You’re standing in the middle of Miraflores, a crisp stack of Peruvian Soles in your hand and a flight back to the States in six hours. You need to convert Peruvian soles to dollars, but the blue-vested guys on the street are shouting one rate while the shiny bank window down the street shows another. Honestly, it’s enough to make your head spin. Money in Peru is a bit of a weird beast. Unlike many other Latin American countries where the local currency is just a suggestion, the Sol (PEN) is remarkably stable, but the rules for trading it back into Greenbacks are oddly specific.
Getting a "good" rate isn't just about the math. It's about knowing where the invisible traps are.
The Reality of the Exchange Rate Right Now
As of January 13, 2026, the market is sitting around S/3.36 for every $1 USD. If you’re doing the reverse—turning those Soles back into Dollars—you’re looking at a rate of roughly $0.29 USD per 1 Sol.
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These numbers change. Obviously. But what most people miss is the "spread." That’s the gap between what a bank buys the currency for and what they sell it for. If the mid-market rate is 3.36, a greedy airport kiosk might try to give you 3.10. That's a massive haircut on your hard-earned cash.
You’ve gotta be careful with the condition of your bills too. Peruvians are notoriously picky about US dollars. If a dollar bill has a tiny 2mm tear or a stray ink mark, it’s basically decorative paper in Lima. Nobody will take it. Curiously, the reverse isn't as true—people will take slightly beat-up Soles, but if you want to convert Peruvian soles to dollars, those dollars you receive better be pristine or you’ll have a hell of a time spending them later.
Where You Should (and Shouldn't) Exchange
Everyone says "don't exchange at the airport." They're right. The kiosks at Jorge Chávez International are basically for emergencies only—like if you need exactly twenty bucks for a taxi and literally have nothing else.
The Street Changers (Cambistas)
You’ll see them everywhere in Lima and Cusco. They wear bright vests (usually blue or green) with "$" and "S/" symbols. They are legal, licensed, and surprisingly honest most of the time. They usually offer the best "cash-in-hand" rates in the country.
- The Pro: Speed. Better rates than banks.
- The Con: You’re counting cash on a sidewalk. It’s not the safest vibe if you're carrying thousands.
Casas de Cambio
These are the small exchange shops. In Miraflores, you’ll find them clustered around Avenida José Pardo or near Kennedy Park. Shops like La Aurora or Rey's are local staples. They’re safer than the street because you’re behind a counter, and their rates are almost always better than the big banks like BCP or Scotiabank.
Digital Apps: The 2026 Way
If you have a Peruvian bank account (or a friend who does), apps like Rextie, TKambio, or Securex are the gold standard. They offer "interbank" rates that are way better than physical cash exchanges. You transfer them Soles via your banking app, and they deposit Dollars back into your account ten minutes later. It’s basically how every expat and business owner in Lima does it now.
Common Mistakes That Cost You Money
One thing that drives me crazy is "Dynamic Currency Conversion." When you’re at a restaurant and the waiter brings the card machine, it might ask if you want to pay in USD or PEN. Always choose PEN. If you choose USD, the terminal’s bank chooses the exchange rate. Hint: it’s never a rate that favors you. It’s a hidden fee disguised as a "convenience."
Also, watch out for the "Gringo Tax" at small souvenir markets. If a vendor sees you're a tourist and offers to take your Dollars for a "fair price," they are usually rounding the exchange rate in their favor by a significant margin. It’s almost always cheaper to pay in Soles.
How to Check if You're Getting Ripped Off
Before you hand over any money, pull out your phone. Use a real-time tracker like XE Currency or even just a quick Google search for "PEN to USD."
- Look at the "Mid-Market" rate.
- Check the rate the shop is offering.
- If the difference is more than 2-3%, walk away.
In 2026, the competition is too high for you to be losing 5% on a simple transaction. In places like Cusco’s Plaza de Armas, rates might be slightly worse than Lima because of the "altitude tax" (aka tourist demand), but even then, a five-minute walk away from the main square can save you enough for a decent Lomo Saltado.
Actionable Steps for Your Money
If you’re sitting on a pile of Soles right now, here is exactly what you should do to get the most value:
- Audit your bills: Separate any Soles that are heavily taped or torn. Most exchange houses won't take them, but the Banco Central de Reserva del Perú (Central Bank) will usually swap them for fresh ones if they're legit.
- Head to a "Casa de Cambio": Skip the bank lines. Find a registered exchange house in a secure area like San Isidro or Miraflores.
- Ask for the "mejor precio": If you are exchanging more than $500, you can often negotiate a slightly better rate than what's posted on the board. Just a few points' difference adds up.
- Check the Dollars: When they hand you the USD, inspect every single bill. No tears. No stamps. No ink. If they look old, ask for newer "blue" $100 bills (the Series 2009 or later). They are much easier to use or exchange elsewhere in Latin America.
- Small Denominations: Try to get some $10s and $20s. Everyone in Peru wants to give you $100 bills, but those are a nightmare to break if you just want to buy a coffee at the airport.
Converting your money shouldn't feel like a gamble. If you stick to the licensed houses and avoid the airport traps, you'll keep more of your cash where it belongs—in your pocket.