Currency in Peru: The official currency of Peru is the Peruvian Sol (PEN), which is subdivided into 100 céntimos. When traveling to Peru, it's essential to familiarize yourself with the currency to ensure smooth transactions, especially when visiting popular destinations like Machu Picchu and Cusco.
In major cities and tourist areas, you will find that many establishments accept credit cards; however, it is always wise to carry some cash for smaller vendors, local markets, and remote areas where card payments may not be accepted.
ATMs are widely available in urban areas, including Cusco and towns in the Sacred Valley. Before using an ATM, check with your bank about international withdrawal fees and inform them of your travel plans to avoid any issues with your card.
When withdrawing cash, opt for ATMs located in well-lit, busy areas for safety. It's advisable to withdraw larger amounts at once to minimize transaction fees.
As a cultural tip, be aware that tipping is common in Peru, especially in restaurants and for tour guides. A tip of 10% is generally appreciated.
When it comes to exchanging currency, you can do so at banks, official exchange houses, and some hotels. However, always compare rates to ensure you get the best deal. Avoid exchanging money on the streets, as this is often unsafe and may result in receiving counterfeit bills.
While in Cusco and Machu Picchu, you'll find that prices can vary significantly. Local markets may have lower prices than tourist shops, so don't hesitate to haggle if you feel comfortable doing so. Bargaining is a part of the local culture!
Lastly, keep an eye on the exchange rate before your trip. As of October 2023, the exchange rate fluctuates, so being informed will help you manage your budget effectively while enjoying the breathtaking sites of Machu Picchu and the rich culture of Peru.
