Peru Banks and Currency Information & Tips
Peru Banks and Currency Information
Cusco is located in southeastern Peru, high in the Andes Mountains. It sits at an elevation of approximately 11,150 feet (3,400 meters) above sea level, making it one of the highest cities in the world. Cusco is the historical capital of the Inca Empire and serves as a gateway to iconic attractions like Machu Picchu and the Sacred Valley of the Incas.
Key Geographical Details:
- Country: Peru
- Region: Cusco Region
- Coordinates: 13°31′30″S, 71°58′20″W
- Nearby Landmarks:
- Machu Picchu (approximately 80 km/50 miles northwest)
- Sacred Valley (nearby towns include Pisac and Ollantaytambo)
- Rainbow Mountain (Vinicunca) (around 100 km/62 miles southeast)
Cusco is a vibrant cultural hub blending ancient Inca traditions with Spanish colonial influences. It’s a UNESCO World Heritage Site and a popular destination for travelers exploring Peru’s rich history and breathtaking landscapes.
Peru Banks and Currency Information & Tips
Traveling to Peru? Here’s a guide to help you navigate its banking system, currency, and practical tips for managing your money while exploring this incredible country.
Currency in Peru
- Official Currency: The Peruvian Sol (PEN).
- Symbol: S/
- Exchange Rate: The exchange rate fluctuates, but as of 2024, 1 USD is approximately 3.8-4.0 PEN. Check current rates before your trip.
- Denominations:
- Coins: 10, 20, and 50 céntimos; 1, 2, and 5 soles.
- Bills: 10, 20, 50, 100, and 200 soles.
Banks in Peru
Peru has a reliable banking system with both local and international banks. Some of the major banks include:
- BCP (Banco de Crédito del Perú)
- Peru’s largest bank. Widely available ATMs and branches.
- Reliable for international withdrawals.
- BBVA Perú
- Good for ATM availability in urban areas.
- Offers currency exchange services.
- Interbank
- Known for modern facilities and traveler-friendly services.
- Convenient ATMs in tourist zones.
- Scotiabank Peru
- International bank with a strong presence in Peru.
- Offers services in multiple languages.
- Banco de la Nación
- Often used for government payments, but limited services for tourists.
Currency Exchange Tips
- Where to Exchange Money:
- Banks: Reliable but may have longer wait times.
- Currency Exchange Offices (“Casas de Cambio”): Found in cities like Lima and Cusco. They offer competitive rates.
- Hotels: Convenient but usually offer lower rates.
- Airports: Exchange rates are often less favorable.
- What to Bring:
- US dollars are widely accepted for exchange. Make sure bills are in good condition (no tears or marks).
- Avoid exchanging large sums on the street to minimize the risk of scams.
Using ATMs in Peru
- Availability: ATMs are widespread in cities and tourist areas.
- Withdrawal Limits: Typically between 400-700 soles per transaction.
- Fees: Peruvian banks may charge withdrawal fees (10-20 soles). Your home bank might also apply international fees.
- Tips:
- Use ATMs inside banks or shopping centers for security.
- Withdraw larger amounts to reduce overall fees.
- Notify your bank of your travel plans to avoid blocked cards.
Credit and Debit Cards
- Widely Accepted: Visa and Mastercard are the most commonly accepted cards, followed by American Express.
- Usage: Cards are accepted at hotels, restaurants, and shops in tourist areas. Small businesses and markets usually require cash.
- Fees: Check if your card provider charges foreign transaction fees.
Practical Money Tips for Traveling in Peru
- Carry Small Bills: Many smaller shops and markets may not have change for larger denominations.
- Tipping: Tipping is not obligatory but appreciated. Around 10% is standard in restaurants.
- Cash for Remote Areas: If traveling to remote areas like the Amazon or highland villages, bring enough cash since ATMs may be unavailable.
- Stay Vigilant: Always count your change and be cautious when withdrawing or exchanging money in public places.
Main Banks in Cusco
- Banco de Crédito del Perú (BCP)
- Centro de Cusco Branch
- Address: Av. El Sol 130, Cusco
- Plaza de Armas Branch
- Address: Plaza de Armas, Cusco
- BBVA Perú
- El Centro Branch
- Address: Calle Coya, Cusco
- San Blas Branch
- Address: Calle San Blas, Cusco
- Interbank
- Centro Branch
- Address: Av. El Sol 150, Cusco
- San Sebastián Branch
- Address: Calle San Sebastián, Cusco
- Scotiabank Perú
- Centro Branch
- Address: Plaza El Sol, Av. El Sol 120, Cusco
- San Blas Branch
- Address: Calle San Blas, Cusco
- Banco Interamericano de Finanzas (BanBif)
- Centro Branch
- Address: Av. El Sol 140, Cusco
- Cristo Rey Branch
- Address: Calle Cristo Rey, Cusco
- Banco Falabella
- Centro Branch
- Address: Av. El Sol 160, Cusco
- San Sebastián Branch
- Address: Calle San Sebastián, Cusco
- Banco Pichincha
- Centro Branch
- Address: Av. El Sol 170, Cusco
- San Blas Branch
- Address: Calle San Blas, Cusco
ATMs in Cusco
- Plaza El Sol
- Location: Av. El Sol, near Plaza de Armas
- Nuevo Centro Shopping Mall
- Location: Av. El Sol, Cusco
- San Blas Shopping Mall
- Location: Calle San Blas, Cusco
- Portal de América Shopping Mall
- Location: Av. El Sol, Cusco
- Alejandro Velasco Astete International Airport
- Location: Alejandro Velasco Astete International Airport, Cusco
Useful Tips
- Safety: Always use ATMs in well-lit and busy areas, such as shopping malls or inside banks.
- Operating Hours: Banks in Cusco typically operate Monday to Friday from 9:00 AM to 4:00 PM, though some may have extended hours.
- International Cards: Most ATMs in Cusco accept Visa, MasterCard, and other international cards. Verify with your bank before traveling.
- Fees: Check with your bank regarding potential fees for using ATMs abroad.
Additional Recommendations
- Mobile Banking Apps: Consider using mobile banking apps to manage your finances and make transfers without needing to visit a physical branch.
- Currency Exchange: In addition to ATMs, there are currency exchange houses in Cusco where you can exchange money. Be sure to compare rates to get the best deal.
For exact and up-to-date addresses, it is recommended to visit the official websites of the banks or use map applications like Google Maps.
Exchange
The foreign currency most readily exchanged in Cuzco is the United States dollar (us$). It is also commonly used in commercial transactions and for purchasing goods. Exchange offices abound in Cuzco (especially on Avenida El Sol and near the market). It is also possible to exchange dollars through moneychangers in the city center (Avenida El Sol, across from the Palace of Justice). Some hotels and automatic teller machines provide this service but use a lower exchange rate. The exchange rate varies daily but is not significant enough. Closely examine the bills you receive to avoid implying cheating. Dollar bills that tear or are in poor condition are often not accepted.
Peru’s official currency is the Nuevo Sol. There are 5 Nuevos soles, 10, 20, 50 centimos, and 1, 2, and 5. Bills come in 10, 20, 50, 100, and 200 Nuevos Soles.
Traveler’s Checks
Traveler’s checks are not widespread among Cuzco’s commercial establishments. Many hotels charge an additional fee for accepting them, and in some banks, it is difficult to exchange them for cash (calculate a loss of 2% to 5% of the amount to be exchanged).
Money Transfers (giros)
These can be done at commercial banks. International transfers should be allowed for at least three days. National transfers take one day or less. Cash can also be withdrawn against a credit card at automatic teller machines.
Credit Cards
The credit cards most accepted in Cuzco are Visa, MasterCard, American Express, and Diners. However, they are not commonly used in the town or the rest of the department.
Banks
Banks are generally open to the public Monday through Friday, from 9 a.m. to 6 p.m., and Saturdays from 9 a.m. to midday (with some variations). They may be open fewer hours during the summer (January to March).
Peru Banks and Currency Information
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