Peru operates with the Sol (PEN), introduced in 1991 to replace the Inti after hyperinflation reached 7,481 percent in 1990. One Sol divides into 100 céntimos. Bills circulate in denominations of 10, 20, 50, 100, and 200 soles. Coins appear as 10, 20, and 50 céntimos, plus 1, 2, and 5 soles. The Central Reserve Bank of Peru maintains monetary policy with inflation targeting at 2 percent plus or minus one percentage point since 2002. As of 2024, exchange rates fluctuate between 3.60 and 3.80 soles per US dollar, with the Central Bank intervening through dollar auctions when volatility exceeds predetermined bands. The US dollar circulates informally in tourism zones, particularly Cusco and Lima hotel districts, though legal tender status belongs exclusively to the Sol.
ATMs operate under two primary networks: Global Net and Unicard. Banco de Crédito del Perú maintains the largest ATM network with approximately 2,400 machines nationwide as of 2023. Interbank, BBVA Perú, and Scotiabank follow with 1,100, 900, and 750 machines respectively. Daily withdrawal limits range from 400 to 2,000 soles depending on card issuer and machine operator, with most capping foreign cards at 700 soles per transaction. International network fees apply through Visa, Mastercard, Plus, and Cirrus systems. Machines in Lima, Arequipa, Cusco, and Trujillo display bilingual Spanish-English interfaces. Rural penetration remains limited, with provinces like Amazonas, Loreto, and Ucayali having fewer than 50 machines each across entire departments. The town of Huaraz contains 12 ATMs, while Iquitos holds 18 despite isolation from road networks.
Banking hours operate Monday through Friday 9:00 to 18:00, with Saturday hours 9:00 to 13:00 at select branches in metropolitan Lima. Banco de la Nación, the state development bank, maintains branches in all 196 provincial capitals and processes government payments, pension distributions, and subsidy programs. Opening a local account as a foreigner requires a valid passport, proof of Peruvian address through utility bills or rental contracts, and a tax identification number (RUC) obtainable from SUNAT offices. Minimum opening deposits vary from zero at Banco de la Nación to 500 soles at commercial banks. Monthly maintenance fees range from 8 to 35 soles unless minimum balances of 500 to 3,000 soles are maintained. Banco de Crédito and Interbank offer accounts specifically structured for non-residents, requiring only passport and migratory card documentation.
Foreign exchange houses, known as casas de cambio, cluster on Jirón Ocoña and Avenida Larco in Lima's financial district. Licensed operators display Superintendencia de Banca authorization certificates. Rates typically offer 0.5 to 1.5 percent better margins than banks for amounts exceeding 1,000 dollars. Street money changers in green vests operate legally in Lima's Centro Histórico and around Parque Kennedy in Miraflores, though rates favor smaller transactions under 100 dollars. Counterfeit bills persist, particularly 50 and 100 sol notes. Authentication requires checking the watermark of Francisco Bolognesi, the security thread reading "BCRP," and color-shifting ink on denomination numerals. Police recommend exchanging currency only at banks or established casas de cambio outside Lima, Arequipa, and Cusco.
Visa holds 62 percent market share among credit and debit cards in Peru as of 2023, followed by Mastercard at 31 percent and American Express at 4 percent. Acceptance concentrates in Lima, where 78 percent of formal retail establishments process cards according to a 2023 Superintendencia de Banca survey. This drops to 52 percent in Arequipa, 47 percent in Cusco, and 23 percent in provincial capitals. Rural areas operate almost exclusively on cash. Restaurants in Lima's Miraflores, San Isidro, and Barranco districts universally accept cards, while family-run establishments in districts like Rimac, Breña, and La Victoria often decline them due to transaction fees ranging from 2.5 to 4.5 percent. Museums at Machu Picchu, Sacsayhuamán, and Nazca Lines accept Visa and Mastercard, though point-of-sale system failures occur during high tourist season from June through August.
Dynamic currency conversion appears at terminals in airports and major hotels, offering payment in home currency rather than soles. This service embeds exchange rates 5 to 8 percent worse than standard network rates. Declining conversion and paying in local currency reduces costs. Contactless payment infrastructure expanded in Lima from 2019, with 14,000 terminals accepting tap payments as of 2024. Outside metropolitan Lima, contactless remains uncommon except at chain supermarkets Plaza Vea, Metro, and Wong. Chile-based Diners Club cards see minimal acceptance outside five-star hotels.
Mobile payment platforms Yape and Plin together processed 8.2 billion transactions worth 142 billion soles in 2023. Yape, operated by Banco de Crédito, had 15.3 million active users by December 2023. Plin, a consortium platform including Interbank, BBVA, and Scotiabank, reached 9.1 million users. Both require Peruvian bank accounts and mobile numbers with local carriers. QR code payments via these platforms penetrate small vendors, street markets, and informal transport. A juice vendor at Lima's Mercado de Surquillo or a taxi driver in Arequipa will often display a Yape QR code despite lacking card terminals. These systems do not support international cards or tourist accounts.
PagoEfectivo operates as a cash-to-digital bridge, allowing online purchases to be paid at participating bodegas, pharmacies, and Western Union agents. Users receive a 14-digit code (CIP) to complete transactions. This system supports no international cards but enables hotel and tour bookings without banking infrastructure. International visitors cannot access Yape, Plin, or most local payment systems without establishing Peruvian bank accounts and residency documentation.
Peru's mobile market divides among three operators: Movistar with 42 percent market share, Claro with 34 percent, and Entel with 22 percent as of late 2023. Bitel, a fourth operator, maintains 2 percent share concentrated in rural areas. Coverage maps show 4G reaching 87 percent of the population but only 62 percent of geographic area. Lima, Arequipa, Trujillo, Chiclayo, and Piura maintain consistent 4G. Cusco city center operates on 4G, but sites like Ollantaytambo, Pisac, and the Inca Trail experience intermittent 3G or no signal. Aguas Calientes, the town below Machu Picchu, receives 4G from Claro and Movistar but not Entel. The Sacred Valley between Pisac and Ollantaytambo shows patchy coverage, with dead zones common along the Urubamba River.
5G deployment began in Lima during 2022, with Claro activating service in Miraflores, San Isidro, and San Borja. Movistar followed in 2023, covering 18 of Lima's 43 districts by year-end. Entel launched 5G in La Molina and Surco in early 2024. No 5G exists outside Lima except limited zones in Arequipa's Cercado and Cayma districts. Bandwidth speeds in Lima's 5G zones reach 400-600 Mbps in optimal conditions, dropping to 20-40 Mbps on 4G in provincial capitals, and 5-12 Mbps on 3G in rural areas.