Colombia is a land of stunning mountains, vibrant cities, and rich culture. Whether you’re planning a visit or sending money to friends and family there, understanding the Colombian peso (COP) will help you navigate your finances with ease.
From its colourful banknotes to its fascinating history, here’s everything you need to know about Colombia’s currency.
Colombian Currency Basics
The Colombian peso (COP) is issued by the Central Bank of Colombia (Banco de la República) and uses the symbol $, much like the U.S. dollar. It’s subdivided into 100 centavos, although centavo coins are no longer in use.
Banknotes
- $1,000
- $2,000
- $5,000
- $10,000
- $20,000
- $50,000
- $100,000
Coins
- $50
- $100
- $200
- $500
- $1,000
A Brief History of the Colombian Peso
Introduced in 1810 after Colombia’s independence from Spanish colonial rule, the peso replaced the Spanish real. In the 19th century, Colombia also used gold and silver coins alongside the peso. By 1931, Colombia moved away from a gold-backed currency.
In modern times, Colombia has gradually phased out smaller denominations, with 50 pesos being the smallest coin in circulation today.
Five Fascinating Facts About the Colombian Peso
1. Colombian Banknotes Celebrate Iconic Figures
The colourful banknotes feature important cultural, artistic, and political figures, such as:
- $1,000: Jorge Eliécer Gaitán, a political leader.
- $5,000: José Asunción Silva, a poet.
- $50,000: Nobel laureate Gabriel García Márquez, author of One Hundred Years of Solitude.
Two Designs Are in Circulation
Colombia uses multiple designs for some denominations. For example, older $50,000 notes feature a vertical layout with Jorge Isaacs, while newer notes have a horizontal design showcasing Gabriel García Márquez.
VAT Refunds for Tourists
If you pay for certain goods in pesos, such as local crafts, footwear, and jewellery, you may be eligible for a VAT refund. This is processed through Colombia’s DIAN (National Tax and Customs Department). Keep your passport and receipts handy when applying.
Unique Security Features Combat Counterfeiting
To prevent counterfeiting, Colombian banknotes include advanced security features such as watermarks, colour-shifting elements, and microprinting.
Coins Have Phased Out Smaller Denominations
While centavo coins were once common, modern Colombian coins start at $50, reflecting changes in the economy over time.
Understanding Colombian Currency Exchange Rates
Exchange rates for the Colombian peso fluctuate based on political and economic factors. As of recent years, the exchange rate has averaged around 4,000 COP to 1 USD.
For UK travellers, the GBP to COP rate can vary, so it’s a good idea to compare rates before exchanging money. Use trusted sources like online currency converters or reputable foreign exchange providers.
Tips for Spending Money in Colombia
- Payment Methods: In major cities like Bogotá and Medellín, you can use credit or debit cards widely. ATMs also provide convenient access to cash, often at better rates than airport exchanges.
- Cash in Rural Areas: In smaller towns, cash is essential, and some places may even accept USD, though it’s not officially recognised.
- Small Denominations: Keep smaller peso notes and coins handy for transport and street vendors.
Sending Money to Colombia
If you’re sending money to Colombia, modern transfer services like Remitly make it simple. Funds can be sent directly to Colombian bank accounts or for cash pickup at popular locations across the country.
