Local Currency in Puerto Natales: Information & Where to Exchange Money
The official currency of Chile is the Chilean peso, identified by the code CLP. This version of the peso has been in circulation since 1975. Although it is technically divided into 100 centavos, there are no centavo-denominated coins in use today.
Coins in Chile
Chilean coins are available in denominations of 1, 5, 10, 50, 100, and 500 pesos. However, the 1 and 5-peso coins are practically worthless. Even people on the street often refuse them. In major retail stores, cashiers may ask if you’d like to donate these coins to a charitable organization.
Since 2008, the Central Bank of Chile has gradually removed 1 and 5-peso coins from circulation. When paying in cash, totals ending in 0 to 5 centavos are rounded down, and those ending in 6 to 9 are rounded up.
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Banknotes
The most common banknotes in Chile are for 1,000, 2,000, 5,000, 10,000, and 20,000 pesos. You’ll often hear the term “luca”, which refers to 1,000 pesos, similar to slang used in Argentina.
The 5,000 peso bill features the portrait of Gabriela Mistral, a famous Chilean poet and Nobel laureate. Because of this, people sometimes call it “a Gabriela”.
Where to Exchange Money
ATMs are widely available in most towns and cities, but may be scarce along the Carretera Austral. Credit cards are accepted in high-end hotels, some restaurants, and shops. However, traveler’s checks are rarely accepted.
Exchange rates are usually most favorable in Santiago. The Chilean peso has remained relatively stable in recent years. However, during the peak tourist season, the value of the U.S. dollar tends to drop and then rise again around March.
Some tour agencies may accept U.S. dollars, but make sure to ask about their exchange rate. Some luxury hotels list prices in dollars and may use lower exchange rates than the official daily rate. In most cases, it’s better to pay in Chilean pesos.
Wire transfers usually arrive in a few days, and some Chilean banks can provide U.S. dollars upon request. Western Union offices are found in many cities and are often located next to post offices.
Some banks and Casas de Cambio (currency exchange houses) exchange cash, typically U.S. dollars. Be sure to check for hidden fees or unfavorable rates. Expensive services like tours and hotel stays may sometimes be paid in U.S. dollars as well.
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Using Credit Cards in Chile
Credit cards—especially Visa and MasterCard—are accepted in most formal businesses. However, some places may charge up to 6% extra to cover transaction fees. Keep this in mind when making purchases.
Credit cards are also useful to show proof of sufficient funds when entering another South American country.
