Local Currency and Exchange Information

The local currency in Cusco, Peru, is the Peruvian Sol (PEN). As of October 2023, the exchange rate is approximately 3.7 PEN to 1 USD, but this can fluctuate, so it's wise to check current rates before your trip.

Currency exchange can be done at banks, exchange bureaus, or at the airport, but be cautious of high fees and poor rates at airports. It is advisable to exchange a small amount of money before your arrival and use local banks or authorized exchange offices in Cusco for larger transactions.

Payment Methods and Banking Options

ATMs

ATMs are widely available throughout Cusco, particularly in tourist areas. Look for ATMs that accept international cards, such as Visa or MasterCard. Be aware of withdrawal limits and fees, which can vary by machine and bank.

Credit Cards

Many establishments in Cusco, including hotels, restaurants, and shops, accept major credit cards. However, it's always a good idea to carry some cash for smaller vendors or markets that may not accept cards.

Cash Usage

While cards are widely accepted, cash is still king in many places, especially in rural areas or local markets. Always have a mix of cash and card on hand for convenience.

Tipping Customs and Payment Etiquette

Tipping is appreciated in Cusco, although it is not mandatory. Here are some guidelines:

• Restaurants: A tip of 10% to 15% of the bill is customary if service is not included.
• Guides: For tours, a tip of 10 to 20 soles per person is considered generous.
• Hotel staff: Consider leaving small amounts for housekeeping or bellboys.

When paying with cash, it’s best to leave the tip in cash rather than adding it to the credit card charge. Always check your bill for any included service charges.

Cost Considerations and Budgeting Tips

Cusco is generally affordable for travelers, but costs can vary significantly based on your style of travel. Here’s a rough breakdown of daily expenses:

• Budget accommodation: 50-100 PEN per night.
• Mid-range hotels: 150-300 PEN per night.
• Meals: 15-40 PEN for budget meals; higher for upscale dining.
• Transport: Local transport costs around 1-5 PEN per ride.

To save money, consider eating at local markets, using public transport, and booking accommodations in advance for the best rates.

Practical Financial Advice for Travelers

• Notify your bank: Inform your bank of your travel dates to avoid any issues with card usage abroad.
• Use a travel-friendly credit card: Look for cards that have no foreign transaction fees.
• Always have small change: Vendors often struggle to provide change for larger bills.
• Keep emergency cash: Store a small amount of cash separately from your main wallet in case of theft or loss.
• Watch out for scams: Be cautious of unofficial currency exchange services and always use reputable sources.

By following these tips and being conscious of your spending, you can enjoy your time in Cusco while managing your finances effectively.