In the past months the Colombian peso(COP) has dropped drastically. With a devaluation of almost 50% in comparison with the US Dollar(USD) and around 30% with the Euro(EUR) in only 10 months, traveling in Colombia became a great deal for travelers looking for a beautiful, interesting and affordable country.
However, it gets better!
With such a high devaluation, nobody in Colombia wants to buy US Dollars or Euros, which causes a big loss for banks and exchange houses all over the country. To counteract this effect, the government decreased the price of these strong currencies to lower values in comparison with the COP.
For example: Today, 13.10.15, the Euro has a value of 3314 COP, but in every exchange house you only pay 2980 COP for a EUR. That´s a difference of 320 COP for a Euro or 11% of the real price.
In other words, Don´t bring your money into Colombia in cash, exchanging it to Colombian pesos in an exchange house you will lose 11% of the value, but doing it the other way around you will get those 11% of extra cash instead of giving them away. Withdraw Colombian pesos from your foreign account with your credit card and change that given amount of money back into your own currency in an exchange house but this time getting around 10% more of what you withdrew some hours ago.
Important is that you need to get an account without fee and foreign transaction fee (I got Cortal Consors). Then, from this kind of account, you can withdraw as many times as you want and you won´t be charged a single cent, besides you get the average daily rate set by the IMF.
With this trick you can change 1000€ into 1110€ and with the extra cash travel longer or better.
With an average of 30€ of expenses per day, having 2000€ in your account can pay for a whole week of your travels![spider_facebook id=”1″]