Compare exchange rates, transaction fees and transfer options when you need to send a fast and affordable money transfer to Peru.
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Compare money transfer services to Peru
Banks versus money transfer companies
he first place many people go when they need to send an international money transfer is to their bank. While banks can certainly send money overseas for you, their fees are often higher compared to companies that specialize in international money transfers. These money transfer companies focus on international transactions and can offer much better exchange rates than most major banks.
Case Study: Gloria Sends Money to Peru
Gloria wants to send $1,000 from New York to her sister in Lima. She has an account big bank in the U.S. but, after learning they don’t offer this exotic currency, she decides to shop around for a money transfer provider to try to find a better deal. She compares two specialist online transfer companies in the table below.
| Money transfer provider 1 | Money transfer provider 2 | |
|---|---|---|
| Exchange rate | $1 USD = $2.253 PEN | $1 USD = $2.262 PEN |
| Transfer fee | $10 | $0 |
| Transfer method | Online | Online |
| Processing time | 1-3 days | 1-3 days |
| Amount received (in PEN) | S/.2,253.00 | S/.2,262.00 |
As you can see, Gloria can send almost S/.9 extra using the second transfer company and can also save $10 in transfer fees.
Back to topHow do I compare transfer companies when sending money to Peru?
- Exchange rates. Shop around to find a transfer provider that offers better exchange rates than its competitors. However, make sure those great rates don’t also come with high transfer fees attached.
- Transaction fees. Check the fine print to see how much it will cost you each time you send a transfer; it’s also a good idea to find out whether you can avoid paying a fee if you transfer a large sum of money.
- How easy it is to use. Can you place transfers online or by visiting a branch? Are there other convenient options available, such as placing transfers over the phone or using a free mobile app?
- Flexible transfer options. Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the institution offer limit orders, which allows you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule recurring payments?
- Turnaround time. Compare transaction processing times to see which company can get your money to Peru the fastest, but remember that quick transfers usually cost more.
- Minimum and maximum transfer amounts. Some providers impose minimum and maximum transaction limits. Check to see if these limits will affect you.
- Cash collection options. Does the provider offer bank account transfers or a cash pickup option?
- Customer service. Are phone and email support offered? Is there an online help center and live online chat if you need immediate assistance?
Foreign exchange rates explained
The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. For example, in January 2018, the U.S dollar was worth approximately 3.26 Peruvian Sol. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.Live USD-PEN exchange rate
What are my options for sending money to Peru from the U.S.?
- Specialist money transfer companies. Online transfer companies, like World First and OFX, can offer fast and convenient transfers to destinations all around the world.
- Cash pickup transfer companies. Providers such as Western Union and MoneyGram offer convenient cash pickup transfers to Peru.
- Bank transfers. Compare the exchange rates and fees your bank offers on international transactions with those offered by transfer companies.
- International guaranteed checks. Another option is to obtain an international check from your bank and mail it to your beneficiary in Peru.
What are the steps to send money to Peru?
- Sign up for an account with a transfer provider. Registering is usually free and can be done online. You’ll need to provide your name, contact details and a valid form of photo ID.
- Provide transaction information. The next step is to enter all the details of your transfer, including who you’re sending money to, where they live, how much money you’re sending and in which currency.
- Complete your transaction. The last step in the process is to review the transfer details, pay for your transaction and keep hold of any receipt you are given so that you can track your transfer.
Emergency cash transfers in Peru
If you need to send money to Peru as quickly as possible, some companies offer rapid international transfers in as little as 10 minutes. However, fast transfers usually don’t come cheap, and you can expect the transaction to cost extra thanks to low exchange rates and high transfer fees. With this in mind, make sure that you take a close look at the full cost of your transaction before deciding whether it is a cost-effective transfer option.
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