Ever felt a little lost with foreign money and figuring out what things cost when you’re travelling? Well, no worries! When you’re in Cusco, Peru, or anywhere else in the country, getting your hands on local currency is a breeze.
Guess what? Many shops and big stores in Peru now let you pay by simply tapping your phone! Yep, you can use cool things like Apple Pay, Android Pay, or Google Pay to buy stuff. And for everything else, like magic, you can grab cash from places like Western Union or other services that can send you money worldwide.
Here’s a friendly guide that spills all the beans on handling cash and changing currencies in awesome Cusco, Peru.
What’s the currency in Cusco Peru?
In Peru, the official currency is the Peruvian Sol or PEN. You’ll need to use PEN to buy things and pay for services. While you might find some places that accept dollars or euros, it’s not very common. So, generally, it’s best to be prepared to use the local currency, PEN, for your expenses in Peru.
Also keep in mind that Peru has a new set of bank notes (since 2021) so they’re currently using 2 different onves for each denomination.
Beware Of Counterfeit Bank Notes in Peru
When you’re in Peru, it’s a good idea to keep an eye out for counterfeit banknotes, even the smaller ones. The most faked bills are the 20s, 50s, 100s, and 200s. Here’s a tip to stay savvy: always give your change a quick check once you receive it.
Here’s what to look for: Make sure your banknotes have a distinct texture, the water seal and a colour-changing hologram on one side with a metallic strip on the other. That strip will have “BCRP” and the note’s denomination printed on it. If it’s blank, you’ve got yourself a fake.
To get acquainted with the real deal, check out the video below and visit the Banco Central de Reserva del Peru (BCRP) website. They’ll show you all the different banknotes, mainly how to spot those nifty security features.
Now, here’s a friendly tip: if you’re ever unsure about a bill you receive, especially in a shop or a small store (we call them bodegas), don’t hesitate to ask the person behind you in line. Peruvians are pretty helpful and will give you a hand if they suspect a note is fishy. So, keep an eye on your change!
Exchange Rate in Peru
Compared to other countries in South America, such as Argentina, Bolivia and Venezuela, there’s no need to navigate black market currency exchanges in Peru.
The Peruvian Sol (PEN) tends to stay steady when compared to major currencies like the Australian Dollar (AUD), Canadian Dollar (CAD), Euro (EUR), British Pound (GBP), and the United States Dollar (USD)
The good news? You’ll find currency exchange businesses all over Peru, from major airports to shopping malls and bustling business areas. They’re easy to spot, and you can even track them down using Google Maps.
Based on my experience, the exchange rates offered by different money changers in Peru, including places like Lima, can vary depending on your chosen location. You should get rates close to what you see on sites like XE.com, with a little deduction for their fees.
I have met people working at money exchange offices, known as “Cambistas,” located at shopping centre entrances, outside banks, and on busy streets. However, I recommend using official money exchange locations to change money.
In Cusco, it is common to find many places near the main square that offer this service but be aware that the exchange rate they offer may not be good. It’s better to walk a little further and look for the one that best suits your needs.
Now, here’s a little tip: When you’re in Peru, it’s generally not the best idea to exchange foreign cash for local currency. I avoid it whenever I can.
While ATMs might have long lines and high fees, international money transfer services like Western Union can often give you better rates with lower fees. Plus, you won’t have to deal with those pesky ATM lines.
So, go ahead and explore your options for a smoother money exchange experience in Peru!
Beware of Cash Machines (ATMs) in Peru
Let’s talk about ATMs in Peru. Some of those cash machines can really hit you with sneaky fees and charges. Personally, I tend to stay away from ATMs in Peru because they can be pretty pricey (around 25 PEN or 7.5 USD per transaction), the lines are long, and the security isn’t top-notch. Unless I’m really in a tight spot for cash, I usually give ATMs a pass.
If you’re new to travelling or have plans to visit Peru, it’s essential to be aware of the potential risks involved with using ATMs there. To ensure your safety and minimise the risk of being targeted, it’s recommended that you avoid using ATMs located on deserted and isolated streets. Instead, opt for ATMs in busy and well-lit areas to reduce the likelihood of an armed robbery. By taking these precautions, you can enjoy your travels with peace of mind and avoid potential dangers.
To ensure your safety when using an ATM in Peru, there are a few proactive steps you can take. First, look for an ATM located inside a shopping mall, as these tend to be more secure. Once you’ve found a machine, take a quick scan of the surrounding area to ensure no credit card skimming devices are nearby. It’s also a good idea to keep an eye out for anyone who may be watching you while you withdraw cash. By taking these simple precautions, you can significantly reduce your risk of falling victim to theft or fraud. So, stay smart and stay safe out there!
I want to help you make the most of your travels and ensure that you have a safe and memorable trip. While it’s essential to be aware of potential risks when travelling to new destinations, you can take plenty of precautions to minimize these risks. By paying attention to your surroundings and following the tips I mentioned, you’ll be well-equipped to handle any situation that may arise, and you can enjoy your travels without worry.