Ever wondered how I get money in Peru? Way out here in the jungle? Do they have banks? Can you use the dollar? What is the Peruvian currency anyway?
When I told my mom how it works, I think I made her a little nervous (maybe more like a lot nervous!) and she immediately said, “You’ve got to write about that. People would love to know. That's crazy!”.
So here it is – how to exchange money in Peru. Jungle style.
First, the Peruvian currency is the nuevo sol (translated new sun), and one U.S. dollar is worth 3.3 soles. Second, there is only one bank here in San Ramon and you cannot make a withdraw in U.S. dollars. And when you have a debit card with outrageous currency exchange fees, you definitely want to take out in dollars!
This means we must go to La Merced, a town about 20 minutes away via taxi. We walk from our house to the plaza (about 4 blocks), hop in a car waiting on the corner, wait until all the seats are full, and we are on our way. The taxi takes us to the plaza in La Merced where we pay 2 soles for the ride (about 60 cents) and walk to the bank.
La Merced has about every bank available in Peru, at least that I’ve heard of. Finding which bank to withdraw money at was a process! Each bank has a different withdraw fee and allows you to take out varying amounts with each transaction. I went to each bank and put my card in to see how much they would allow me to take out and what their fee was. Then I knew which bank had the lowest fee to withdraw amount ratio, therefore costing me the least amount to withdraw the most amount of money, and that’s where I started going.
Until the fees changed and I had to start over.
The ATM at the bank I go to is located outside the bank along the street. I was definitely a little nervous the first couple of times I went, withdrawing cash where everyone could see me. But I never go alone and while I make a withdraw, Ellie is my lookout, watching inconspicuously to see if anyone is watching us. Don’t worry, we’ve never had any problems!
Once I have my U.S. dollars tucked away securly in my purse, it’s time to exchange currency. Now some fun facts about changing money here in Peru. Your dollars have to be in perfect, mint condition. I’m talking no tears. No creases. No stamps. No writing. Blemish free. Hot off the press. If they aren’t, they won’t change them. Especially if the exchange rate is low. The lower the rate, the pickier the money changers become. So, if you ever decide to visit Peru, ask for brand new bills!
Here’s what I mean. One time I went to change money and the guy I normally go to wasn’t there so I resorted to plan B – a store that will change money literally right across the street from the bank I go to. I had literally just taken money out of the ATM, bills still cold from being in the air conditioning, and walked across the street to this store and the lady wouldn’t change several of the bills because they had some writing on them. Otherwise perfect bills except for someone’s initials on the back and one of them had a crease. She could still feel that they were cold, but she wouldn’t take them. That’s how picky they can be!
Now, the guy I normally go to sports a new neon yellow vest with a black embroidered dollar sign on the back and a wide brimmed hat to block the sun. He stands on the corner in front of another bank one block away from the ATM I use, changing his position on the corner as the sun moves to stay in the shade.
Here’s the fun part (the part that baffled my mother) – I walk up to him, tell him how much I’d like to change, he pulls a calculator out of one of his many pockets, multiplies that number by that days exchange rate, shows me the total, then proceeds to count it out for me.
Right there on the corner.
Pulling a wad of cash out of one of his many vest pockets, I watch as he counts making sure he’s giving me the correct amount. He flips through those bills so fast I can hardly keep count along with him. And of course, he’s not even looking as he counts. His fingers just know what to do. Once I have the correct amount in soles, I pull out my dollars, he counts that, and we’re done.
All while standing on a busy street corner with people walking by and cars idling at the stoplight!
I have to share that one time I needed to change money as did three other people who were part of a short-term team from the States. When we need to change a lot, or multiple people need to change, we normally walk into this restaurant and borrow a table so people on the street can’t see us. A little safer I suppose.
This specific time, between the four of us, we need to change a LOT. I’m talking upwards of like seven thousand dollars between all of us. So, we went and sat down at our little table. One by one we told him how much, he calculated it, reached in his pocket, pulled out a wad of soles, and counted it out. Next person, new pocket, another wad of cash. I went last and asked if he had smaller bills. Convinced he wouldn’t after changing thousands of dollars already, I was astonished as I watched him reach into yet another pocket and pull out yet another wad of cash! He had so much money on him! And so many pockets! I don’t know how he kept it all straight. And there he is just standing on the street corner with all these pockets full of money. I never would have dreamed he had that much on him at once.
Anyway, that’s how you get and change money here in Peru. I had no idea what this process was going to be like when I came and now it just seems normal to me. You definitely have to be careful and observant of your surroundings, but for me it’s just life here in the jungle. Hope I didn’t scare you too much! And I hope this gives you a little taste of what it’s like to live here in the jungle!