Chile currency guide: The Chilean peso (CLP)

If you’re sending money to Chile or planning to travel there soon, it pays to learn a little about Chile’s currency—the peso. A bit of knowledge about the Chilean peso’s history and current market can help you land the best exchange rates.

Here, we’ll cover everything from the peso’s origin to present-day exchange strategies. We’ll also touch on a few money-related customs to help you blend in like a local.

What is the currency of Chile?

Chile’s official currency is the Chilean peso (CLP). You can use the symbol “$” or “CLP$” to denote that it’s a Chilean peso and not a US dollar (USD). For example, you could write $1000 or CLP$1000.

Chile’s currency includes:

• Chilean banknotes: Denominations of 1,000, 2,000, 5,000, 10,000, and 20,000
• Chilean coins: Denominations of 1, 5, 10, 50, 100, and 500

You might hear people refer to different denominations Chilean currency by their colloquial names, like:

• “Gamba” for 100 pesos
• “Quina” for 500 pesos
• “Luca” for 1,000 pesos
• “Gabriela” for 5,000 pesos

Chile’s currency comes in different shapes and sizes, with the banknotes featuring depictions of war heroes and iconic national landmarks like Torres del Paine’s signature granite peaks.

History of the Chilean peso

Chile introduced the peso in 1817, during its final push toward independence from Spain. At first, pesos circulated only as coins, but paper bills became more common over time.

In the late 1800s, a lack of government regulation over private banks led to economic instability and a bank run in 1878. In 1925, Chile founded the Central Bank of Chile to restore trust in the currency, giving it full control over issuing money and managing inflation.

In 1960, Chile briefly replaced the peso with a currency called the escudo, but switched back to the peso in 1975. Despite periods of inflation, the Chilean peso is now one of Latin America’s more stable currencies.

7 tips for exchanging US dollars to Chilean pesos

Chilean currency exchange rates change daily. Before you exchange USD to CLP, read these important tips.

1. Research and compare exchange rates

Researching rates and fees ahead of time can help cut down on costs when exchanging money in Chile. Banks, online platforms, airport kiosks, and local exchange services may all offer different rates. And some may charge more in hidden fees than others (more on fees later).

Before choosing a service, consider both exchange rates and the total cost upfront to make sure you get the best overall value.

2. Notify your bank ahead of traveling

Give your bank a heads-up before you leave the country so you can use your credit or debit cards abroad without any issues. If you don’t, it’s possible that your transactions will trigger fraud alerts, which could prevent you from being able to use your cards and/or withdraw Chilean currency.

Most banks allow you to notify them of upcoming travel through their app, a phone call, email, or online chat. Taking a few minutes to inform them where you’re traveling and how long you’re staying can make using money in Chile easier.

3. Avoid exchanging money at airports, hotels, and tourist areas

While exchange kiosks in the airport or touristy areas might be convenient, they often charge high fees and less-than-ideal exchange rates. For better value, look for a local bank or a trusted exchange service like Western Union.

4. Consider commissions and fees

A great exchange rate doesn’t always mean a great deal. Some services may offer appealing rates but tack on high commissions or hidden fees.

When deciding where to exchange currency in Chile (or at home in the US), always check the full cost. Taking a few minutes to compare can make a noticeable difference in what you get back in pesos.

5. Opt to be charged in Chilean currency when withdrawing money from ATMs

Among the best ways to exchange currency in Chile is to use a trusted exchange service or withdraw Chilean currency from an ATM. When withdrawing, always choose to be charged in pesos and not US dollars. This usually gives you a mid-market rate and helps avoid dynamic currency conversion (DCC), a service where the ATM or sales terminal sets the exchange rate (often at a cost to you).

Just be aware that your US debit card might charge additional ATM or international fees. Also, keep in mind that ATMs in Chile often have withdrawal limits of about 305 USD. Plan accordingly.

6. Understand that exchange rates vary depending on the day

Exchange rates can fluctuate daily, but you can track live exchange rates via the Western Union^® app to keep tabs on them. Knowing the current rate helps you avoid overpaying when exchanging money.

Exchange rates fluctuate for various reasons, including interest rates, inflation, and broader economic and political factors.

7. Use reputable exchanges

Make sure you use an established bank, a vetted online exchange service, or an authorized exchange bureau when converting US dollars to Chilean currency.

For example, Western Union has over 100 physical locations in Chile. Western Union also offers security features like data encryption, transfer tracking, Touch ID, and PCI DSS compliance to help protect your funds.

Using money in Chile

Here is everything you need to know before using currency in Chile, including cultural practices like tipping etiquette.

Can you use US dollars in Chile?

Yes, you can use US dollars in Chile in some hotels and tourist areas. However, most businesses and restaurants prefer Chilean currency. So, consider using an exchange service in Chile or withdrawing pesos from an ATM.

Tipping etiquette in Chile

Tipping is common in Chile. Plan to tip hotel bellhops 1 USD per bag. Additionally, it’s common to tip 10% or more at a restaurant. Taxi drivers in Chile typically do not expect tips, but it’s customary to tip tour guides about 10 USD per day.

Bring clean, new bills for tipping, as some banks in Chile do not accept ripped bills.

Send money to Chile with Western Union

Using Western Union to send and receive money in Chile is easy. You can use the app or website, or visit an in-person location to convert USD to Chile’s currency. Depending on the method you use, your money could arrive in just minutes. Get started today.

Explore more currency guides

Interested in planning another trip to Latin America? Check out more currency guides with information about countries from Mexico to Costa Rica:

• Mexico currency guide: the Mexican peso (MXN)
• Colombia currency guide: the Colombian peso (COP)
• Dominican Republic currency guide: the Dominican peso (DOP)
• Brazil currency guide: the Brazilian real (BRL)
• Peru currency guide: the Peruvian nuevo sol (PEN)
• Argentina currency guide: the Argentinian peso (ARS)
• Costa Rica currency guide: the Costa Rican colón (CRC)