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. We look at the cards which have the lowest fees to use over the counter and to withdraw cash from on your South American getaway.
A travel friendly debit card is a good travel money option for a trip to South America. By choosing a debit card which lets you transact in a foreign currency without paying a fee, you can use the card to pay for items over the counter in South America as you would in the UK for no extra cost. Also look for a debit card provider that doesn’t apply a charge for international ATM withdrawals.
Another option is digital banking apps which work as normal bank accounts do. They come with a debit card, often supported by big names like Visa or Mastercard, and topping up your balance simply consists of transferring money into that account.
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Credit cards provide a line of credit with limited interest-free terms which can be used all over the world (American Express and Diners Club cards are accepted in fewer places than Mastercard and Visa). Choose a credit card which doesn’t charge for currency conversion to save money on international transaction fees when travelling through South America.
ATM withdrawals using your credit card are not advised, as you’ll be charged high cash advance fees and a high interest rate from the moment you get your cash.
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In a relatively recent development, some prepaid travel money cards now support South American currencies. For example, the Wise Card allows you to convert, hold and spend Argentine pesos, Chilean pesos, Peruvian soles and Uruguayan pesos, as well as US dollars, which are also accepted in certain places.
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Don’t bother taking traveller’s cheques to South America. They’re difficult to cash and expensive, and no more secure than using a debit card (ATMs in South America are everywhere), credit card or prepaid travel card.
South America is one destination where you’re going to need to have a supply of cash for emergencies. Although you can use your card in more places now, there’s no guarantee that you’ll be able to access cash at any given moment, especially outside major cities. Card payment facilities vary greatly depending on the location. You won’t have a problem with card acceptance and ATM withdrawals 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.
Prices vary from country to country and region to region. For example, prices in Brazil are more expensive than Ecuador, while Ibague (the 7th largest city in Colombia) is cheaper than Medellin (the 2nd biggest city in Colombia). Wherever you travel, the continent can be as expensive as you make it. Below you can find some budget prices for different countries in South America.
| Bogotá (Colombia) | Brasília (Brazil) | Lima (Peru) | Santiago (Chile) | |
|---|---|---|---|---|
 | Hostel dorm bed £8 per night | Hostel dorm bed £13 per night | Hostel dorm bed £8 per night | Hostel dorm £15 per night |
 | Arepa con queso on the street £1 | El Negro Food Truck: La Matanza (hot dog) £4 | Ceviche de pescado in a cheap restaurant £1–£3 | Empanada on the street 70p |
 | Bogotá 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.
| Year | Average annual exchange British pound (GBP) to US dollar (USD) |
|---|---|
| 2018 | 1.3349 |
| 2019 | 1.2772 |
| 2020 | 1.2837 |
| 2021 | 1.3757 |
| 2022 | 1.2369 |
| 2023 | 1.2439 |
| 2024 | 1.2781 |
| 2025 | 1.3188 |
Some of the major South American currencies include:
Visa and Mastercard branded credit cards, debit cards and travel cards enjoy wide acceptance throughout the continent of South America. Merchants that have the facilities to accept card payments will accept both these card scheme brands. American Express is accepted in few places besides high-end businesses. Stick to a Visa or Mastercard product so you can make withdrawals and card payments in a variety of places.
Most digital banking apps, which are a great option owing to very low transaction and withdrawal fees, come with either a Visa or Mastercard bank card. They work as normal bank accounts do, so the “topping up” process simply consists of transferring money into the account.
| Travel money option | Pros | Cons |
|---|---|---|
| Debit cards for travel |
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| Prepaid travel money cards |
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| Credit cards for travel |
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| Traveller’s cheques |
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| Cash |
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This table is a general summary of the travel money products in the market. Features and benefits can vary between cards.
Digital banking apps are certainly worth a look owing to their very low, if not flat, transaction and withdrawal fees, and mobile nature. The big names in this field, Starling, Monzo and Revolut, offer a way to manage your travel spend on the move without having to worry about currency conversion.
Visa and Mastercard should work at all ATMs where you can see a Maestro, Mastercard or Visa logo on the front of the machine.
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 and the choice of money if you can’t pay in the local currency. While the major exchange offices in shopping centres and in tourist locations will exchange British pounds, US dollars are preferred.
The Brazilian word for the national currency, ‘real’ means both real and royal and all Brazilian coins feature the Southern Cross!
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. As we’ve seen, while using credit, debit and prepaid travel cards in large urban centres should not prove too difficult, many of the continents biggest tourist draws, like the Amazon rainforest and Machu Pichu in the Andes, will require cash to cover the lion’s share of your costs while you’re visiting.
Having US dollars on hand to use in emergencies and a travel card or debit card and credit card combination to use when necessary can serve you well.
Digital banking apps are also a solid option, owing to their international nature and low, if not zero, transaction and withdrawal fees.
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