Travel Money Guide: South America

With the Galapagos tempting you offshore, Machu Picchu nestled in the slopes of the Andes and the Amazon rainforest just waiting to be explored, it's easy to forget that South America is made up of 12 different countries with 12 separate currencies.

Our top tip for paying your way through? Make sure to have an emergency supply of cash, especially when travelling to rural locations like the Amazon where some towns have no ATM at all.

Compare travel money options for South America

With so many currencies to contend with, it's important to have a combination of travel money options including credit and debit cards, local currency and US dollars as a backup, which are accepted in multiple South American countries.

• Travel Credit Cards
• Travel Debit Cards
• Prepaid Travel Money Cards
• Foreign Cash

Rates last updated August 24th, 2019

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Name	Product	Foreign Currency Conversion Fee	Overseas ATM Withdrawal Fee	Overseas Cash Advance Fee	Annual fee	Product Description
Latitude 28° Global Platinum Mastercard		0% of transaction value	$0	3% of the cash advance or $4 (whichever is greater)	$0 p.a.	No foreign transaction fees on international purchases including international purchases online, together with a no annual fee.	Go to site More info	Compare	loading Fetching your data...

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Rates last updated August 24th, 2019

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Name	Product	Product Description	Debit Card Access	ATM Withdrawal Fee	Monthly Account Fee	Overseas ATM Withdrawal Fee	Overseas Eftpos Fee
HSBC Everyday Global Account		Special offer: $100 bonus for new HSBC customers. Earn 2% cashback on tap and pay purchases under $100. Enjoy no foreign ATM or transaction fees and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available. T&C's apply to $100 bonus and 2% cashback offers.	Visa	$0		$0	$0	Go to site More	Compare	loading Fetching your data...
ING Orange Everyday Account 2019 Winner		Receive a rebate on any international transaction fees and international ATM fees when you deposit at least $1,000 a month and make at least 5 card purchases.	Visa	$0		$2.50	2.5%	Go to site More	Compare	loading Fetching your data...
Citi Global Currency Account		Hold up to 10 currencies. $0 monthly account fee. Enjoy one linked debit card to hold up to 10 currencies and receive foreign currencies for free. Earn up to 1.75% p.a. interest on your AUD balance.	Mastercard	$0		$0	$0	Go to site More	Compare	loading Fetching your data...
Westpac Choice		Take advantage of Westpac's Global Alliance and save on overseas ATM fees at over 50,000 locations worldwide with fee-free cash withdrawals.	Mastercard	$0		$5	3%	Go to site More	Compare	loading Fetching your data...

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Updated August 24th, 2019

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Name	Product	Available Currencies	ATM Withdrawal Fee	Initial Load Fee	Reload fee
Qantas Travel Money		AUD, USD, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB, AED	AUD $1.95, CAD $2.00, EUR €1.50, GBP £1.25, HKD $15.00, JPY ¥160, NZD $2.50, SGD $2.50, USD $1.95, THB ฿70.00, AED 6.50	$0	$0		Load and lock in rates for up to 10 major international currencies on your card. Earn Qantas Points on all eligible purchases in Australia and overseas.	Go to site More Info	Compare	loading Fetching your data...

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Updated August 24th, 2019

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Name	Product	Minimum Order Amount	Maximum Order Amount	Delivery/Pickup Method	Commission Fee
Travelex Foreign Currency		$500	$5,000	In Store, At Airport	$0	Travelex makes it easy to exchange and get the best rate on over 40 currencies so you can be prepared for your next holiday.	Go to site More Info	Compare	loading Fetching your data...

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Some of the major South American currencies include:

What should I take, a travel card, debit card, or credit card?

Visa and Mastercard branded credit cards, debit cards and travel cards enjoy wide acceptance throughout the continent of South America. Merchants which 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.

Travel money options for South America at a glance

_{This table is a general summary of the travel money products in the market. Features and benefits can vary between cards.}

How each travel money option works in South America

Credit cards

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 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. Bankwest Platinum cards won't charge for international withdrawals as well as currency conversion. ATM withdrawals using your credit card are not advised if you're concerned with saving money, as you'll be charged high cash advance fees. But you can sometimes load a credit card with a positive balance to cut out cash advance fees and charges when used at an ATM. The card scheme anti-fraud guarantees don't apply when you withdraw from an ATM using a credit card with a positive balance.

Debit cards

A travel friendly transaction account is a better travel money option for a trip to South America. By choosing a debit card which lets you transact in a foreign currency without paying for currency conversion, you can use the account over the counter in South America as you would in Australia for no extra cost. Most debit card providers apply a $5 charge for international ATM withdrawals. As well as no currency conversion fees, the Citibank Plus Transaction Account also waives the additional charge for international ATM withdrawals.

• Tip: Westpac cardholders (including St.George, BankSA and Bank of Melbourne cardholders) can avoid the international ATM withdrawal fee using ScotiaBank ATMs in Chile and Peru thanks to the Westpac Global Alliance.

Travel prepaid cards

No prepaid travel cards support the currencies of the South American countries, so these products shouldn't be considered for a trip to the continent unless it doesn't charge a currency conversion fee. Although you can load US Dollars onto these travel money products, acceptance is limited and you'll pay to convert funds twice. Travel card providers apply a margin to the exchange rate when you convert funds and then a currency conversion fee applies when you spend in a currency not loaded on the card. While there are products which will waive the currency conversion fee, other fees apply when you withdraw cash or reload the card for example. Consider one of the other forms of travel money compared on this page for a trip to South America.

• Tip: The South American regions of French Guiana off the coast of Brazil and the Falkland Islands adjacent to Argentina use the euro and pound respectively. A travel card is suited to spend in these overseas departments of France and United Kingdom.

Traveller's cheques

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.

Cash

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 more than ever, there's no guarantee that you'll be able to access cash at any given moment, especially outside of 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.

Using ATMs in South America

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.

• Tip: Anecdotal evidence suggests that ATMs in the Amazon region of Brazil, some parts of Venezuela and Bolivia will not accept foreign debit cards. Ensure you have enough cash to last you the duration of your stay if you're visiting these regions.
• Tip: Smaller towns in rural areas may not provide ATM facilities. Research your destination for advice from other travellers before you arrive. Always try to use ATMs attached to the side of a bank.
• Tip: ATMs will give you your money before your card, which can lead to instances of people leaving their card in the machine.

Exchanging cash in South America

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 Australian Dollars, but US Dollars are preferred.

Exchange rate history

^{*Exchange rates are accurate as of 1 January of each year}

Some of the major South American currencies include:

How much money do I need to bring to South America?

From country to country and region to region, prices in Brazil are more expensive than Ecuador, Ibague (the 7th largest city in Colombia) is cheaper than Medellin (the 2nd biggest city in Colombia). You'll find prices are varied in South America. Wherever your 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$10 per night	Hostel dorm bed$20 per night	Hostel dorm bed$10 per night	Hostel dorm$12 per night
	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
	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 PalaceFree	Museo Histórico NacionalFree on Sundays and holidays

*Prices are approximate and are subject to change.

Buying currency in Australia

It will be cheaper if you wait to exchange your money when you arrive. Rates on offer in Australia for South American currencies are worse than what you get get from local banks and money changers. If you do want to get money changed in Australia, it's a good idea to get US Dollars if you can't purchase specific South American currencies. Colombian Pesos, Bolivian Bolivianos and Venezuelan Bolívars may be hard to get in Australia. Consider these institutions if you want to purchase foreign cash:

How much money do I need to bring to South America?

From country to country and region to region, prices in Brazil are more expensive than Ecuador, Ibague (the 7th largest city in Colombia) is cheaper than Medellin (the 2nd biggest city in Colombia). You'll find prices are varied in South America. Wherever your 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$10 per night	Hostel dorm bed$20 per night	Hostel dorm bed$10 per night	Hostel dorm$12 per night
	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
	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 PalaceFree	Museo Histórico NacionalFree on Sundays and holidays

*Prices are approximate and are subject to change.

A quick guide to the Brazilian Real

Why you'll need a combination of travel money options

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 with Will and his trouble with card acceptance in Cuba (not technically South America but his anecdote is still relevant), it's important to have a combination of cards and cash to use a backup. Have US Dollars on hand to use in emergencies and a travel card or debit card and credit card combination to use when necessary.

Jeremy Cabral

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Jeremy Cabral is the chief operating officer and global head of publishing for Finder. He has written hundreds of comparisons covering everything from credit cards to travel money to Netflix TV shows. Jeremy has a Bachelor of Business (Marketing) from the University of Western Sydney.