Living In Colombia as a US expatriate: How the Colombian Peso (COP) works

The Colombian Peso (COP) is the currency used in daily life in the country of Colombia. An often overlooked aspect of living as a US expatriate overseas, is how the local currencies work, the conversion value to US dollars and the best practices to transact in the local economy.

The Colombian peso is a non major currency pair and it isn't well known outside of the country. So when it comes time to convert your US dollars and live your life in COP, it is critically important to understand the value of the different bank notes and how much things should cost.

In this video, I walk through many different aspects of the Colombian Peso currency, financial system and how to transact your daily life in the country of Colombia.

00:46 Colombian Peso conversion rate to $1 US dollar

01:28 Our Orlando offices and tax service

01:53 $100.000 COP "cien mil", how much its worth and how it's used in country. Why it isn't widely used

03:14 Minimum salary in Colombia explained

03:33 $50.000 COP "cincuenta mil", how much it is worth, why it is the more commonly used high denomination note

04:07 Different variations of $50.000 COP "cincuenta mil" note, the old version and new version. Why you should use the new version...

04:40 How to use $50.000 COP "cincuenta mil" note in daily life

05:02 $20.000 COP "veinte mil" note, how it is used and why it is one of the more commonly used denominations

06:00 Smaller notes $10.000 COP "diez mil" why this is important to have for taxis, small tiendas and hand foods

06:30 Why having $10.000 COP "diez mil" is important to have and how it can save you from overpaying on a taxi fare

06:50 How taxi fares work in Colombia. How Medellin the meter means a monetary value and how Bogota uses a pricing code for the fare calculation

07:22 $5.000 COP "cinco mil" what you can buy with it, how resourceful this small bill can be in your daily life

08:02 $2.000 COP "dos mil", why this is the most popular small denomination note and why carrying a lot of these can help you with exact change. What small hand foods you can buy with it...

09:00 Coins "monedas" $1.000 COP "mil", Coin and bill. Why the bill isn't used anymore

09:30 How resourceful the $1.000 COP coin can be

09:50 500 COP coin "quinientos pesos", perfect for exact change and purchasing small things

10:10 200 COP coin "doscientos pesos", can be used for exact change. It can't buy very much...

10:25 100 COP coin "cien pesos" 50 COP coin"cincuenta pesos". It doesn't do much... You can buy little candies or gum with it.

10:43 Why Colombian culture respects money regardless of big or small denominations

11:36 The importance of learning foreign currency values

11:55 Physical cash usage and why cash is the most popular way to transact in the Colombian economy

12:05 Credit card and debit card usage, why it isn't as popular

12:30 Using credit or debit cards "tarjeta credito" in Colombia

12:50 Showing ID "Cedula" to complete a credit card transaction

13:18 The importance of carrying cash in Colombia

13:41 The importance of carrying cash in case of robbery

14:12 Major banks in Colombia (Bancolombia, Grupo Aval)

14:50 Using ATMs in Colombia

15:15 Transferring money into Colombia

15:35 Arriving to Airport, why to use ATM over currency change house

16:10 How much you can expect to lose converting physical US dollars to COP

17:20 Financial transaction tax when withdrawing cash

17:40 Transferring large amounts of cash

18:40 The importance of registering large currency transfers and declaring to customs

20:30 Taxes and the importance of filing while living abroad

If you do settle in Colombia as a US expat living abroad, you have a tax reporting obligation on your world wide income. Whether you acquire Colombian tax residency or not, you maintain a reporting requirement to the IRS and US government. When you need help with your tax situation, contact me directly through WhatsApp.

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Contact me today for your tax consultation at +1 (407) 864-2702, by phone or WhatsApp. Book your consultation by visiting our website at: https://quintilonetax.com/index.php/c...

Dylan Quintilone PTIN P02055728

Disclosures:
Dylan Quintilone is an investment advisor representative with Copper Canyon LLC, a state of Florida Registered Investment Advisor. He provides tax services separately and independently of Copper Canyon LLC. He does not render investment advice, or financial planning services as a service within the tax business. Mr. Quintilone is required to deliver disclosure documents consisting of Copper Canyon LLC’s Form ADV Part 2 Brochure, Portfolio Management Contract and other required documents.

Copper Canyon LLC

Dylan Quintilone
Investment Advisor Representative
CRD 6732024

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