Currency Conversions

You can access free online Currency Converters such as www.xe.com to see what value your currency = South American currencies.

South American currencies include:

BRL - Brasil Real
ARS - Argentina Pesos
CLP - Chile Peso
BOB - Bolivian Bolivianos
UYU - Uruguay Peso
PEN - Peru Nuevos Soles
USD - Ecuador Dollar (note that Ecuador currency is the $US)
VEB - Venezuela Bolivares

Internet Banking

Before you travel it is useful to set up 'internet banking access' on your current account. Speak to your local bank to see if they provide this service. Internet Banking will allow you to log-in to your account whilst travelling to keep an eye on your spending habits (budget) in South America. Also you can view the currency conversation rates.

Day-to-Day Travel Money

It is a risky business to travel with large amounts of cash. Speak with your current Bank to see if can use your existing bank card worldwide (Cirrus) which means you can access your funds from ATMs throughout South America. You pay a small international conversion fee for each transaction you make but this is well worth it (compared to the risk of travelling with large sums of money).

Nicks Travel Notes: ATMs: Don't do what I did in Cusco, Peru at an ATM. I was so busy securing the cash into my money belt that I completely forgot to push the 'finished transaction' button to retrieve my bankcard... I walked away and left my bankcard in the ATM; never to be seen again! I didn't lose any money but had to get a new bankcard posted out to me in Bolivia - which was an unecessary inconvenience. Quickly secure your cash but don't forget your bankcard :)

I also travel with a separate credit card. In South America I use the Visa Credit Card to book Spanish Classes, Tours, Flights and Accommodation. If possible it is useful to have a second credit card to keep hidden in your main back pack only in-case-of-emergency.

The other advantage of accessing local currency via local ATMs is that you get THE actual rate of exchange. This saves hassles of exchanging money on the street at 'Cambios' (Money Exchanges)

In the past I have taken Travellers Cheques on a trip. These are useful but I no longer feel the need to take Travellers Cheques. I think a Bank Card, Credit cards & small amounts of cash are more than sufficient.

In summary I now travel with these financial resources:

Travel Wallet.

Small amount of local currency cash

Waist Money Belt.

Compare money belts here

ATM Bank Card
Visa Credit Card
US $20 cash

Hidden in my Backpack

Spare 2nd Credit Card
US $50 cash for emergency use only

Credit Cards

On email I have been asked the question, "what is the best type of Credit Card to take to South America?". I cannot necessarily recommend one type of credit card over another - all the popular credit cards are now being accepted in main tourist areas (Visa, Mastercard, American Express etc).

It will help to get a credit card with a larger credit limit - I have a $5000 limit using a 'Visa' Credit Card. For emergencies I also have a back-up 'Mastercard' which is actually a debit Mastercard linked to my account. You will need to investigate your own credit card options. This excellent website provides detailed Credit Card comparison information.

Here are some useful links for these country residents:

United States Residents
Click here for information on credit cards for college students (no fees!).
Click here for information on Debit Mastercards.
Click here for information on American Express Cards.

UK Residents
Click here and scroll down left side menu to 'UK Credit Card' section.

Canada Residents
Click here and scroll down left side menu to 'Canadian Credit Card' section.

Australian Residents
Click here for information on Citibank Visa Credit Cards.

Counterfeit Money

Counterfeit money is a problem all over South America. Please check your money (notes) very carefully. I have been caught out a couple of times but luckily only on small denominations. Tourists are not practised in handling and recognising local currencies and are often seen as targets for handing off counterfeit notes; particularly in bars and nightclubs.

I still have a counterfeit 5 peso note from Argentina. I didn't realise the note was counterfeit until I tried to pay for a taxi in Buenos Aires... the taxi driver was not impressed! I put it down to experience and kept the note as a souvenir. Don't be embarrassed to hold up a note of any denomination to check for a watermark feature; even the locals do this!

(Non Travel) Currency Link. Whilst in Ecuador I went to Spanish school with a Swiss guy who told me he made his fortune working from home predicting foreign currencies for a living. He showed off his skill and was always spot-on with his predictions! I'm not sure if this is a Swiss-only skill... I'm not a numbers guru and find foreign currency exchange predictions confusing at best. But for those who think they can make their fortune in currency exchange, you can read about the product the Swiss guy uses here. Master this and you can pay for your South America vacation the easy way... then teach me :)

2007 South America Travel Advice