South America is made up of 12 different countries, each with different currencies. For example, Colombia has Colombian pesos, Argentina uses Argentinian pesos, Brazil the real and Peru the nuevo sol. As such, bringing a combination of cards and cash is essential.
Here are the types of payment options available and other financial tips for navigating South America.
It’s important to take a combination of travel money options wherever you go in the world, but this is especially true for a trip to South America. Having a combination of cards and cash to use as a backup is necessary to ensure you won’t run into any spending roadblocks on your vacation.
Credit cards, debit cards and travel cards are widely accepted in South America. You’ll have no problem using your Visa or Mastercard at any business that can accept credit cards, however, American Express is typically only accepted at high-end businesses.
Stick to a Visa or Mastercard so you can make withdrawals and payments in a variety of places.
Look for a credit card designed for travel that doesn’t charge foreign transaction fees to save money on international purchases when traveling through South America. The Capital One VentureOne Rewards Credit Card is a good choice, but there are plenty of other options on the market as well (Terms apply, see rates & fees).
If you’re a frequent traveler, use a travel credit card that pays miles for each dollar you spend. This way you can maximize rewards and use those miles towards the purchase of your next flight.
A travel friendly debit card that waives international ATM fees or foreign transaction fees, like one from Betterment Checking, is a smart travel money option for a trip to South America. Look for a debit card provider that is part of the Global ATM Alliance because you’ll be able to avoid currency conversion fees — Barclay Bank and Bank of America are members.
If you’re planning on using a debit card that doesn’t waive ATM fees, take out the maximum amount of money so you don’t have to make as money withdrawals.
No prepaid travel cards support South American currencies, so these products shouldn’t be considered for a trip to the continent. Although you can load US Dollars onto these travel money products, acceptance is limited and you’ll pay to convert funds twice.
South America is one destination where you’re going to need to have cash in case of an emergencies. Although you can use your card in more places now more than ever, there’s no guarantee that you’ll be able to access cash at any given moment — especially outside of major cities.
Where debit and credit cards are accepted can vary greatly depending on the location. You won’t have a problem with a card in the capital cities, especially in countries like Chile, Brazil, Colombia and Argentina for example. However, there are major tourist attractions, like the Amazon, where you’re going to need enough cash to last you for the entire leg of your trip.
Don’t bother taking traveler’s checks to South America. They’re difficult to cash and can be expensive. Also, it is no more secure than using a debit card (ATMs in South America are everywhere), credit card or prepaid travel card.
ATM withdrawals are by far the most efficient way to get local currency in cash on your holiday. ATMs are located all throughout the continent. If you want to carry cash as an emergency backup, US Dollars are widely accepted if you can’t pay in the local currency.
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It’ll be cheaper if you wait to exchange your money when you arrive compared to converting currency with banks in the US. However, you could always consider using an online money transfer service to send money to your destination and pick it up when you arrive. This option makes getting foreign currency extremely convenient for travelers.
The Brazilian word for the national currency, “real” means both real and royal and all Brazilian coins feature the Southern Cross!
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Visa and Mastercard should work at all ATMs where you can see a Maestro, Cirrus, Mastercard or Visa logo on the front of the machine. Always try to use ATMs attached to the side of a bank. And if possible, bring a card from a bank that doesn’t charge international ATM fees, like Betterment Checking.
It depends on what country you travel to in South American. Prices in Brazil are more expensive than Ecuador, and Ibague (the 7th largest city in Colombia) is cheaper than Medellin (the 2nd biggest city in Colombia).
Wherever your travel, the continent can be as expensive or cheap as you make it. Below you can find some budget prices for different countries in South America. All prices are in US dollars.
| Bogotá (Colombia) | Brasília (Brazil) | Lima (Peru) | Santiago (Chile) | |
|---|---|---|---|---|
| Accommodation | Hostel dorm bed $10 per night | Hostel dorm bed $20 per night | Hostel dorm bed $10 per night | Hostel dorm $12 per night |
| Meals | Arepa con queso on the street $1.50 | El Negro Food Truck. El Matanza (hot dog) $4.50 | Ceviche pescado in a cheap restaurant $2 -$3 | Empanada on the street $1 |
| Activities | Bogota graffiti tour Free (donation based on satisfaction) | See the city from the top of the television tower Free | See the changing of the guards at the Presidential Palace Free | Museo Histórico Nacional Free on Sundays and holidays |
Prices are approximate and are subject to change.
Will spent almost four months climbing volcanoes, diving and bussing around Colombia, Peru, Bolivia, Chile and Brazil. He started his trip in Central America visiting Mexico and Cuba.
Do you have any travel money tips for South America?
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