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The Advantages of Saving in US Dollars and Current Exchange Rates in Colombia

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The Advantages of Saving in US Dollars and Current Exchange Rates in Colombia

The dollar is one of the favorite currencies of many savers both in Colombia and in other countries that have emerging currencies. The currency represents a safe haven for many people’s assets, as it is part of one of the most solid economies in the world, that of the United States.

Saving in this currency makes it possible to face inflation since it is not affected by the increase in prices in the country. In fact, the devaluation of the local currency allows the dollar to strengthen and savers to have greater profits.

Another benefit of saving in that currency is the greater opportunities it provides for international investment, as many foreign investments require transactions to be carried out in dollars, according to the Global 66 portal.

In Colombia, there are several alternatives to save on the greenback. One of the most common is the purchase of physical dollars. This consists of buying the currency and then storing it, waiting for it to revalue. Then they sell it in the market and take advantage of the profits it can give.

Exchange houses play an important role in saving physical dollars since these establishments allow you to acquire the currency without a problem and at a rate that is sometimes more favorable than that set by banks.

On Wednesday, January 24, exchange houses are buying dollars at an average price of $3,740 and selling them at a price of $3,860. It’s important to look for the exchange house with the lowest selling price if you’re going to buy dollars and the exchange house with the highest purchase price if you want to sell dollars.

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Here are the prices of the dollar in exchange offices for this January 24:

– Bogotá DC: $3,770 – $3,850
– Medellín: $3,630 – $3,810
– Cartagena: $3,600 – $3,840
– Cúcuta: $4,030 – $4,180
– Pereira: $3,760 – $3,900

If you want to analyze the behavior of the currency in the last week, take these values ​​into account:

– Wednesday, January 24, 2024: $3,740 – $3,860
– Monday, January 22, 2024: $3,750 – $3,880
– Sunday, January 21, 2024: $3,750 – $3,880
– Saturday, January 20, 2024: $3,760 – $3,890
– Friday, January 19, 2024: $3,780 – $3,900

It’s important to note that exchange control is normally carried out by the National Tax and Customs Directorate. The entity specifies that a person entering or leaving the country can carry up to the sum of 10,000 US dollars without having to declare it. If it exceeds this figure, the traveler must pay the corresponding taxes both when entering and leaving the country.

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