How to Send Money to Peru: Your Options and Requirements

Sending money to Peru requires understanding the available methods and associated requirements. Many individuals send funds for family support, bill payments, or other financial obligations. This guide details various transfer options and necessary steps for a smooth transaction.

Selecting a Money Transfer Service

Choosing a money transfer service involves evaluating speed, cost, and accessibility. Traditional banks offer a familiar and secure method for international transfers. However, bank wire transfers can incur higher fees, typically $25 to $50 per transaction, and may involve less favorable exchange rates. Such transfers usually take 1 to 5 business days for funds to reach the recipient’s account.

Dedicated online money transfer platforms offer a modern alternative with lower fees and more competitive exchange rates. Companies like Wise (formerly TransferWise), Remitly, Xoom (a PayPal service), and Ria Money Transfer specialize in international remittances. These platforms typically display exchange rates upfront, often close to the mid-market rate, with fees ranging from negligible to a few dollars. Transfers through online services can be significantly faster, with some offering delivery within minutes, while others may take 1 to 4 business days.

Cash pickup services, provided by operators like Western Union and MoneyGram, offer extensive networks in Peru, allowing recipients to access funds quickly, often within minutes. These services are particularly beneficial for recipients without a bank account. While convenient for speed and accessibility, cash pickup services might offer less competitive exchange rates, and fees can be higher, especially for smaller transfer amounts. The total cost includes the sender’s fee and the exchange rate margin.

Required Information and Documents

Before initiating a money transfer to Peru, gather specific information and documents for both the sender and the recipient. Senders typically need to provide valid identification, such as a government-issued ID (e.g., driver’s license or passport), along with their full legal name, current address, and contact details. This information is crucial for identity verification and compliance.

For the recipient in Peru, accurate and complete details are equally important to ensure correct fund delivery. This usually includes their full legal name, which must precisely match the name on their official Peruvian identification document, such as a Documento Nacional de Identidad (DNI) or Carné de Extranjería. Depending on the transfer method, the recipient’s address and a valid Peruvian phone number may also be required.

If sending money directly to a bank account in Peru, the recipient’s bank name, account number, and the specific account type (e.g., checking or savings) are essential. Some services may also require the bank’s SWIFT/BIC code for international wire transfers. For cash pickup services, providing the recipient’s full legal name exactly as it appears on their ID is paramount, as they will need to present this identification to collect the funds. Senders may also be asked to specify the reason for the transfer, such as “family support” or “purchase of services.”

Initiating Your Transfer

Once a money transfer service is selected and all necessary information prepared, initiate the transfer. For online platforms, this begins with creating an account or logging in via their website or mobile application. After logging in, specify the amount to be sent and select Peru as the destination country.

The platform will display the exchange rate and any applicable fees, providing a transparent overview of the total cost and the exact amount the recipient will receive in Peruvian Soles (PEN). Input the recipient details, including their full name, contact information, and chosen payout method (e.g., bank account, cash pickup location, or mobile wallet). Then, select your preferred payment method, which can include linking a bank account for direct debit (ACH), using a debit card, or a credit card.

After reviewing all transaction details for accuracy, including the amount, fees, exchange rate, and recipient information, confirm the transfer. Payment is then processed according to the chosen method. Some providers offer promotional rates or fee waivers for initial transfers. Upon successful initiation, the sender often receives a transaction reference number, such as a Money Transfer Control Number (MTCN) for Western Union, which can be used to track the transfer’s status.

How Recipients Access Funds in Peru

Recipients in Peru have several convenient options for accessing transferred funds, depending on the service chosen by the sender. Direct bank deposits are a common method, where funds are transferred directly into the recipient’s Peruvian bank account. Major banks in Peru, including Banco de Crédito del Perú (BCP), Interbank, and BBVA Continental, are frequently used. For bank deposits, funds typically become available within one to two business days, though some can take up to three to five working days depending on the sending method and bank processing times. The recipient simply needs to check their bank account balance.

Cash pickup is another widely available option, useful for individuals without bank accounts or who prefer immediate access to physical cash. Services like Western Union, MoneyGram, Xoom, and Ria Money Transfer have extensive networks of agent locations across Peru, including various bank branches and dedicated pickup points. To collect the cash, the recipient must present a valid government-issued photo ID, such as their DNI or Carné de Extranjería, and provide the transaction reference number. Funds sent for cash pickup are often available within minutes of the transfer being sent.

Mobile wallet transfers are an increasingly popular and fast method for receiving funds in Peru. Services like Xoom and Remitly facilitate transfers directly to mobile wallets such as Yape, which is widely used in Peru. Transfers to mobile wallets are typically completed within minutes, allowing recipients to access funds digitally through their mobile devices. This method offers convenience, as recipients can manage funds directly from their phones, often without needing to visit a physical location or maintain a traditional bank account.