Colombia is known for its vast natural riches, contemporary cities, and cultural diversity. In recent years, the government has made significant progress in securing peace with revolutionaries, reducing crime, and safeguarding the country’s robust democratic institutions, and the economy is flourishing. As a place to live, it has a lot to offer. With the Colombian currency losing a lot of value against the dollar in the last five years, the cost of living in Colombia is a fantastic deal for anyone who wants to live there permanently or temporarily.
Is the United States dollar acceptable in Colombia?
Colombian currency Colombia’s currency is the peso. Colombia and South American countries do not accept US dollars of payment. During your stay, you should only utilize pesos.
You will have roughly 1,400,000 COP if you bring $500. You will be able to dine in middle-upper-class restaurants and sample some of Colombia’s best cuisine. The answer, like so many others, is contingent on the circumstances. Yes, if $500 considered spending money.
How much money will you need for lodging in Colombia?
Most hostel dorm rooms in Colombia cost between 30,000 and 45,000 COP which is $9-14 USD per night, while you can find them for as little as 23,048 COP ($7) in smaller cities and towns. In the big cities, you can sometimes find them for that low, but the facilities are mediocre. Private hostel rooms start at roughly 50,000 COP ($15.50), though expect to pay twice as much during peak season and in big cities.
Colombian budget hotels start at roughly 60,000 COP ($18) per night. On the seaside and during peak season, accommodations will cost around 120,000 ($36) per night.
Changers of Money
In Colombia, it’s best to use your ATM card because you’ll get a better exchange rate. The only foreign currency worth change in Colombia is the US dollar; expect poor exchange rates for euros, pounds sterling, and Australian dollars, among other currencies.
Many, but not all, banks exchange money; in major cities and border regions, many Casas de Cambio are common (currency exchanges). Avoid changing money on the street; some imprompt money changers have quick fingers and frequently use shady calculators. Colombia is a leader in counterfeit banknote production, including US currency, which is worth mentioning if you’re exchanging pesos at the end of a trip.
Dollar-Peso Currency Exchange
The value of the US dollar against the Colombian peso can occasionally be boost fluctuations in international currency exchange rates. When the exchange rate between these two currencies moves, requiring less US dollars to purchase Colombian pesos can provide significant benefits to Colombian investors. The weakening or devaluation of the Colombian peso against an ‘expensive’ US dollar is referred to as this currency exchange phenomenon. It entices investors to invest in Colombia by ensuring lower labor and production costs in Colombia and higher sales prices in the United States. Labour and production expense US sales prices are not the only areas that gain from changes in the dollar-peso exchange rate.