Travel Smart in Bogotá with Tips on Where Locals Actually Exchange Cash

We’ve walked Bogotá’s malls, banks, and plazas too many times to count—and if there’s one thing we’ve learned, it’s that getting your Colombian pesos the smart way can make a big difference in your entire trip. 

Whether you’re here for a few days or staying a while, knowing where and how to exchange money affects everything from how secure you feel to how much you actually get to spend on the things that matter.

First Things First: Why We Use ATMs and Not Airport Currency Counters

If you’ve just landed in Bogotá and want to hit the ground running, it might be tempting to head straight to one of the currency exchange kiosks in El Dorado International Airport’s international terminal. 

But here’s the thing—these kiosks typically offer terrible exchange rates and tack on commissions that make them one of the least efficient ways to get your hands on pesos.

Instead, we either head toward the airport’s domestic terminal, where the ATMs are often less marked up for tourists, or wait until we get into the city. Using a reputable bank’s ATM gives you access to the live exchange rate, and any fees charged will depend on your home bank—not a random 10% markup at a kiosk.

To put it simply, airport kiosks can cost 5 to 10 percent more than waiting an hour and using a secure ATM from a major Colombian bank. Even locals avoid these airport machines and kiosks for this reason. We recommend skipping the airport currency counters entirely unless it’s an absolute emergency.

ATMs in Centros Comerciales (Shopping Malls): The Smartest Option

If you want a safe, reliable, and easy way to get pesos, go where the locals go: shopping malls. Bogotá’s high-end malls are not only some of the most secure places in the city, they also have a wide selection of ATMs from major national and international banks. These ATMs are typically located inside well-lit, air-conditioned areas with security staff and surveillance.

Malls like Centro Andino, Parque La Colina, Gran Estación, and Unicentro are our go-to spots. These aren’t just popular with tourists—they’re where Colombian professionals, expats, and even embassy staff do their banking and shopping. You’ll often find multiple ATM brands side by side, giving you the option to choose the best one for your card’s network.

We usually go in mid-morning or early afternoon, avoiding weekends or late evenings when the machines are more likely to be low on cash. When you use these machines, always look for those with Plus, Cirrus, Visa, or Mastercard logos—these are most compatible with international cards.

Local Tip: When prompted, always decline the ATM’s offer to convert your transaction into your home currency. This “convenience” usually comes with a poor exchange rate. Choose to be charged in Colombian pesos (COP) for the best value.

Which Banks We Actually Trust for ATM Withdrawals

Not all Colombian banks treat international ATM withdrawals the same, so we’ve learned through experience which ones are worth your time—and which are not.

Davivienda is one of our top choices. Their machines are reliable, usually have lower fees, and are well-maintained in popular locations. 

Bancolombia is another good option, especially because their ATM interface tends to offer English, making it more user-friendly for travelers. 

BBVA Colombia often gives great rates for Visa card users, and it’s well-connected to European banks, which can be helpful for European travelers. 

Lastly, Scotiabank Colpatria is a solid option for North Americans, especially those who already bank with Scotiabank at home.

We avoid off-brand ATMs or names we don’t recognize, especially those tucked into dimly lit corners or standalone kiosks with no security nearby. If it feels sketchy, it probably is.

As a general rule, ATMs located inside a bank branch within a mall are better serviced, more secure, and less likely to have technical issues than random machines on the street.

Using Money Exchange Counters—Only in the Right Places

While we prefer ATMs for ease and value, there are times when we use money exchange counters, known locally as “casas de cambio.” But we’re very picky about where.

We only go to casas de cambio inside upscale malls or financial centers—not the ones on busy tourist streets or in small hotels. The mall-based counters are used by professionals and expats as well as tourists, and they’re subject to more regulation and oversight. This means better rates and less risk.

Some of the most trustworthy locations include the financial tower in Centro Andino, business plazas in the Avenida Chile financial district, and Santa Ana Centro Comercial, a favorite among Bogotá’s diplomatic and expat communities.

If you plan to exchange a larger amount (more than around 300 USD), bring your passport or a valid photo ID—it’s required by law. Also, make sure your bills are clean and undamaged. Torn or marked notes, even if they’re real, may be rejected.

Before committing, ask if there’s a commission fee in addition to the posted rate. If you have time, compare rates at two different booths in the same area.

How to Maximize Exchange Value While Minimizing Risk

No matter how or where you access pesos, a few smart practices will help you keep more of your money and reduce unnecessary risk.

Always opt to be charged in COP when using your card—dynamic currency conversion sounds helpful, but usually offers a worse rate. Know your bank’s international ATM policies. Some (like Charles Schwab or Capital One) refund fees or charge none at all, while others can add up to $10 per withdrawal. In that case, it’s smarter to withdraw a larger amount less frequently to avoid multiple charges.

Be discreet at the ATM. Cover your PIN, don’t count your cash in public, and avoid flashing large bills. We like to keep our cash in an interior zipped pocket in a wallet or pouch—something secure but subtle.

These small steps make a big difference in keeping your finances both safe and travel-friendly.

Tailored Advice Based on Your Type of Travel

For business travelers, stick to malls near the city’s financial centers—like Parque 93, Calle 100, or Avenida Chile. Hotels in these areas often have affiliated exchange desks that offer competitive rates. Ask at the front desk if this is available.

If you’re traveling for luxury or leisure, Centro Andino and Santa Ana malls are your best bets. Both have secure ATM areas and regulated exchange counters. If you’re staying at a five-star hotel, the concierge can often arrange private exchange services or even coordinate pickups from trusted banks.

Art and culture travelers staying in areas like La Candelaria or Chapinero should avoid exchanging money in tourist zones. Instead, hop in a ride-share and head to Unicentro or Gran Estación—both are worth the trip for safer, more reliable cash access.

A Note on Safety and Scams

Bogotá is generally safe if you’re cautious, but currency exchange is one area where scams still happen. First and foremost, never exchange money with people on the street, even if they promise better rates. These are often scams that can leave you shortchanged—or worse.

Be wary of ATM skimming devices. These fake overlays steal your card info. Use machines inside malls or attached to actual bank branches, not random outdoor kiosks. Don’t place your phone on the ATM ledge—grab-and-run thefts can happen fast.

If an ATM is acting weird or gives you an error, don’t try to force it. Cancel the transaction and walk away. Make sure you have your bank’s international phone number saved somewhere safe, just in case you need to call and report an issue.

Enjoy a Snag-Free Trip with Cielo Travel

Even a little roadblock like getting a bad exchange rate can put a damper on your fun. Trust local advice from Cielo Travel, and enjoy your Bogotá stay to the fullest. 

Our team of experts guides you toward the best experiences, hotels, and transportation—all while ensuring that your trip is safe and annoyance-free.