5 Insiders tips: How to handle your money in Peru
5 Insiders tips: How to handle your money in Peru
Living and traveling in Peru is interesting in many ways. If you came to Cusco to learn Spanish, you will have a unique cultural experience. Not just does Peru offer plenty of tourist attractions, daily life itself also works a bit different than at home. When you have chosen Peru as a destination to learn Spanish, to volunteer or to travel around, you will notice from the moment you arrive that things are different. Take note of the following tips “How to Handle your Money in Peru” before starting your adventure in Peru: it could save you some money!
- Is your money not accepted? Do not be surprised if your money is not accepted, for instance in a restaurant or shop. This usually is the case when a note looks old, worn down or ripped. None of the stores in Peru will accept ripped notes; still, they will all try to give ripped notes as change. It is not meant to rip you off, but more a matter of ‘laziness’.
Don’t feel sad when you find out someone gave you a note that now seems impossible to spend. Just go to El Banco de la Nación. They will change your old note for a new one. The reason for shop and restaurant owners to not accept these notes is that they don’t want to make the effort of going to the bank. Plus it is harder for them to check to see if the note is fraudulent. This is a bigger problem in Bolivia. Since Peru has been introducing new bank notes which are of high quality this is happening less and less.
- Change! Don’t let yourself be fooled when buying something. It happens that a shopkeeper won’t give back enough change, either by accident or on purpose. Especially taxi drivers and market people are experts in trying to make an additional benefit this way. Luckily, if you tell them they did not give back enough change, they won’t argue and just give you the right amount and apologize.
Tip: Make sure you count your change after every purchase as once you leave the store it is harder to prove you were given the wrong change. You can always say the amount you have given the shop keeper and the change you expect back, this helps show that you are aware and you are less likely to get the wrong change back.
- Markets! Visiting the Peruvian food markets is a nice experience to visit the Peruvian food markets but if you are a foreigner, it might to always be easy to buy at the markets. The markets are a cheap place to buy vegetables and fruits, though not as cheap as the supermarkets – at least not for me. I’ve noticed a few times after buying stuff on the market that I was charged more than in the supermarkets. The thing is that in the supermarkets the prices are set whereas at the markets, the vendors seem to make up the price as you come. And in my case, as I’m blond and gringa, the price turns out to be higher! If you know the price of fruit by kilo -for example Avocados are usually 8 sols per Kilo – this can help make sure you get the right price. You can ask the shopkeeper why it is 10 and 8. They will usually then lower the price as they know they cannot scam you. This being said, the San Pedro Market is a nice place to visit.
- On the bus! Travelling by local bus within the city – for instance if you need to move back and forward from your host family to Spanish classes, or to your volunteer project – at times is a bit of a hassle. City buses can be really crowded and pickpockets will try to take advantage of that fact.
This happens to Peruvians and tourists here in Cusco. Instead of trying to get your wallet out of your bag while on the bus, it is better to take out S1 – that’s what you need to pay when you get off the bus – before entering; this way people with bad intentions won’t see where you keep your wallet. It will also save time. The buses come and go, so you jump out, pay and the attendant will give you your change. It won’t be much appreciated if you get out of the bus and then start to look for your money as the bus needs to continue quickly. Remember after 10pm the cost is 1.50 sols. Plus the colectivos to the Sacred Valley vary from 7-10 soles. You should not pay more than 10 for one way.
- Haggle! Remember to haggle everywhere and on everything. Apart from supermarkets, restaurants or modern clothing stores (although there are exceptions too), nothing has a set price. Especially buying touristy stuff you should definitely bargain! Start at a 50% discount and work your way up to a good price. Be prepared to walk away and try a different shop/vendor. You can always say “this vendor said it was 70 soles” or “my friend bought this jumper for 50 soles yesterday” (even when this is not the truth).