TALK TO AN EXPERT +51-984 387 050 EMAIL: info@pachaexpeditions.com
Currency Exchange in Cusco. Peru, is an exciting adventure, whether you’re planning to explore the ancient ruins of Machu Picchu. Wander through historic streets, or experience the vibrant local culture. But before you embark on this journey, it’s essential to understand how currency exchange works in the region. Having local currency on hand, the Peruvian sol (PEN), will make your trip smoother. Especially for smaller transactions, transportation. And local markets where credit cards are less commonly accepted.
In this guide, we’ll cover everything you need to know about exchanging currency in Cusco. From the best exchange rates to safety tips and what to expect when dealing with local vendors. Here’s how to ensure you’re well-prepared financially for your trip to Cusco.
Peru’s official currency is the Peruvian sol, abbreviated as PEN. It comes in various denominations, with coins ranging from 10 cents (centimos) 1 sol to 5 soles and banknotes available in values of 10, 20, 50, 100, and 200 soles. It’s important to familiarize yourself with the look and feel of the currency, as you will likely use it frequently.
1 USD typically equals 3.50 to 4.00 PEN, depending on fluctuating exchange rates. While USD is widely recognized, using soles is essential in smaller or local establishments.
Having a basic grasp of these distinctions will prevent confusion when dealing with prices at restaurants, markets, or hotels.
Banks in Cusco, such as BCP (Banco de Crédito del Perú), Scotiabank, and Interbank, offer reliable currency exchange services. The rates at banks are generally fair, but you’ll need to bring your passport for identification. Banks often close earlier than other currency exchange options, so plan to visit during business hours (typically 9 a.m. to 5 p.m. on weekdays).
ATMs are another convenient option, especially for withdrawing soles directly. Major ATMs in Cusco accept international cards and offer the option of withdrawing either soles or US dollars. Keep in mind that ATMs may charge fees (both local and from your home bank), and it’s wise to withdraw larger sums to minimize charges.
Tip: Choose ATMs located inside banks or commercial centers for added security.
Casas de cambio are small currency exchange houses that you’ll find scattered throughout Cusco, especially in the central areas around the Plaza de Armas. These establishments often offer competitive exchange rates, sometimes better than banks. However, be cautious about the legitimacy of the business and look for ones that are well established and have positive reviews.
When exchanging money at a casa de cambio check that the bills you receive are not damaged torn, or excessively worn, as many vendors in Peru will refuse such notes.
Tip: Bring clean and crisp foreign currency for the best rates.
Hotels and airports also provide currency exchange services, but these tend to have the least favorable rates. Airport exchange desks, in particular, charge high fees and offer lower exchange rates, making them a last resort option. If you need some soles immediately after landing in Cusco, change a small amount at the airport, then seek better rates in the city center.
Tip: If exchanging at a hotel, inquire about their exchange rates and fees before agreeing to a transaction.
Mid-range to upscale hotels, restaurants, and shops in Cusco widely accept credit and debit cards, particularly in tourist-heavy areas. Visa and MasterCard are the most commonly accepted, while American Express and other cards may not be as universally accepted. However, small vendors, street markets, and local eateries often prefer cash transactions.
Before using your card abroad, check with your bank about foreign transaction fees, which can add up quickly if you use your card frequently. It’s also advisable to notify your bank of your travel dates to avoid having your card blocked for suspicious activity.
Tip: Some merchants in Cusco may charge an additional fee for card payments, typically 5-9%, so it’s worth asking about this upfront.
Exchange rates can fluctuate, so it’s helpful to monitor them leading up to your trip. Apps like XE Currency or websites like OANDA can give you live exchange rate updates, helping you determine the best time to exchange your money. Be cautious of large fluctuations and always compare the rates offered at different places.
While you’ll want to carry some larger bills for significant purchases or hotel stays, having small bills and coins is crucial in Cusco. Many smaller vendors and taxi drivers don’t have change for larger notes, especially 100 or 200 soles bills. Breaking large bills can be difficult in rural areas, so try to keep smaller denominations in your wallet for everyday purchases.
In some areas, you might encounter people offering black market currency exchange on the streets. While the rates might seem attractive, there’s a high risk of receiving counterfeit currency or being scammed. Stick to established and reputable exchange houses, banks, or ATMs to ensure the legitimacy of the money you receive.
Unfortunately, counterfeit bills do circulate in Peru, especially in high-traffic tourist areas. When receiving change, especially from street vendors or smaller shops, take a moment to examine the bills. Hold them up to the light to check for watermarks, and feel for the texture of the paper counterfeit bills often feel smoother than genuine ones.
Tip: Familiarize yourself with the security features of Peruvian banknotes before your trip.
Cusco primarily deals with the following foreign currencies:
If you come from a country with a less common currency, it’s often better to bring. US dollars or Euros to exchange for soles, as they are more widely recognized and offer better rates.
When budgeting for your trip to Cusco, you should consider your cash needs. Although many places accept credit cards, there are scenarios where cash is essential.
Having a mix of small bills and larger sums is ideal for covering various expenses. Expect to use cash more frequently outside of major tourist spots.
Cusco is generally a safe city for tourists, but like any travel destination, it’s essential to be aware of your surroundings and take precautions when handling money:
Exchanging currency in Cusco doesn’t have to be complicated. But understanding how the process works and preparing ahead of time will save you both time and money. By sticking to trusted exchange locations, keeping an eye on exchange rates. And ensuring you have enough cash on hand for small purchases. You’ll be well-equipped for your trip. Always stay mindful of your surroundings, and enjoy the vibrant culture, history, and beauty that Cusco has to offer!
Whether you’re trekking through the Sacred Valley or bargaining at a local market, having a good handle on your finances will help ensure that your trip is smooth and enjoyable from start to finish.