How to Send Money From the USA to Peru

Sending money from the United States to Peru involves navigating various financial options, each with its own benefits and considerations. Understanding the available methods, required documentation, associated costs, and the transfer process helps ensure funds reach their intended recipients efficiently and securely.

Common Money Transfer Methods

Several distinct methods facilitate sending money from the USA to Peru, each catering to different needs regarding speed, cost, and convenience. Online money transfer services have become popular due to their digital nature and often competitive pricing. These platforms, accessible via websites or mobile applications, typically allow users to initiate transfers from their bank accounts, debit cards, or credit cards. Companies offering these services often provide transparent exchange rates and lower fees compared to traditional banks, with funds arriving quickly, within minutes or hours.

Bank wire transfers represent a traditional method for international money movement. These transfers involve sending funds directly from one bank account to another. While reliable and suitable for larger sums, bank wires incur higher fees and may take longer to process, between one to five business days. Correspondent banks may also deduct additional fees, which can increase the overall cost.

Cash pickup services offer an alternative for recipients in Peru who may not have bank accounts or prefer immediate access to physical currency. Providers like Western Union and MoneyGram operate networks of agent locations where recipients can collect funds by presenting identification and a transaction reference number. This method provides rapid access to funds, with money available for pickup within minutes.

Information and Documentation Required for Sending

Initiating a money transfer from the United States to Peru requires information and documentation from the sender to comply with financial regulations. Senders need to provide valid government-issued identification, such as a driver’s license, passport, or state identification card, for identity verification. This is a standard requirement under “Know Your Customer” (KYC) and Anti-Money Laundering (AML) regulations. For larger transactions, senders might also need to provide proof of the source of funds or the reason for the transfer.

Detailed information about the recipient in Peru is essential for a successful transfer. The recipient’s full legal name, matching what appears on their identification or bank account, is important to avoid delays. Their physical address and phone number are required by most transfer services.

For bank transfers, banking details are necessary, including the recipient’s bank name, account number, and a SWIFT/BIC code. In Peru, interbank transfers utilize a 20-digit Código de Cuenta Interbancario (CCI), which uniquely identifies bank accounts. The sender may need to specify the account type (e.g., checking or savings) and the purpose of the transfer, such as family support or a gift. For cash pickup services, confirmation of the pickup location is needed. The recipient must present identification to collect the funds.

Understanding Costs, Exchange Rates, and Transfer Limits

The total cost of sending money from the USA to Peru involves the advertised transfer fee and the exchange rate applied to the currency conversion. Transfer fees can be flat, a percentage of the amount sent, or vary based on the transfer method and speed. Some online services may offer zero fees but apply a less favorable exchange rate. Traditional bank wire transfers have outgoing fees ranging from $20 to $50, with additional charges from intermediary banks.

Exchange rates play an important role in the amount the recipient ultimately receives. Financial institutions and money transfer services add a margin to the mid-market exchange rate. This markup is a main way these services generate revenue, and comparing the offered rate to the mid-market rate helps determine the actual cost of the conversion. Calculating the total cost involves adding the transfer fee to the implicit cost from the exchange rate margin.

Transfer services impose limits on the amount of money that can be sent, which can be daily, weekly, or monthly. These limits depend on the sender’s verification level, with higher limits available to users who have completed extensive identity verification processes. While there is no universal federal law in the U.S. limiting the amount of money one can send internationally, individual banks and providers set their own thresholds. Transfers exceeding $10,000 are subject to reporting by financial institutions to the Internal Revenue Service (IRS) under the Bank Secrecy Act.

Steps for Completing a Transfer and Recipient Access

Once all necessary information and documentation are gathered, initiating a money transfer involves a streamlined process. For online services, this begins by logging into the platform, selecting Peru as the destination country, and entering the amount to be sent in U.S. dollars. The system then displays the converted amount in Peruvian Soles, along with any applicable fees and the estimated delivery time.

The next step involves inputting the recipient’s details, such as their full name, address, and banking information (for bank deposits) or preferred cash pickup location. Senders then select a funding method for the transfer, such as a bank account via ACH transfer, a debit card, or a credit card. Debit card payments facilitate faster transfers, within minutes, while bank transfers may take longer. After reviewing all details, the sender confirms the transaction and receives a tracking number, such as a Money Transfer Control Number (MTCN) for cash pickup services.

Recipient access to funds varies depending on the chosen delivery method. For bank transfers, funds are directly deposited into the recipient’s Peruvian bank account within one to three business days. For cash pickup, the recipient visits an agent location, presents a valid government-issued ID, and provides the tracking number to collect the cash.

Some services offer direct deposits to mobile wallets. Delivery times for these methods can range from minutes for cash pickup or mobile wallet deposits to several business days for bank transfers. These times are influenced by payment method, recipient bank processing times, and local business hours. If issues arise, customer support is available through the service provider for assistance.