The sol (S/) is the official currency of Peru. There are bills with denominations of 10, 20, 50, 100 and 200 soles. There are coins of 10, 20 and 50 cents, as well as 1, 2 and 5 soles.
The US dollar is accepted in many shops, restaurants, hotels and gas stations. Foreign currency can be exchanged in banks and currency exchange offices. The usual opening hours of currency exchange establishments are Monday to Friday from 9:00 a.m. to 6:00 p.m. and on Saturdays until noon.
ATMs can be found in almost all cities in the country and most are connected to the Plus (Visa) and Cirrus (Mastercard) networks, American Express and others. You can withdraw money in soles or US dollars from them.
What is the currency of Peru?
The official currency in Lima and Peru is the “sol” (PEN). This name comes from the “golden sol” that was used in colonial times and, although it has gone through several transformations, the current sol has been the official currency since 1991. Before this, the “inti” was the national currency, but due to inflation, it was replaced by the new sol, which in 2015 was simply renamed “sol”.
The adoption of the sol marked the beginning of an era of economic stability in the country. The currency has had different designs over the years, with banknotes and coins depicting cultural, historical and natural aspects of Peru.
Denominations of the sol: Banknotes and coins of Peru
Today, the sol comes in a variety of banknotes and coins:
Banknotes: Denominations include 10, 20, 50, 100 and 200 soles. Each banknote is decorated with important historical figures such as Túpac Amaru II, Abraham Valdelomar, and María Rostworowski, as well as iconic landscapes and archaeological sites.
Coins: Peru's circulating coins are 10, 20, and 50 centimos, and 1, 2, and 5 soles. Peruvian coins also feature cultural and natural symbols, such as the vicuña and the potato.
Commemorative Coins in Peru
In addition to regular coins, Peru issues commemorative coins that celebrate historical events, important figures, and cultural heritage. These coins are highly valued by collectors and can make excellent souvenirs for visitors.
How is Peru's currency used in everyday life?
The sol is widely used throughout Peru, and although the country is becoming more digital in terms of payments, cash remains the preferred form of payment in local markets, public transportation, and small shops. It is common for small bills and coins to be used for smaller purchases, while larger bills are more common for larger transactions or in more formal commercial establishments.
Where to exchange money in Peru?
Exchanging money in Peru is fairly easy, especially in tourist areas and city centers, where you will find many exchange offices. However, avoid exchanging money on the street, as it is not safe to handle cash in crowds.
You can also use ATMs to withdraw money, as most offer US dollars and soles. Keep in mind that the exchange rate can vary and international banks often charge a fee for each transaction.
Extra tip » Exchange offices accept several currencies, but if you are traveling with British pounds, be sure to exchange them in Lima; elsewhere it can be difficult.
Tips for using currency in Peru
If you plan to visit Peru, here are some useful tips:
Currency exchange: It is advisable to exchange money at authorized exchange offices or banks to avoid problems with counterfeit bills. Airports also offer currency exchange services, although at a less favorable rate.
ATMs: These are available in almost all cities and allow you to withdraw soles in Peru directly from your bank account. However, be aware of the fees your bank may charge.
Credit/debit cards: These are accepted in most tourist establishments, hotels, and restaurants, but it is always useful to carry cash, especially in rural areas.
Beware of money in bad condition
When planning your trip to Peru, it is important to know that many do not accept banknotes that are not in good condition. Therefore, we recommend that you avoid accepting torn, very worn, or tape-covered banknotes, to avoid problems when making payments.
US dollars in bad condition are also not accepted in Peru. Merchants reject foreign banknotes that are dirty or damaged. Therefore, it is best to carry banknotes in good condition, both in soles and dollars. If you end up with banknotes in bad condition, you can exchange them for free at the Central Reserve Bank (BCR) or the Banco de la Nación in any city.
How to deal with counterfeit money in Peru
In Peru, whether you're handling soles or dollars, it's important to be on the lookout for fake bills, which can look very similar to the real thing. However, there are key differences in texture, colors, and design. We recommend that you always check the money you receive, whether in a store or at a currency exchange.
Peruvian soles come in 10, 20, 50, 100, and 200 soles bills, with the 200 being the least common and sometimes not accepted.
To identify a fake bill, compare its texture to that of another authentic bill. Check for details such as watermarks, hidden figures that only appear in backlight, and most importantly, the security strip, which should change color depending on the light and angle. Although this is a common problem, it doesn't mean it will happen to you. If you notice anything unusual, don't hesitate to ask for the bill to be changed.
Peru's currency and digitalization
With the advancement of technology, Peru has begun to embrace digital forms of payment such as e-wallets and mobile apps. While Peru's currency remains popular, more and more Peruvians and tourists are choosing to pay digitally, making transactions easier in cities and tourist areas.
Tipping in Peru
While it is advisable to use credit cards to pay in Peru, it is also useful to carry some cash, especially for tips. Tipping is not as common a custom in Peru, so carrying local coins or bills can be convenient. You can't always add the tip to the bill, so keep this in mind. In general, it is customary to leave around 10% of the cost of the service as a tip.
Can you pay with credit cards in Peru?
Yes, you can! Many places even allow you to pay in US dollars or soles. Just keep in mind that fees may apply. If you use your credit card, check the amount at the POS before confirming the purchase.
Bonus Tip » It’s a good idea to carry a copy of your card in case an emergency arises. For many travelers, using credit cards instead of cash is more convenient when traveling internationally.
What about the dollar in Peru?
The US dollar is accepted in some parts of Peru, especially in tourist areas and large businesses. However, it is advisable to use soles to avoid confusion over the exchange rate. Many prices are quoted in soles, so paying in dollars can lead to an unfavorable exchange rate or the need to receive change in soles.
Peruvian Currency: Symbol of Identity
Peru’s currency, the sol, is not only a means of exchange, but a reflection of the country’s rich history and culture. From its colorful banknotes to its symbolic coins, the sol is a mainstay of daily life in Peru. Whether you’re planning a trip or just want to learn more about this fascinating country, understanding its currency is an important step. Are you ready to explore Peru and its economy with soles in your pocket?
