Currency in Peru: PEN Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Peru with the Peruvian nuevo sol.
What's in this Peru currency guide?
What currency is used in Peru?
The official currency of Peru (country code: PE) is the Peruvian nuevo sol, with symbol S/. and currency code PEN.
What is a good Peruvian nuevo sol exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
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Good things to know about the Peruvian nuevo sol
The US imposed a 10% reciprocal tariff rate on goods from Peru as part of Trump’s growing trade war with countries around the world.
The Peruvian sol (PEN) is the official currency of Peru, a country located in South America. Here are a few things to know about the Peruvian sol:
1. The Peruvian sol is abbreviated as PEN and is divided into 100 cents.
2. The Central Reserve Bank of Peru is responsible for issuing and regulating the Peruvian sol.
3. The exchange rate for the Peruvian sol is determined by supply and demand in the foreign exchange market.
4. Peru has a large, diversified economy that is heavily reliant on exports, including minerals, agricultural products, and textiles. The country is also a major producer of copper, gold, and other minerals.
5. The Peruvian sol has been relatively stable in recent years, but the currency has faced challenges due to economic challenges such as high inflation and a large trade deficit. In addition, Peru has faced political instability and conflict, which have also had an impact on the value of the Peruvian sol.
For more PEN information check out our selection of Peruvian nuevo sol news and guides.
Frequently Asked Questions
What currency should I use in Peru?
The domestic currency in Peru is the Peruvian nuevo sol.
What is the Peruvian nuevo sol currency code and symbol?
The three letter currency code for the Peruvian nuevo sol is PEN — symbol is S/..
Which countries use the Peruvian nuevo sol?
It is the domestic currency in Peru.
Is the Peruvian nuevo sol a closed currency?
No, the Peruvian nuevo sol is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of KRW and PEN?
Here are some popular conversion amounts for KRW to PEN (South Korean won to Peruvian nuevo sol)*.
| KRW | PEN |
|---|---|
| ₩ 390,290 | S/. 1,000 |
| ₩ 1,951,450 | S/. 5,000 |
| ₩ 7,805,800 | S/. 20,000 |
| ₩ 39,029,000 | S/. 100,000 |
More amounts
*Converted at the current KRWPEN interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Peru
Using Wise for Peruvian nuevo sol travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Peruvian nuevo sol otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Peruvian nuevo sol cash before departure, you can save money by ordering online. You generally get better rates and can pick up the PEN cash locally or even on travel day at the airport.
Peru: Travel Guide
Traveling to Peru requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
Peru is a country in South America that's home to a vibrant culture and rich history.permits retirees to reside in the country if they can prove they have a source of income. The cost of living in Peru is relatively low, and retirees can enjoy a comfortable lifestyle. The climate is generally pleasant, with warm weather throughout most of the year.
There are plenty of things to see and do in Peru. The country is home to Machu Picchu, an ancient Incan site that's now a UNESCO World Heritage Site. visitors can also explore the Peruvian Amazon, go skiing in the Andes, or enjoy the lively nightlife in Lima.
Peru is a great place to retire to if you're looking for an affordable cost of living and a rich cultural heritage.
Best things to do and see in Peru
1. The best thing to do in Peru is to visit the ancient Inca ruins of Machu Picchu.
2. Another great thing to do in Peru is to go trekking in the Andes Mountains.
3. Another popular activity in Peru is to take a cruise down the Amazon River.
4. For wildlife lovers, a visit to Manu National Park is a must-do.
5. For history buffs, a visit to the ancient city of Cusco is a must.
Top Travel tips for Peru
1. Peru is a large country with a lot to see, so it's best to plan your trip in advance.
2. When travelling to Peru, be sure to pack comfortable shoes and clothes as you will be doing a lot of walking.
3. The best time to visit Peru is during the dry season, which runs from May to October.
4. If you are planning on trekking to Machu Picchu, be sure to book your tickets in advance as they sell out quickly.
5. Peru is home to some of the best food in South America, so be sure to try as many dishes as you can while you are there.
Is it safe in Peru?
While Peru is considered safe in general, there are some areas whose safety should be taken into consideration. Large cities like Lima and Arequipa tend to have higher crime rates, while rural areas are generally safer. Travelers should always use caution and common sense when travelling, and should keep their belongings close at hand.
Everyday Costs in in Peru
How much does it really cost to live, work, or travel in Peru? Here's what to expect for daily expenses and expat living.
Currency Guide for Peru (ISO Code: PE)
For travelers planning a one-week mid-range stay in Peru, budgeting around 1,500 to 2,000 PEN (Peruvian Sol) is advisable, covering meals, transportation, accommodation, and recreational activities. Here's a breakdown of typical daily expenses in local currency:
- 🍽️ Meal at a local restaurant: ~20 PEN
- ☕ Coffee: ~6 PEN
- 🚍 Public transport fare: ~2 PEN
- 📱 Prepaid SIM card: ~25 PEN
- 🏨 Budget hotel or Airbnb: ~150 PEN
With these estimates, travelers can anticipate a comfortable experience without breaking the bank, leading to a verdict of Peru being relatively cheap compared to the likes of the United States or the UK. On average, daily expenses in Peru can be 50-70% lower than in the United States and about 30-50% lower than in the UK, allowing visitors to stretch their budget further while exploring the country’s rich culture and diverse landscapes.
For expats settling in Peru, typical monthly living costs average around 3,000 to 4,000 PEN, depending on lifestyle and location. This includes rent for a modest apartment, groceries, utilities, and entertainment. When it comes to banking and card usage, it's generally advisable to use credit or debit cards for larger purchases to avoid carrying cash, especially since many places accept major cards. However, for smaller transactions or local markets, having cash on hand is essential. When considering transferring money, online services like Wise or OFX often offer better exchange rates compared to traditional bank exchanges. It’s frequently more economical to keep some cash in local currency for day-to-day expenses, but for significant transfers, utilizing these online services could help you save on fees and achieve better conversion rates.
USD/PEN Market Data
The below interactive chart displays the USD/PEN change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to Peru - Best Rates
To get a good (and fair) exchange rate when sending money to Peru you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Peru
When sending money to Peru it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Peruvian nuevo sol amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted PEN amount will be transfered to the recipient account you specify in Peru.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Peruvian nuevo sol deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in Peru
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
Understand Peruvian nuevo sol currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the PEN exchange rate and consider using a money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Peruvian nuevo sol bank account: A local PEN bank account can make it easier for you to manage your finances and pay bills while you are in Peru. It may also be more convenient to use a local PEN bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Peru. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Peru. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Peru, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Peru.
What is the cost of living in Peru?
According to www.numbeo.com, as of March 2020, the cost of living in Peru is relatively affordable. The website estimates that, on average, individuals spend $491.73USD per month on basic necessities such as food, transportation, and housing. This estimation does not include the cost of extras, such as entertainment and clothes.
How is the expat life in Peru?
Most expats in Peru say that they feel welcome in the country and find it easy to make friends. There are many things to do and see in Peru, and the cost of living is relatively low. However, some expats find the country to be somewhat chaotic and difficult to navigate.
Any laws in Peru that foreigners should be aware of?
There are a few things that foreigners should be aware of when travelling to Peru. Firstly, it is important to note that it is illegal to buy or sell archaeological artifacts in Peru. If you are caught doing so, you could face serious fines or even jail time. Secondly, it is also illegal to take photographs of certain government buildings and military installations. Doing so could result in being detained by authorities. Finally, it is important to be aware of your surroundings and take precautions when travelling in unfamiliar areas, as petty crime is relatively common in Peru.
What is doing business like in Peru?
The business environment in Peru is generally favorable for companies looking to invest and do business in the country. Peru has a well-established legal system and has ratified a number of international treaties related to investment and commerce. Peru is a member of the World Trade Organization (WTO) and the Pacific Alliance, and has signed free trade agreements (FTAs) with a number of countries, including the United States, Canada, Chile, China, and Singapore. Peru has also been seeking to join the Trans-Pacific Partnership (TPP).
How is the economy in Peru?
Peru's economy is expected to expand by 4.5% in 2021. This is after the economy contracted by 12.0% in 2020, due to the Covid-19 pandemic. The Peruvian economy is driven by exports of minerals and metals, agriculture, fishing, and tourism.