A medical booking in Colombia often involves several payments spread over weeks or months: a deposit, a balance, local extras and sometimes a refund. If the price is set in pesos (COP) and your money is in another currency, each payment is converted at whatever rate applies that day. This page explains where that risk comes from, how the peso rate is set, and how to decide when it is worth locking in a rate.
How the peso exchange rate is set
Colombia does not have a fixed official exchange rate. According to the Banco de la República (accessed 2026), there has been no official rate since 1991. The country has a flexible exchange-rate regime in which supply and demand set the price. The Superintendencia Financiera calculates and certifies a daily reference rate, the tasa representativa del mercado (TRM), based on trades registered by foreign-exchange intermediaries on the previous business day.
Two points matter for patients. First, the rate moves every business day, so the dollar cost of a peso quote is not fixed. Second, the central bank describes the TRM as a market reference only. Contracts are agreed at whatever rate the parties settle on. A clinic, bank or card network may use its own rate, not the TRM. When a quote says it will be "converted at the day's rate," ask which rate and which day.
Where currency risk enters a medical booking
| Moment | What can move | Question to ask |
|---|---|---|
| Quote | The quote's currency may differ from the currency you pay in | Is this price set in COP or USD, and which one controls? |
| Deposit | Converted at the rate on the day you pay | Does the deposit fix the full price in my currency, or only in COP? |
| Balance | Often paid weeks later, at a different rate | When is the balance due, and at what rate is it calculated? |
| Local extras | Lodging, transport, pharmacy and meals often priced in COP | Which costs will I pay locally? |
| Refund | A refund in COP may convert back at a different rate than you paid | In which currency and at which rate would a refund be made? |
The refund row is easy to miss. If you paid a deposit in dollars that became pesos, and later receive a peso refund converted back to dollars, the rate and fees on both legs can leave you with less than you sent, even if the clinic refunds the full peso amount. Ask how refunds are calculated before you pay. Our guide to cancellation and rescheduling policies covers the other refund terms to check.
An illustrative example
Illustrative only. These rates are invented to show the arithmetic, not a forecast or a current rate. Say a quote is COP 20,000,000. At a rate of 4,000 pesos per dollar, that is $5,000. If the peso weakens to 4,400 per dollar before you pay the balance, the same peso price costs about $4,545. If it strengthens to 3,700, it costs about $5,405. The clinic's price has not changed, but your cost has moved by several hundred dollars either way.
Movement can help you as well as hurt you. Locking in a rate removes both possibilities. What you get in return is a number you can budget around.
Ways to lock in, or reduce, the risk
Ask for a price in your currency
Some providers quote international patients in US dollars. If yours does, check whether the dollar figure is binding or just a peso amount converted for convenience. Get the controlling currency in writing.
Pay more upfront
Paying a larger share, or all of it, at a known rate removes currency risk on that amount. The trade-off is serious: more of your money is committed before the clinician has examined you. Do this only if the refund and change terms are clear and acceptable.
Agree a fixed conversion in the quote
Ask whether the clinic will state, in writing, the rate it will use for your balance, or fix the balance in your currency when you pay the deposit. Not every provider will, but asking costs nothing. If the clinic agrees, make sure the rate appears on the quote or confirmation, not only in a message.
Choose a payment method whose rate you can see before paying
If you send an international transfer from the United States, the Consumer Financial Protection Bureau (2021) explains that remittance transfers over $15 to recipients abroad, including businesses, generally come with written disclosures before you pay. These cover the exchange rate, fees and the amount expected to be delivered. You can generally cancel within 30 minutes of paying, as long as the money has not been picked up or deposited, and you can report an error within 180 days of the date the funds were due. These rules do not apply to providers that send 500 or fewer transfers a year.
Card payments work differently. The rate is typically set when the charge is processed, and your issuer may add a foreign transaction fee. If a terminal offers to charge you in your home currency instead of pesos, compare that rate with your card's before accepting. The FTC (2026) notes that credit cards give you more protection and let you dispute charges. For a comparison of methods, see payment methods clinics accept.
Don't forget the small peso payments
Currency risk is not only about the big medical payments. Lodging, taxis, pharmacy purchases, meals and garments bought locally are often priced and paid in pesos, by card or in cash. Each one is small, but over a recovery stay they add up, and each card payment may carry a fee. Decide in advance which card or account you will use for local spending, and check its foreign-transaction terms before you travel.
When locking in makes sense, and when it doesn't
| Lean toward locking in | Lean toward waiting |
|---|---|
| Your budget has little room and a swing of a few hundred dollars would matter | The plan still depends on an in-person exam or test results |
| The clinical plan is settled and dates are firm | Refund terms are unclear or keep a large share |
| Refund and change terms are written and acceptable | Only a small amount is exposed |
| The balance is large and due well in the future | Locking in requires paying far more upfront than you are comfortable with |
The underlying rule: don't let a currency decision push you into committing money before the medical plan is ready. Rate certainty is worth something, but not more than being able to walk away if the clinician changes the plan.
Build the currency buffer into your budget
Whatever you decide, plan as if the rate could move against you. The NHS treatment-abroad checklist (2023) specifically tells patients who are going abroad to save money to account for changing exchange rates. Add a margin to the peso-priced parts of your budget, and keep it separate from your emergency reserve. Our medical travel budget calculator helps you price the whole trip.
What to get in writing
- The currency the price is set in, and which currency controls if they differ
- The rate and date used to convert your deposit
- How and when the balance will be converted
- Whether paying the deposit fixes the price
- The currency and rate for any refund
- Any fees the provider adds for card or international payments
The Takeaway
Currency risk is manageable once you know which currency controls each payment and at which rate. Lock in when the plan is firm and the terms let you walk away. Otherwise, keep a margin in your budget and keep your options open.
Frequently asked questions
Should I ask for my quote in US dollars?
It can make budgeting simpler, but check whether the dollar figure is binding or just a converted peso amount. Get the controlling currency in writing.
What is the TRM, and will the clinic use it?
The TRM is Colombia's daily reference exchange rate. It is calculated by the Superintendencia Financiera from the previous business day's trades. Banco de la República describes it as a reference only, and parties can agree a different rate, so ask which rate your clinic or bank will use.
Is it smart to pay the full amount early to avoid exchange-rate changes?
Only if the refund and change terms are clear and acceptable. Paying early removes currency risk but commits more money before the clinician has examined you.
Can I cancel an international transfer if I see a bad rate?
For many US remittance transfers, the CFPB says you can generally cancel within 30 minutes of paying, provided the money has not been picked up or deposited. Check the disclosure your provider gives you before sending.
Could I lose money on a refund even if the clinic refunds in full?
Yes. If the refund is in pesos and converted back at a different rate, with fees on each conversion, you may receive less than you originally sent. Ask in advance in which currency and at which rate refunds are made.