Currencies of Latin America

Quick Answer

Thinking of traveling to Latinoamérica(Latin America)? Great! In this article, we’ll explore the different currencies used throughout Latin America to help you prepare for your trip!

Questions This Article Answers

Which currencies are used in Latinoamérica?

How do you say the names of Latin American currencies in Spanish?

Why are so many Latin American currencies named peso?

Coins 1

1. Norteamérica

Pesos Mexicanos There are three Spanish-speaking countries in Norteamérica y el Caribe(North America and the Caribbean). Here’s a list of the currencies used in each:

Country	Currency (ES)	Currency (EN)	Notes
México(Mexico)	peso mexicano	Mexican peso
Cuba(Cuba)	peso cubano	Cuban peso	Cuba used to operate a dual currency system, in which another currency, the peso convertible cubano(Cuban convertible peso) was equivalent to 1 U.S. dollar.
República Dominicana(Dominican Republic)	peso dominicano	Dominican peso	This currency used to be called peso oro(gold peso)

2. Centroamérica

There are six Spanish-speaking countries in Centroamérica(Central America). Here are the currencies used in each:

Country	Currency (ES)	Currency (EN)	Notes
Costa Rica(Costa Rica)	colón costarricense	Costa Rican colon	Named after Cristóbal Colón(Christopher Columbus).
El Salvador(El Salvador)	dólar estadounidense	U.S. dollar	El Salvador uses the U.S. dollar.
Guatemala(Guatemala)	quetzal guatemalteco	Guatemalan quetzal	Named after the quetzal (quetzal), Guatemala’s national bird.
Honduras(Honduras)	lempira hondureña	Honduran lempira	Named after Lempira(Lempira), a 16th-century leader of the Lenca, an indigenous people from Honduras and El Salvador.
Nicaragua(Nicaragua)	córdoba nicaragüense	Nicaraguan cordoba	Named after Spanish Conquistador Francisco Hernández de Córdoba(Francisco Hernandez de Cordoba).
Panamá(Panama)	balboa	balboa	Named after Spanish Conquistador Vasco Núñez de Balboa(Vasco Nuñez de Balboa). Panama uses its own coins but relies on the U.S. dollar for paper currency. The Balboa itself is pegged to the U.S. dollar at a 1:1 valuation.

3. Sudamérica

South American Globe Last but not least, here are the currencies for the nine Spanish-speaking countries in Sudamérica(South America):

Country	Currency (ES)	Currency (EN)	Notes
Argentina(Argentina)	peso argentino	Argentine peso	Replaced the austral(austral) in the 1990s.
Bolivia(Bolivia)	boliviano	boliviano	Like Bolivia, the boliviano is named after South American Liberator Simón Bolívar(Simon Bolivar).
Chile(Chile)	peso chileno	Chilean peso	Replaced the escudo(literally, shield) in the 1970s
Colombia(Colombia)	peso colombiano	Colombian peso
Ecuador(Ecuador)	dólar estadounidense	U.S. dollar	Ecuador uses the U.S. dollar.
Paraguay(Paraguay)	guaraní paraguayo	Paraguayan guarani	Named after the indigenous Guarani people.
Perú(Peru)	sol peruano	Peruvian sol	The sol replaced the inti(inti), and it's named after the Incan sun god (sol means sun in Spanish).
Uruguay(Uruguay)	peso uruguayo	Uruguayan peso
Venezuela(Venezuela)	bolívar	bolivar	Named after Simón Bolívar.

Why so many pesos?

As you may have noticed, there are a lot of Latin American currencies named peso, which means weight in Spanish. The use of this term has its origins in the Spanish Empire. Back in colonial times, one of the most widely used coins in circulation was the real de a ocho(piece of eight), also known in the English-speaking world as the Spanish silver dollar. These coins were used throughout Europe, Asia, and the Americas in the 16th century, to the point where they were a de facto world currency.

In the Spanish-speaking world, people also used the term peso to refer to the silver dollar. When Latin American countries gained their independence, many retained the term peso for their currencies.

But careful! While the names of these currencies might be the same, they are still different currencies. Each country mints its own peso, and each peso has its own different value and exchange rate!

Pesos 1 We hope you found these tips on what currencies to use in Latinoamérica useful! If you’d like to learn more about visiting Latinoamérica, check out some of the articles below!