Exchanging and using money in Peru is a crucial part of planning your trip. Navigating the local currency, the Peruvian Sol, efficiently will enhance your travel experience. While exchange houses are readily available, especially in tourist hotspots and city centers, exercising caution is paramount. It’s wise to avoid street money exchangers due to security concerns in crowded areas.
For convenient access to funds, ATMs are a popular choice in Peru. Most ATMs offer the option to withdraw both US dollars and Peruvian Soles. However, be mindful of fluctuating exchange rates and potential transaction fees levied by international banks.
Pro Tip: Exchange houses in Peru typically accept a range of foreign currencies. However, if you are carrying British Pounds, Lima is your best bet for exchanging them, as it may be more difficult to do so in other regions of Peru.
Essential Tips for Handling Peruvian Currency
When you visit Peru, understanding how to manage your finances can save you stress and ensure smooth transactions. Here are some vital tips for handling Peruvian Money:
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Currency Exchange: To safeguard against counterfeit currency, it is highly recommended to exchange money at authorized exchange houses (casas de cambio) or established banks. Airports also provide currency exchange services, though often at less favorable exchange rates compared to other options within the city.
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Utilizing ATMs: ATMs are widespread throughout Peruvian cities, offering a direct way to withdraw Soles from your bank account. Always inquire about potential fees your bank might impose for international withdrawals before your trip to avoid unexpected charges.
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Credit and Debit Card Usage: Major credit and debit cards are generally accepted in tourist-oriented establishments, including hotels, restaurants, and larger shops. Despite card acceptance, carrying cash is still essential, particularly when venturing into rural areas or smaller towns where card payments may not be common.
ATMs are a readily available option for accessing Peruvian money in most cities.
Caution Regarding Damaged Currency in Peru
An important aspect to be aware of during your travels in Peru is the local preference for banknotes in good condition. Many establishments may refuse to accept bills that are torn, excessively worn, or taped up. To prevent payment issues, carefully inspect the Peruvian Soles you receive and try to avoid accepting damaged notes.
This scrutiny extends to foreign currencies as well. Merchants in Peru are likely to reject US dollar bills or other foreign currency that is dirty or shows signs of damage. Therefore, it is advisable to carry clean, undamaged bills, both in Soles and any foreign currency you intend to use. If you happen to receive damaged bills, you can exchange them without charge at the Central Reserve Bank (BCR) or Banco de la Nación branches located in most cities.
Identifying Counterfeit Peruvian Money
Whether you are handling Peruvian Soles or US dollars in Peru, vigilance against counterfeit bills is crucial. Fake bills can sometimes closely resemble genuine currency. However, subtle differences in texture, color, and design details can help you distinguish real from fake Peruvian money. Always take a moment to examine the money you receive, whether at a store, market, or exchange house.
Peruvian Soles are available in denominations of 10, 20, 50, 100, and 200 Soles. The 200 Soles note is the least circulated and may occasionally not be accepted by smaller businesses.
To check for counterfeit Peruvian money, compare the texture of the bill to one you know is authentic. Look for security features such as watermarks, hidden images that become visible when held to the light, and importantly, the security strip. This strip should exhibit color changes when tilted and viewed under different light angles. While encountering counterfeit currency is a possibility, it is not a frequent occurrence for tourists. If anything about a bill seems suspicious, do not hesitate to request a different one.
Peruvian Soles come in various denominations, each with distinct security features to prevent counterfeiting.
