There’s a lot of information out there about Peruvian currency, so I’m not going to cover the usual stuff about where to carry your wallet while you’re shopping for llama-themed sweaters or how to spot a fake bill. We’ve all got Google at our fingertips and there’s more than enough info out there about that.
No, I’m going to share things that are not obvious until you get here. Everyday, solid advice like:
- Visa rules, Mastercard drools. Seriously, every place in Lima seems to take Visa over Mastercard. I haven’t seen a single sign for American Express though or Discover though I’m sure there are exceptions to the rule. If you plan to throw plastic around, that’s the brand to bring.
- Plastic rates are best. So far, the conversion rates I’ve gotten are much better through my card than not. I save plastic for larger dinner purchases and grocery store visits.
- Expect to bring your passport. Some places, and I haven’t entirely figured this out, will ask for your passport if you pay with a credit card. The first time we went to a grocery store, they wrote down the passport number, though they didn’t on the next visit. It’s a good idea to have that with you if you plan to use your card.
- Where to change currency. Don’t do it in the states — the rates suck, probably because they don’t have much Peruvian currency. The rates weren’t too bad at the airport in Lima, and seemed the best at the banks. Banks don’t always speak English, so be prepared to look for “cambiar dinero” signs. The banks in tourist areas will usually change money, though there are street vendors. I don’t trust the guys running around in yellow vests or changing money on the street, YMMV. FYI, you may need your passport to change currency.
- Bring crisp bills. Peru will not take the shoddy, wadded up twenties that you hurriedly stuffed into your pocket before leaving the country. Nor will they take the neatly folded bills with tiny tears where you bent them in half. New bills only! Straight bills only! The fresher, the better!
- Watch the local coins. Coins are more difficult than I’d thought as these are not very legible except in good light. I can’t tell by size either since some of the 1, 2 & 5 sol coins have size equivalents with the 10, 20 & 50 cent sols. The nickel sol coins? Those are smaller than the rest, which is super logical, but the 20 cent coins are almost the same size as the 10 cent. And the 2 dollars sol coins? Those are smaller than the 1 and 5 sol coins, argh! I’ve lost my embarrassment at being unable to conduct a speedy transaction. Peruvians will just have to wait while I count.
- Carry cash. Yes, I said plastic rates rule. However, if you’re buying something that’s s/20, keep in mind that’s less than $7 dollars and margins are tight here. If you go to the markets, take a taxi, or buy from a street vendor, it’s best to have local currency since they probably won’t take plastic anyway.
- Buy small? Pay small. I try to pay with the smallest bill or coin I have. I’ve been asked for smaller denominations at markets, and frankly that conversation is just too hard to have. Right size your bills before you head into a transaction.
- Taxi apps are your friend. Plan to take a taxi? People will tell you to negotiate before you get into one, but if your Spanish isn’t good, use a taxi app. The price and destination are set before you get inside, which means there’s no confusion on either end about how much the trip is. Tips aren’t expected.
This is what we’ve learned in the first week of getting around Lima. I’m sure there’s more to figure out, so we’ll update the list as needed. Hope this useful!
UPDATE: Nickel coins are being discontinued here as of January 1, 2019.