What money is used in South America?
Unless you are financial guru or currency expert, anyone planning a trip to a new and different country comes up with the same questions about money at certain stage. Knowing about different valid currencies in each place and their exchange rates will help you get the most out of your money while traveling, at the same time that you will prevent certain scams.
The idea of this post is to give our readers some guidance on what’s best to move around in each country as well as to provide some good tips so you have to worry less during your vacation. Believe me that knowing in advance how much you might spend per day will make a huge difference in terms of planning.
Local Currencies per Country in South America
In Argentina, the official currency is Peso Argentino ($) and locally addressed as just Peso. The referential Exchange Rate (updated to November 2019) is 1 USD = 62 ARS.
In Bolivia, the official currency is Boliviano (Bs) and locally addressed as just Peso or Pesitos. the referential Exchange Rate (updated to November 2019) is 1 USD = 7 BOB.
In Brazil, the official currency is Real (R$) and the referential Exchange Rate (updated to November 2019) is 1 USD = 4 BRL.
In Chile, the official currency is Peso Chileno ($) and locally addressed as Peso or Chilenos. The referential Exchange Rate (updated to November 2019 is 1 USD = 800 CLP.
In Peru, the official currency is Nuevo Sol (S/.) and locally addressed as Sol, Soles or Solcitos. the referential Exchange Rate (updated to November 2019 is 1 USD = 3 PEN.
As you might have read in the media, there are constant oscillations in the exchange rate of each country, especially in Argentina where there’s an annual inflation of almost 50%. To keep track of updates you might want to use for referential purposes this Currency Converter > https://www.xe.com/currencyconverter/
Are US dollars widely accepted? What’s better to bring?
Many of our customers usually ask questions about which currency is better to bring when traveling to South America, if US dollars or Euros. Both options work fine if what you are planning to do is exchanging them into local currency once you are in your destination. However, US dollars are more commonly accepted than Euros. There are some countries like Peru or Bolivia and in some cases Argentina, where US dollars are accepted in shops or restaurants. But in most destinations, you will need to move along with local currency.
If you bring dollars, make sure you don’t bring old or damaged notes as they might be rejected. In Peru and Bolivia, 10’s and 20’s US dollars notes are widely preferred, while in Argentina is better to bring 100’s or 50’s notes. If you bring Euros, make sure you don’t bring 500’s notes as they are commonly avoided.
Where to exchange money in South America?
There are different places where you can exchange money into local currency while traveling in South America. It all depends on the country and destination you are visiting.
In Argentina, on arrival to the Ezeiza International Airport in Buenos Aires you can exchange some currency at the Banco Nacion (National Bank) located right after baggage claim area before proceeding to Customs. Exchanging money here will allow you having some local currency for the first few hours, it will also be useful if you land in Argentina on a holiday or weekend when most of the exchange houses in town are closed. While in Buenos Aires city, depending on the location where you will be staying there are several options. One of major Exchange Houses in town is Cambio Posadas (https://cambioposadas.com.ar) that even offers delivery for operations above US$ 500. Outside Buenos Aires you can exchange money in main tourist destinations like Puerto Iguazu, Salta, Mendoza, El Calafate, Ushuaia and Puerto Madryn. It is important that you know that most of the banks in Argentina (except for Banco Nacion at Ezeiza Airport) only exchange money to customers, not tourists.
When it comes to speak about foreign currency exchange in Argentina, we have to mention that there’s a strong money exchange control in the country which made an unofficial parallel value appear in the streets addressed as “blue dollar”, it normally pays a few pesos higher than official rate although these businesses are illegal.
In Bolivia, money exchange services are available in every big city and some small towns. Although difference might not be considerable, they often give a better rate than banks. Look for the exchange houses than are legal and professional and try to avoid exchanging money in the streets, even if you pass by locals offering these services.
In Brazil, one of the best options we found is to exchange money at the airport, even if the exchange rate is slightly lower than in the cities. In general Brazilians are not very interested in foreign currency and that is the reason why, unlike the rest of destinations in South America, exchange houses are not widely available specially in small towns.
In Chile, money exchange services are available in every tourist city and town. You can easily find exchange houses close to hotels or downtown areas. Also every airport offers exchange services companies. As it happens in Brazil, in Chile US dollars are not widely accepted and locals prefer Chilean Pesos.
In Peru, money exchange services are available in every big city and small towns. In Peru, US dollars are widely accepted in main businesses although not for paying small amounts like street eats, taxis, etc. It might sound weird but in Peru, aside from banks and exchange houses, there are individuals exchanging money in some corners of the cities. You normally identify them as they wear blue vests with some currency symbol, money on one hand and a calculator on the other. They are a valid option for exchanging small amounts. It is a common practice in Peru that they put a small stamp with their logo on the local currency notes.
Are there ATM’s in South America?
ATM’s in South America can be easily found almost anywhere in cities and small towns. However, it might happen that ATM’s in small places where there are just one or two might run out of money very fast. This is the reason why we recommend avoiding ATM’s in places like Ollantaytambo, Aguas Calientes, Uyuni, San Pedro de Atacama and El Chalten.
While in Peru & Bolivia ATM’s you can choose to withdraw local currency or US dollars, in the other countries we are referring to on this post (Chile, Argentina, Brazil) ATM’s just offer the option of local money.
As you will be withdrawing money from local banks different brand to yours, it is very important to know before traveling the costs involved and taxes for using ATM’s in South America as they vary from each country, same happens with daily amount allowed. Sometimes it worth using ATM’s in South America for withdrawing just large amounts.
Are Credit and Debit Cards widely accepted in South America? Or Is it better to bring Cash?
Credit Card are widely accepted in major shops, business and in almost every hotel around South America. However, you might get offered good discounts when paying cash, so we would highly recommend asking about this option before paying.
When it comes to paying at street shops, street food, fresh produce markets, artists, handicrafts, informal businesses or small kiosks, they might only accept cash payments. Same happens with business located in areas where internet connection doesn’t work well. So it is always useful to have some cash with you.
When using credit or debit card, make sure the amount paid is correct, and whenever asked about the option of running the charge in local currency or US dollars, choose local currency and let your bank proceed with conversion as exchange rate given by financial and credit card companies is always inconvenient for customer.
Part of the trip planning includes calculating an estimated amount of money you will need to spend a beautiful vacation abroad. We get asked this question very often and the answer would depend on your trip style, services included and destinations visited, as it is not the same visiting La Paz in Bolivia than traveling through Patagonia in Chile or Argentina.
How much will I spend per day in a Trip to South America?
However, our team of travel experts made a gross calculation so you can estimate how much money you would approximately need to visit South America and answer is between $200 and $450 US dollars per person per day if traveling in a double room of hotels. This estimation is an average including the cost of land transportation, accommodation, 3 meals per day, 1 guided excursion per day and entrance fees associated; it doesn’t include air travel.
In Brazil tipping at restaurants is mandatory and is normally included in the final bill. As for the rest of the countries this post is referring to, tipping is optional although expected.
How much should I Tip in South America?
We recommend tipping at least 10% in restaurants or bars.
When it comes to taxis drivers, tipping is not necessary but it is normal to leave the change if amount is not considerable. As for private drivers of airport transfers, tip is expected if they help you with luggage.
As for the tour guides, it depends if service is group or private, half day or full day. The average tip for tour guides on group excursions is between $2.50 to $5 per person. Tour guides on private excursions normally expect a higher tip and most of our customers tip between $10 and $20 per person.
Tips are not mandatory, and there is no roof in the amount to tip, it depends on how beautiful your experience was. We always suggest our customers to tip at least the cost of a coffee so in a way you are at least inviting a coffee to the person who makes your day special.
What is the Cost of Meals in South America? More Price References…
We consider that food is an important component of any trip abroad. In South America, you can build your trip and create a whole amazing experience around flavors, fresh produce and foods, by visiting markets and some of the most recognized restaurants in the Americas. In order to guide you on what is the cost of a meal in South America, we build a list of average prices that will allow you to calculate approximate costs:
Fast Food or Market Food ~US$ 6 per meal (food + drink)
Inexpensive Restaurant or Special Promo Menu ~US$ 15 per meal (3-course + drink)
Average Restaurant of Local Food ~US$ 25 per meal (3-course + drink)
Signature Cuisine or Fancy Restaurant ~US$ 60 per meal (3-course + wine/pairing)
Top Ranked Restaurants of famous chef’s ~US$ 100 to 200 per meal (tasting menu+ pairing)
Contact Us and Have our team of experts assist you with restaurant reservations!