How the value of the Canadian Dollar (CAD) vs. Colombian Peso (COP) affects your money transfer
If you’re going from Colombia to Canada and need money, or are sending money to family, you can make a secure international money transfer with Western Union Canada. However, the value differences between Canadian Dollars (CAD) and Colombian Pesos (COP) can impact your money transfer in different ways based on where the money is going. Learn about the difference between Colombian Pesos and Canadian Dollars and how to set up an international transfer between the two countries.
What is the value difference between the Canadian Dollar vs. the Colombian Peso?
Before sending your money overseas, it’s good to check what the current exchange rate is. As of July 2023, one Canadian Dollar is equal to approximately 3,017.00 Canadian Pesos. Exchange rates can fluctuate based on the economy, so it helps to check right before making the transfer. You can check the latest exchange rate between CAD and COP estimate on your transfer value.
Will the cost of living in Colombia affect your money transfer?
The Canadian Dollar goes a lot further in Colombia than the Colombian Peso does in Canada. According to Numbeo, the cost of living is much higher in Canada, meaning that the Canadian Dollar has more spending power in Colombia. To put that into perspective, the average cost of a cappuccino is $4.79 CAD in Canada, and $5,575.41 COP (which is equivalent to around $1.78 CAD) in Colombia. So, while it’s beneficial to send money from Canada to Colombia, adjusting to Canadian prices after exchanging from Colombia to Canada may be a little challenging.
How to manage your money after exchanging Colombian Pesos for Canadian Dollars
If you’re worried about handling your newly exchanged Canadian Dollars, you can start by creating a budget to account for the higher cost of living. Doing research on where to find cheaper living, shopping, and transportation costs can help you prepare for the change. It may also help to arrange a plan for dealing with inflation in Canada by finding extra sources of income and tips for saving money.
A little preparation can go a long way as you get accustomed to a new place. Use this guide for immigrating to Canada to learn about Canadian money and ways of life before getting settled in the Great White North. You can also check out our article on what to expect as a Colombian in Canada to get familiarized with Canadian cultural norms.
What to know before going to Colombia
If you’re venturing from Canada to Colombia, be sure to follow the country’s travel guidelines. Our guide for travelling to Colombia can give you a brief overview on how to navigate entry expectations, cultural norms, safety risks, and more to prepare you for your experience abroad. You can make the most of your money thanks to the exchange rate, but it’s important that you’re keeping your money safe as well. Keep your purse or wallet stored in a safe place when you’re out and about, and use Western Union to send money ahead of time for travels. Download the Western Union app or send via our website to make transfers and track your transaction.