There are several regulations as to the amount of cash that you can import and export which you should know beforehand to avoid complications. Exchanging money from British pounds sterling is not accepted in most money exchange offices which is essential knowledge if you are coming from the UK.
On arrival in Colombia if you have over US$10,000, or the equivalent in a different currency you must declare this to customs officers or risk the money being taken from you.
To export money from Colombia to a different country, as a resident, you may export COP$338,520 per year, and up to COP$11,284 per day. If you are under the age of 15 this amount is limited to COP$5,642 per day and COP$169,260 per year.
If you are a non-resident you may export up to US$10,000 or the equivalent in a different currency. If it is more than US$10,000 or the equivalent, you must declare the amount to the authorities.
Pounds sterling are not widely accepted for exchange in banks and if banks do accept UK sterling, the exchange rate is very bad. You can exchange money in banks, airports, bureau de change offices and in some hotels. It is recommended that you don’t exchange money at airports as the exchange rate is usually very poor.