Currency Exchange and Cash in Latin America: A Traveler’s Financial Guide
Traveling through Latin America is a vibrant experience, but managing the "monetary" side of your trip requires a bit of strategy. From the bustling markets of Mexico City to the remote landscapes of Patagonia, how you handle your money—known locally as dinero or plata —can make or break your budget. While credit cards are becoming more common in major cities, Latin America remains a region where "cash is king." This guide will help you navigate currency exchange, avoid excessive fees, and communicate effectively at the bank or the exchange house. Understanding the Local Currency (La Moneda Local) The first thing to know is that while many countries use the word Peso , they are not the same currency. A Mexican Peso is very different in value from a Colombian Peso or a Chilean Peso. Moneda: Currency. Divisa: Foreign currency (like the U.S. Dollar or Euro). Tipo de Cambio: The exchange rate. Valor Nominal: The face value of a bill. In some countries, like Ecuador...