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Currency and Cost of Living

Colombia - Currency and Cost of Living

The currency of Colombia is the Colombian peso (COP) and this is divided into Centavos – 100 to each Peso. The Colombian cost of living compared to other countries is reasonably high, which is due in part to the amount of goods which have to be imported into the country.

Colombia is ranked 8th highest in the world for alcohol and tobacco and clothes in all categories including shoes and children’s clothing put the country at number 72. The cost of communications in Colombia is also high in the comparison with other countries. This includes both mobile and landline telephones, the cost of internet connection and usage and the line rentals. In this category Colombia is the 20th most expensive country in the world.

Education from crèche to college is expensive as there are fees to be paid so the country ranks high with a rating of 35. Purchasing furniture and appliances for the home also works out relatively expensive in comparison with other countries, mainly due to the cost of importation.

However, the cost of purchasing groceries is relatively favourable in comparison with most countries, with a country ranking of 188 out of the 282 countries included in the comparison. The cost of personal care items is relatively low also, making low cost shopping one of the main attractions of Colombia.

The cost of healthcare is also reasonable and takes into account the cost of prescriptions as well as insurance and treatment. Household bills are high. Due to the higher temperatures in the country air conditioning units are always in use and there are many utility companies which are unregulated.

An evening out can be fairly reasonably priced with meals in restaurants very low down on the comparison index. However, buying DVDs or cinema tickets can be fairly expensive when compared to other countries.

There are not many goods which have to be imported by expats, as there are many branded goods which will be familiar to them that are available in Colombia. This means that the cost of some things is fairly high. Expats are also able to have some things sent into the country to them if they prefer, although the cost of shipping goods can be high. Expats will also notice a number of familiar high street stores in the major towns and cities which can help to make it easier to settle in an unfamiliar area.

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