Foreign tourists visiting Colombia for the FIFA U-20 World Cup in July will be able to pay in their own nation’s currency, according to the Sub-director of Exchange Control.
Payments made for goods and services within the country by foreigners pertain to the free market and therefore are not compulsory to the exchange market, meaning that sellers do not need to involve the bank or exchange agencies with their private transactions with foreigners reported Colombian tax authority DIAN.
However, accepting foreign currency is prohibited for monetary transactions held in zones with no residents, as well as for businesses dealing in imports and exports.
DIAN also warns that the practice of exchanging foreign currency for Colombian pesos is still under DIAN control and businesses that offer services and goods to foreigners such as hotels must seek authorization with the tax authority to exchange foreign currency.
Matches for the FIFA U-20 World Cup begin on July 29 in stadiums across Colombia.
