Planning a cruise to South America? Before you set sail, it’s important to consider the currency used in the countries you’ll be visiting. Understanding the local currency and whether or not you should exchange money beforehand can save you time and hassle during your trip. In this article, we’ll explore the currencies commonly used in South American countries and provide insights on whether or not it’s necessary to exchange money before embarking on your cruise adventure.
South American Currencies
Introduction to South American currencies
When traveling to South America, it is important to familiarize yourself with the various currencies used in different countries. South America consists of multiple countries, each with its own currency. While some countries have adopted the US dollar as their official currency, others have their own unique currencies. It is crucial to understand the currency exchange rates, availability of ATMs, and credit card acceptance in each country you plan to visit.
List of currencies used in South American countries
- Argentina – Argentine Peso (ARS)
- Brazil – Brazilian Real (BRL)
- Chile – Chilean Peso (CLP)
- Colombia – Colombian Peso (COP)
- Ecuador – US Dollar (USD), however, the country mints its own coins
- Peru – Peruvian Sol (PEN)
- Uruguay – Uruguayan Peso (UYU)
Factors to Consider
Exchange rates
Before embarking on your South American adventure, it is vital to research the current exchange rates for the currencies you will need. Exchange rates fluctuate, and being aware of the rates can help you plan your budget more effectively. Take note of any transaction fees or commissions that may be charged during currency exchange.
Availability of ATMs
In today’s digital age, it is convenient to rely on ATMs for obtaining local currency. However, not all areas in South America may have easily accessible ATMs. Research the availability of ATMs in the specific cities or regions you plan to visit. Consider carrying some cash as a backup in case you encounter any difficulties with ATMs.
Credit card acceptance
Credit cards are widely accepted in many establishments in South American cities. However, it is always wise to carry some cash for smaller businesses or remote areas where credit card acceptance may be limited. Contact your credit card company to inform them of your travel plans to avoid any potential issues with using your card abroad.
Benefits of Exchanging Money Before the Cruise
Lower exchange rates
One of the main advantages of exchanging money before your cruise is the potential for obtaining lower exchange rates. Exchange rates at airports or cruise terminals may be less favorable compared to local banks or exchange offices. By exchanging money in advance, you can take advantage of better rates and maximize your budget during your trip.
Avoiding potential scams
Exchanging money with reputable banks or exchange offices before your cruise can minimize the risk of falling victim to scams or counterfeit currency. Tourist areas may attract fraudsters who prey on unsuspecting travelers. By having local currency in hand before your cruise, you can avoid engaging with unofficial currency traders and protect yourself from potential scams.
Disadvantages of Exchanging Money Before the Cruise
Limited local currency
One potential drawback of exchanging money before your cruise is that you may end up with a limited amount of local currency. If you underestimate your expenses or encounter unforeseen circumstances, you might find yourself in need of more local currency. In such cases, you may have to rely on ATMs or currency exchange services during your trip.
Possible loss or theft
Carrying a large amount of cash can pose a risk of loss or theft. If you exchange a significant sum of money before your cruise, you need to exercise caution and ensure its safety. Using a money belt or secure wallet can help reduce the risk, but it is essential to remain vigilant and take precautions to protect your finances.
Currency Exchange Options
Banks and exchange offices
Banks and exchange offices are reliable options for exchanging money before your cruise. They offer competitive exchange rates and professional service. Visit local branches or exchange offices in your area to inquire about their rates and any fees associated with currency exchange. Keep in mind that some exchange offices may require identification documentation, so remember to bring your passport.
Traveler’s checks
Traveler’s checks are a secure option for exchanging money before your trip. They can be easily replaced if lost or stolen, providing peace of mind. However, traveler’s checks may not be as widely accepted as they once were. Before opting for traveler’s checks, check with local establishments and banks in your destination country to ensure their acceptance.
ATMs
ATMs are a convenient way to obtain local currency during your trip. Research the availability of ATMs in the areas you plan to visit and ensure your debit or credit card is compatible with international withdrawals. Keep in mind that some ATMs may charge transaction fees, so it is advisable to withdraw larger amounts at once to minimize these charges.
Tips on Currency Exchange
Research exchange rates
Stay updated on the latest exchange rates before exchanging your money. Online currency converters and financial websites can provide real-time exchange rate information. This research will help you make informed decisions about when and where to exchange your money for the best rates.
Notify your bank and credit card companies
Before traveling to South America, notify your bank and credit card companies of your travel plans. Informing them of the countries you will be visiting can prevent your cards from being flagged for suspicious activity and ensure smooth transactions during your trip.
Carry small denominations
Having small denominations of local currency can be useful for smaller purchases, tipping, and convenience. Additionally, it may avoid drawing unnecessary attention or confusion when paying for goods or services with larger bills.
Specific Country Considerations
Brazil
The currency used in Brazil is the Brazilian Real (BRL). It is recommended to exchange your money for Brazilian Reals before your cruise to take advantage of better rates. Check the exchange rates with local banks or exchange offices before your trip.
Argentina
Argentina uses the Argentine Peso (ARS) as its currency. While US dollars are sometimes accepted, it is advisable to exchange your money for Argentine Pesos before your cruise. Some smaller establishments may only accept local currency.
Colombia
The official currency in Colombia is the Colombian Peso (COP). Exchanging your money for Colombian Pesos before your cruise will ensure you have the necessary currency to navigate the country comfortably. ATMs are widely available in major cities, but less so in remote areas.
Chile
The currency of Chile is the Chilean Peso (CLP). It is recommended to exchange your money for Chilean Pesos before your cruise. ATMs are commonly found in major cities, but availability may be limited in more remote regions.
Peru
Peru’s currency is the Peruvian Sol (PEN). While ATMs are readily accessible in major cities, you may encounter challenges finding them in rural areas. It is advisable to exchange your money for Peruvian Sols before your cruise to ensure you have sufficient currency throughout your trip.
Ecuador
Ecuador adopted the US dollar (USD) as its official currency. However, the country mints its own coins called the Ecuadorian Sucre. It is advisable to exchange some US dollars for Ecuadorian Sols before your cruise to handle cash transactions more easily.
Uruguay
The currency of Uruguay is the Uruguayan Peso (UYU). It is recommended to exchange your money for Uruguayan Pesos before your cruise. While credit cards are commonly accepted in urban areas, having local currency will be beneficial in smaller towns or rural regions.
Conclusion
When planning a cruise to South America, understanding the currencies used in each country and the various options for currency exchange is crucial. Consider the exchange rates, availability of ATMs, and credit card acceptance in the specific destinations you plan to visit. Exchanging money before your cruise may offer lower rates and protect you from potential scams, but be aware of the potential drawbacks. Research your options, inform your bank and credit card companies of your travel plans, and consider carrying small denominations of cash. By being prepared and well-informed, you can enjoy a hassle-free and financially savvy journey through South America.
