Travel
Peru's Currency
Peru's currency is the Nuevo Sol, commonly referred to as Sol, with its plural form being Soles. As of August 2024, the conversion rate is approximately 3.80 Soles to 1 US Dollar.
Converting Your Money into Soles
It is recommended to convert your currency to Soles once you arrive in Peru, as the exchange rate is generally better than in your home country. Numerous small exchange booths, known as "casas de cambio," are located near tourist centers in any Peruvian city and usually offer honest rates. In Cusco, most money changers are found at the top of Av. Sol near Plaza de Armas. Each city has its own specific locations for currency exchange, and locals can easily direct you.
When exchanging money in Peru, your bills will be stamped with a special mark by the changer. This mark is useful if you need to return a bill. If a bill is too old, ripped, or worn, many vendors will not accept it. You can either return it to the changer or exchange it at a bank for a new bill free of charge.
Street money changers often offer the best exchange rates but be cautious as thieves may be watching. If using a street money changer, be aware of your surroundings and securely store your Soles. It is advisable to check the exchange rates at multiple booths to ensure you get the best deal.
Fakes and Forgeries
Fake bills are relatively common in Peru, and merchants typically inspect bills for watermarks, metallic markings, and raised lettering. Don't be alarmed by these checks; they are standard practice. If you receive a worn or ripped bill during exchange, don't hesitate to ask for a different one. Banks will also replace old but genuine bills with new ones free of charge.
Using an ATM
ATMs are widely available in tourist areas, including 24-hour machines. When withdrawing money, you have the option to take out Soles or US Dollars. It is advisable to withdraw US Dollars and then convert them to Soles at a money exchange house for a better rate. Banco de la Nación’s ATMs, indicated as “multiRed,” are known for low withdrawal fees.
Be aware that electrical outages are common in parts of Peru, so don’t rely solely on ATMs for cash. Always have some cash on hand as a backup. Withdraw large amounts during the day and avoid using ATMs late at night.
Paying with Cash or Card
Credit and debit cards, including Visa and MasterCard, are accepted in many tourist shops, souvenir stores, museums, restaurants, hotels, and tour agencies. Inform your bank beforehand about your travel plans to avoid card restrictions. Be mindful that your bank may charge fees for international transactions.
Many smaller businesses, market stalls, and street vendors in Peru accept only cash. To get the best exchange rate when using your card, always choose to pay in Soles to ensure your bank’s rate is applied, which is usually better than the merchant’s rate.
Keep your valuables close
Peru is generally safe, but petty theft, such as pickpocketing and bag snatching, can occur. Keep valuables close and secure, preferably in a money pouch under your clothes or in an inside pocket of your jacket. Avoid keeping valuables in easily accessible places like backpacks.
Be vigilant in crowded places
Stay alert in crowded areas, such as markets, tourist spots, and public transportation. Thieves often target these locations. Keep your bag in front of you, and if you put it down, secure it by stepping through a strap.
Don´t get distracted
Always be aware of your surroundings. Thieves may take advantage of moments when you are distracted by the sights. Use common sense and stay conscious of the area you are exploring. If traveling with others, look out for each other and your belongings. A group can deter potential thieves.
Don´t carry all your valuables
Minimize potential loss by only carrying the money you need for the day. Leave extra money and credit cards in a secure location at your accommodation. Photocopy your passport and carry the copy instead of the original.