You're planning a trip, an investment, or simply looking to protect your savings from the constant devaluation of the Colombian peso. When you want to buy dollars, doubts arise: Where to find the best price? How to avoid long lines, hidden fees, or complicated processes?
In this article, we’ll show you where to buy dollars in Colombia efficiently, comparing traditional and digital options. Plus, you’ll discover a new alternative that will save you money and tedious processes: DolarApp.
When it comes to buying dollars, traditional options like currency exchange houses, banks, and remittance companies are often the first alternatives we consider.
However, these methods are often loaded with high fees, complex procedures, and overpriced rates. Does that sound familiar? Surely, you’ve wondered if there’s a more efficient and cost-effective way.
In major cities like Bogotá, Medellín, and Cali, exchange houses are a frequent option. However, they usually have a higher spread (difference between buying and selling prices) than other methods.
For example, the average exchange house prices at the time of writing this article are around $4,090 COP per dollar for purchases and $4,230 COP per dollar for sales.
This means a differential of up to $140 COP, which can lead to significant losses, especially in large transactions.
Additionally, exchange houses come with another inconvenience: physical travel. Searching for the nearest branch, carrying cash, and waiting your turn can turn into an exhausting experience.
In Colombia, local banks are prohibited from offering bank accounts in foreign currencies.
However, some traditional banks provide dollar account services through their branches abroad.
It’s important to note that opening these accounts—whether to buy or sell dollars—comes with high costs. For example:
Bancolombia: Requires a minimum deposit of $5,000 USD to open an account and charges up to $29 USD per transaction.
Davivienda: Demands an initial deposit of $20,000 USD with a monthly maintenance fee of $35 USD if the minimum balance of $5,000 USD is not maintained.
Itaú: Charges no opening fee but requires an average balance of $100,000 USD and applies high fees if the balance is not met.
These costs, combined with the markup on exchange rates, make banks less convenient for the average Colombian.
Companies like Western Union, PayPal, and Ria Money Transfer are useful if you need to receive dollars from abroad, but their rates are often not the most favorable:
Western Union: Average rate of $4,536 COP per dollar (international transfers).]
PayPal: Exchange rate of $4,400 COP per dollar.
Ria Money Transfer: Exchange rate of $4,406 COP per dollar (international transfers).
Remittance companies like these are interesting options if you need to buy dollars occasionally or receive international transfers. Their processes are often quick and efficient, but they come with two major drawbacks:
No saving in dollars: These companies are primarily designed for immediate transfers and don’t offer tools for saving dollars or managing long-term finances.
Hidden costs when selling dollars: If you’ve ever tried to sell dollars received through these platforms and transfer them to a Colombian bank account, you’ll know that the fees and exchange rates often work against you.
Fintech has revolutionized the financial world, and buying dollars is no exception. These platforms offer competitive exchange rates, simple processes, and the convenience of operating from anywhere.
Comparison with Wise
Wise, for instance, has an average exchange rate of $4,398.63 COP per dollar. However, transfer fees can sometimes make it less appealing.
DolarApp: The Best Alternative
With DolarApp, you can buy digital dollars at the best exchange rate and with no hidden fees.
The current buying rate is $4,310 COP per dollar, significantly lower than other options. Additionally, DolarApp allows you to:
Save in dollars: Protect your savings from the devaluation of the Colombian peso.
Manage dollars from your smartphone with the DolarCard, an international Mastercard with no additional costs.
Send and receive payments in dollars from U.S. accounts with a fixed fee of $3 USD per transaction, far more favorable than any other option on the market.
Comparison with Global66
Global66 is another popular platform for buying and transferring dollars, offering an interesting alternative for those seeking online options.
According to the most recent information, this platform offers exchange rates around 4,436 COP per dollar for purchases in Colombian pesos.
One of its advantages is the ability to send remittances to over 55 countries, making it a competitive option in the fintech market.
Method | Buy Rate (COP/USD) | Sell Rate (COP/USD) | Fees | Advantages |
Currency Exchange Houses | $4,090 (approx.) | $4,230 (approx.) | No fees, high spread | Easy access in major cities |
Banks | $4,150 (approx.) | $4,310 (approx.) | Up to $35 USD maintenance | Dollar accounts |
Western Union | $4,536 (approx.) | $4,230 (approx.) | High transaction fees | Fast international transfers |
Wise | $4,398.63 | $4,398.63 | Varies by transfer type | Multi-currency operations |
Global66 | $4,438 | $4,350 | Varies by transfer | Dollar account with profitability |
DolarApp | $4,310 | $4,307 | $3 USD flat fee | Dollar account, no complicated paperwork |
Download the app: Available on iOS and Android.
Register: Provide basic information and verify your identity.
Click "Receive": Choose the PSE bank debit option or another method of your choice.
Confirm the amount: Enter the amount of pesos you want to convert.
Select your bank: Access your bank’s platform to authorize the payment.
Complete the transaction: Once confirmed, the digital dollars will instantly appear in your DolarApp account.
Monitor exchange rates: Use DolarApp to buy when the rate is low and sell when it’s high.
Avoid hidden fees: With the DolarCard, pay in dollars without worrying about unexpected conversion fees.
Save on large transactions: If you need to transfer significant sums, take advantage of DolarApp’s flat fee of $3 USD to send or receive payments in the U.S.
Conclusion: Where Can I Buy Dollars in Colombia?
Among the many options for buying and selling dollars, DolarApp not only offers the best exchange rate but is also ideal for saving in digital dollars.
The app also provides tools to manage your finances, which is useful if you need to track your income to meet fiscal obligations.
Additionally, when selling your dollars to transfer them to a Colombian bank account, the process is simple and transparent—no travel required and no hidden fees.
If you’re still asking, "Where can I buy dollars in Colombia?", now you know the answer. Download the app today and start enjoying its benefits.
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