ATMs in Peru - best bet?
 

I'm leaving for Peru (Cuzco/Sacred Valley/ Machu Picchu) in two weeks. I''m getting excited and I appreciate all the good advice you all have given me so far. I am planning to bring some cash w/ me, and credit card, but assuming that my ATM card will be the best way to get cash while on the trip. I'm basing this on how I travel in other parts of the world, but this is my first time to Peru, so any feedback would be appreciated.
Thanks!

I didn't have any issue getting money out of the ATM when I was in Peru last year. It was convenient for me and fast. The only minor problem was that the ATM at the Hotel Sauce in Ollanty, where I stayed for 2 nights, didn't accept my card but luckily the machine in the Plaza de Armas did. I had no problem with ATMs in Cusco, Aguas Calientes, and Arequipa. Remember to notify your bank before you leave about using your card in Peru.

We spent 6 weeks in Peru and had no real problems with ATMs except those created by my own bank. The system in Peru seemed to work much better than the ATMs in either Chile or Argentina. An advantage of the Peruvian system is that you usually have a choice of New Soles of US$ which can be handy if you are travelling on to other countries. Axel2DP says make sure you notify your bank in advance of where you are travelling (Although in my case this did absolutely no good whatsover!!)

If you can take an extra card on another bank account or buy a pre loaded travel money card (most have better FX rates and lower charges than normal ATM cards - at least they do in the UK).
Do keep your wits about you in central Cusco as there are often reports of thefts/pickpockets at or near teh ATMs particularly around the Plaza de Armas.

Thanks! I have notified my bank, but they are sometimes less than helpful. What was the problem you had with your bank, crellston? I was told to call back four days before I leave and notify them then! Crazy. I used this same card the last time I went to Europe a few yrs ago and had no problem with the card or the bank then (except at one ATM in Venice, but all others were fine).

I don't know what a pre-loaded travel money card is, crellston. Is it like an ATM/debit card that I can get through my bank?

I'll be traveling with others, so will try and change money only when I have a 'spotter' with me.

annabelle - the problem with my bank was that they didn't note their records when I told them I was travelling for one year. the card worked perfectly for 6 months and then suddenly it just stopped working. a very expensive call to the bank (via a call centre in India) sorted it out. fortunately, I had sevral cards and was able to use another.

Pre loaded cards are usually provided by fx bureaux and some banks. they have effectively replace travellers cheques and are widely available in the UK. You pay a fee of £10 ($15)or so and transfer cash onto the card up to a limit and then just use it as an ATM card. In the UK we can get them in Euros £ of US$ or a mixture. I have seen other post on Fodors about some providers in the US (if indeed that is where you are from) a google search may elicit some info. the main advantages, apart from convenience and security, are the near wholesale fx rates and low or no ATM fees. Here is a link to a UK based provider:

http://www.fairfx.com/

Banks in the UK have changed there policy on withdrawals abroad in the last few months and now nearly all banks insist that you advise them before travel - it may be different in the US but I wouldn't bank on it (pun intended!)

Yes, that's right, I am in the US. Thanks for the information on the cards; I will check them out.

I just returned from Cuzco/Sacred Valley/Machu Picchu. Be careful about using free standing ATMs. Some have a service fee as high as 14 soles. You can withdraw either soles or dollars. PNC Bank offers a ATM card without transaction fees with a $2000 average monthly balance. Capital One has a Visa without international transaction fees.

www.capitalone.com

no foreign exchange/ATM fee Visa CC

works well for me all over Peru.

Back up USD small bills no tears not even small tears

in my money belt in case of CC theft..

Notify bank of travel plans and set ATM amt B4 you go...

ATMs/money change at big banks best

careful with street changers

LOTS of counterfeiting...

Use major bank ATMs and try to avoid GlobalNet - they add a service charge on their end in addition to any possible charges from your bank. Or open an account with PNC bank - they refund all charges as long as a $2000 balance is maintained.

Thanks! Great info. I'm passing it on to my traveling companions as well.

I have a Chase ATM card and was unable to use it at the GlobalNet ATM's which you find alot in the smaller towns in the Sacred Valley. I had no problems using it at bank associated ATM's in Cusco

I've been warned about needing good-quality US bills, incatrail - thanks for the reminder, as I am heading to the bank to get cash soon!