Monday, February 15, 2010

Peru: Currency

The Peruvian currency is the nuevo sol, and its symbol is S/. This is issued in 10, 20, 50, 100 and 200 bills and in 5, 10, 20 and 50 cents of nuevo sol.

Peru is certainly a much cheaper place to visit than Europe or the US, but how much so will depend on where you are and when. A low budget traveler should be able to get by on around $10-20 per person per day. If you plan on staying in mid-range hotels, eating in reasonable restaurants and taking the taxi, $40, while $60 a day will allow you to stay more comfortably and sample some of Peru's best cuisine.

There are banks and exchange booths in the airports where you can convert your money into nuevos soles. When you receive your change make sure the transaction was done correctly. The dollar is widely accepted in Peru as well, but be careful with the variations of the dollar value throughout the country. Be sure to check the exchange rate before you travel so you can plan your finances.  Note that certain banks and exchanges may have a fee or a slightly different conversion, so you may want to check out a few places before you exchange.

When you receive cash, dollars or soles, make sure the bills are in good condition, in their entirety, and without any writing or marks on them. Also watch out for counterfeit bills that could be circulating within Peru!

Traveler's checks
The use of traveler's checks is not very common in the country's commercial establishments. It may even be a hassle to change them for cash in some banks. Expect a 2% to 5% loss from the total when exchanging traveler's checks.


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