Peru is a country filled with ancient traditions and sacred paths. If you are about to embark on a journey through these lands of boundless energy, understanding the flow of money here is essential to ensuring a smooth trip without unexpected inconveniences.
The Peruvian Currency: The Nuevo Sol
The “sol” is Peru’s official currency, a name that evokes the sun, the supreme deity of the ancient Incas. Each bill and coin carries history and culture, with unique designs featuring national heroes and symbols of the country’s biodiversity, whispering tales of past times.
Banknotes come in denominations of 10, 20, 50, 100, and 200 soles, while coins circulate in 1, 2, and 5 soles, along with fractional denominations of 10, 20, and 50 céntimos.
Collectible Coins: Small Treasures of the Past and Present
Since 2010, the Central Reserve Bank of Peru has issued collectible one-sol coins with commemorative designs that capture the country’s historical and cultural richness.
- Numismatic Series “Wealth and Pride of Peru”: 26 coins
- Natural Resources Series: 3 coins
- Endangered Wildlife of Peru Series: 10 coins
- Bicentennial Builders of the Republic 1821-2021 Series: 3 coins, with 6 more to be released progressively.
- Women in the Independence Process Series: 3 coins
Although these coins are in circulation and may come into your hands during everyday transactions, they are also treasured by collectors and travelers who wish to take a small fragment of Peruvian history as a souvenir.
Dollars and Soles: The Monetary Energy Exchange
The US dollar is widely accepted in many parts of Peru, especially in tourist destinations such as Cusco, Lima, and Arequipa. However, to avoid inconveniences and move around freely, carrying local currency is highly recommended. Some businesses accept dollars, but you may receive an unfavorable exchange rate.
Where to Exchange Money: Strategic and Safe Locations
Whenever you travel, you must be cautious of potential scams or unfair exchange rates. No matter the location, always prioritize your safety. Here are the main exchange points in Peru:
1. Certified Exchange Houses: A Balance Between Security and Good Rates
Exchange houses are a reliable option, offering better rates than airports or banks. In cities like Lima and Cusco, you will find many in tourist areas and shopping centers. Always ensure that the place is trustworthy.
2. Banks: A Safe Alternative for Travelers
Although banks are the safest option, their exchange rates are often higher, and the long queues can take up precious exploration time. Some well-known banks include:
- Banco de Crédito del Perú (BCP): Extensive network of branches and ATMs.
- Interbank: Convenient for digital payments and withdrawals.
- BBVA Perú: Reliable alternative with good services for tourists.
- Scotiabank: Branches in strategic locations and services for foreigners.
3. ATMs: Easy Access to Cash
ATMs are available in most cities and airports. You can withdraw soles or dollars, though banks charge variable fees. It’s advisable to check with your home bank about international withdrawal charges.
4. Street Money Changers: A Risky but Accessible Option
In the streets of Lima and Cusco, you will see money changers wearing official vests. Although they offer attractive exchange rates, the risk of counterfeit bills or fraud makes this option one to approach with caution. If you choose to exchange money here, look for those with a good reputation and do so during daylight hours.
Tips for a Smooth Currency Exchange During Your Trip
To ensure a steady cash flow during your journey, follow these recommendations:
- Avoid exchanging money at airports or hotels: Their rates are much less favorable.
- Check each bill carefully: Especially if exchanging money on the street. Counterfeit bills exist, but a quick inspection (texture, watermarks, and raised details) can help you avoid issues.
- Carry small change: In markets or taxis, large bills can be difficult to break. Make sure you have smaller denominations on hand.
- Check the current exchange rate: Use apps or ask at different locations before exchanging large amounts.
- Store your money in different places: To avoid potential theft, distribute your cash in secure locations.
Safe Money, Happy Travels
By engaging in currency exchange, you are not just handling money—you are participating in a cultural experience. Every sol you spend at a local market or pay to a community-based service is an offering to the country’s living energy. With each transaction, you become part of a circuit of reciprocity, where ayni (the Quechua principle of communal exchange) comes to life in every purchase.
So, as you explore the Sacred Valley or lose yourself in the majesty of Machu Picchu, let your money flow wisely and respectfully. Remember: in Peru, every sol tells a story, and every story is an adventure. May your budget stretch like chewing gum along the way, and may Pachamama bless every purchase!
