Peruvian Currency Sol: Exchange Rates, Cost & Smart Tips

Your journey through Peru will be greatly enhanced by a solid understanding of Peruvian currency. From exchange rates to spotting counterfeit Peruvian money tips, this guide covers everything you need to know about the Peruvian currency. Let's dive into these practical tips and set the stage for a fantastic adventure in Peru!

What Is the Currency in Peru

The official Peruvian currency is the Nuevo Sol, commonly referred to as the sol, with the symbol S/ and the currency code PEN. It comes in both banknotes and coins, with 1 sol divided into 100 céntimos. Banknotes are available in denominations of 10, 20, 50, 100, and 200 soles, while coins come in denominations of 10, 20, and 50 centimos, as well as 1, 2, and 5 soles. Each side of every banknote features a famous Peruvian landmark or historical figure. For detailed information, please refer to the table below.

Exchange Rates

The exchange rate for the Nuevo Sol varies with fluctuations in the international market. The table below provides reference rates for US Dollar, Euro, Canadian Dollar, Australian Dollar, Japanese Yen, and British Pound to Nuevo Sol (updated November 2024).

Payment Methods in Peru

Cash Is the First Choice

While traveling in Peru, cash remains the most common form of payment, especially for street vendors and in remote areas. It is recommended to carry a sufficient amount of Soles and have some small change on hand, as getting change can sometimes be an issue in Peru.

Other Payment Methods

Mobile Wallets

Digital wallets are becoming increasingly popular in Peru, allowing transactions with just a phone number or QR code. Apps like Yape, Tunki, and Lukita are widely used. However, not all merchants accept mobile payments, especially small shops and remote areas.

Debit Cards

Debit cards are also a popular payment method in Peru. You can buy things directly with your card without having to withdraw cash from an ATM or bank account. However, be aware of potential fees for international transactions and ensure your card is internationally enabled. Calling your bank in advance to inform them of your Peru travel can be a wise decision.

Credit Cards

Credit cards such as Visa, Mastercard, and American Express are widely accepted in large malls, hotels, and restaurants. This payment method is convenient, but be mindful of foreign transaction fees and exchange rate fluctuations.

Should I Exchange Money Before Traveling to Peru

While both US dollars and Peruvian soles are accepted in Peru, using Peruvian soles locally is more convenient. It's advisable to exchange some cash before your trip for a smoother journey. This eliminates the uncertainty of handling finances abroad and allows you to have cash readily available upon arrival, saving you the hassle of finding exchange bureaus or ATMs. However, avoid exchanging too much cash in advance, as carrying large amounts of cash can be risky. You can always exchange additional cash when you have free time after arriving at your destination.

Peruvian Money

How to Exchange Currency in Peru

There are several options for exchanging currency in Peru, with recommended choices including banks, exchange houses (Casa de Cambio), and airport services.

Generally, banks are considered the safest due to their regulated services and transparent rates.

Exchange House (Casas de Cambio) can offer better rates, but it's crucial to choose reputable establishments to avoid being overcharged.

Airport exchange counters are convenient but often have less competitive rates.

Additionally, you can consult your tour guide, as they have a good understanding of the local area and can recommend safe and affordable exchange locations.

How Much Does It Cost to Travel in Peru

Travel costs in Peru can fluctuate widely based on your preferences and itinerary.

For a budget-friendly trip, you can expect to spend around 150-170 USD (≈ 563-638 soles) per day, covering basic accommodations, local meals, transportation and some other consumptions.

If you prefer a more comfortable trip, daily expenses may increase to around 190 USD (≈ 713 soles).

For a five-star experience, expect daily costs of around 250 USD (≈ 938 soles). This means you can enjoy a higher lever hotel or resort with better meals and nicer amentities.

For a luxury experience, including upscale hotels and fine dining, you can expect to spend over 320 USD (≈ 1200 soles) per day.

It's worth noting that entrance fees for popular attractions such as Machu Picchu, and transportation costs can add considerably to your overall expenses.

Machu Picchu

Travel Tips

Tipping in Peru

Tipping is generally not mandatory in Peru. However, if you'd like to show appreciation for good service, here are some suggestions:

- Restaurant staff: A typical tip is 10% of the bill, but feel free to leave more if you're very satisfied with the service.

- Tour guides: It's customary to tip tour guides 10-20% of the total tour cost.

- Hotel staff/drivers: A few dollars is a common tip for hotel staff and drivers.

It's worth noting that tipping is not expected in local markets. It's important to note that some restaurants include a service charge on the bill, so be sure to check your bill carefully.

Currency Safety

Ensuring the safety of your currency is essential when traveling in Peru. It's recommended to divide your cash and store it in a small, secure pouch that you can keep on your person. You can also store valuables and a portion of your cash in a locked suitcase in your hotel room. Avoid displaying your cash or counting money in public places.

Spotting Counterfeit Peruvian Money

To avoid counterfeit bills in Peru, carefully inspect banknotes for security features. Tilt the bill to see if the cash is made of cotton and if the watermark is clear in the blank areas under light. In addition, the ink should change color when rotated. When receiving cash, check for tears, stains, or other damage, as incomplete cash may not be accepted in many places. If you suspect a counterfeit, report it to a bank immediately.

Plan Your Peru Tour With Odynovo

Begin your Peru adventure with Odynovo! Whether you're eager to uncover Inca ruins, hike breathtaking mountain trails, or dive into Peru's rich cultural scenes, we'll make your experience effortless and memorable. Feel free to contact us or email [email protected] to get started!