If you’re planning a trip to Colombia in the near future, you may want to exchange some of your money into pesos, the country’s official currency. The international symbol for the currency is COP.
This post has everything you need to know about converting USD to COP, including where to secure the best exchange rates and how to avoid paying high fees on your conversion.
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How to Convert USD to COP
Calculating a conversion of dollars to pesos is fairly simple. You can either make the conversion using a currency calculator or do it by hand.
1. Use a Currency Calculator
Using a currency conversion calculator is often the easiest way to get an estimate when you’re converting currency. Since exchange rates fluctuate on a daily basis, using a calculator can ensure your math is correct.
Keep in mind that exchanging currency often comes with added fees that a conversion calculator won’t be able to predict. For instance, credit card companies and ATM networks usually charge a 1% conversion fee on all foreign transactions. Individual merchants may also charge supplemental fees if you ask them to convert the price of an item to your home currency at checkout.
2. Calculate it Manually
The other option is to do the calculation manually using a simple mathematical formula. However, in order to do this, you need to know the current exchange rate.
The value of Colombian pesos can change rapidly, but at the time of writing, $1 USD is worth $4,849.49 COP.
Once you know that information, multiply the amount you have in USD by the current exchange rate. The resulting number will show you the amount of pesos that you have to spend on your trip.
Manual Currency Conversion Example
Let’s say you have $500 USD and would like to figure out how many pesos you have for a trip to Colombia. Using the current exchange rate, the formula for your conversion would look like this:
$500 USD x 4,849.49 = $2,424,745 COP
How to Buy COP
When you’re ready to buy Colombian pesos, it’s a good idea to plan ahead to ensure that you pay the fewest fees. Here are three ways to get the currency you need while minimizing the fees you’ll be charged:
- Exchange at a bank or credit union before your trip: Heading to your bank before your trip is often the most cost-effective way to exchange currency. Since you have an existing relationship with them, your bank is likely to give you the best exchange rates and charge the lowest fees. For example, Bank of America doesn’t charge its account holders an exchange fee. However, it does charge a shipping fee of $7.50 USD on orders worth less than $1,000.
- Locate a branch of your bank or a partner bank: Debit and credit cards are widely accepted in Colombia, but if you need cash, you may be able to locate a branch of your bank, or a partner bank. Most banking apps have a “bank locator” feature to help you find the closest option, and going to a branch affiliated with your bank can help you avoid excess fees.
- Order currency online: If your bank doesn’t offer online shipping, you can also use a third party to get currency delivered to your door. However, be aware of inflated costs with some of these vendors. Currency Exchange International (CXI), for instance, advertises that it does not charge an exchange fee for home deliveries. However, you’ll pay up to $30 for overnight shipping on transactions under $1,000 USD.
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What to Avoid When Exchanging Currency
- Exchanging currency at the airport: While exchanging currency at the airport is unquestionably convenient and safe in comparison to street exchanges, these kiosks often offer some of the worst exchange rates while charging some of the highest fees.
- Transferring money: Money transfers can be an option for getting quick cash in Colombia. Western Union and MoneyGram both offer money transfers and funds can be accessed within a few minutes of the transaction. However, you may have to pay a variety of fees. MoneyGram, for example, charges a $22.49 transfer fee for credit cards, and $9.99 for debit cards when you order $500 USD worth of pesos for pick-up in Colombia.
- Withdrawing money at an ATM or kiosk: Some Colombian cities have standalone currency exchange kiosks, and you can also find ATMs that give you access to cash while on the go. For security purposes, it is strongly advised to stick to ATMs located in banks or well-trafficked buildings like shopping centers, rather than on the street. Even then, you may pay a premium to use one of these locations.
Rahul Nayak | Forbes Advisor
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