Where to Exchange Money in Peru: A Comprehensive Guide

Managing money while travelling can be tricky, but with the right information, exchanging your hard-earned cash in Peru can be a seamless process. So, whether you're visiting Machu Picchu or exploring the bustling night markets of Lima, here are essential tips on where to exchange money in Peru.

Utilizing Banks

Banks in Peru can be an excellent place to exchange money. They offer competitive rates and are especially useful if you're exchanging large sums. Some well-known banks in Peru include Banco de la Nación, BBVA, and Interbank. Keep in mind that banks will often require you to present your passport for the exchange.

Currency Exchange Bureaus

Currency exchange bureaus, known as ‘Casas de Cambio’, are dotted all around major cities and tourist areas in Peru. These bureaus are fast, efficient, and remain open longer than banks. While they can sometimes offer competitive rates, it’s advisable to compare these against the actual exchange rate beforehand.

Airport Currency Exchange

Upon landing at Jorge Chávez International Airport, you'll find several currency exchange booths. While the convenience is tempting, the exchange rates offered at airports are generally less favorable. Therefore, it's advisable to exchange a small amount just to cover immediate costs and then look for better rates in the city.

Exchanging with Street Vendors

In major cities like Lima and Cusco, you will find street vendors exchanging money. However, while their rates can be competitive, the risk of receiving counterfeit currency is higher. It's also essential to keep safety in mind, as these exchanges can attract unwanted attention.

Using Credit and Debit Cards

Visa and MasterCard are widely accepted in Peru, especially in hotels, restaurants, and major stores. However, using cards often attracts foreign transaction fees. Inquire with your bank regarding these fees before your trip to avoid unpleasant surprises.

ATM Withdrawals

ATMs are plentiful in Peru and can often provide a good exchange rate. MultiRed is a popular ATM network that accepts cards from many international banks. However, be aware of withdrawal fees, both from the ATM itself and from your home bank.

Online Money Exchange Services

Online money exchange services have become increasingly popular for their convenience and competitive rates. Platforms like TransferWise allow you to transfer money to Peruvian Soles at real mid-market rates. However, it's essential to plan ahead as these transactions can take a few days to process.

Cautions and Tips

Wherever you choose to exchange your money in Peru, be aware of the current exchange rate. Check trusted websites like XE.com for accurate and up-to-date rates. Remember to count your change carefully and check for authenticity to avoid counterfeit notes. Always keep small bills handy as large notes can be hard to break in small establishments. Exchanging money in Peru doesn’t have to be complicated. With a wise approach and knowledge of the best places to exchange currency, you'll have more time to immerse yourself in this country's rich and mesmerizing culture. Happy travels!