Bank & Currency

Peru's current currency is The "Nuevo Sol"

The Nuevo Sol has been Peru's currency since 1991 It is named after Inti the Sun God of the Incas. US dollars are accepted by most tourist-oriented businesses, though you'll need nuevos soles to pay for local transportation, most meals etc. Paying in nuevos soles can be a time-consuming hassle at some midrange hotels and many top-end establishments. The exchange rate can be checked here: The international code for the Peruvian currency Nuevo Sol (S/.) is PEN. The Nuevo Sol is subdivided into 100 Centimos. There are banknotes for S/. 10, S/. 20, S/. 50, S/. 100 and S/. 200. Coins have been issued for 1 Centimo, 5 Centimos, 10 Centimos, 20 Centimos, 50 Centimos, S/. 1, S/. 2 and S/. 5. Nowadays the Nuevo Sol is more stable but still with high inflation and with an exchange rate to the USD that gets constantly worse. Large items like real estate are often priced in USD so as not to have to constant devaluation of the currency effect

The Four Monetary Systems of Peru

Since 1897 Peru has had four main monetary systems. The first one was the Libra Peruana de Oro (Peruvian Gold Pound) that was in circulation as legal tender from 1897. In 1930 followed a new currency called the Sol de Oro (Golden Sun). Due to high inflation the currency of the era of Republican Peru was abandoned in 1985 and the Inti introduced. The bad economic state of Peru and terrorism in the late 1980s forced the Inti to lose its value very quickly. Hyperinflation struck the country and the Peruvian government was forced to introduce a new currency in 1991: the Nuevo Sol (New Sun). The Nuevo Sol was introduced at a rate of 1 Nuevo Sol = 1,000,000 Inti's. The return to this name is considered appropriate as it could be derived from historical use and devotion of the sun as a symbol of power and as a way of connecting the new currency to the old Inti, which was named after Inti, the Sun God of the Incas. But each time the currency gets devalued to a point of being worthless they start a new system. The most current currency is more stable then some of the past ones but the steady devaluation of the currency is still over 10%

ATMs

ATMs (Cajeros automáticos) are found in nearly every city and town in Peru, as well as at major airports and bus terminals. ATMs are linked to the international Plus (Visa), Cirrus (Maestro/MasterCard) systems, American Express and other networks. They will accept your bank or credit card as long as you have a four-digit PIN. Before you leave home, notify your bank that you'll be using your ATM card abroad. ATMs are a convenient way of obtaining cash, but rates are usually lower than at casas de cambio. Both US dollars and nuevos soles are readily available from Peruvian ATMs. Your home bank may charge an additional fee for each foreign ATM transaction. Surcharges for cash advances from credit cards vary, but are generally expensive, so check with your credit-card provider before you leave home. ATMs are normally open 24 hours. For safety reasons, use ATMs inside banks with security guards, preferably during daylight hours.

Changing Money

Carrying cash entitles you to get the top exchange rates quickly. The best currency for exchange is the US dollar, although the euro is increasingly accepted. Other hard currencies can be exchanged, but usually with difficulty and only in major cities and tourist centers. All foreign currencies must be in flawless condition. Money-changers (Cambistas) hang out on street corners near banks and casas de cambio and give competitive rates. Officially, they should wear a vest and badge identifying them as legal. They're useful after regular business hours or at borders where there aren't any other options.

Credit cards

Many top-end hotels and shops accept Credit cards (tarjetas de credito) but usually charge you a 7% (or greater) fee for using them. The amount you'll eventually pay is not based on the point-of-sale exchange rate, but the rate your bank chooses to use when the transaction posts to your account, sometimes weeks later. Your bank may also tack on a surcharge and additional fees for each foreign-currency transaction. The most widely accepted cards in Peru are Visa and MasterCard, although American Express and a few others are valid in some establishments, as well as for cash advances at ATMs

Traveler's Checks

Exchange rates for traveler's checks cheques de viajero are quite a bit lower than for US cash. With the commissions sometimes charged, you can lose over 10% of the checks' value and they may be impossible to change in small towns. Almost all businesses and some casas de cambio refuse to deal with them, so you will need to check at a bank. American Express checks are the most widely accepted, followed by Visa and Thomas Cook.

Banking in Peru

The capital of Peru and one of the central pillars of Peruvian economy, Lima is reasonably developed and stable banking systems and practices. There are many banks operating in Lima and you will find branches of various banks in almost every part of the city.

Finding a trustworthy bank in Lima can be important and for that you should have a little knowledge about the banking systems in Lima. Lima has banks of every kind, from local to national to international, and they offer reasonably efficient services to their customers. But some can have extremely high fees for instance BBVA may charge up to 200 soles to cash a check even drawn on their own bank. This is unheard of in most countries, and the fees can be significantly in other banks in Lima. Often it is very hard to get all the information of all the fees of each bank and they are constantly changing (usually going up)

Opening an account in a bank in Lima

In recent years there has been considerable changes in the policies of many banks in Peru and most of them do not allow non-residents or tourists to open an account in any of their branches in the country. In case you want to open an account in a bank in Lima, although if you are a resident of Peru it is easier, there maybe some exceptions which can be found if you do research.

Banks in Peru are known for charging for every service they offer and nothing is free. Their services are often not that good for the most part but as with any other city, there are always exceptions and you could come across a bank that will meet your expectations of efficiency. Consequently, it is always best to be cautious and check with different banks in the city, do your research and consider the opinions of experienced people before selecting the bank that will meet your individual or business needs. Peru is generally not very business friendly on any level

Using debit cards for money transactions and online banking are the standard in Lima, however, always check for transaction fees and hidden charges from the provider and your bank.

The recent growth in the banking sector in Lima

As an effect of the new regulations brought in by Peru in the year 1991, with the help of the World Bank as well as the Inter American Development Bank, there was a wave of liberalization that swept through the Peruvian financial scenario and banking systems.

Some other remarkable measures such as allowing commercial banks to use pension funds for obtaining large sums of money and also due to the increasing number of foreign banks entering into the banking system in Peru, there has been a gradual and steady process of expansion in this sector in recent years and it is continuing to grow, although Peru is still far from being a world class financial center

Finding a reliable Bank in Lima

In Lima you find banks nearly at every corner. But finding a good and reliable bank is more difficult than in other city around the world. Being here only on holidays, you might not need a bank at all. For changing money you should better use exchange offices anyway and for drawing cash use ATM's that are placed all over the city. If you are a customer of an international bank that is present in Peru you should preferably use their ATM's. That way you can most probably save the sometimes quite high fees for international withdrawals. Check with your bank at home what kind of charges you have to expect before you leave!

Opening an account is easy when you are a Peruvian resident. Interbank allows 'tourists' to open accounts, but there are a few tourists here who managed to open an account at BCP as well. Before doing so, check with the different banks on what they have to offer, so you can determine which one meets your needs the best. Bank debit cards and online banking are standard. Compare rates and take care of hidden charges which can be very high like BBVA charging up to 200 soles just to cash a check issued by them. Below is a list of some of the major banks of Peru.

Banco de la Nacion

Important: At this Peruvian bank you have to pay all official charges and fees.Main Office:Av. República de Panamá 3664, San Isidro

http://www.bn.com.pe/ (Spanish)Phone (+511) 519-2000Offices in Lima:You will find Banco de la Nacion agencies in all public buildings where you haveto pay fees or also here: City Center, Av. Abancay 491 - Miraflores, Av. José Pardo201 (corner with Martir Olaya 211) - San Isidro, Av. Javier Prado (corner with Av.Arequipa) - San Miguel, Av. Carlos Gonzales Candamo 222 - Surco, Av. Benavides3700 - Callao, Lima International Airport - Jorge Chávez.

Interbank

Interbank is the only bank in Lima that use to allow tourists to open an account!Main Office:Av. Carlos Villarán 140, La Victoria

http://www.interbank.com.pe (Spanish)Phone (+511) 219-2000Offices in Lima:City Center, Jr. De la Union 600 - Miraflores, Av. Larco 690 - San Isidro, Av. JorgeBasadre 395 - San Miguel, Av. Elmar Faucett 216 - Surco, Av. El Polo 706 - In biggerPlaza Vea and Vivanda Supermarkets.

Banco Continental BBVA This is a big bank but has high fees and hard to get money back out once it is deposited

Main Office:Av. República de Panamá 3055, San Isidro

http://www.bbvabancocontinental.com (Spanish)Phone (+511) 211-1000Offices in Lima:City Center, Jr. Ucayali 735 - La Molina, Av. La Molina 824 - Miraflores, Av. Larco631 - San Isidro, Av. Camino Real 355 - San Miguel, Av. La Marina 2671 - Surco,Benavides 5086.

Citibank Peru

Main Office:Av. Canaval y Moreyra 480, 8th floor, San Isidro

http://www.citibank.com.pe (Spanish)Phone (+511) 221-7000Offices in Lima:City Center, Jr. Antonio Miro Quesada 268 - La Molina, Av. Raul Ferrero 1015 -Miraflores, Av. Benavides 1085 - San Isidro, Av. Canaval y Moreyra 498 - San Miguel,Av. La Marina 2200.

Banco De Comercio

Main Office:Av. Canaval y Moreyra 454, San Isidro

http://www.bancomercio.com (Spanish)Phone (+511) 513-6000Offices in Lima:City Center, Jr. Lampa 560 - Miraflores, Av. José Prado 272 - San Isidro, Av. JorgeBasadre 536 - San Miguel, Av. Elmer Faucett 525 - Surco, C.C. Jockey Plaza, Tienda110.

Banco de Credito BCP

Main Office:Calle Centenario 156, La Molina

http://www.viabcp.com (Spanish)Phone (0051) 311-9898Offices in Lima:City Center, Jr. Lampa 499 - La Molina, Av. Raul Ferrero 1179 - Miraflores, Av. Larco611 - San Isidro, Av. Jorge Basadre 301 - San Miguel, Av. Elmer Faucett 567 - Surco,C.C. Jockey Plaza, Tienda 199A.

Scotia Bank

Main Office:Canaval y Moreyra 282, San Isidro

http://www.scotiabank.com.pe (Spanish)Phone (+511) 311-6000

Offices in Lima:City Center, Jr. Ucayali 750 - La Molina, Av. Raul Ferrero 1081 - Miraflores, Av. Larco519 & 642 - San Isidro, Av. Camino Real 815 - Surco, Av. Thomas Marsano 2891

Banco Financiero

Main Office:Av. Ricardo Palma 278, Miraflores

http://www.financiero.com.pe (Spanish)Phone (+511) 612-2000Offices in Lima:City Center, Jr. Ucayali 762 - Miraflores, Av. Ricardo Palma 278 - San Isidro, Av.Canaval y Moreyra 1st block - San Miguel, Av. La Marina 2281 - Surco, Av. LaEncalada 673.

HSBC

Main Office:Amador Merino Reyna 207, 10th floor, San Isidro

http://www.hsbc.com.pe (Spanish) Phone (+51) 616-4722Offices in Lima:City Center, Jr. Carabaya 451 - Miraflores, Av. Larco 920 - San Isidro, Av. Jorge Basadre 358 - San Miguel, Av. La Marina 2220 - Surco, Av. Primavera 356.

You can find more bank locations on our map search page.