Foolproof Guide to Changing Money in South America

Changing money in South America is a lot trickier than it is on many other continents because of the ongoing change in the US dollar and the constant changes that plague South American banks, hotels and money changers. No matter what South American country you are changing money in, it is important that you determine the most up to date exchange rate and that you give yourself as many ways to change money as possible.

The following are some general money changing tips that can save you frustration and time in South America, and then there are some country specific money changing tips that I have picked up on my travels.

General tips for changing money in South America
One of the most important lessons I have learned and fallen back on is to have a backup plan for my backup plan. It is ideal to have as many ways to change money when traveling in South America as possible, as well as safely having as much cash on hand as you can afford at any one time. At the same time I have found that having American dollars on me is a great way to pay for things on the street, at markets and from street vendors, because they are always willing to accept my American cash and the bartering goes much better.

As far as changing money, I have found that major credit cards that are on the Cirrus and Plus networks are more likely to work in foreign ATMs and be accepted without a problem. It is also important that you familiarize yourself with the denominations of the country you are in, so that when you go to change money you can choose an amount that will give you cash in smaller denominations which are easier to use. Finally, regardless of the fees, I always change money before leaving the my home country so that I have something to spend on arrival. If I am unable to do this, I change money before leaving the airport because if there is anywhere in South American countries where you can find a foolproof way to exchange currency, the airport is it.

Argentina
Argentina is the one place where American cash does not come in handy as much as it does in other South American countries, but you can use American cash in many large hotels and restaurants. Definitely try and change some money at the airport, or find an ATM at the airport to withdraw cash from. Hotels and exchange houses are plentiful and can easily change dollars or euros into pesos for a set fee. The biggest remaining problem to changing money in South America is the limited number of ATMs and the fact that they always seem to be short on cash or have smaller withdrawal limits than your card allows.

Brazil
American cash is easily usable in Brazil, and not just in the large cities, but smaller denominations are safer and easier to spend. In place of money though, withdrawing money from an ATM with a major credit card is fast and easy and you can find an ATM just about anywhere in Brazil.

Ecuador
In Ecuador, the American dollar is king. Take enough to last you through the length of your trip, or withdraw it from ATMs as you go. Just make sure you take small denominations though, plenty of singles and five dollar bills, or withdraw in an amount that will give you back small bills.