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When planning your trip to Peru, especially if you intend to visit iconic destinations like Machu Picchu, understanding how to exchange money in Lima is essential. Lima, the capital city, offers various options for currency exchange, ensuring that you're prepared for your adventures in the Sacred Valley and beyond.

First, it's important to know that the local currency is the Peruvian Sol (PEN). While some establishments may accept US dollars, having Soles on hand is advisable, particularly in more remote areas. You can exchange money at banks, currency exchange offices, or even at some hotels.

In Lima, banks generally offer the best exchange rates, but they may charge a small commission. It's wise to visit a bank during business hours, which are typically from 9 AM to 5 PM on weekdays. Currency exchange offices, known as "casas de cambio," can be found in tourist areas and often have slightly higher rates.

When exchanging cash, always count your money in front of the teller to avoid any mistakes. Additionally, be cautious of street vendors offering to exchange money; it's best to stick with reputable establishments.

If you use an ATM, ensure that it dispenses local currency and check with your bank regarding any foreign transaction fees. Using credit or debit cards is also an option in Lima, especially at larger retailers and restaurants, but always inform your bank ahead of time about your travel plans to prevent any issues with your cards.

As you prepare for your time in Machu Picchu, keep in mind that cash will be necessary for small purchases, such as souvenirs and food at local markets. Many small vendors do not accept cards, so having some cash will enrich your experience.

Lastly, familiarize yourself with the current exchange rate before your trip. This knowledge will help you negotiate and ensure you receive a fair rate during your travels.