Money-Saving Tips: Exchange Currency at the Best Rate in Peru
Just like anywhere else, competition drives prices and spending, and the same applies to currency exchange when you travel. If you have euros or dollars and want to convert them to soles in Peru, don't do it just anywhere or at any price. In fact, there are notable differences
A smart strategy to save a few soles by exchanging your currency wisely
A clever tip to maximize your vacation budget in Peru
Just like anywhere else, competition shapes your purchasing power when traveling. If you have euros or dollars and want to convert them to soles in Peru, don't exchange them just anywhere or at any rate. Indeed, there are meaningful differences between banks, but that's not all…
First and foremost, avoid the common mistake of exchanging money at the airport, where rates are notoriously unfavorable. Instead, try to bring a few dollars with you to cover your taxi to the hotel—you can sort out the currency conversion later. Take time to check a newspaper or website for the "official" exchange rate (Tipo de cambio) to get a sense of the day's conversion rates. With this benchmark in mind, visit three different banks to compare their rates, and then do the same with the "cambistas" (money changers) stationed outside those same banks.
Sometimes there can be a dramatic difference between the rate offered by a bank and that of a cambista standing right outside its door… and vice versa.
