Changing Money in Peru
by David Schneider
(Los Organos, Piura, Peru)
Each time you change dollars to soles or soles to dollar, you lose money on the exchange.
If you must change dollars to soles, check the exchange rate in the top right column on this site. Then compare what the bank/money exchanger will give you. The same with changing money back from the nuevo sol to dollar.
Occasionally you will get a better exchange rate on the street but make sure you avoid scams (see Peru Money
, towards the end of the page).
Lin and I have found that the best way to address the money-changing game is to use an ATM to withdraw soles, not dollars, from your US or EURO bank account. (Make sure you use an ATM that does not charge you for using the machine. BCP is a good ATM for most banks.)
Then just buy in soles if at all possible.
You've heard the saying, "When in Rome do as the Romans do." The same holds true.
Try to buy in the same way and same currency as the majority of the people around you. If you have doubts about which currency to use in a specific situation, ask a customer near you which is better. (Be sure it's not the owners cousin :)
Do you have a comment or suggestion on better ways of handling the Peru currency exchange situation or using dollars rather than soles when buying in Peru? We welcome your comments below.