What is the currency in Peru, and where can I exchange money?

Post ByAdequate Travel

Summary
Peru's official currency is the sol, and the best place to exchange money when visiting is typically at your accredited financial institution, such as a bank, in the country. This brief overview will provide all the information you need to know about the currency in Peru. The place is known for its rich history and culture, welcomes tourists with open arms. However, be sure to review the travel advisory and travel warnings to ensure a safe and enjoyable experience.

Currency in Peru:
The official currency of Peru is the Peruvian Sol (abbreviated as PEN).
Where to exchange money:
1. Banks: Banks are the most reliable and secure places to exchange currency. Major banks in Peru include Banco de Crédito del Perú (BCP), Interbank, and Scotiabank. They offer currency exchange services for various international currencies, including US dollars, euros, and British pounds, among others.
2. Exchange bureaus: There are many exchange bureaus or "casas de cambio" scattered throughout cities and tourist areas in Peru. These establishments specialize in exchanging currency and often offer competitive rates. However, it is advisable to compare rates and commissions before making an exchange at these places.
3. ATMs: Automated Teller Machines (ATMs) are widely available in Peru, especially in urban areas. They provide the option to withdraw money in the local currency, as well as offering currency exchange services for international cards. It is important to check with your home bank about any international withdrawal fees or limits that may apply.
4. Hotels and airports: Hotels and airports also offer currency exchange services, but these are generally less favorable in terms of rates and commissions compared to banks or exchange bureaus. It is recommended to exchange only a small amount at these locations for immediate expenses and find a better option later.
5. Online exchange services: Some online platforms provide currency exchange services, allowing you to withdraw and deliver cash to your desired location. Although convenient, it is crucial to research the reliability and security of the service provider before using such methods.
6. Traveller's checks: While traveller's checks were once popular, they have become less common nowadays. However, some banks and exchange bureaus in Peru may still accept them. It is advisable to check with specific establishments in advance.
Note: It is customary to request identification, such as a passport, when exchanging money in Peru. Additionally, keep in mind that exchanging money on the street with unauthorized individuals is illegal and risks fraudulent activities.The place is known for its rich history and culture, welcomes tourists with open arms. However, be sure to review the travel advisory and travel warnings to ensure a safe and enjoyable experience.

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