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In South America, almost every country has a different currency. Therefore, before you travel it is advisable to find out what currency your destination country uses and how you can change the currency in Latin America.
If you are in a country that does not have the same national currency as yours, then you should look for the best option to convert your currency to the currency of the destination you are travelling to.
That’s why today we’re going to talk about the best ways to exchange currency in Latin America so that you don’t have any problems during your trip.
Most used currencies in Latin America
Each country has a different currency, however, there are countries that share a common currency. And there are other cases of countries that changed the national currency for a foreign one. As for example if you travel to Ecuador, where you will have to use the US dollar.
In other cases, many countries accept several currencies: the original currency plus another stable international currency, as is typically the case with the dollar.
Changing currencies in Latin America is beneficial because the currency in most of these countries is lower than the dollar and the euro. This way you will get more foreign money for fewer dollars or euros if it is the case for your country’s currency.
For example, some South American currencies are:
- Travelling to Chile: The Chilean Peso
- In Venezuela: The sovereign Bolívar
- If you travel to Argentina: The Argentine Peso
- In Brazil: Brazilian Real
- If you travel to Peru: The Sol
You can convert the national currency of your country using various formulas. For example, if you are travelling to Chile, the exchange rate of the peso to the euro is 11, which means that for every 11 pesos you can get 1 euro. On the other hand, if you want to exchange your country’s currency using the same logic, this means that for every euro you get 11 pesos.
The mathematical formula to exchange currencies would be: Currency exchange = 1 unit of national currency x units of foreign currency.
Tips for currency exchange if you travel to Latin America
- Do not change currencies at the airport
This is an error that many travellers make. Travellers do not plan themselves for this and then change currencies at the airport where everything is more expensive, including food and drinks.
- Use an online currency converter
There are hundreds of apps to help you travel in South America, one of them is the online currency converter. In a flash and from your mobile phone, you can have the currency exchange rate and save yourself the headache of doing mental calculations.
- Check the price of the coin before travelling
In Latin American countries, the value of the currency can change from one day to the next. That is why you must always make sure it keeps the same price.
- Change more quantity
To change currencies without commission you can change a big amount of money. Many exchange houses offer good discounts if you change a certain amount of money. You can also negotiate the price of the change.
Another option is to buy online since the conversion prices are cheaper.
In short, if you are planning your holiday to Latin America or any other place with a different currency, organise well how much money you want to spend and buy foreign currency at a good price so that you can fully enjoy your trip.
Do you already know what currency is used in your next destination?