Banking in Medellin for Expats and Tourists — ATMs, Fees and What to Know

Managing money in Medellin is easier than most visitors expect, but there are a few traps that cost people real money if they’re not prepared. This guide covers everything you need to know about banking in Medellin — from the best ATMs to use to which cards save you the most on fees.

Colombian Currency Basics

Colombia uses the Peso Colombiano (COP). As of 2025, the exchange rate hovers around 3,800–4,200 COP per USD (check current rates before you travel — the peso has been volatile in recent years).

The zeros can be confusing initially. 50,000 COP sounds like a lot; it’s about $12 USD. 200,000 COP (a nice restaurant dinner) is approximately $50 USD. Give yourself 24 hours and you’ll internalize the conversion intuitively.

Common bills you’ll encounter:
– 1,000 COP (~$0.25) — mostly coins now
– 2,000 COP (~$0.50)
– 5,000 COP (~$1.25)
– 10,000 COP (~$2.50)
– 20,000 COP (~$5)
– 50,000 COP (~$12.50)
– 100,000 COP (~$25)

Always have small bills on hand. Street vendors, small restaurants, and market stalls often can’t break 100,000 COP notes.

ATMs in Medellin — Where and How to Use Them

ATMs are widely available throughout El Poblado, Laureles, and El Centro. The key considerations are security and fees.

Recommended ATMs

Inside supermarkets: The safest ATMs in Medellin are inside Éxito and Jumbo supermarkets. These have camera coverage, security staff, and no risk of card skimming devices being installed without detection. There are Éxito locations in and around El Poblado.

Bancolombia ATMs: The largest Colombian bank with the widest ATM network. Reliable, well-maintained, inside bank branches and supermarkets.

Davivienda ATMs: Second-largest network. Also reliable.

Banco de Bogotá: Present in El Centro and commercial areas. Fine for daytime use.

ATMs to Approach with Caution

Street-facing ATMs without security: Standalone ATMs on busy streets are higher-risk for skimming devices. Not all are compromised — most aren’t — but the risk is meaningfully higher than an ATM inside a supermarket.

ATMs in isolated locations at night: Use ATMs during daylight hours in visible public locations. Avoid using ATMs after dark in quieter areas.

Daily Withdrawal Limits

Colombian ATMs typically impose daily limits of 800,000–1,000,000 COP (approximately $200–250 USD) per transaction, and often 1,500,000–2,000,000 COP per day. If you need larger amounts, plan multiple withdrawals or bring more cash from home.

ATM Fees — What You’ll Actually Pay

This is where international travelers consistently lose money unnecessarily.

Colombian bank fees: Most Colombian ATMs charge a fee of 8,000–15,000 COP (~$2–$4 USD) per withdrawal for foreign cards. This is charged by the Colombian bank, in addition to whatever your home bank charges.

Your home bank’s international fees: Traditional US banks (Bank of America, Chase, Wells Fargo) typically charge a 3% foreign transaction fee plus a flat withdrawal fee ($5). On a $200 withdrawal, that’s $11 in fees — 5.5%.

The better approach:

Wise (formerly TransferWise): The most recommended card for international travel in Colombia. Near-interbank exchange rates, low flat fee per withdrawal (~$1–2 USD for the Wise fee, depending on amount), and transparent pricing. A standard Wise debit card works at Colombian ATMs.

Revolut: Similar to Wise. Free currency exchange within monthly limits. ATM withdrawals free up to a monthly cap, then a small fee.

Charles Schwab (US travelers): The Schwab checking account reimbursed ATM fees worldwide — an exceptional choice if you’re already a US customer. The foreign transaction fee is also zero.

What to avoid:
– Airport exchange booths: 8–12% worse than ATM rates. Never exchange currency at the airport if you can avoid it.
– Currency exchange shops in tourist zones: Usually 5–8% worse than ATM rates. The convenience isn’t worth it.
– Dynamic Currency Conversion: If an ATM or merchant offers to charge you in USD instead of COP, always say no. The DCC rate is typically 5–8% worse than the standard rate.

Opening a Colombian Bank Account

For stays of 1+ months, a local bank account saves fees and simplifies local payments.

Requirements for a Colombian bank account (as a foreigner):
– Valid passport
– Colombian visa (tourist-entry stamps are not always accepted — a proper visa category like Migrant or Digital Nomad is typically required)
– Colombian tax ID (NIT or cédula de extranjería for longer-term residents)
– Proof of address in Colombia (a rental contract works)

Bancolombia is the most expat-friendly for account opening. The process takes 1–2 business days. Once open, you have access to Bancolombia’s ATM network and the Nequi mobile payment app (a Bancolombia product).

Nequi: A hugely popular Colombian mobile payment app. Once your bank account is active and your Colombian phone number is registered, Nequi allows instant transfers between users — used everywhere from Carulla supermarkets to street food vendors to paying the building doorman. Essential for longer-term residents.

Daviplata: The Davivienda equivalent of Nequi. Similarly widely used.

Credit Cards in Medellin

Major credit cards (Visa, Mastercard) are accepted at most restaurants, hotels, and larger stores in El Poblado. American Express is less universally accepted. Discover is rare.

Practical credit card tips:
– Always pay in COP (not USD) to avoid DCC fees
– Some restaurants add a small surcharge (1–3%) for credit card payments — ask before you pay if this matters
– Street vendors, markets, and small cafés are often cash-only
– Have COP cash alongside your cards

How Much Cash to Carry Day-to-Day

In El Poblado, you can get through most days with a mix of card and cash. Recommended cash on hand for a typical El Poblado day:

• 30,000–50,000 COP for street food, coffee, small purchases
• 100,000–150,000 COP if you’re doing a day trip or visiting El Centro

For a full Guatapé day trip: have 150,000–200,000 COP in cash for the bus, entry fees, boat tour, and food.

The Summary

Managing money in Medellin isn’t complicated once you have the right tools. Get a Wise card before you leave home, withdraw from supermarket ATMs, and pay by card in restaurants — that covers 90% of situations cleanly.

Planning a stay in Medellin? Check availability at medellinlodging.com — hosts who can answer all your banking and practical questions on arrival.

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