Currency is the money circulated within an economy in the form of coins or paper notes. It is the medium of exchange that is generally accepted for use all over the country. This unit of exchange facilitates the transfer of goods and services. The control of currency is in the hands of the government of the country. It is the ministry of finance that takes care of its governance.
The currency in Peru is nuevo sol. Nuevo sol is broken down to 100 centimos. Currently bank notes of 200, 100, 50, 20, and 10 nuevo sols are in circulation in Peru. The coin denominations for nuevo sol are 1, 2, and 5, and that of cents or centimos is 50, 20, 10, and 5.
The exchange of currency is an easy affair in Peru. Most of the hotels and resorts in various parts of the country accept U.S. dollars in lieu of payments. The safest method of exchanging money is banks and other authorized financial institutions. The banks offer security and a guarantee of the exchange.
It is advisable to avoid unauthorized money exchange offices, as they do not offer any security or guarantee despite the fact that they are registered in municipalities of different districts of Lima.
The exchange rate of Peruvian currency can be obtained through embassies that are situated at different countries. Travelers also can find this information on many of the currency exchange websites on the Internet. Currencies other than the U.S. dollars are not easily exchangeable in Peru. People traveling from foreign countries preferably change their home currency to U.S. dollars before visiting Peru.
Most of the resorts of Peru advise travelers about the banks where exchange can be done reliably. It is also possible to use international credit or debit cards for most of the payments in Peru. These cards have a systematic method of conversion that enables the travelers to keep a tab on the expenses incurred in Peru’s currency.