I want to carry as little cash as possible while still feeling prepared in case I actually need the cash.

Because of this, I recommend getting a lot of money out from a Banco de Bogota or ScotiaBank early on in your stay. If you are near a mall, this would be the safest option as there is always a ton of security at the malls in Colombia. Then, leave most of it home when you go out. Only bring what you need. But at least you know you have a bunch of money at your house in case you need it.

Nothing’s worse than being in a small town with only one ATM ( or no ATM … Minca/Tayrona/Palomino) and not being able to get enough money out because of the daily maximum. Always be prepared.

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Paying with Credit Card in Colombia

When you go to pay your bill at the grocery store or a nice restaurant in Colombia, I recommend you pay with a card. Why? It’s easier, you don’t have to worry about change, you don’t have to carry around a bunch of money, your bank does the exchange for you, etc. BUT there are some things you should know, as paying with a card in Colombia is different than in the US.

➡️ Read: 🇵🇭 The Perfect 2 Week Philippines Itinerary ✨

Get a card with no foreign transaction fees

First off, before you travel outside the US make sure you have a card with NO foreign transaction fees. I currently use my Capital One Venture X card for this, but there are plenty of cards without foreign transaction fees. Most airline and travel cards come with no foreign transaction fees. Come prepared.

I like the Venture X because it comes with unlimited Priority Pass visits and a huge sign-on bonus (currently 75k Capital One points), so I have access to a ton of airport lounges when I travel.

READ 👉 Our Favorite Travel Credit Cards

Do NOT Pay in Installments – VERY important!

After you tap your card at the store or restaurant, you will often get asked ‘Cuotas?’. This means ‘installments’ aka how many installments do you want to pay in? Respond with ‘una’. Anything more than one payment will come with a ridiculously high interest rate coupled with the loan they are so generously offering. 

The first time I was asked this in Colombia I was so confused. ‘Installments?’ Why would I want to pay in installments? It’s a $20 grocery bill… In Colombia, it seems like they try to take advantage of poor people with this kind of thing, kind of like how credit card companies in the US prey on people who are going to carry a balance. (Yes, they actually do that)

➡️ Read: 🇨🇴 Tubing in Palomino – A Complete Guide ✨

“Pesos o Dolares?”

Another thing you will be asked is ‘Pesos o Dolares?’, meaning do you want to pay in Pesos or Dollars. You want to pay in Pesos. If you say dollars you will get the exchange rate the store is offering, which is going to be way worse than the interexchange rate you will get from your bank back in the US. Always pay in pesos. 

As a general principle, never let “them” (the enemy) convert your money. Meaning pay in the local currency, wherever you are. Let your bank convert your money back home using the Interexchange Rate.

Paying at Restaurants – ‘Deseas incluir el servicio?’

At pretty much all nice restaurants, the servers will ask if you want to include the “servicio” AKA “service fee” of 10% added on to your bill. Colombians do not generally tip when they eat out, and this ‘service fee’ is 100% optional. It’s not like the US where if you don’t tip you’ll get mean looks and literally get chased out of the parking lot.

If you do not want to include the ‘servicio’ … just say ‘No gracias’. It’s not a big deal. At the touristy and fancy restaurants they include it in the initial bill to try to get you to pay it. But they should always ask you if you want to pay it before they bill you for it. Respond accordingly.

➡️ Read: 🇨🇴 The Best Backpacking Colombia Route!  ✨

Summary – ATMs in Colombia, Pesos, Cuotas, El Servicio

When you come to Colombia, keep these things in mind! 👇

1 – Colombia is a cash-based society – be prepared.

2 – When using an ATM, always decline the conversion. This is a massive scam.

3 – Always pay in ‘Pesos’ and not in ‘Dolares’ with your credit card. And make sure you have one with no foreign transaction fees.

4 – The correct answer to ‘Cuotas’ is ‘Una’. Never more than 1 payment.

5 – The 10% ‘servicio’ at restaurants is optional. Treat it as such.

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Colombia can be a complicated place to travel to if you don’t know Spanish, as the level of English is pretty low.

First off, you should probably learn some Spanish before you come. (12 Colombian Slang Phrases to Know Before Visiting)

But second, make sure you don’t get ripped off when you go to the ATM! The safest place to withdraw money in Colombia is usually the mall, especially in the big cities of Medellin, Bogota, and Cartagena. In the smaller touristy places like Jardin and Salento it won’t matter, but in the big cities you definitely want to watch your back.

Thanks for reading.