If you’re traveling to Cusco, it’s important to know how to manage your money safely to avoid problems and exchange it at the best rate. Here, we explain in a simple way where and how to do it without any hassle during your trip.
What is Peru’s official currency?
Peru’s official currency is the Peruvian sol (PEN), and it’s the currency you’ll use to pay for almost everything during your trip.
You’ll find banknotes and coins of different denominations in circulation, ranging from small amounts to higher-value bills, all accepted in shops, restaurants, and for services. Although some tourist destinations may accept U.S. dollars, it’s most practical to carry cash in Peruvian soles, as you’ll need it for transportation, markets, and everyday purchases.
Where to exchange money in Cusco?
In Cusco, you have several options for exchanging money, including exchange offices, banks, hotels, and even the airport. Each has its advantages, and choosing the best one depends on security, the exchange rate, and how urgently you need cash when you arrive.
Currency exchange offices
Currency exchange offices are one of the most popular options among travelers because they usually offer more competitive exchange rates than other places. Their main advantage is the fast service and the ease of finding several in central areas such as El Sol Avenue or around the Main Square / Plaza de Armas. To get the best rate, it’s a good idea to compare two or three exchange offices before making your exchange and always check that there are no hidden fees.
Banks
Exchanging money at banks in Cusco is a safer and more formal option, ideal if you prefer to avoid risks.
They generally operate during business hours, so they may not always be practical if you arrive late or on weekends. While they offer greater security, they may charge commissions or provide a less favorable exchange rate than currency exchange offices.
Cusco Airport
Exchanging money at the airport can be useful if you need cash as soon as you arrive, but it is usually not the best option when it comes to exchange rates. Its main advantage is convenience and immediate availability, but the exchange rate is generally less favorable than in the city. For this reason, it’s recommended to exchange only a small amount to cover your initial expenses.
Hotels and travel agencies
Some hotels and travel agencies in Cusco also offer currency exchange services, which can be useful in certain situations. It’s a good option if you need to exchange money quickly without leaving your accommodation, but keep in mind that the exchange rate may not be the most favorable, so it’s best used only as an emergency alternative.
What currency should you bring to Cusco?
Before traveling to Cusco, it’s important to know which currencies are best to bring so you can exchange them easily upon arrival. Not all foreign currencies are exchanged with the same ease, so choosing the right one will help you save both time and money.
U.S. Dollars (USD)
The U.S. dollar is the most widely accepted foreign currency for exchange in Cusco and the one that will cause you the fewest complications. You can exchange banknotes at currency exchange offices or banks without any issues, but it’s important that they are in good condition (without tears or stains), as damaged bills are often rejected or exchanged at a lower value.
Euros (EUR)
The euro is also accepted in Cusco, although not as widely as the U.S. dollar. Most currency exchange offices in the Historic Center will exchange euros, but the exchange rate may be slightly less favorable, and not every exchange office keeps large amounts of euros on hand.
Other foreign currencies
Currencies such as Mexican pesos, Brazilian reals, or British pounds can also be exchanged in Cusco, but availability is more limited. In these cases, it’s best to visit larger currency exchange offices or banks, as many smaller businesses do not deal with less common currencies, and exchange rates can vary considerably depending on demand.
Can you pay by card in Cusco?
In Cusco, you can use your card in many places, but not everywhere, so it’s important to know when paying by card is convenient and when it’s better to carry cash. Here’s what you need to know so you can get around without any issues during your trip.
Credit and debit cards
Credit and debit cards (mainly Visa and Mastercard) work well in Cusco, especially at formal businesses. You can use them at hotels, tourist restaurants, travel agencies, and large stores, although some places may charge a small surcharge or require a minimum purchase amount to accept card payments.
Places that accept electronic payments
Card payments are common in Cusco’s Historic Center, especially at hotels, tourist restaurants, supermarkets, and tour agencies. For example, in areas such as the Main Square / Plaza de Armas and El Sol Avenue, it’s much easier to pay by card, while local markets, taxis, and small stalls almost always require cash.
When it’s recommended to carry cash
It’s recommended to carry cash when using local transportation, shopping at markets such as San Pedro Market, or eating at small food stalls, where cards are generally not accepted. It’s also useful to have Peruvian soles in cash for entrance fees to tourist attractions, tips, or quick purchases, as many vendors don’t have card terminals or there may be limited internet coverage in some of the places you visit.
ATMs in Cusco
You’ll find ATMs throughout Cusco, especially in the Historic Center and tourist areas such as the Main Square / Plaza de Armas, El Sol Avenue, and inside banks like BCP, Interbank, and Scotiabank. Most of them allow withdrawals with international cards, although daily withdrawal limits usually apply depending on the bank, and you often won’t be able to withdraw large amounts in a single transaction.
Bank fees are often charged by both the local bank and your home bank, so each withdrawal may include an additional cost. To avoid unnecessary fees, it’s best not to make many small withdrawals. For greater security, use ATMs located inside banks or shopping malls such as Real Plaza Cusco, avoid withdrawing cash at night, and always put your money away before leaving the ATM without counting large amounts in public.
Tips for exchanging money safely in Cusco
- Compare exchange rates: Check two or three currency exchange offices in areas such as El Sol Avenue before making a decision, as rates can vary significantly.
- Avoid exchanging money on the street: Don’t exchange money with people on the street, even if they offer a better rate, as there’s a risk of counterfeit bills or scams.
- Check the bills you receive: Count your money and inspect the banknotes before leaving to make sure they’re in good condition.
- Keep your receipt: If you exchange money at a bank or an official currency exchange office, keep the receipt in case you need to make a claim or report an error.
- Extra tip: Exchange only what you need for your daily expenses and avoid carrying large amounts of cash.
How much cash do you need for a trip to Cusco?
The amount of cash you’ll need in Cusco depends on your travel style and how often you plan to use your card during your stay. Here’s a practical estimate of daily expenses and the situations where you’ll need more cash.
Estimated daily budget
In Cusco, a daily cash budget can range from S/100 to S/250, depending on your travel style. Budget travelers typically spend less by eating at local restaurants and using public transportation, while a more comfortable trip with tours and tourist restaurants may fall closer to the higher end of the range.
Transportation
Transportation within Cusco is inexpensive and is usually paid for in cash. A taxi ride within the Historic Center typically costs between S/5 and S/10, while longer trips to places such as Sacsayhuamán or the South Valley may cost a little more and are generally paid directly to the driver.
Food
Cusco offers dining options for every budget, but cash is still widely used at local restaurants and markets. For example, at San Pedro Market you can find set menus starting at S/10 to S/15, while restaurants in the Historic Center typically charge between S/25 and S/60 per dish.
Shopping and tips
For shopping at artisan markets such as San Blas or the Cusco Handicraft Center, cash is almost essential. It’s also recommended to carry small bills for tips for guides, drivers, and service staff, with amounts typically ranging from S/5 to S/20 depending on the service.
Common mistakes when exchanging money in Cusco
When exchanging money in Cusco, it’s easy to make mistakes if you overlook a few basic details. Here are the most common ones to avoid.
- Exchanging all your money at the airport
Airport exchange rates are usually less favorable. It’s better to exchange only what you need to get into the city. - Not comparing exchange rates
If you don’t compare several currency exchange offices, you could lose money. There are several options close together along El Sol Avenue, making it easy to compare rates. - Bringing damaged banknotes
Damaged U.S. dollar bills may be rejected or exchanged at a lower value. Always bring banknotes that are clean and in good condition. - Not notifying your bank
If you don’t inform your bank about your trip, your card may be blocked for security reasons when you try to use it in Cusco. - Not checking the money you receive
Always count your Peruvian soles before leaving the exchange office to avoid mistakes or shortages.
Frequently Asked Questions
Is it better to bring U.S. dollars or Peruvian soles to Cusco?
It’s best to bring U.S. dollars and exchange them for Peruvian soles in Cusco, as the Peruvian sol is the currency used for everyday purchases.
Where can I get the best exchange rate?
At currency exchange offices in downtown Cusco, especially along El Sol Avenue and around the Main Square / Plaza de Armas.
Are U.S. dollars accepted in Cusco?
Yes, in some hotels and tourism agencies, but they are not commonly used for everyday payments.
Is it safe to withdraw money from an ATM?
Yes, as long as you use ATMs located inside banks or shopping malls and avoid withdrawing cash from street ATMs at night.
How much cash should I bring for a week in Cusco?
It depends on your travel style, but on average between S/700 and S/1,800 is enough for basic day-to-day expenses.
