What to do about Money in South America
Every country in South America has a different currency (or even currencies!) and so you can't pursue a one-size fits all policy, although you'll find that US dollars are widely exchanged even where they aren't legal tender.
Using Cash Machines in South America
Cash machines are pretty widespread throughout South America, and many dispense both US dollars and the local currency. However, in rural areas things can be more difficult in that respect, and in a few countries you can run into trouble with some banks not being properly connected to international networks. However, these days you're unlikely to be far from a cash machine at any point unless you're going seriously off the beaten track.
Using Credit Cards in South America
In contrast to the ubiquity of cash machines in South America, there are big differences between countries in the use of credit cards. In Brazil or Argentina, people use credit cards regularly, and that's true to some extent in Chile, Peru and Ecuador. However, outside of the capitals in Bolivia or Paraguay, for example, it's vanishingly rare for people to people to flash the plastic.
We'd advise you to check the individual currency guides for each country for detailed advice on budgets, costs and what to do about cash in each country in South America.
The exchange rates below were correct as of 09:39 on 23 December 2024.
Bolivia - Boliviano
In Bolivia, the official currency is the patriotically-named Boliviano, but you will also find the US dollar in wide circulation. The current exchange rate is £1 = Bs8.654 Bolivianos.
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Chile - Peso
Chile's Peso is a very stable currency, and is increasingly available in the UK, although it's easier to find online than on the high street. The current exchange rate is £1 = $1244.104 Chilean Pesos.
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Ecuador - US Dollar
Conveniently, in January 2000 Ecuador adopted the US Dollar as their official currency, which makes things easy for your holiday in Ecuador. The current exchange rate is £1 = $1.258 Dollars.
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Peru - Nuevo Sol
In Peru, the national currency is the nuevo sol, but the US dollar is also widely accepted as well as exchanged. The current exchange rate is £1 = S./4.664 Soles.
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Venezuela - Bolivar
In Venezuela, the Bolivar Fuerte (literally 'strong Bolivar') replaced the old Bolivar in 2008 to help fight inflation, but it has since been devalued several times. The current exchange rate is £1 = Bs4624230.148 Bolivares Fuertes.