Getting to know Uruguay currency
The currency of Uruguay is the Uruguayan peso (peso uruguayo), which is divided into 100 centésimos. (Currency code: UYU)
Coins come in 50 centésimos, 1 peso, 2 pesos, 5 pesos, and 10 pesos. Banknotes come in 20, 50, 100, 200, 500, and 1,000 pesos. (There is also a 2000 pesos banknote, but I have never seen one.)* There is a list of the people depicted on the face of Uruguayan bank notes at the end of this article.
Uruguayan peso exchange rate
The link above goes to the webpage of the Banco Republica website which displays the exchange rate of various currencies to the Uruguayan peso.
Compra means "buy". It is how many Uruguayan pesos you would get for one unit of the currency you were exchanging.
Venta means "sell" it is how many Uruguayan pesos you would have to give to get one unit of the indicated currency.
Uruguay currency and the US dollar
While the Uruguayan peso is the official Uruguay currency, the US dollar is widely used. Smaller travel expenses such as restaurant meals, taxi fares, and most shop items are usually priced in Uruguayan pesos. Larger travel expenses like car rentals, hotels, and vacation rentals are usually priced in US dollars.
Most restaurants and businesses with prices in Uruguay currency will take payment in both Uruguayan pesos and US dollars (however, they may only make change in Uruguayan pesos.) Many restaurants and hotels in the beach resort community of Punta del Este will also take payment in Argentine pesos, Brazilian real, and euros.
Using Credit cards
Visa and MasterCard are taken at most restaurants, grocery stores, clothing stores, and car rentals. Using a credit card assures a fair exchange rate. You will usually be asked to provide your passport number with your signature.
Automatic Teller Machines (ATMs)
Automatic Teller machines connected to international networks are plentiful in Uruguay. ATM’s in most places will accept major bank cards and can issue either Uruguay currency or US dollars. Some ATM’s now have instructions in both Spanish and English.Note: Until recently foreign debit cards could draw 900 US dollars per ATM transaction unless the issuer’s bank had a lower daily limit. However, this has changed to 300 US dollars per ATM transaction.
Exchanging money in Uruguay
Cambios are private businesses where you can exchange one currency for another. In addition to Uruguay currency, Cambios exchange US dollars, Argentine pesos, The Brazilian real, and the euro.
Cambios are numerous in places of international activity such as Punta del Este and Montevideo’s Centro. The rate of exchange is posted in front of each cambio, so you can compare. The exchange rate at a cambio is usually better than at a Uruguayan bank (also, much faster).
It is a common practice for travelers to get US dollars from an ATM and then exchange a portion for Uruguay currency at a cambio, where you can usually get the best rate.
Money handling tips
• If you plan to use a currency other than the Uruguayan peso in a restaurant, ask first if your currency is accepted. ALSO learn the exchange rate for your currency in the restaurant or business before you make your decision to spend.• My personal experience has been that the cambio in Montevideo’s Carrasco airport has a very poor exchange rate. If you need Uruguayan currency upon arrival, just exchange what is needed to get to where you are going, and then exchange additional amounts at a more competitive rate.
• Notify your credit card company of your travel plans to avoid the freezing of your account for unusual card activity.
• Put your money in your wallet and back in your pocket or purse before you leave an ATM booth, a bank, or a cambio.
• While bank cards are accepted many places, vacation rentals provided by owners or small management companies often need to be paid in cash.
• Load your wallet from largest bills to smallest bills so you can easily pick out what is needed for your purchase without displaying how much you have.
• Ask for some small bills when you exchange money at a cambio. It is easier and more polite to buy small ticket items with small bills. You will not have the problem of the small shop not having enough change.
* People depicted on Uruguay's currency
• All Uruguayan coins: General José Artigas (1764-1850): Led the fight for Uruguay’s independence
• The 20 pesos banknote: Juan Zorrilla de San Martín (1855–1931): A poet who served as a Deputy of Montevideo and an ambassador
• The 50 pesos banknote: José Pedro Varela (1845–1879): Sociologist, journalist, and politician
• 100 pesos note: Eduardo Fabini: (1882-1950): Music composer
• 200 pesos banknote: Pedro Figari (1861-1938): Early modernist painter, lawyer, writer, and politician
• 500 pesos banknote: Alfredo Vásquez Acevedo (1844-1923): Lawyer and politician who published important criminal and civil codes
• 1000 pesos banknote: Juana de Ibarbourou (1892-1979): Poet
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