Getting Paid and Moving Money as a Digital Nomad in Colombia

Earning in one currency and spending in another is the quiet tax of nomad life. In Colombia, the main leaks are ATM fees, poor exchange rates disguised as convenience, and the hassle of paying people who expect local bank transfers or app payments.

The short answer: use a no-foreign-fee card for purchases, withdraw pesos in larger amounts from bank ATMs, always choose to be charged in COP, and use a multi-currency account to convert and send money at transparent rates. Local apps are great once you have a Colombian ID. Until then, plan around cards and transfers.

How money works day to day in Medellín

Medellín is a mixed economy. Malls, supermarkets, chain restaurants and many cafés take cards. Small neighborhood shops, market stalls, street vendors and some taxis prefer cash. Among locals, instant payments through apps like Nequi and Daviplata, and bank transfers, are everywhere.

As a newcomer you need three things: a reliable way to get cash, a card that does not punish you for foreign purchases, and a way to pay larger amounts like rent.

ATMs: getting cash without overpaying

You will find ATMs (cajeros) at banks, malls, supermarkets and pharmacies. Two separate fees can apply when you use a foreign card:

• The Colombian ATM operator's fee, often shown on screen before you confirm.
• Your home bank's fees, such as a foreign transaction fee or out-of-network ATM fee.

Some home banks reimburse ATM fees or waive foreign fees. Check yours before you travel, because it can make a big difference over months.

• Use ATMs inside bank branches or malls, during daytime.
• Withdraw larger amounts less often, as long as you can store cash safely.
• Read the screen for the operator fee and cancel if it looks high.
• Decline conversion offers and choose to be charged in pesos.
• Cover the keypad and watch for anything attached to the card slot.
• Have a backup card in case a machine retains yours.

Dynamic currency conversion: the fee hiding in plain sight

When you pay by card or withdraw from an ATM, you may be asked whether you want to be charged in your home currency, for example in US dollars, instead of pesos. That is dynamic currency conversion (DCC). It looks helpful, but the exchange rate used is usually worse than what your own bank or card network would give you.

The rule is simple: always choose to pay in COP. On ATMs, choose the option to proceed without conversion. At a card terminal, tell the cashier you want to pay in pesos ("en pesos, por favor") if they ask.

Cards: what to bring

Tell your bank you will be in Colombia, or check that your app handles travel notices automatically. A blocked card on day two is a frustrating start.

Multi-currency accounts and Wise

A multi-currency account lets you receive payments, hold several currencies and convert when it suits you, usually at a transparent rate. For many nomads, it is the hub between their home income and Colombian spending.

With Wise, for example, you can hold balances in several currencies, spend with a card and send pesos to Colombian bank accounts. According to Wise's own guide to COP transfers, transfers can go to accounts at major Colombian banks and to Nequi wallets, and the recipient's ID type and number must match what their bank has on file.

Paying a Colombian landlord

Many landlords want rent in pesos into a local account. A multi-currency transfer is often simpler than a traditional international wire. A few things to know:

• You will need the landlord's full name, bank, account type, account number and ID number.
• Wise notes that recipients receiving pesos from abroad for the first time may need to complete a payment declaration (declaración de pago) through their bank. Give your landlord a heads-up so the first payment does not get stuck.
• Keep receipts of every rent payment, and get your lease to state how rent is paid.

Our sister site Rent Medellín has a full guide to paying rent from abroad and to leases and deposits for foreigners.

Nequi and Daviplata for foreigners

Nequi (from Bancolombia) and Daviplata (from Davivienda) are digital wallets used for everything from splitting dinner to paying a cleaner. Once you have one, everyday life gets easier.

The catch is ID. In practice, full access generally requires a Colombian identity document. For foreigners that usually means a cédula de extranjería (foreign resident ID), which you get after receiving a visa of more than three months. A passport alone often is not enough to open an account with full functionality, and experiences vary with other permits.

Limits also apply. These wallets have transaction and balance caps that depend on the account type and verification level, and the providers set and update them. Check the current limits in each app or on the provider's website before relying on them for rent-sized payments.

If you do not have a cédula yet

• Pay with cards where possible and carry some cash for small vendors.
• Ask service providers if they accept a bank transfer from a multi-currency account.
• Do not lend your account or let someone else's account be used for your payments. It creates problems for both of you.

Opening a Colombian bank account

Opening a traditional bank account as a foreigner is possible but document-heavy. Banks usually ask for a cédula de extranjería, and sometimes more, such as proof of income or address. Requirements vary by bank and branch.

For most nomads staying a few months, a local account is not necessary. It becomes more useful if you are on a long-term visa, signing an unfurnished lease or paying local bills regularly. Our digital nomad visa guide explains how the visa leads to a cédula.

Getting paid: employers, clients and platforms

1. Keep your income landing at home or in a multi-currency account. Most remote workers keep being paid as before and convert what they need.
2. Convert in chunks. Moving a month's budget at once is simpler than many small conversions, and lets you compare rates.
3. Keep clean records. Statements showing consistent income help with visa applications and with tax questions.
4. Avoid paying yourself through informal channels. It complicates both banking and taxes.
5. Think about taxes early. Long stays can change your tax position. Read when a nomad becomes a Colombian tax resident.

Tipping, bills and everyday payments

A few local habits are worth knowing so you are not caught off guard:

• Restaurant service charge. Many restaurants add a suggested tip to the bill, often labeled propina or servicio, and the staff will usually ask whether you want to include it. It is voluntary, and you can say yes or no.
• Splitting the bill. Friends often settle up afterwards through Nequi or a bank transfer, which is another reason a local app becomes useful once you have a cédula.
• Utilities. If your lease makes you responsible for utilities, bills can often be paid online, at bank branches or at authorized payment points. Ask your landlord how they normally handle it.
• Cash for services. Some cleaners, tutors and small service providers prefer cash or a local transfer. Agree on the method and amount before the work starts.

Cash safety and everyday habits

• Carry only what you need for the day, and keep larger amounts and backup cards at home.
• Keep small bills. Taxis and small shops often cannot break large notes.
• Check notes when you receive change, and learn what Colombian bills look like.
• Use your phone discreetly in public, especially near the street.
• Turn on instant transaction notifications for all cards.

For more on settling in, see our Medellín starter guide and first 30 days plan. If you hit a money problem on the ground, like a retained card or a payment dispute in Spanish, Medellín Fixer can help you sort it out, or ask us for a local recommendation.

Frequently asked questions

Should I pay in US dollars or pesos when my card asks in Colombia?

Choose pesos (COP). Paying in your home currency triggers dynamic currency conversion, which usually uses a worse exchange rate than your bank or card network.

Can foreigners open Nequi or Daviplata?

Generally you need a Colombian ID document for full access, which for most foreigners means a cédula de extranjería. A passport alone often is not enough, and experiences vary with other permits. Check each app's current requirements.

What is the best way to pay rent to a Colombian landlord from abroad?

Many nomads use a multi-currency account to send pesos directly to the landlord's Colombian bank account. Confirm account details by phone or video, send a small test first and keep receipts.

Do Colombian ATMs charge fees for foreign cards?

Many do charge an operator fee, often shown on screen before you confirm, on top of any fees from your home bank. Using bank ATMs and withdrawing less often helps keep costs down.

Do I need a Colombian bank account as a digital nomad?

Usually not for stays of a few months. It becomes more useful on a long-term visa with a cédula de extranjería, especially if you pay local bills or sign a longer lease.