Colombia is a vibrant and culturally rich country located in South America. The cost of living in Colombia can vary depending on location and lifestyle. In this article, we will explore the local currency in Colombia, compare the cost of living in Colombia to the cost of living in the UK and the USA, break down costs in Colombia for singles, couples, and families of 4 in various categories, and explain the most common forms of payment in Colombia.
Local Currency in Colombia
The local currency in Colombia is the Colombian peso (COP). The symbol for the peso is “$” and the currency code is COP. One Colombian peso is equal to 0.00025 US dollars. The most commonly used coins are 50, 100, 200, and 500 pesos, while the most commonly used banknotes are 1,000, 2,000, 5,000, 10,000, 20,000, and 50,000 pesos.
Cost of Living in Colombia Compared to the UK and the USA
The cost of living in Colombia is generally lower than the cost of living in the UK and the USA. According to Numbeo, a website that compares the cost of living in different countries, the cost of living index in Colombia is 34.87, while the cost of living index in the UK is 71.79 and the cost of living index in the USA is 72.56. The cost of living index is a measure of the average cost of goods and services in a country, where 100 is the index for New York City.
However, the cost of living in Colombia can vary greatly depending on the city and the lifestyle. Living in the city center can be more expensive than living in the suburbs, and living in popular tourist areas can also be more expensive.
Cost Breakdown in Colombia
The cost of living in Colombia can vary greatly depending on the lifestyle and location. Below is a breakdown of costs in Colombia for singles, couples, and families of 4 in various categories.
Housing
The cost of housing in Colombia can vary depending on the location and the type of accommodation. According to Numbeo, the average cost of rent for a one-bedroom apartment in the city center is around 1,000,000 pesos per month, while the average cost of rent for a one-bedroom apartment outside the city center is around 700,000 pesos per month. The cost of buying an apartment or house can vary greatly depending on the location and the size of the property.
Food
The cost of food in Colombia is generally lower than the cost of food in the UK and the USA. According to Numbeo, the average cost of a meal at an inexpensive restaurant in Colombia is around 15,000 pesos, while the average cost of a meal at a mid-range restaurant is around 30,000 pesos. The cost of groceries in Colombia can vary depending on the location and the type of food. For example, the cost of fruits and vegetables is generally lower than the cost of meat and dairy products.
Utilities
The cost of utilities in Colombia can vary depending on the location and the season. According to Numbeo, the average cost of utilities for a 85 square meter apartment in Colombia is around 210,000 pesos per month. This includes electricity, heating, water, and garbage collection. However, the cost of utilities can be higher in the summer or winter when the demand for electricity and heating is higher.
Leisure
The cost of leisure activities in Colombia can vary greatly depending on the location and the type of activity. For example, the cost of movie tickets in Colombia is generally lower than the cost of movie tickets in the UK and the USA. According to Numbeo, the average cost of a movie ticket in Colombia is around 8,000 pesos, while the average cost of a movie ticket in the UK is around £10 and the average cost of a movie ticket in the USA is around $9.
The cost of other leisure activities, such as visiting tourist attractions, can also vary greatly depending on the location and the season. For example, the cost of visiting the famous Salt Cathedral of Zipaquirá is around 50,000 pesos, while the cost of visiting the famous Coffee Triangle region can range from around 300,000 to 500,000 pesos per person for a multi-day guided tour.
Transport
The cost of transportation in Colombia can vary depending on the location and the mode of transportation. According to Numbeo, the average cost of a one-way ticket on public transportation in Colombia is around 2,500 pesos, while the average cost of a taxi ride for 8 kilometers is around 15,000 pesos. However, the cost of transportation can be higher in larger cities or during peak hours.
Clothing
The cost of clothing in Colombia can vary depending on the quality and the location. According to Numbeo, the average cost of a pair of jeans in Colombia is around 110,000 pesos, while the average cost of a dress is around 100,000 pesos. However, the cost of clothing can be higher in larger cities or for name brand items.
Household Goods
The cost of household goods in Colombia can vary depending on the location and the type of item. For example, the cost of a 40-inch LED television in Colombia is around 1,200,000 pesos, while the cost of a washing machine is around 900,000 pesos. However, the cost of household goods can be higher for imported items or name brand products.
Forms of Payment in Colombia
The most common forms of payment in Colombia are cash and credit/debit cards. Cash is still widely used in Colombia, especially for small transactions. Credit and debit cards are also widely accepted, especially in larger cities or at international retailers. However, some retailers may not accept foreign cards, and it’s important to check before making a purchase.
Another popular payment method in Colombia is the payment app known as ‘PSE’ (Pagos Seguros en Línea) which allows users to make electronic payments directly from their bank accounts. Online payment methods like PayPal and PayU are also widely used.
In conclusion, the cost of living in Colombia can vary greatly depending on the location and the lifestyle. However, the cost of living in Colombia is generally lower than the cost of living in the UK and the USA. The most common forms of payment in Colombia are cash and credit/debit cards, but payment apps and online payment methods are also widely used. It’s important to research the cost of living and the forms of payment before traveling to Colombia or moving to Colombia.