The question always comes up: how to handle money in Peru? is it better to travel with cash or with a bank card? If cash, which currency is best? If a bank card, how does it work? A little recap is needed. But first of all, the best option is to do a mix of both, and even have several bank cards, in case one doesn’t work or gets “eaten” by an ATM.
Cash or bank card?
You will arrive at Lima airport where you can, of course, withdraw money from an ATM or exchange your Euros or Dollars. If you want to do so, I recommend doing it for a small amount, just enough to pay for a taxi to the city center, but no more, as the exchange rate at the airport is never favorable.
Withdrawing cash
Check with your bank if there are any extra exchange rate fees or get a card from an online bank that doesn’t charge these (such as Revolut). But these conditions change regularly, so I encourage you to check carefully before leaving.
If you withdraw money, I recommend doing it at a Banco de la Nacion. You can withdraw for free there, with a limit of 400 soles per day. Other banks charge significant fees (for example, 32 soles at BCP for a withdrawal).
Bank opening hours in Peru are generally:
- Monday to Friday from 9 a.m. to 6 p.m.
- Saturday until 12 p.m.
In all major cities, there are ATMs available. It is advised to make your withdrawals at banks equipped with secure vestibules. Do not get distracted by others, and never take your eyes off your bank card.
Payments by credit card
First of all, outside of the big cities, very few payments are made using a credit card. Check before paying, as you might be charged an extra 8% to 10%.
When making any payment with your credit card, ensure you know the amount to be paid, which will generally be in Nuevo Soles. It’s up to you to convert this into dollars or euros based on the current exchange rate. During payment, don’t let yourself be distracted by strangers, stay focused.
If you need to move for entering your PIN or signing, do it yourself. Never leave your card with the staff.
Currency exchange
In all major cities, you can exchange Dollars or Euros at banks or exchange offices. Don’t hesitate to check around for the best exchange rates before converting your money.