With attractions like the ancient ruins of Machu Picchu and the culture- and history-steeped capital city of Lima, Peru is a popular destination for travelers. Millions of tourists visit the South American country every year. And its low cost of living makes it an affordable destination for those looking to get away on a budget.
Before you make plans to visit, it helps to know a little about Peru’s currency, the Peruvian sol (PEN). In this guide, we’ll break down the sol’s basic traits, explore its history, and offer helpful tips for converting your US dollars into Peruvian currency.
Whether you’re embarking on a trip to Peru in the coming months, planning a vacation for the more distant future, or simply sending money to family or friends in Peru, learning about the sol will help you plan with confidence.
What is the currency in Peru?
The currency in Peru is the Peruvian sol (plural: soles). Its symbol is S/, and the currency code is PEN. Here are some other important facts about the sol:
- Subdivision: Céntimos (1 sol = 100 céntimos)
- Banknote denominations: S/10, S/20, S/50, S/100, S/200
- Banknote designs: Figures from Peruvian history, cultural symbols, and landmarks
- Coin denominations: 10, 20, 50 céntimos; S/1, S/2, S/5
- Coin composition: Brass and steel
- Date of introduction: July 1, 1991
- Central Bank: Banco Central de Reserva del Perú (Central Reserve Bank of Peru)
- Mint: Casa Nacional de Moneda (National Mint)
History of the Peruvian sol
Peru’s first use of currency traces back to at least the 16th century when the region was under Spanish rule. The Spanish colonial real served as the currency for Peru until the 19th century. Because of Peru’s abundance of silver mines, it became a major minting center for Spanish settlers. Peru gained independence from Spain in 1821 but still used the real as its currency afterward.
In 1863, the sol de oro replaced the real. This currency remained in circulation for more than a century until a major devaluation in the 1980s. In 1985, the Peruvian government replaced the sol with the inti. But it wasn’t long until inflation once again hit Peru, forcing a move to the nuevo sol in 1991.
In 2015, the Peruvian Congress voted to update the currency’s name to simply the sol, but the name change didn’t impact the currency’s value or Peru’s economy.
| Currency | Time period |
| Spanish colonial real | 16th-19th centuries |
| Peruvian real | 1822-1863 |
| Peruvian sol (sol de oro) | 1863-1985 |
| Peruvian inti | 1985-1991 |
| Nuevo sol | 1991-2015 |
| Sol | 2015-present |
7 tips for exchanging US dollars for Peruvian sol
Before traveling to Peru, it’s a good idea to know a little about how exchanging your US dollars for Peru’s currency works. Here, we’ll break down the ins and outs of exchanging money in Peru, including how to comparison-shop for the most favorable USD-to-PEN exchange rate. We’ll also cover the best (and worst) places to make your exchange.
1. Research and compare exchange rates
One of the biggest factors in choosing a money exchange service is the rate you’ll receive for your US dollars.
Exchange rates vary between money exchangers throughout Peru. Therefore, it’s best to compare several different rates before converting your dollars. To get real-time currency rate information, you can track live exchange rates on Western Union.
Unlike other South American countries that have battled significant inflation over the past decade, the Peruvian currency has remained relatively stable compared to the dollar, hovering between about 2.5 and 4 soles to the dollar.
2. Notify your bank ahead of traveling
When planning a trip to Peru, it’s best to notify your bank before you depart. This way, you have access to your credit and debit cards and banking services while abroad. After all, you’ll need access to your money to be able to exchange it for soles.
If you don’t let your bank know of your travel plans, there’s a chance your bank will flag financial transactions and freeze your bank account for suspicious activity.
3. Avoid exchanging money at airports, hotels, and tourist areas
Airports and hotels offer convenient money exchange services. But Peru money changers at these locations may charge additional fees or commissions for their services. Even worse are unlicensed street vendors, who may exchange counterfeit bills or provide a terrible exchange rate for your dollars.
Stick with reputable, licensed money exchanges, like Western Union agents located throughout Peru, for a convenient, secure exchange at competitive rates.
4. Consider commissions and fees
The fees you’ll pay for Peru currency conversion will vary depending on where you make your exchange. Transaction fees and commissions are common and generally charged at a flat percentage rate. You may also pay foreign transaction fees when withdrawing from an ATM or making a payment with your foreign credit card.
Make sure to ask your money exchanger what fees they charge and compare them against other exchangers to find the best deal.
5. Opt to be charged in Peru’s currency when withdrawing money from ATMs
When you’re looking for where to exchange foreign currency in Peru, consider using an ATM. Most Peruvian cities have ATMs scattered about that are either part of the Plus or Cirrus networks and accept Visa, Mastercard, and other major credit cards.
ATMs located at airports, shopping centers, and pharmacies may charge you additional fees for convenience, while ATMs at banks can be cheaper to withdraw Peruvian money.
Note that it’s typically better to withdraw money in soles so you can pay for transactions in local currency instead of making dynamic currency conversion (DCC) purchases with your debit or credit card. DCC allows you to make purchases in foreign countries with your home currency, but it often comes with less-than-stellar exchange rates.
6. Exchange money in Peru instead of the US
There are several reasons you should wait to exchange money in Peru instead of the US:
- Better rates: You’re more likely to get a better exchange rate.
- Fees: Many US banks and money exchangers charge added fees for currency conversion.
- Convenience: You’ll have more options for converting your US dollars into Peruvian soles in Peru than in the US. That’s because not all US exchange providers will have soles on hand.
- Price fluctuations: Exchange rates are always changing. Waiting until you arrive in Peru allows you to potentially benefit from a fluctuating exchange rate.
7. Use reputable exchanges
There are four different types of money exchangers in Peru:
- Banks are regulated and incredibly safe but may require waiting in long lines.
- Casas de câmbio (exchange houses) generally have good exchange rates.
- Hotels are convenient but don’t always offer the best exchange rates.
- Street money changers are unregulated money exchangers that are risky to use.
The best place to exchange currency in Peru will depend on fees, accessibility, exchange rates, security, and other factors. If you want access to 150 in-person agents throughout Peru and have a secure online experience, consider using Western Union to convert your dollars to soles.
Using money in Peru
As we’ve established, soles will be your go-to currency in Peru. But can you pay for things with US dollars? And how much should you tip for services? Read on to learn some of the etiquette for using the Peruvian currency during your travels.
Can you use US dollars in Peru?
Don’t count on being able to use your US dollars in Peru. You might find merchants who accept dollars in heavy tourist areas like Machu Picchu or Lima, but merchants are not required to accept USD as a valid form of payment. But every business, vendor, and individual across the country accepts soles for payment.
If you do bring dollars, opt for smaller banknotes (such as $1, $5, $10, and $20 bills), as they’re easier to exchange and use.
Tipping etiquette in Peru
Tipping in Peru varies across different parts of the country and service industries, but it’s standard practice. For instance, plan to leave a 10% tip at restaurants, while at bars, a tip of S/1 or S/2 per drink is the norm. Luxury hotel workers usually get a tip of several soles per day, but this isn’t expected at hostels or economy hotels. Tips aren’t required for taxis, but if the driver carries your bag, you might leave them a few soles in exchange.
Workers in Peru prefer cash tips, so make sure to carry some soles wherever you go even if you plan to make most of your payments with a debit or credit card.
Where to get Peruvian soles near me?
Banks, hotels, and casas de câmbio are all places where you can get Peru currency in exchange for your US dollars. Find a currency exchange near you to see your options and get the best exchange rate between the dollar and the sol.
FAQs
What currency should I take to Peru?
The Peruvian sol is the only currency considered legal tender in Peru. You’ll get a better exchange rate and pay less in fees if you exchange your money while in the country, so bring dollars into Peru and find a money exchange service to get soles when you arrive.
What is the exchange rate between USD and Peruvian sol?
Your exchange rate will depend on when you are converting your currency. Western Union has real-time exchange rates for USD to PEN so you can know what to expect or exchange your money instantly using the online platform.
Can I exchange money through Western Union in Peru?
Yes, Western Union agent locations across Peru offer money exchange services. You can also utilize the Western Union® mobile app while traveling.
