If you do nothing else while in Banos you must do this. It's a bit of a drive from the main centre and its a decent hike down the path but when you get there it is the most breathtaking waterfall you will ever see. You can get super close to the crashing water at the bottom and if you don't mind tight squeezes there is a path under the rocks to get close to the top. Just be ready for a decent hike back up to the carpark. If you are not yet use to the altitude this walk will kick you in the pants. But it is worth it. Absolutely beautiful.
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