Online money transfer companies typically offer the lowest fees and the most competitive exchange rates to send money to Peru — often beating your local bank by a longshot. Converting US dollars to Peruvian sols doesn’t have to be pricey, keep the process simple by comparing your money transfer options.
Send money to Peru with Remitly
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
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Delivery promise where fees are refunded if it doesn't arrive on time
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Peru. Some offer cash pickup in as little as a few minutes, while others transfer to bank accounts.
1. Digital money transfer services
Companies like Remitly and OFX specialize in foreign currencies, making them some of the most cost-effective ways to send money to Peru. Most offer transfers directly to your recipient’s Peruvian bank account, often in as little as a day or two.
Why? Digital money transfer services are cheaper because they exist online and don’t have as many employees or physical locations.
2. Cash transfers
Services like WorldRemit and MoneyGram allow you to transfer cash for pickup at a local branch in Peru— often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak exchange rates and high fees.
Why? Picking up cash is more expensive because more people are involved.
The Peruvian sol may be offered by your bank, but beware of high fees and wide margins on the exchange rate. Compare bank transfers to digital services and other options before sending a wire transfer to Peru.
Why? Banks offer money transfers as a secondary service so don’t strive to offer competitive prices.
Let’s crunch the numbers: Sending $1,000 to Peru
Let’s say you need to send $1,000 to family in Peru. Here’s what you might face as far as fees and exchange rates as of February 24, 2021.
Digital money transfer service
$25 + additional correspondent bank fees
1 USD = 3.649 PEN
1 USD = 3.631 PEN
1 USD = 3.347 PEN
Better than the bank
Fastest and best value
Slowest and most expensive
The bank option ends up being the slowest and gets the smallest amount of money to your recipient in Peru. A cash transfer sends the most, PEN$354 more than the bank, and can typically have your transfer to Peru in as little as 15 minutes. Make sure there’s a cash pickup location near your recipient before sending.
How to send money to Peru online
Sign up and send money with a digital money transfer specialist in four steps:
Sign up for a free account. Compare and pick a provider before signing up for a free online account using your contact information, proof of ID and preferred payment method.
Provide transfer details. Submit your recipient’s contact information and pick a delivery method. If transferring to a bank, you’ll need their Peruvian bank account details.
Confirm transfer details. Double-check your payment method, expected fees and destination.
Save your receipt. Record your receipt’s confirmation number to track the progress of your transfer to Peru. Some money transfer providers send a text or email when your transfer is complete.
Get the most out of your money transfer to Peru
Weigh costs and fees against convenience to best compare money transfer providers that send to Peru. Consider:
Exchange rates. The USD-PEN relationship fluctuates often, so using a service that allows you to lock in exchange prices may help you save money down the line if the sol rises against the US dollar.
Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger USD-PEN exchange rate.
Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the amount of sols you’re sending to Peru.
Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers to Peru.
Sending limits. Comparing prices for one large transfer instead of many small transfers is typically easier, so picking the service you use based on how much you’re sending is a valid strategy for saving money.
Transfer methods. Whether you want money sent to a Peruvian bank account or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.
How to send money to Peru without a bank account
If you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
Emergency cash transfer
When urgency trumps cost to get your money to Peru quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
Banks and money transfer companies use exchange rate to calculate how much Peru’s currency is worth when converted to USD. The USD-PEN relationship can change daily based on global economic stability, interest rates and inflation.
To pick up money in person, documentation may include:
Transfer number. The person sending you money can forward the transfer’s confirmation details — called a PIN, a MTCN, a reference number or a tracking number, depending on the company.
Government-issued ID. A passport or similar official ID may be required to pick up your transfer.
Amount sent. You may need to know how much was sent, usually within 10% of the total.
Sender’s information. Take along your sender’s full name, the sending country and their address, if known.
Sending your hard-earned money to Peru shouldn’t cost a fortune. Compare money transfer companies that specialize in foreign transactions for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.
Frequently asked questions
What documents are needed to send money from the US?
To send money from the US to Peru, you’ll need documentation and details that include:
Identification. Most services require a driver’s license, passport or other government-issued ID. Some services allow you to send transfers without ID, but they may require your SSN.
Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal checks.
Recipient information. Submit your recipient’s name as it appears on their ID, along with their phone number, bank account and routing number information in Peru.
Zak Killermann is a writer at Finder who’s been specializing in cryptocurrencies and blockchain technology for four years — covering everything from ICO booms, crypto winters, memecoins and more. He’s mined and minted cryptocurrencies, and remembers the days when DOGE was just for fun. Zak’s focus is in breaking down technical concepts (like yellow papers) for the average folk to digest on their morning commute. Before diving into all things crypto, Zak contributed to Finder’s money transfers vertical.
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