Currency and Payment Tips

You'll deal with Colombian pesos, decide between cash and cards, and want to avoid getting gouged on exchange rates. Here's the practical guide to handling money during your Medellín dental trip.

The Colombian Peso

Current exchange rate: Approximately 4,000-4,300 COP = $1 USD (this fluctuates)

Quick mental math: Drop three zeros and divide by 4. So 100,000 COP ≈ $25 USD.

Bills you'll see: 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, 100,000 pesos

Coins: 50, 100, 200, 500, 1,000 pesos (you'll accumulate these; they're handy for tips)

Paying for Dental Work

Credit Card

Most clinics catering to international patients accept major credit cards (Visa, Mastercard). Benefits:

• Convenient for large payments
• Some travel cards offer purchase protection
• Builds credit card rewards/miles

Watch out for:

• Foreign transaction fees: Many US cards charge 3% on international purchases. That's $150 on a $5,000 treatment.
• Dynamic currency conversion: If asked "pay in USD or COP?" always choose COP. Paying in USD uses a terrible exchange rate.

Cash (USD)

Some clinics accept USD cash directly and may offer a small discount (3-5%) for cash payment.

• Bring clean, new bills ($50s and $100s preferred)
• Damaged or old bills may be refused
• Agree on the exchange rate before paying

Wire Transfer

For larger treatments, some clinics accept wire transfers. This can work for deposits before your trip.

• International wire fees: $25-50 typically
• Receiving bank may also charge
• Usually only worth it for amounts over $5,000

Best Strategy for Dental Payments

Use a no-foreign-transaction-fee credit card. You get:

• Good exchange rate (Visa/Mastercard network rate)
• No 3% fee eating into your savings
• Credit card protections
• Rewards points on a large purchase

Best Cards to Bring

No-foreign-transaction-fee cards:

• Chase Sapphire (Preferred or Reserve)
• Capital One Venture/VentureOne
• Bank of America Travel Rewards
• Discover it (no fee, but less accepted internationally)
• Most travel-focused credit cards

Charles Schwab Debit Card: Best for ATM withdrawals—no ATM fees worldwide and refunds other banks' fees.

Bring at least 2 different cards in case one has issues. Visa and Mastercard are most widely accepted.

Cash for Daily Expenses

You'll need pesos for daily expenses: taxis, tips, small restaurants, street vendors, markets.

Getting Pesos: Options

ATMs (Cajeros) in Medellín:

• Best exchange rates typically
• Widely available in El Poblado
• Use ATMs inside banks or malls (safer)
• Limit per withdrawal usually 600,000-800,000 COP (~$150-200)

ATM tips:

• Decline the ATM's offer to convert to USD—always choose pesos
• Bancolombia and Davivienda ATMs are reliable
• Your US bank may charge $3-5 per international withdrawal
• The Colombian ATM may charge an additional fee (10,000-15,000 COP)

Exchanging USD cash:

• Casas de cambio (exchange houses) are everywhere
• Rates vary—shop around if exchanging large amounts
• Airport rates are worst; city rates are better
• Bring clean, new $50 or $100 bills for best rates

How Much Cash to Carry

For daily expenses beyond dental work:

Withdraw 300,000-500,000 pesos at a time (~$75-125) to minimize ATM fees. Use cards where accepted to reduce cash needs.

Where Cards Are Accepted

Cards accepted:

• Dental clinics
• Hotels
• Nice restaurants
• Malls and retail stores
• Uber (linked to your US account)
• Supermarkets (Exito, Carulla)

Cash preferred/required:

• Small restaurants and cafes
• Street food vendors
• Taxis (most don't take cards)
• Markets
• Tips
• Small shops

Tipping in Colombia

Restaurants: 10% propina (tip) is often included in the bill. Look for "servicio incluido" or a line item. If not included, 10% is standard. They may ask "¿Desea incluir el servicio?" (Would you like to include the service?)—say "sí."

Hotel housekeeping: 5,000-10,000 COP/day ($1.25-2.50)

Taxi/Uber: Not expected, but rounding up is appreciated

Spa/massage: 10-15% of service cost

Dental clinic staff: Not expected or common

Avoiding Scams and Fees

"Do you want to pay in USD or COP?"

Always COP. This "dynamic currency conversion" uses terrible rates. Your bank's exchange rate is almost always better.

Counterfeit bills:

Rare but possible. Avoid exchanging money on the street. Use official casas de cambio or ATMs.

ATM skimming:

Use ATMs inside banks or malls. Check for loose card slots. Cover the keypad when entering your PIN.

Overcharging tourists:

Ask prices before services (especially in markets). Use Uber to avoid taxi negotiation.

Sample Budget: 10-Day Veneer Trip

The Bottom Line

Money in Medellín is straightforward:

1. Pay for dental work with a no-foreign-fee credit card
2. Withdraw pesos from ATMs for daily expenses
3. Always pay in pesos, not USD, when given the choice
4. Bring 2+ cards as backup
5. Keep some USD cash for emergencies

The goal is maximizing your dental savings by not giving it back in fees and bad exchange rates.