Colombia is a nation rich in culture, biodiversity, and economic growth. Its currency, the Colombian peso (COP), reflects its vibrant identity and evolving history. Whether you’re visiting for adventure, sending money home, or conducting business, understanding the Colombian peso is key to navigating the country’s financial landscape with confidence. This guide covers the history, design, denominations, exchange tips, and fascinating facts about the COP, providing everything you need to know in one place.
What is the Colombian Peso?
The Colombian peso is the official currency of Colombia. It is represented by the symbol “$” and the currency code “COP.” To distinguish it from other dollar-sign currencies like the U.S. dollar, it’s often written as “Col$.”
The Central Bank of Colombia, officially known as Banco de la República, is responsible for issuing and regulating the Colombian peso.
Denominations of the Colombian Peso
Banknotes in circulation include:
- 2,000 COP: Features artist Débora Arango and the Caño Cristales river.
- 5,000 COP: Features poet José Asunción Silva and a moorland landscape.
- 10,000 COP: Features anthropologist Virginia Gutiérrez and a winding road with a snake.
- 20,000 COP: Features former president Alfonso López Michelsen and the La Mojana canals.
- 50,000 COP: Features Nobel laureate Gabriel García Márquez and the Lost City.
- 100,000 COP: Features former president Carlos Lleras Restrepo and the Cocora Valley.
Coins currently in use include:
- 50, 100, 200, 500, and 1,000 COP denominations with distinctive designs and materials.
Fascinating Facts About the Colombian Peso
Two versions of bills exist
Some denominations exist in both old and new formats. For example, the 50,000 COP note originally had a vertical design featuring Jorge Isaacs, while the updated version features Gabriel García Márquez in a horizontal layout.
VAT refunds for tourists
Visitors to Colombia can receive VAT (Value Added Tax) refunds on certain goods such as local crafts, jewelry, and household items. Refunds are processed through DIAN, the national tax authority. To qualify, tourists must present their passport, receipts, and a completed form.
Security features help prevent counterfeiting
In response to counterfeit concerns, the Central Bank enhanced security on banknotes with features such as watermarks, security threads, motion effects, and color-shifting inks.
Peso bills highlight cultural icons
Colombian banknotes are designed to honor figures from the arts, politics, and literature, showcasing Colombia’s intellectual and cultural heritage.
Colombian pesos are colorful and artistic
Each denomination not only features a prominent historical or cultural figure but also includes vibrant colors and illustrations that reflect Colombia’s diverse landscapes.
A Brief History of the Colombian Peso
The Colombian peso was adopted in 1810, replacing the Spanish real. Over time, its format and value have evolved, especially during the 20th century. Gold-backed currency ended in 1931. In 1984, coins valued under 1 peso were discontinued. Since then, the peso has adapted to economic changes while maintaining national identity through its design.
Currency Exchange and Current Rates
The value of the Colombian peso against foreign currencies varies based on global market conditions such as inflation, interest rates, trade balances, and political stability.
For example, as of early 2025, exchange rates might look like:
- 1 USD = approximately 4,091 COP
- 1 GBP = approximately 5,307 COP
- 1 EUR = approximately 4,570 COP
You can use online tools or apps like Remitly to check current exchange rates and calculate conversions before making a transaction.
Tips for Exchanging COP
In Colombia:
- ATMs offer convenient cash withdrawals at competitive rates but may include transaction fees.
- Currency exchange offices (casas de cambio) offer good rates in cities.
- Hotels and airports provide currency exchange but often at less favorable rates.
Outside Colombia:
- Banks and currency exchange desks offer COP in some major cities.
- ATMs and cards may also be used internationally, but be cautious of additional fees.
Sending Money to Colombia
There are several reliable methods to send money to Colombia:
- Banks: Convenient if you already use their services, but may include higher fees and lower exchange rates.
- Digital money transfer services: Apps like Remitly offer competitive rates, low fees, and fast delivery to bank accounts or cash pickup points.
- Cash pick-up: Available through partners like Bancolombia and Banco de Occidente.
- Mobile wallets: A growing option in Colombia for digital-savvy users.
To send money with Remitly, you simply register online or via the app, provide the recipient’s details, and select your payment method. Some transactions may require identity verification.
Colombian Peso FAQs
What is the Colombian peso and its currency code?
The Colombian peso is the official currency of Colombia, abbreviated as COP. It’s symbolized by the dollar sign ($), and the issuing authority is the Banco de la República.
What denominations are available in Colombian pesos?
Banknotes come in denominations of 2,000; 5,000; 10,000; 20,000; 50,000; and 100,000 COP. Coins are available in 50, 100, 200, 500, and 1,000 COP.
Are there different designs for the same denomination?
Yes, some denominations have undergone design changes. For instance, the 50,000 COP note has both vertical and horizontal designs, featuring different prominent Colombian figures.
Can tourists get VAT refunds in Colombia?
Yes, non-residents can apply for VAT refunds on certain goods like local crafts, jewelry, and household items. Applications are processed through DIAN, Colombia’s National Tax and Customs Department.
What security features are present in Colombian banknotes?
To combat counterfeiting, Colombian banknotes incorporate features like watermarks, security threads, color-shifting inks, and motion effects.