Guide to not losing money on trips abroad due to hidden charges and bad exchange rate decisions
Poorly planned vacations could be very expensive for your wallet. Photo: iStock
TL;DR
- International travel can cost up to 10% more due to poor currency conversion, fees, and payment methods.
- This can result in financial losses of up to one million pesos for families on trips.
- Platforms may add 3-8% margins when showing prices in Colombian pesos.
- Waiting to exchange currency, particularly at airports, can incur margins of up to 7%.
- Holding physical currency before travel leads to value loss due to inflation.
- ATM withdrawals abroad can cost $3-$7 per transaction, plus bank and operator fees.
- International transactions typically charge 2-3% plus their own exchange rates.
- These charges are often not visible at the time of payment but appear on the next month's statement.
- While cost-reducing financial tools like commission-free cards and multi-currency accounts exist, their use is not widespread among travelers.
- Remittances in 2025 reached a record $13.098 billion, with a 1% tax on physical shipments from 2026 onwards, making digital transfers exempt.