Peru - best way to handle money? Bring a lot of cash for exchange or ATMs?
 

Hi, what is the best way to get/use money in Peru?

I'm wary of bringing a lot of cash with me, since I'll be staying in hostels and don't want to be carrying $1000+ in USD on my person in case anything gets stolen. I realize most places (i.e. hostels, taxis) are cash only, so I'm not sure what the best way to safely bring and use my money would be.

Would you recommend I bring a few hundred and then use ATM's the rest of the time there? I have Bank of America, so am hoping to find some Scotiabanks (internationally linked to BoA) around Peru to avoid all the added fees.

I have to pay the rest of my balance for a Llamapath tour, so am considering paying this via PayPal prior to the trip, unless anyone thinks I should wait until I get there?

ScotiaBank is all over Peru and our first choice. Their ATMs always seemd to work. Try to use ATMs during banking hours if possible ( just in case!) and inside the banks - just a bit safer. BCP were also pretty good. I can't recall the daily limits that might apply in a edition to your card provider limits but plan ahead if you need large amounts for say a tour. ATMS dispense dollars and Soles at most machines

Supplement your card with a smal amount of cash for emergencies.

I rarely pay in advance and even if I do I would only pay by CC.

Plastic can get stolen or lost too. Back up your credit and ATM cards by opening a second chequing account at a different bank. Never carry all your cards in the same wallet or pocket. And never in your daypack. For the same reason, make a colour copy of the front page in your passport.

It is a good idea to split your credit/atm cards (if you have more than one).

Scotiabank won't charge an ATM fee on their end no matter which ATM card you use. I found that BCP did charge me ATM fees, and they were pretty high! The other one to avoid was Global Net.

Does your card charge a foreign exchange fee (some are up to 3%)? If so you might want to open up an account with a bank that doesn't, and also has no ATM fees, regardless of where you use it. I have Capitol One 360 ATMs & MC just for overseas travel.

Don't forget to call BofA and tell them you will be traveling, and ask what their fees are. Often different cards in the same bank have different fees & benefits.