Local Currency and Exchange Information

The local currency in Lima, Peru is the Peruvian Sol (PEN). As of October 2023, the exchange rate is approximately 3.80 PEN to 1 USD, but this can fluctuate. It is advisable to check the current rates before traveling.

Travelers can exchange their currency at banks, currency exchange offices, and airports. However, it’s best to avoid exchanging money at airports due to higher fees. Always compare rates before exchanging.

Payment Methods and Banking Options

Credit and Debit Cards

Most establishments in Lima accept credit and debit cards, especially in hotels, restaurants, and larger shops. Visa and Mastercard are the most widely accepted, while American Express may have limited use.

ATMs

ATMs are widely available throughout Lima, particularly in tourist areas. Look for ATMs affiliated with international networks such as Cirrus or Plus. Be aware of potential fees charged by both the ATM and your bank; it is wise to withdraw larger amounts less frequently to minimize fees.

Cash Usage

While cards are commonly accepted, it’s advisable to carry some cash (in Soles) for smaller purchases, street vendors, and local markets. Note that some smaller businesses may not accept cards.

Tipping Customs and Payment Etiquette

Tipping is customary in Lima, though not mandatory. Here are some general guidelines:

• Restaurants: A tip of 10% to 15% of the bill is appreciated, especially if service is not included.
• Taxis: It’s common to round up the fare or add a small tip, though not obligatory.
• Hotels: Consider tipping bellhops and housekeeping staff around 1 to 2 Soles for their services.

Always check your bill for a service charge, as some establishments include this in the total.

Cost Considerations and Budgeting Tips

Lima is generally affordable compared to many Western cities, but costs can vary significantly based on lifestyle and activities. Here are some average costs to consider:

• Meals: Expect to pay around 10 to 30 Soles for a meal at a mid-range restaurant.
• Public Transport: Buses and the Metropolitano system are very affordable, costing around 1.50 Soles per ride.
• Accommodation: Budget hotels can start from 80 Soles per night, while luxury hotels can exceed 400 Soles.

To manage your budget effectively, consider using a travel app to track your expenses and set daily spending limits.

Practical Financial Advice for Travelers

• Notify Your Bank: Before traveling, inform your bank of your travel dates to avoid having your card blocked due to suspicious activity.
• Keep Cash Secure: Use a money belt or secure bag for cash and cards, especially in crowded areas.
• Use Local Currency: Whenever possible, pay in Soles to avoid unfavorable exchange rates when paying in USD.
• Emergency Funds: Always have a backup plan, such as an extra credit card or emergency cash, for unexpected situations.

By staying informed and prepared, you can navigate Lima’s financial landscape with confidence and enjoy your travels to the fullest.