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When visiting Cusco, it’s important to be prepared for managing your finances as different payment methods and currencies are used. Here’s an overview of how to handle payments, money exchange, and ATM usage while in Cusco:

💵 Currency:

• The official currency of Peru is the Nuevo Sol (PEN).
• US Dollars (USD) are widely accepted in some tourist spots, but it’s generally better to use Nuevo Sol for everyday transactions.

🏧 ATMs in Cusco:

• ATMs are widely available in Cusco, especially around the Plaza de Armas and the main tourist areas.
• Most ATMs in Cusco dispense Nuevo Sol (PEN). However, some international ATMs allow you to withdraw USD as well.
• Fees: International cards may be subject to fees for withdrawals. Check with your bank regarding international ATM fees, both for using the ATM and foreign exchange.
• Withdrawals: It’s usually best to withdraw larger amounts of cash at once, as ATMs can have withdrawal limits per transaction, and the fees can add up.
• Important: Use ATMs located in secure areas, such as banks or malls, to avoid potential card skimming or theft.

💳 Credit and Debit Cards:

• Visa and Mastercard are widely accepted in most hotels, restaurants, and shops in Cusco.
• American Express may not be as widely accepted, so it’s best to carry an alternative card or cash for small transactions.
• Contactless payments (e.g., Apple Pay or Google Pay) are increasingly common in larger cities, but not always accepted in smaller establishments or markets.

💱 Money Exchange:

• Currency exchange services are available throughout Cusco, particularly near the Plaza de Armas, tourist areas, and banks.
• Currency exchange houses typically offer better rates than airports or hotels, but you should compare rates and ask about any fees.
• Exchange Rate: Make sure to exchange currency at a reputable place. 1 USD = approximately 3.70 – 4.00 Soles (this can vary, so it’s worth checking the rate before exchanging).

💸 Tips for Handling Money:

1. Carry a mix of cash and cards: It’s always good to have a small amount of cash (Soles) for smaller purchases, street vendors, or places that don’t accept cards.
2. Keep money safe: Use a money belt or hidden pouch for larger amounts of cash, and avoid carrying everything in one place. Secure your wallet when out in crowded places.
3. Exchange at reputable places: Avoid street money changers. Instead, go to a reliable exchange house or a bank.
4. Tipping: While tipping isn’t mandatory, it’s appreciated in restaurants, hotels, and by tour guides. The standard tip is 10% for services, but you can adjust based on satisfaction.

🏢 Banks in Cusco:

• Major national and international banks have branches in Cusco, such as Banco de Crédito del Perú, Interbank, BBVA, and Scotiabank.
• You can also exchange money at these banks, but expect to wait in line and possibly deal with more bureaucracy.
• Bank Hours: Most banks are open Monday to Friday from 9:00 AM to 5:00 PM, with limited hours on Saturdays and closed on Sundays.

🌍 Digital Payments:

• Mobile payments (e.g., QR codes, e-wallets) are becoming more popular in major cities, but in Cusco, this system is still developing.
• Cash is king in many smaller towns or rural areas, so always carry enough cash when traveling outside of Cusco.

🏙 Where to Use Money:

• In the city center: Most restaurants, stores, and hotels will accept cards and allow you to withdraw cash from ATMs.
• Markets and smaller shops: These places often prefer cash, so make sure to carry enough Nuevo Sol for purchases in the San Pedro Market, local artisan stalls, and souvenir shops.

🏁 Summary:

• ATMs: Use them in secure places and be mindful of fees and withdrawal limits.
• Credit cards: Widely accepted, especially Visa and Mastercard. Always check if a place accepts cards before purchasing.
• Money Exchange: Look for reputable exchange houses or banks for the best rates.

Cash: Always have cash on hand for small purchases, especially in more remote or traditional areas.