How to Send Money to Peru: Methods, Fees, and Steps

Sending money across international borders is a frequent need for supporting family, managing investments, or facilitating business. For those with connections to Peru, understanding efficient and secure transfer methods is important. This guide clarifies the process, outlining transfer options, necessary information, key considerations, and steps to complete a transfer. While international money transfers can seem complex, proper preparation makes the process straightforward.

Available Money Transfer Methods

Several methods are available for sending money to Peru. Traditional bank wire transfers move funds directly between bank accounts through the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, a secure messaging system connecting banks globally. Senders usually provide the recipient’s bank name, account number, and SWIFT/BIC (Bank Identifier Code).

Online money transfer services, such as Wise, Remitly, Xoom, and WorldRemit, offer digital platforms for convenience and competitive rates. Users can initiate transfers from bank accounts, debit cards, or credit cards, with funds often deposited directly into a recipient’s bank account or mobile wallet. This digital approach streamlines the process, making it accessible from almost anywhere with an internet connection.

Traditional money transfer operators, such as Western Union and MoneyGram, are prominent for cash-based transactions. They use agent networks, enabling senders to deposit cash and recipients to pick up cash in Peru, often within minutes. This method is useful for recipients without bank accounts or who prefer immediate cash access. Senders receive a transaction reference number, which the recipient presents with identification to collect funds.

Mobile wallet transfers, such as Yape, are also an option in Peru. Funds can be sent directly to a recipient’s mobile wallet account for digital transactions or cash withdrawal. Mobile wallets offer a fast and convenient way to receive funds, especially in areas with limited traditional banking infrastructure. The availability and prominence of mobile wallet services vary by region and provider, but they offer an increasingly popular digital payout method.

Essential Information for Sending Money

Before any transfer to Peru, gather details for both sender and recipient. Senders need their full legal name, address, and contact information (phone, email). A valid form of government-issued identification, such as a driver’s license or passport, is typically required to verify the sender’s identity and comply with regulatory standards. Some providers may also ask for information regarding the source of the funds being transferred, aligning with anti-money laundering regulations.

Accurate recipient information ensures funds reach the intended person. Senders must provide the recipient’s full legal name exactly as it appears on their official identification or bank account. The recipient’s address (city and province) and a contact phone number are also required. An email address for the recipient can be helpful for updates.

For direct bank account transfers in Peru, specific banking details are necessary. This includes the recipient’s bank name and complete bank account number. The bank’s SWIFT/BIC code is also needed for international wire transfers, serving as a unique identifier for the bank. Some countries use an International Bank Account Number (IBAN), though Peru typically relies on a standard bank account number and SWIFT/BIC.

For cash pickup transfers, the recipient needs a valid government-issued photo ID, such as a DNI, Carné de Extranjería, or passport. The sender must provide the recipient with the transaction reference number, which is necessary for collection. The purpose of the transfer, such as family support, a gift, or bill payment, is often requested by providers to comply with financial regulations.

Key Considerations for Your Transfer

When choosing a transfer method to Peru, several factors should influence the choice. Fees and charges are a primary consideration, as they directly impact the total cost and the amount the recipient receives. Services may charge fixed or percentage-based fees, varying by amount and payment method. Traditional banks can charge over $50 for international wire transfers, while some online services may offer lower or even $0 fees for certain transactions.

Exchange rates are another significant factor, often influencing the final received amount more than explicit fees. Services convert USD to Peruvian Sol (PEN) using a rate that includes a margin above the mid-market rate. This mid-market rate is the true midpoint between the buying and selling prices of a currency pair on the global market, without any added markups. Providers typically add a spread or margin ranging from 0.1% to 5% or more, which means the recipient receives less local currency than if the mid-market rate were applied. Compare both fees and exchange rates, as a low fee might be offset by a less favorable rate.

Transfer speed is also important, especially for urgent needs. Some services, particularly those offering cash pickup or transfers funded by debit or credit cards, can make funds available in Peru within minutes or hours. Bank transfers can take anywhere from one to five business days, and in some cases, up to seven working days, depending on the banks involved and processing times. The sender’s payment method directly impacts speed; for example, funding a transfer with a bank account may be slower than using a debit card.

Transfer limits dictate the maximum amount that can be sent per transaction, day, or month. Limits vary widely; some services allow transfers up to $5,000 for cash pickup, while others facilitate much larger amounts, such as up to $535,000 for online bank transfers. Transfers exceeding $10,000 are often subject to additional reporting requirements due to anti-money laundering regulations. Security and reliability are important; use regulated and reputable companies that employ encryption and two-factor authentication to protect funds and personal information. Checking for positive customer reviews and regulatory compliance can help in selecting a trustworthy service.

Completing Your Money Transfer

Once a money transfer method is selected and information gathered, sending funds to Peru follows several steps. First, access your chosen provider online, via mobile app, or at an agent location. Many online services require a quick sign-up process for new users, often involving email verification and identity confirmation. This initial setup is usually a one-time requirement, making subsequent transfers faster.

Next, initiate a new transfer by specifying Peru as the destination and entering the amount. The system will display applicable fees and the exchange rate, showing the exact amount the recipient receives in Peruvian Soles (PEN). Review these figures carefully before proceeding, as they include any markups on the exchange rate. Then, select the desired delivery method, such as a direct bank deposit, cash pickup, or mobile wallet transfer, based on the recipient’s preference and the provider’s available options.

After selecting the delivery method, input the recipient’s details: full legal name, address, and contact information, ensuring it matches their identification. For bank deposits, enter the recipient’s bank name and account number, along with the bank’s SWIFT/BIC code if required. For cash pickups, no bank details are needed, but the recipient’s full name must align with their government-issued ID. The purpose of the transfer is also specified during this stage.

After entering all transfer details, a review screen allows confirmation of the amount, fees, exchange rate, and recipient information before finalizing. This step prevents errors that could delay or misdirect funds. The sender then funds the transfer using their chosen payment method, which can include linking a bank account, using a debit card, credit card, or paying with cash at an agent location. Debit and credit card payments often facilitate faster transfers, though credit card transactions may incur additional issuer fees.

Upon successful payment, the sender receives a confirmation, usually via email or within the app, which includes a unique transaction reference number, often called a Money Transfer Control Number (MTCN) for some services. This number tracks the transfer’s status online and should be shared with the recipient for cash collection. Inform the recipient about the expected arrival time and any specific requirements for collecting funds, such as presenting a valid ID and the transaction reference number for cash pickups.