Chile’s breathtaking landscapes, rich culture, and vibrant cities make it an unforgettable destination. Whether you’re planning a visit or sending money to family and friends in Chile, understanding the Chilean peso (CLP) will help you manage your finances more effectively.
From its history to practical tips for exchanging and using it, here’s everything you need to know about Chile’s currency.
Basics of the Chilean Peso
The Chilean peso (CLP) is issued by the Banco Central de Chile and uses the symbol $. While the peso was once subdivided into centavos (¢), these were discontinued in 1984 due to their low value.
Coin Denominations
- 10-, 50-, 100-, 500-peso coins
- 1- and 5-peso coins are no longer minted but remain legal tender.
Banknote Denominations
- $1,000, $2,000, $5,000, $10,000, $20,000
- $500 banknotes are no longer in production but can still be used.
A Brief History of the Peso
Chile introduced its first peso in 1817, tying its value to the metal content in coins. Over time, the peso’s value shifted:
- 1885: Chile adopted the gold standard, pegging 1 peso to 1 shilling 6 pence of British sterling.
- 1932: The gold standard was suspended, causing a decline in the peso’s value.
- 1975: The modern peso was introduced, and it is no longer pegged to other currencies.
Five Fascinating Facts About the Chilean Peso
1. The Peso Has Deep Colonial Roots
The word peso comes from the Spanish term for “weight,” reflecting its origins as a coin made from precious metals like gold and silver.
2. Unique Slang for Pesos
Chileans use various slang terms for their currency, including:
- Luca: $1,000
- Quina: $500
- Gamba: $100 or, in some cases, $100,000
- Gabriela: $5,000, named after the poet Gabriela Mistral, who appears on the note.
Banknotes Honour Chilean Heroes
Chilean peso banknotes feature prominent figures and landmarks, such as:
- $5,000: Gabriela Mistral, Nobel Prize-winning poet.
- $20,000: Andrés Bello, a revolutionary leader.
- $10,000: Ignacio Carrera Pinto, a war hero.
4. Indigenous Symbols Protect Against Counterfeiting
The antú, a symbol of the sun from Mapuche culture, is featured on all modern banknotes. Introduced in 2009, it serves as both a cultural element and a security feature, deterring counterfeiters.
Advanced Security Features
Chilean banknotes now include polymer materials, transparent security windows, and watermarks to reduce counterfeit activity.
Tips for Using Chilean Pesos
Currency Exchange
- ATMs: Widely available in cities and often offer better rates than airport exchange counters.
- Exchange Rates: The peso’s value fluctuates, so compare rates before exchanging GBP to CLP.
Payment Methods
- In cities like Santiago, credit and debit cards are widely accepted.
- In rural areas, cash is essential, and smaller denominations are helpful for day-to-day purchases.
About Chile
Chile stretches along South America’s western coast, offering diverse landscapes from the Andes mountains to Patagonia. With a population of 19.12 million, most Chileans live in urban areas such as the capital, Santiago. Spanish is the primary language, though indigenous languages like Mapudungun and Quechua are still spoken.
Sending Money to Chile
For those sending money to Chile, services like Remitly provide fast and secure transfers. Funds can be sent directly to Chilean bank accounts or for cash pickup at local locations.
