Essential Guide to Currency in Peru

Introducción

Peru, a land of rich cultural heritage and jaw-dropping landscapes, also has a currency system that travelers need to understand to navigate their expenses smoothly. This guide breaks down the essentials of Peruvian currency, useful tips for handling money, and offers a peek into the practicalities of modern transactions in Peru.

History of Peruvian Currency

Peruvian currency has evolved significantly over centuries. Initially, Spanish colonial coins were the norm. Post-independence, Peru introduced the Peruvian Sol in 1863, which was replaced by the Peruvian Inti in 1985 due to hyperinflation. However, the Inti didn’t fare well, leading to the reintroduction of the Nuevo Sol in 1991, which was later simplified to the Peruvian Sol (PEN) in 2015.

Current Official Currency

Peruvian Sol (PEN)

En Peruvian Sol is the official currency of Peru. One Sol is subdivided into 100 céntimos.

Coins and Banknotes

• Coins: 5, 10, 20, 50 céntimos, 1 Sol, 2 Soles, 5 Soles.
• Banknotes: 10, 20, 50, 100, and 200 Soles. These notes feature notable Peruvian figures and landmarks.

Currency Exchange

Exchange Rates

Exchange rates fluctuate, so it’s wise to check the current rate before making any substantial conversions. Websites like XE.com can be handy.

Where to Exchange Money

• Airports and Hotels: Convenient but often less favorable rates.
• Banks and Official Exchange Bureaus (Casas de Cambio): Typically offer better rates.
• Cajeros automáticos: Can dispense local currency at competitive rates but check for fees.

Tips for Currency Exchange

• Avoid exchanging money with street vendors due to counterfeit risks.
• Always count your money and get a receipt.
• Keep some smaller denominations handy for minor purchases.

Using Credit and Debit Cards

Acceptance in Peru

Credit and debit cards are widely accepted in urban areas, especially in hotels, restaurants, and larger stores. However, cash is king in rural areas and smaller establishments.

Fees and Charges

Most banks charge a foreign transaction fee. Some ATMs may also charge a withdrawal fee. Always inform your bank of your travel plans to avoid any service disruptions.

Consejos de seguridad

• Use ATMs in well-lit, secure areas.
• Opt for chip-and-PIN cards over magnetic stripe cards.
• Regularly monitor your bank statements for any unauthorized transactions.

ATMs in Peru

Disponibilidad

ATMs are plentiful in cities but can be scarce in remote areas. Major banks like BCP, Interbank, and BBVA have extensive ATM networks.

Withdrawal Limits

Daily withdrawal limits vary by bank but generally range between 600-700 Soles. Check with your bank before traveling.

Consejos de seguridad

• Avoid using ATMs at night or in isolated places.
• Shield the keypad when entering your PIN.
• Be swift in retrieving your cash and card.

Digital Payments

Mobile Payment Apps

Aplicaciones como Yape y Lukita are becoming popular among locals for peer-to-peer transactions.

Online Banking

Most major Peruvian banks offer robust online banking services, making it easy to manage your finances on the go.

Tips for Handling Cash

Best Practices

• Break larger notes into smaller denominations.
• Keep a separate stash of emergency cash.
• Use money belts or secure pouches.

Avoiding Counterfeit Currency

• Familiarize yourself with the security features of Peruvian banknotes.
• Use official exchange places.
• Be cautious of overly worn or damaged bills.

Traveler’s Checks

Acceptance and Use

Traveler’s checks are largely obsolete in Peru. Few places accept them, and they can be cumbersome to cash.

Alternatives

Using a prepaid travel card or relying on a combination of cash and cards is a more practical approach.

Currency Restrictions

Bringing Money Into Peru

There are no restrictions on bringing foreign currency into Peru, but amounts over USD 10,000 must be declared.

Taking Money Out of Peru

Similar rules apply when leaving. Declaring amounts over USD 10,000 is mandatory.

Conclusión

Navigating the financial landscape in Peru is relatively straightforward with some preparation. From understanding the Peruvian Sol to making the most of ATMs and digital payments, a little knowledge goes a long way. Follow these tips, handle your money wisely, and focus on enjoying all the wonders Peru has to offer. Happy travels!