Currency and Money Tips for Cusco Tours
Currency and Money Tips for Cusco Tours: Everything You Need to Know
Currency and money tips for Cusco tours are essential for any traveler heading to the heart of the Peruvian Andes. Cusco, the historic capital of the Inca Empire and gateway to Machu Picchu, welcomes millions of tourists annually. Navigating financial transactions smoothly enhances your experience, from savoring authentic Peruvian cuisine to purchasing handcrafted souvenirs in bustling markets. This guide covers everything you need to make smart decisions about cash, cards, and currency exchange during your stay in Cusco.
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Understanding Currency in Cusco
Peru’s official currency is the Sol (S/), often abbreviated as PEN. Banknotes and coins come in various denominations, with bills commonly available in 10, 20, 50, 100, and 200 soles. Coins come in 1, 2, and 5 soles, as well as smaller centimo coins. While some businesses accept US dollars, especially in tourist-heavy areas, it’s best to make most purchases in soles for accurate pricing and to avoid unfavorable exchange rates.
How to Exchange Money in Cusco
Travelers can exchange money in several ways:
– Banks: Major banks in Cusco like BCP and Interbank offer reliable currency exchange. Bring your passport for transactions and ask if any fees apply.
– Exchange Houses (Casas de Cambio): Conveniently located in the city center, exchange houses specializing in tourism currency have competitive rates and quick service. Check rates at a few locations before making a deal.
– ATMs: Widely available in Cusco, ATMs provide soles directly at market exchange rates. Beware of international withdrawal fees and always use machines inside banks for added security.
Avoid street money changers, as they may offer counterfeit bills or poor rates. Always check your bills for security marks after any exchange.
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Cash or Card: What’s Best for Your Trip?
One of the most common currency and money tips for Cusco tours is to carry a mix of cash and cards. Here’s why:
– Cash: Small vendors, local markets, taxis, and some restaurants only deal in cash. Splitting your funds between large and small bills is helpful, as giving a 100-sole note for a small item may result in the merchant refusing the sale or being unable to make change.
– Credit/Debit Cards: Mid-range to high-end hotels, restaurants, and travel agencies accept major credit cards, primarily Visa and Mastercard. Some places may apply an extra charge (usually 4-8%) for card payments. Inform your bank of your travel dates to avoid any card blocks.
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Handling Tipping and Small Purchases
Locals appreciate small change for tips and minor purchases. Tips are not mandatory but always welcome. Round up your bill in restaurants or give a couple of soles for good service. Likewise, handing change to street performers or artisans is part of local etiquette.
When heading out for the day, bring a pocketful of coins or 10 and 20-sole bills. Many stores and taxi drivers cannot provide change for larger notes. It’s wise to ask for smaller bills at banks, ATMs, or when given change from larger cash payments.
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Avoiding Counterfeit Currency
Peru has experienced issues with counterfeit money. Here are simple methods to stay safe:
– Familiarize yourself with security features on Peruvian bills, such as watermarks and security threads.
– Be cautious when accepting change, especially higher denominations.
– Refuse any bills that look heavily worn, torn, or faded.
– If in doubt, ask to swap for another note.
Banks, reputable exchange houses, and ATMs are your safest options for obtaining authentic currency.
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Budgeting for Your Time in Cusco
Travelers’ daily expenses in Cusco will vary depending on preferences and activities. Typical costs include:
– Meals: S/10-25 for a local eatery; S/40-100 at tourist restaurants.
– Taxi rides in town: S/5-10.
– Souvenirs: S/10-100+ depending on quality and uniqueness.
– Entrance fees: Many historical sites have set prices in soles.
Keep some extra funds handy for emergencies and last-minute tours. While digital payments are becoming more common, cash remains king, especially outside the main tourist corridor.
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Currency and Money Tips for Cusco Tours: Safety Advice
Protecting your money is as important as budgeting. Keep your cash and cards in separate places—use a money belt or a concealed pouch for extra safety. Only carry what you need for the day and store the rest securely in your accommodation’s safe.
Beware of pickpockets in crowded areas, such as San Pedro Market or near major attractions. It’s wise to withdraw cash in daylight hours and inside bank branches to avoid being targeted.
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FAQs: Money Matters in Cusco
1. Can I use US dollars throughout my trip in Cusco?
You can use US dollars in some hotels, upscale restaurants, and tour agencies, but most businesses prefer soles. You’ll need local currency for markets, public transportation, and small shops.
2. Are international credit and debit cards widely accepted in Cusco?
Major cards like Visa and Mastercard are accepted in higher-end establishments, but many small businesses and taxis operate on a cash-only basis. Carry enough soles when exploring local attractions.
3. Where’s the best place to exchange money in Cusco?
Casas de cambio in the historic center generally offer good rates. ATMs are convenient for withdrawing soles. Avoid exchanging money with individuals on the street.
4. How can I tell if a banknote is counterfeit?
Check for watermarks, security threads, and the texture of the bill. Real soles bills feel crisper and have features you can see when held to the light.
5. Do ATMs in Cusco charge high fees?
Some local banks and international card issuers charge fees for ATM withdrawals. Check with your home bank before traveling, and withdraw larger amounts less frequently to minimize fees.
6. Can I pay with cards or cash at Machu Picchu?
While you can book rail tickets or tours with cards, most purchases at Machu Picchu (snacks, souvenirs, tips) require cash in soles.
7. Is it safe to carry large amounts of cash?
It’s not advisable. Take only what you need for daily expenses and store extra cash in a secure location at your hotel.
8. Should I tip in soles or dollars?
Tipping in soles is customary and more convenient for locals, though dollars may be appreciated in tourist-heavy locations.
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By planning ahead and understanding the local currency, you’ll enjoy Cusco’s wonders without worries or hassles over money. A little preparation goes a long way, letting you focus on the magic of the Andes and the rich culture that makes this city unforgettable.
