If you're looking at the current exchange rate for USD to Colombian pesos, you might notice something weird. The rate is hovering around 3,655 pesos per dollar today, January 15, 2026. If you visited Medellín or Bogotá just a year ago, you probably remember the dollar being worth way more—closer to 4,300.
Honestly, it’s been a wild ride.
The Colombian peso was actually one of the strongest emerging market currencies in 2025. While everyone was betting on it crashing, it did the opposite. It gained over 14% in value against the greenback last year. That’s a massive swing for a country that usually sees its currency slide when political noise gets loud.
Why the USD to Colombian pesos rate shifted so fast
Most people think the exchange rate is just about oil prices or who is in the Casa de Nariño. It’s deeper. The Federal Reserve in the U.S. started trimming rates, which made the dollar lose its "invincible" status. At the same time, Colombia’s Central Bank (Banco de la República) kept its own interest rates high, sitting around 9.25% for much of late 2025.
Basically, investors realized they could make more money holding pesos than dollars.
But there’s a catch. Life in Colombia is getting more expensive for locals, even if your dollars feel like they don't go as far. Inflation in Colombia ended 2025 at about 5.1%. That's better than the double digits of previous years, but it’s still above the 3% target.
If you are planning a trip or sending a wire transfer, you've gotta watch the "TRM" (Tasa Representativa del Mercado). That is the official market rate. Today’s TRM is $3,655.16. If a street vendor or a shady exchange house offers you 3,200, they are basically robbing you.
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What to expect for the rest of 2026
Don't expect the peso to keep getting stronger forever. Analysts at firms like BBVA and Itaú are flagging some "latent risks" for the second half of this year. Why? Colombia has a general election cycle starting to heat up for the H2 period.
Politics always makes the currency twitchy.
Then there’s the minimum wage issue. The government just pushed through a 23% increase in the minimum wage for 2026. It’s great for workers, obviously. But economists like Mariana Quinche Bustamante from BBVA are worried this will force prices up again. If inflation spikes, the Central Bank can't cut interest rates as fast as they’d like.
Specific factors to watch:
- The Federal Reserve: If the U.S. stops cutting rates, the dollar will likely bounce back against the peso.
- Oil and Gas: Colombia is facing a shortage of domestic gas supply. If they have to import more energy, the peso takes a hit.
- Tourism: This is the secret weapon. Tourism and services are becoming a huge part of the export mix, which helps stabilize the currency.
Practical tips for exchanging money right now
If you’re traveling, stop using the airport exchange booths. Just don't. They usually have the worst rates in the country.
Instead, use an ATM from a major bank like Bancolombia or Davivienda. When the machine asks if you want to "accept the conversion," always click DECLINE. This allows your home bank to do the math, and they almost always give a better rate than the Colombian ATM’s software.
For large transfers, apps like Wise or Xe are currently reflecting the mid-market rate much more accurately than traditional wire transfers.
The USD to Colombian pesos market is in a "wait and see" mode. We are currently sitting near a 52-week low for the dollar. If you need to buy pesos, now is actually a pretty decent time compared to the volatility we saw a few years back. Just keep an eye on the inflation data coming out next month; it’ll tell us if the peso’s strength is here to stay or if we’re headed for another devaluation.
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Actionable Next Steps:
- Check the TRM daily: Use the official Tasa Representativa del Mercado to know the "real" price before you step into a casa de cambio.
- Avoid dynamic currency conversion: Always pay in COP (pesos), never in USD, when using a credit card at a restaurant or hotel to avoid 5-7% in hidden fees.
- Hedge your transfers: If you have a large expense coming up in Colombia later this year, consider locking in some pesos now while the dollar is below the 3,800 mark, as election volatility often hits in the third quarter.