Arequipa is a city where the majority of tourism-related businesses accept payments in American dollars even though prices are listed in Peruvian currency (Nuevo Sol). When prices are published in Peruvian currency and the payment is done in dollars, the stores will exchange dollars for soles at a significantly lower rate than the one paid at  a well-established money exchange business.

The best places to exchange money in Arequipa are on the corners of San Juan de Dios and General Moran streets in downtown Arequipa as well as the corners of Ave. Ejercito and Ave. Cayma, where there are several well-established money exchange businesses or banks. (Banks are the safest places to exchange money, but exchange rates are lower.) Travelers should never exchange money on the street even if the exchange rates are higher. Also, always ask for a receipt when exchanging money. (lf a fake bill is given, there is proof of the transaction.)

If you are planning a visit to a touristc attraction outside of the metropolitan area (for instance Colca Canyon, the petroglyphs of Toro Muerto, the Sumbay Caves or the Mejia Lagoons), you should exchange soles in the city of Arequipa and bring soles with some American dollars. At the Colca Canyon you will be able to exchange money but the exchange rate will be much lower than it is in the city of Arequipa. (you will get less soles for your dollars).