We show that good approximations to the exact equivalent local potential (ELP) and damping factor of a nonlocal Perey-Buck potential can be calculated in the partial wave WKB approximation of Horiuchi. The exact ELP and damping factor are obtained by means of a method previously given by one of us. We also confirm that an approximate ELP proposed by Bauhoff et al. is of comparable accuracy as the Horiuchi approximation. These /-dependent ELP's exhibit reduced attraction in the interior and provide a test for higher order WKB approximations. We subsequently obtain an equivalent velocity dependent potential (EVDP) which is even exactly wave function equivalent to the original nonlocal potential. This almost local potential, unlike the trivial equivalent local potential, is smooth and well-behaved and is therefore particularly useful in nuclear reactions where the off-shell behaviour of the potential is important.