What Is the Currency of Colombia?

What Is the Currency of Colombia?

Colombia blends rich culture with a fast modernising economy. If you are planning a trip, paying a supplier, or following Latin American markets, it helps to know what is the currency of Colombia and how it works day to day. This guide starts with the essentials, giving a short history for context, then shares practical payment tips and a light market view for more trading context.

Colombia’s National Currency: The Colombian Peso

Before we get into “what is the currency of Colombia,”, here are some details that covers the code you will see on screens and the symbol on receipts.

• ISO code: COP
• Symbol: $
• Subunit: 1 peso equals 100 centavos
• Issuer: Banco de la República de Colombia
• Name note: You will see prices written as $, sometimes COP or Col$ in international contexts to avoid confusion with the US dollar.

Colombia Uses Peso?

To give a little context on how the Colombian peso: Yes, peso is the correct name for Colombia’s currency, and the Colombian peso is written as COP with the symbol $. You should know that several countries also use a peso, including Mexico, Argentina, Chile, the Philippines, and the Dominican Republic, which is why recognising COP is the safest shorthand in international contexts. You will typically see USD/COP and EUR/COP on price boards and broker platforms to avoid confusion with other pesos.

A Short History of the Colombian Peso

A little background helps anyone searching what is the currency of Colombia understand why notes look the way they do today.

The Colombian peso dates back to the nineteenth century and has been the country’s unit of account for generations. In 2016 the central bank launched a modern banknote family across the 2,000 to 100,000 peso range with stronger security features, better durability, and improved accessibility markings. That update reflected a push to improve durability, accessibility, and counterfeit resistance.

Using the Colombian Peso in Daily Life

Now that you know what is the currency of Colombia, here are the everyday details that save time and fees.

• How to pay: Cards are widely accepted in cities. Markets, taxis, and small shops often prefer cash. Keep $10,000 to $20,000 notes for daily spends.
• Rounding at the till: Small centavo coins are no longer used. Cash totals may be rounded to the nearest $50 or $100. Card and mobile payments charge the exact amount.
• Card tip: If a terminal asks to charge you in your home currency, choose COP for a better rate.
• Mobile wallets you will see: Locals commonly use Nequi and Daviplata for QR and app payments. Visitors usually rely on cards and cash.
• ATMs and safety: Prefer machines inside banks or shopping centres. Decline any on-screen currency conversion if offered.
• Spotting fakes Touch for raised ink, look for the watermark against light, and tilt to see the embedded thread and colour shift on newer notes.

Peso Banknotes You Will Use

This quick reference lists the denominations you will handle when using the Colombian peso.

• Coins in circulation: $50, $100, $200, $500, $1,000
• Banknotes: $2,000, $5,000, $10,000, $20,000, $50,000, $100,000
• Security features: Watermarks, security threads, colour shift, microtext, and tactile marks on the current series

Why COP Matters to the Market

After covering what is the currency of Colombia in daily life, here’s why COP shows up in market headlines. Colombia is a meaningful exporter of oil, coal and coffee, so changes in commodity income, especially moves in coffee futures alongside oil prices, can influence the Colombian peso.

By adding domestic inflation and interest rate expectations, you will have the main forces that set the currency’s tone. The central bank follows an inflation targeting framework that helps anchor expectations and supports stability over time. For a deeper look at the coffee angle, see our guide to coffee futures and connect those price swings to USD/COP.

What Moves COP

Think of these as the main levers that set the tone. This is not a trading playbook, just a short watchlist for reading headlines with confidence.

• Commodity backdrop Broad moves in oil and key exports often lift or pressure COP through the trade balance.
• Inflation and policy Monthly CPI and central bank decisions guide the interest-rate path and the peso’s tone.
• Growth signals Trade balance, industrial output, and employment shape the macro backdrop for the Colombian peso.
• Global conditions A stronger US dollar or higher US real yields can weigh on Latin American FX, including COP.
• Regional mood During wide risk swings, COP may move with peers such as the Chilean and Peruvian currencies.

FAQs

What is the currency of Colombia called?

The official currency in Colombia is the Colombian peso with symbol $ and code COP.

Do I need coins in Colombia?

Yes. Carry $50 to $500 coins for buses, kiosks, and small shops.

Can I pay contactless at Colombia?

Often in larger cities. For the best rate, select COP if a terminal asks which currency to use.

Conclusion

If you came here wondering what is the currency of Colombia, you now know the answer. The Colombian peso is simple to use in daily life with broad card acceptance in cities. If you’re a trader, keep an eye on markets, watch coffee futures, oil prices, inflation updates, and central bank guidance, since these often shape USD/COP. Otherwise, enjoy the practical tips above and you’ll be set for smooth payments and clearer headlines on your next trip or transaction.