Money, Currency and Cards in Peru
Local Currency
Peruvian Nuevo Sol (PEN)
General Advice
The official currency in Peru is the Nuevo Sol (S/.), which is divided into 100 centimos. The currency includes coins for 5, 10, 20 and 50 centimos and 1, 2 and 5 sol coins. There are bills in the denomination of 10, 20, 50, 100 and 200 Nuevos Soles. It is recommended that you try to avoid the larger notes so much as possible, as it can be difficult to obtain change.
The US dollar is widely accepted in tourist areas, and the use of credit cards is becoming more common in major towns and key tourist areas.
Money Exchange
It is relatively easy to exchange US Dollars or Euros throughout the main towns and tourist areas of Peru, but less straightforward to exchange other currencies. If you plan to get off the beaten track, plan accordingly.
Note that due to forgeries, it can be very difficult to exchange marked or torn notes, particularly in high denominations. Brand new bank notes can also be treated with suspicion.
To exchange money in major cities and tourist areas, there are four main options:
1. Banks.
Rates of exchange advertised clearly and generally safe, secure environment.
2. Tourist hotels and shops.
Some offer this service, although rates of exchange are often poor.
3. Casas de Cambio.
Usually located close to key tourist areas, these are usually secure and professional exchange bureaus that often offer a reasonable rate of exchange.
4. Cambistas.
In certain streets of most large Peruivian towns and borders, you will see people with their hands literally full of Soles. Cambistas often offer the best rates of exchange, but this is not always the case so make sure you check. Whilst the majority of cambistas are probably honest folk, there are regular reports of people being cheated, so you should watch out for forgeries or inaccurate calculations and remember that if changing money in a public place you do not know who is watching.
Plan ahead: Decide how much money you wish to change, have this money to hand, have an idea of what rate ‘tipo de cambio’ you expect and be sure to count that you are given carefully. To avoid accepting fake currency, check the watermarks and holograms and make sure you are aware of the latest fakes in circulation, which are often displayed on posters in public places.
In order to keep your transactions private you could invite the cambista into a hotel lobby, although this is unlikely to go down well if the hotel offers its own exchange service.
In Miraflores, Lima, official Cambistas are often dressed in a blue waistcoat with a large dollar sign on the back.
ATM Availability
ATMs are readily available in the larger towns, and this is the easiest way to get money. This is not the case in smaller settlements, so visitors plan accordingly.
Although generally reliable, like anywhere in the world, they can be temperamental - especially on weekends and public holidays. Where possible use machines that are located inside a bank, supermarket or building.
ATMs accept international credit cards and will often offer US dollars or soles.
For more information check the Visa ATM locator, the MasterCard ATM locator or the American Express ATM locator for the addresses of ATMs around the world.
Credit Cards
Credit cards are increasingly accepted in major cities and larger hotels, but smaller shops and restaurants will expect to be paid in cash. Be aware that there can be a hefty charge for credit card usage, so you should check before you spend. Remember to keep all receipts and before signing check that the amount is correct. Credit cards and debit cards should always be used with caution due to the potential for fraud and other criminal activity.
Travellers Cheques
Travellers’ cheques are one of the safest ways to carry money in Peru. Be aware though that not all banks, casas de cambio or cambistas will cash these. Rates of exchange and commission levels tend to be less attractive than other forms of currency exchange.
Travellers’ cheques are accepted in some large stores, restaurants and hotels in urban areas – however it is always best to check with the individual establishment beforehand.
Other Information
As US dollars are widely accepted in Peru and because it is relatively easy to change currency into Soles, many travellers choose to change up small amounts of Soles often and keep the bulk of their funds in US dollars.
