U. S. dollar in South America

[crowpro]

We will be in Peru, Chile, Argentina and Brazil. Will the U S dollar be accepted or do we local currency? If so, where do you suggest we exchange the dollars to local currency.

Thanks

[Wendy The Wanderer]

I would think you'd use the local currency in all this places. I can only speak to Rio--we had no trouble using ATM's there. I would assume the other ports would be the same.

[orchestrapal]

You will find ATM's everywhere. Some of the touristy junk shops will take dollars but they will also "take you" in the exchange rate.

Just get what you think will need from an ATM.;)

[hondorner]

We aways buy local currency in advance through Bank of America. Most large banks offer a currency service. I order it on-line and then go to the branch I designate to pick it up a few days later. I've purchased money from Brazil, Argentina, Uruguay and Chile. I don't get much -- maybe $50 in most locations to buy lunch, postcards, small souvenirs, etc, and to use on local transportation.

 

I failed to do it on my first trip to Brazil and didn't have a small coin, worth about 2 cents, to ride the funicular to the old city in Recife. Fortunately, a kindly local paid our fare for the 2 minute ride, and I then exchanged some money at a local shop, at an atrocious rate, to ride the elevator back down!

 

Another time, arrivng in Barcelona (again, before I bought Euros in advance), I tried to use an ATM at the airport for cash to get a taxi, only to discover that I had forgotten to inform my bank that I was traveling, and was declined for security reasons. I had to go to a booth and exchange some dollars, again at a high rate of exchange.

 

Now, I don't leave home without local cash (and making sure I've called all the banks :rolleyes:).

[JimandStan]

We aways buy local currency in advance through Bank of America. Most large banks offer a currency service. I order it on-line and then go to the branch I designate to pick it up a few days later. I've purchased money from Brazil, Argentina, Uruguay and Chile. I don't get much -- maybe $50 in most locations to buy lunch, postcards, small souvenirs, etc, and to use on local transportation.

 

I failed to do it on my first trip to Brazil and didn't have a small coin, worth about 2 cents, to ride the funicular to the old city in Recife. Fortunately, a kindly local paid our fare for the 2 minute ride, and I then exchanged some money at a local shop, at an atrocious rate, to ride the elevator back down!

 

Another time, arrivng in Barcelona (again, before I bought Euros in advance), I tried to use an ATM at the airport for cash to get a taxi, only to discover that I had forgotten to inform my bank that I was traveling, and was declined for security reasons. I had to go to a booth and exchange some dollars, again at a high rate of exchange.

 

Now, I don't leave home without local cash (and making sure I've called all the banks :rolleyes:).

 

We buy more currency than Hondorner does, primarily because we're often instrumental in planning private guides and tours, and the bank usually delivers the order directly to us.

[hondorner]

We buy more currency than Hondorner does, primarily because we're often instrumental in planning private guides and tours, and the bank usually delivers the order directly to us.

I failed to mention that I get much more for some areas -- I had 1500 Euros for Riviera's christening cruise and maiden voyage and still used credit cards.

[wripro]

I always used to buy local currency before leaving but in the last ten years I have relied exclusively on ATMs. There is always one in the airport and it's my first stop after I get through customs and immigration. The fees and exchange rates are much more favorable.

 

As for using US dollars abroad stop and ask yourself if any America place of business would accept Argentinian pesos?

[pacheco18]

Here is another point of view

 

I NEVER buy foreign currency in advance. You pay a premium for doing so. You can change money at an ATM when you arrive -- most (most!) everywhere in the world will take US dollars (I carry lots of singles and fives for tips) for most things (of course there are exceptions -- when we were on safari in Tanzania and Kenya we needed their currency). There is always a place to change money at the airport (again, change only a small amount as it is cheaper at an ATM).

 

I was in Argentina for 12 days. I rarely needed Argentine pesos (only for taxis). I either charged everything on a credit with no foreign transaction fee or used dollars.

 

If you do change money in advance, change only a small amount.

[vaitape]

In my research I've read that the airport ATMs in Lima and Rio can be dicey with scammers lurking so take care there. Not sure which SA ports have easily accessible ATMs.

 

When we went to Asia, we traveled to 9 countries. We obtained the least amount possible in foreign currencies before departing the USA from AAA....that way we had enough for walking around money, taxis, etc...in other words, enough to get us to an ATM. The fees didn't seem excessive and the exchange rate was tolerable. The money was delivered to our home.

 

We too are going to SA next year and are going to the same countries plus some others in the Caribbean. Many of the places in the Caribbean take USDs but we will definitely have to obtain local currency for Peru, Chile, Argentina, and Brazil and will use AAA again.

 

The ship will have some currencies available too.

[jpalbny]

We (almost) exclusively use ATMs and have done so for years throughout Africa, Asia, Europe, and South America. Yes, always call your bank first... Who knew that London was such a hotspot of stolen ATM cards back in 2008...:o

 

That being said, US dollars were widely accepted in Peru when we were there last November, but they needed to be new and completely undamaged. There are plenty of cambios where the locals (and theoretically, tourists) can exchange crisp new dollars for Peruvian soles. We also used an ATM and got some soles too; either option worked well.

 

The travel books say that the cambios will rip you off; didn't try them so can't say if that's true. The books were accurate in that they said almost everyone takes dollars as long as they look new.

 

We were in BA a few years ago for only 2 days, and didn't need so much money - the ATM fees wouldn't have been worth it. There was a bank attached to the Park Tower Hotel that offered a pretty good rate of exchange and we changed some dollars there as needed.

 

Can't speak to Chile and Brazil.

[geekybiker]

Well I've been to all those countries and I think the answer is more about where in the country you are than what country. If you are in a touristy area most people will take USD no problem. If you get off the beaten path it gets to be a more maybe. ATMs are by far the best way to get currency in major urban areas in these countries, or larger tourist areas. You'll get a better rate and even ATM fees will be less than commissions. Peru in particular I didn't have a hard time using USB just about anywhere.

 

However be aware that if you take USD from home check it carefully for tears, markings, or just wear. There is a huge counterfeit problem in south america and bills we wouldn't think twice about taking will be rejected. Inspect bills that you receive in return and don't think twice about rejecting bills with these issues. Also I wouldn't bring any bills over $20 in country.

[hondorner]

...I NEVER buy foreign currency in advance. You pay a premium for doing so....

Not necessarily. Here is a quote from Bank of America's website, FAQ about currency orders:

 

"Is there a fee for ordering foreign currency or travelers cheques online?

 

There is no fee for ordering foreign currency online. The bank does receive compensation from the purchase and sale of foreign currency banknotes in the form of a spread between the price we pay to obtain the foreign currency and the price at which we sell the foreign currency.

 

There is a 2% service charge on all American Express® Travelers Cheques.

 

Additionally, there is a delivery fee of $7.50 on all orders that are less than $1,000. For orders more than $1,000 the delivery fee is waived."

 

There is further information in the FAQ about exchange rates.

[Mura]

But does anybody accept traveler's checks any more?

 

Just asking!

 

When we had traveler's checks payable in euros in France in 2002 small outlets (gas stations, B&Bs, that kind of place) didn't take them.

 

But since that time most people SEEM to use ATMs for cash.

 

My local grocery store in Brooklyn, NY, used to say they didn't take traveler's checks over $50 in value.

 

NOW they don't take any at all!

 

Mura

[pacheco18]

Not necessarily. Here is a quote from Bank of America's website, FAQ about currency orders:

 

"Is there a fee for ordering foreign currency or travelers cheques online?

 

There is no fee for ordering foreign currency online. The bank does receive compensation from the purchase and sale of foreign currency banknotes in the form of a spread between the price we pay to obtain the foreign currency and the price at which we sell the foreign currency.

 

There is a 2% service charge on all American Express® Travelers Cheques.

 

Additionally, there is a delivery fee of $7.50 on all orders that are less than $1,000. For orders more than $1,000 the delivery fee is waived."

 

There is further information in the FAQ about exchange rates.

 

The "premium" to which I was referring is the exchange rate, not bank fees. It is ALWAYS better when you buy the currency overseas.

[LHT28]

The "premium" to which I was referring is the exchange rate, not bank fees. It is ALWAYS better when you buy the currency overseas.

I recently bought Hungarian Forints in Canada before our trip & got the same amount in Hungary from the ATM

The exchange was less than $2 difference & the ATM charged me $3 for the convenience

so not ALWAYS better ;)

[Paulchili]

I recently bought Hungarian Forints in Canada before our trip & got the same amount in Hungary from the ATM

The exchange was less than $2 difference & the ATM charged me $3 for the convenience

so not ALWAYS better ;)

 

Unless your bank doesn't charge you a convenience fee (like mine) :D

[pacheco18]

I cannot speak for Canadian banks but many major US banks have "partnerships" with banks overseas -- at least in major cities. If you get a list before you go, you can use the foreign ATM without any fee whatsoever.

 

The exchange rate will always be better overseas, and if you are expecting to change large sums, it can make a difference.

 

We charge mostly everything -- best exchange rate of all (the bank rate of the day) and no fees on certain credit cards (and we get miles and points!). That is really the best deal of all.

[PaulMCO]

I cannot speak for Canadian banks but many major US banks have "partnerships" with banks overseas -- at least in major cities. If you get a list before you go, you can use the foreign ATM without any fee whatsoever.

 

The exchange rate will always be better overseas, and if you are expecting to change large sums, it can make a difference.

 

We charge mostly everything -- best exchange rate of all (the bank rate of the day) and no fees on certain credit cards (and we get miles and points!). That is really the best deal of all.

 

100% correct. Bank of America "good rate" today is 1.3087 for the EUR. The spot rate today is 1.243. Even with service charges any ATM overseas would be cheaper than buying here.

 

The best thing is to charge with a Mastercard or Visa that adds no transaction fees.

[LHT28]

Royal Bank use to have an agreement with Barklys but we no longer use RBC because of their fees here ;)

Most Canadian CC charge a FTF...it is hidden in the exchange rate

 

Sometimes when you need funds it is never easy to find a bank that has an affiliation with your home bank :D

 

They get you one way or another

 

Lyn

[kuldalai]

In CHILE , ARGENTINA and BRAZIL ATM's dispense local currency only .

US $ are widely accepted throughout Sth America in main cities and tourist areas .

 

IN PERU as above but most ATM will dispense either US $ or local currency. (You select.)

 

With ARGENTINA be careful not to change too much $ US into local currency, as the Government makes it very difficult for you to change local currency back to US $ especially at International Airports on departure.

 

The best way to take funds Overseas these days is to take a pre-loaded Travel Card you arrange through major banks loaded with US $ for a trip to South America. You insert it into any participatinG ATM and withdraw local currency. The exchange calculation etc is all done by the ATM .