I visited Bogota last month and my sugestion its to take dollars and exchange small amounts and pay everything you can with the credit card, at the airport the best rate I get was 3,950 x 1, and to calculate the local prices I used as reference exchange rate 4,000 x 1. Most of the time I used Uber also with charge to my credit card.
Keep in mind always when using your credit card tell local currency and 1 payment, if you tell them charge in dollars you will be paying more dollars as they will be using a 3rd party to make the conversion, when you pay in local currency your bank make the conversion and you get better exchange rate in your favor.
Thanks for this. I will hardly use my debit card, if at all. The non-tourist hotels we will stay at cost about 15 USD per day and do not take credit cards. Further, I will take USD cash with me and exchange there. Here's something I can't figure out. Right now, for example, if I buy USD here in the D.R. I will be paying RD$ 54.54 per 1 USD, so I will be paying some commission. Suppose I did not take cash with me and bought COP with my debit card. There will be a commission of some kind. Does it matter whether I pay the commission on this end or the other? I don't know. Anywy, I feel more comfortable taking USD cash with me and exchanging directly for COP there rather than using a card.
Here's something I've never understood. Maybe you or other members can clarify. If I go to a known online entity to determine rate of exchange, say,
xe.com, then when I go to buy currency, I never get that rate. So why does it exist if you can never get it? My best guess is that this is the "market rate" and the difference between that and what you get is the profit of the money changer. So that what you must do is: a. Recognize that you will always exchange for less than the market rate, b. if not cost of what you buy is significantly more than what you are expecting from the market rate, than that means that that money exchange is overcharging and you should find another. Am I reading the situation right or am I missing something?
When you said that the value of COP to USD was 4,000:1, were you rounding off? Today that market rate value is 4423:1. When you said that your best exchange rate was 3950:1 versus the market rate of 4000:1, that means that you were paying 50 COP on the dollar right? So the difference was 50. The conclusion I draw from this is that when I go online for the market rate, the amount I should pay should be a little less but very close. Correct?
In your opinion, where is it best to buy USD in Colombia if I do that? The airport or a bank or a money exchange?