Planning a trip to Peru? Understanding the local currency, the Peruvian Sol (PEN), is essential for a smooth and hassle-free experience. In this guide, you’ll find everything you need to know about using money in Peru, including whether to carry US Dollars or Soles, tips for exchanging currency, how to avoid counterfeit bills, and the best ways to manage your finances while exploring this incredible country. Whether you’re visiting vibrant cities or remote villages, this guide will help you navigate Peru’s currency with confidence.
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Choosing Between US Dollars and Soles
Nuevo Soles Dominance: The official currency of Peru is the Nuevo Sol. While US Dollars find acceptance in a multitude of establishments, they are primarily preferred for higher-value transactions. It’s crucial to bear in mind that exchange rates may fluctuate, underscoring the importance of prudence and real-time rate verification when converting USD to Soles.
Balancing Currencies: While many businesses in Peru do transact in US Dollars, we strongly recommend maintaining a balanced mix of both currencies, with USD serving as a contingency fund for unforeseen circumstances. It is worth noting that tattered bills, regardless of currency, are generally not accepted, with US Dollars being no exception try to get bills in perfect condition.
Other Accepted Currencies: While Euros are also accepted, albeit less commonly than US Dollars, they can be effortlessly exchanged at any reputable currency exchange bureau in Lima or in Cusco always close to the city center.
Guarding Against Counterfeit Currency
Perils of Counterfeit Bills: Peru contends with a notable incidence of counterfeit currency, a situation exacerbated by the striking resemblance fake bills bear to genuine ones. Nevertheless, discerning discrepancies in texture, coloration, and design can be instrumental in distinguishing between the two.
Key Authentication Features: The Peruvian Soles are issued in denominations of 10, 20, 50, 100, and 200 bills, with the latter being the least circulated and often met with reluctance. To ascertain authenticity, scrutinize the bill for watermarks, concealed images only visible in the backlight, and most critically, the security strip, which should exhibit a color shift contingent on lighting and viewing angle.
Where to Exchange dollars to soles?
Convenience of Exchange: Acquiring local currency in Peru is a straightforward endeavor, as currency exchange bureaus are ubiquitous in tourist hotspots and city centers. While some may opt for street-side exchanges, we strongly advise against this practice due to security concerns associated with handling money in crowded environments, In the case of Cusco, all the money exchanges are located on Sol Av.
ATM Accessibility: ATMs offer a convenient means to withdraw funds, given that a majority of them dispense both US Dollars and Soles. It is worth noting, however, that exchange rates may vary usually less, and international banks frequently levy a transaction fee.
Currency Specifics: Most currency exchange bureaus cater to an array of currencies. Travelers with British Pounds are advised to effectuate their exchanges in Lima or Cusco, as doing so elsewhere may prove to be challenging.
plataforms where you can see the exchange rate
XE (xe.com) – Provides real-time exchange rates and currency conversion.OANDA
(oanda.com) – Accurate exchange rates used by businesses and travelers.Google – Simply search “USD to PEN” for an instant exchange rate.Western Union
(westernunion.com) – Useful if you plan to transfer money.Bloomberg
(bloomberg.com) – Offers market-based exchange rates and financial news.Local Banks – Check the websites of BCP, Interbank, or Scotiabank Perú for their buying and selling rates.
Embracing Credit Card Transactions
Credit Card Utility: Yes, credit cards are a viable mode of payment in Peru. Certain establishments even extend the option of processing payments in both US Dollars and Soles. It’s essential to be cognizant of potential fees that may be associated with credit card usage. For added security, it’s prudent to carry a duplicate of the card in use, serving as a precautionary measure in case of emergencies.
Money transfer Peru
Transferring money to Peru is straightforward, thanks to the various reliable services available. Whether you’re sending funds to support family, pay for a trip, or make a business transaction, here are the best options for transferring money to Peru:
1. Western Union
Western Union offers quick and secure money transfers to Peru. You can send money online, via their mobile app, or in person at a branch. The recipient can pick up the cash at one of their many locations across Peru.
2. MoneyGram
MoneyGram provides fast money transfer services with options for bank deposits or cash pickup. Like Western Union, it has a broad network of agents in Peru, making it convenient for recipients.
3. Wise (formerly TransferWise)
Wise is a popular choice for transferring money to Peruvian bank accounts due to its low fees and excellent exchange rates. It’s ideal for sending larger sums and offers transparent costs upfront.
4. PayPal
PayPal is widely used for online money transfers to individuals and businesses in Peru. While convenient, it can have higher fees compared to other services, especially if currency conversion is involved.
5. Xoom (a PayPal service)
Xoom specializes in international money transfers and allows for bank deposits, cash pickups, or even home delivery in some locations in Peru. It’s fast and user-friendly.
6. Western Union or MoneyGram Alternatives
Local banks in Peru often partner with services like Ria Money Transfer and Remitly, which are also cost-effective options for sending funds directly to bank accounts or for cash pickup.
Tips for Money Transfers to Peru
- Check fees and exchange rates: These vary by provider, so compare options to get the best deal.
- Consider transfer speed: Some services offer instant transfers, while others may take a few business days.
- Verify recipient details: Ensure the recipient’s name and ID match the information you provide to avoid complications.
By choosing the right service, you can ensure your money transfer to Peru is safe, efficient, and cost-effective.
If you travel to Cusco, almost all places accept cards.
Cash versus Credit: For some, the convenience of using credit cards outweighs the necessity of managing cash while traveling internationally. This decision hinges on personal preference, and both options are equally valid.
In conclusion, a comprehensive understanding of currency dynamics in Peru is indispensable for a seamless travel experience. By arming oneself with knowledge about currency exchange, counterfeit detection, and payment methods, travelers can navigate the financial landscape of Peru with confidence and ease. For further insights into preparing for your trip to Peru, refer to our extensive guides.
10 Most Common FAQs About Currency in Peru
- What is the official currency of Peru?
The official currency is the Peruvian Sol (PEN). It is widely used across the country for all transactions. - Can I use US Dollars in Peru?
Yes, US Dollars are accepted in many places, especially in tourist areas and for high-value transactions. However, it’s recommended to carry Peruvian Soles for small purchases and in more remote areas. - Where can I exchange US Dollars to Peruvian Soles?
Currency can be exchanged at banks, currency exchange bureaus (known as “casas de cambio”), or even some hotels. In Cusco, most exchange bureaus are located on Avenida del Sol. - Is it safe to exchange money on the street in Peru?
Street exchanges can be risky due to security concerns and the potential for counterfeit bills. It’s best to use reputable currency exchange bureaus or banks. - What denominations do Peruvian Soles come in?
Peruvian Soles are available in bills of 10, 20, 50, 100, and 200, as well as coins for smaller denominations. The 200 Sol bill is less commonly circulated. - How can I avoid counterfeit currency in Peru?
To identify counterfeit bills, check for watermarks, security strips, and hidden images that are visible when held up to light. Always inspect bills received from street vendors or unfamiliar sources. - Are credit and debit cards widely accepted in Peru?
Yes, major credit cards like Visa and Mastercard are widely accepted in hotels, restaurants, and shops in urban areas. However, cash is essential for small businesses and rural areas. - Should I bring Euros or other currencies to Peru?
While Euros can be exchanged in Peru, US Dollars are much more widely accepted and easier to exchange. It’s best to bring Dollars if possible. - Are ATMs readily available in Peru?
Yes, ATMs are widely available in cities and tourist areas. Look for ATMs at banks to minimize the risk of card cloning, and always choose machines in safe, well-lit areas. - Do I need to tip in Peruvian Soles or US Dollars?
Tipping is appreciated and typically done in Soles. However, some upscale establishments may accept tips in US Dollars. Make sure the bills are in good condition if tipping in Dollars.
I am Carlos, founder of Machu Picchu Soul, a local tour operator and travel agency based in Cusco, Peru. My journey in tourism began as a porter on the iconic Inca Trail, where I developed a deep connection with the land and its history. After years of dedication, I became a professional tour guide, honing my skills to deliver exceptional experiences. With over 15 years of expertise, I decided to establish Machu Picchu Soul to combine my passion for authentic travel with a commitment to supporting local communities and creating unforgettable adventures for our guests.
