Money in Peru

The Sol, and Where to Change Money

Peru uses the sol (PEN). Exchange USD and EUR at bank branches in Lima, Cusco, Arequipa, Trujillo and Iquitos — BCP, Interbank, BBVA and Scotiabank are the main banks, with the best rates and the widest ATM networks. Street money changers, the cambistas, operate openly in tourist zones and are convenient, but count your money carefully and be alert to counterfeit notes. US dollars are accepted in Lima hotels and in Cusco's tourist restaurants, though you will generally do better paying in soles. Avoid changing money at the airport, where rates are consistently poor — change a small amount if you must, then do the rest in town.

ATMs Are Widespread — With Two Rules

ATMs are easy to find in Lima, Cusco, Arequipa and the other main cities, and BCP has the largest network. Two rules matter more than anything else. First, use machines inside bank branches or shopping centres rather than standalone street ATMs, and avoid them after dark. Second, always choose to be charged in soles rather than your home currency — the conversion offered at the machine is consistently worse than your own bank's. Coverage thins quickly outside the cities, and the machines in the small town below Machu Picchu regularly run out of cash in peak season, so draw what you need in Cusco before you go up.

Cards Work Well in the Cities, Cash Everywhere Else

Card acceptance is excellent in Lima's main visitor districts and in central Cusco — Visa and Mastercard at effectively all hotels, better restaurants, supermarkets and shopping centres, with American Express more limited. Contactless and phone payments work at modern terminals in Lima and less reliably elsewhere. The same currency rule applies as at the ATM: choose soles, never your home currency. Cash remains necessary and should be carried in small notes for markets, local transport, small towns, budget restaurants and anywhere rural — which, on a Peruvian itinerary, is most of the interesting parts.

What Things Actually Cost

Peru is affordable by South American standards and very good value for visitors from strong-currency countries, with the widest gap at the everyday end. The institution to know is the menu del día — a set lunch of several courses served almost everywhere, aimed at local workers rather than visitors, and consistently the best value meal in the country. Accommodation runs from simple guesthouses to genuine luxury with a wide middle. The costs that actually shape a Peru budget are three and they are all bookable in advance: the Machu Picchu entry ticket, a guided multi-day trek, and domestic flights. Confirm all three directly when planning, since they move and since the cheapest option is rarely the one with availability. Note that Lima to Cusco IS possible by road — roughly a full day on a long-distance coach — but the flight takes about an hour and a half, and for most itineraries the time saved is worth more than the fare saved.