Colombia's monetary system is based on the Colombian Peso.
Normally, you cannot use dollars in Colombia. The best way to pay for lodging, food, service, or other items is with a credit card or Colombian Pesos.
Credit Cards are accepted almost everywhere and you can purchase anything with Colombian Pesos.
The best way to get Colombian Pesos is through the many ATM's located in and around Medellin.
Credit Cards: Major credit cards are accepted almost everywhere.
ATM's: There are 100's of ATMs located throughout Medellin. Unfortunately some ATM's limit the amount you can withdraw each time, usually 200,000 to 400,000 pesos. Others will dispense up to 500,000 pesos, like the one located in the Pomona Grocery store at Oviedo Mall. Additionally, a Citibank ATM, located in the El Poblado Blockbuster will dispense up to 800,000 pesos at a time.
Banks: Most banks do not employ bilingual employees who speak English. So if you have to use a bank and don't speak Spanish take a Colombian friend along.
Money Exchange: One of the least expensive way to obtain cash is by using your ATM card. Check XE.com for the latest exchange rates (peso=cop). Also call your bank to determine the fees involved for foreign ATM withdrawals because most banks charge differently. If you use an exchange agency you will probably pay more fees then using your ATM card.
Pesos: The Colombia Pesos come in the following, paper, denominations: 1,000, 2,000, 5,000, 10,000, 20,000 and 50,000 pesos.
