How to Handle Money while Traveling in Peru

Traveling to Peru can be an exciting and enriching experience. However, it’s important to be prepared when it comes to handling money. Here are a few tips to help you navigate the financial side of your trip.

1. Be aware of the currency

The official currency of Peru is the nuevo sol (PEN). Make sure to have a good understanding of the exchange rate before you leave. Also, keep track of the current rate while you’re there. It’s always a good idea to have some local currency on hand for small purchases or tips. 

You can exchange your home currency at the airport, banks or authorized exchange offices. However, be aware that exchange rates may vary and some places may charge a commission. It’s also important to keep in mind that some places may not accept foreign currency. So it’s best to have local currency with you.

2. Use ATMs

ATMs are widely available in Peru and are a convenient way to withdraw local currency. Be aware that some ATMs may have withdrawal limits and may charge fees. So it’s a good idea to check with your bank before you leave. 

Also, it’s worth noting that some ATMs may not accept foreign credit cards or may require a four-digit pin, so it’s a good idea to check with your bank beforehand. Additionally, it’s important to be aware of your surroundings and avoid using ATMs in isolated or poorly lit areas.

3. Be cautious of street vendors and unlicensed money changers

These individuals may offer to exchange money at a better rate than banks or official currency exchange offices, but they may also be involved in scams or fraud. It’s best to stick with official exchanges or ATMs. Be aware of individuals who may try to lure you in with promises of better exchange rates, and always be wary of anyone who asks for your personal information or ID. It’s always best to only exchange money at authorized locations or use ATMs.

4. Credit cards are accepted in many places, but not everywhere

Credit cards are accepted in many hotels, restaurants, and shops in Peru, but they may not be accepted in smaller towns or in local markets. It’s a good idea to have cash on hand as a backup. 

It’s also worth noting that some places may charge additional fees for using credit cards, so it’s a good idea to check before making a purchase. Additionally, it’s important to let your bank know that you’ll be traveling to Peru and to check if your card is accepted in the country.

5. Keep your money safe

Always keep your money, credit cards, and passport in a safe and secure place. Avoid carrying large amounts of cash with you and be aware of your surroundings. It’s also a good idea to carry a photocopy of your passport in case it is lost or stolen. Keep your valuables in a hotel safe or hidden money belt.

6. Use budget-friendly accommodations

Accommodations in Peru can vary widely in price, so it’s important to find options that fit your budget. There are plenty of budget-friendly hostels and guesthouses that offer comfortable and clean rooms at a fraction of the cost of hotels.

Staying in these types of accommodations can help you save money and stretch your budget further. Consider using accommodation booking websites or apps to compare prices and read reviews before making a reservation. 

7. Plan for unexpected expenses

Even with the best planning, unexpected expenses can arise while traveling in Peru. Make sure to have a buffer in your budget for any unexpected costs, such as last-minute transportation or unexpected medical expenses. It’s also a good idea to have travel insurance to cover any unforeseen events. Make sure to read the fine print of your travel insurance policy and check what it covers, such as emergency medical care, trip cancellation, and lost or stolen items.

8. Shop at local markets

Shopping at local markets can be a great way to find unique souvenirs and gifts while also supporting local artisans and small businesses. Make sure to haggle over prices and practice your Spanish to get the best deals. You can find a wide variety of local products such as textiles, ceramics, jewelry, and traditional crafts. Also, consider visiting local markets for food and produce, which can be a great way to save money on meals and try local specialties.

By following these tips, you can enjoy your trip while traveling to Peru without worrying about money. Remember to plan ahead, be aware of the currency, and keep your money safe, and you’ll be well on your way to a successful and stress-free trip.

Explore the incredible country of Peru with us

At Big Trail Cusco we are specialized in providing motorcycle tours in Peru. Whether you want to visit the  Machu Picchu or explore the sinuous Andean roads, we have the best itineraries. Check our most popular tours:

• Machu Picchu and Sacred Valley 3 Day Wonder Tour
• The Best of Peru – 9 Days
• ATV Tour to Maras & Moray
• Manu National Park by Bike – 3 Days