How to Send Money to Peru from the U.S.

Sending money to loved ones abroad is a top priority for many Latinos that live in the United States. This is especially true for the Peruvian community, which has seen significant growth in the last few decades. We understand how important it is to be able to transfer funds abroad quickly and securely. To assist our community, we developed this guide that explains your options and the requirements for sending financial support to loved ones in Peru.

What Documents Do I Need to Send Money to Peru?

A number of documents are required to send money from the United States to Peru. These are used to prove your identity, primary residence, and employment details. The person receiving the funds will also need to provide documentation. 

Depending on the transfer option you select, you may be required to provide additional documentation. Below are the main requirements for sending money to Peru: 

  • A U.S. government-issued ID or passport. If you use a wire transfer agency or a financial app, your immigration status will not be relevant.

  • You must be at least 18 years old.

  • Recipient’s full name, address, ID number, and phone number in Peru. If sending money through a traditional wire transfer agency, you will also need to provide the remittance number. 

  • If the remittance is sent through a bank, you’ll need to provide the full name and ID number of the recipient. You’ll also need to provide your bank account number or SWIFT code if necessary, and any other additional details your bank might indicate.

Money Transfer Options

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There are several ways to send money to Peru, each with unique characteristics that can be tailored to your specific situation and needs.

Financial institutions

Banks are a popular way to send money to Peru because they are reliable and have historically always been a safe way to transfer funds abroad. In most cases, to complete the operation the account holder sending the money from the United States will need to provide account information for the recipient in Peru. 

Some of the main banking institutions that operate in Peru are: 

  • From the United States:

    • Bank of America

    • Chase

    • Wells Fargo, through wire transfers or its ExpressSend program for South America. With this tool you can send money from your checking or savings accounts so that your family members can receive it in cash.

    • CitiBank

Keep in mind: You can send money to Peru from almost any bank in the United States, but the options for Peruvian recipients are more limited.

Money transfer agencies 

When it comes to sending money abroad, this is usually the most well-known option. Money transfer agencies like Western Union or MoneyGram have a significant presence in the United States, Mexico, and Latin America, which gives them an advantage over other services. 

Senders in the U.S. can either visit an office in-person and send cash that can be picked up at a branch in Peru in local currency, or send an online transfer using a debit or credit card. The majority of these companies have offices in both countries to facilitate the transaction.

Some of the leading money transfer agencies that allow you to send money quickly and securely are:

Keep in mind: Some of these companies make the funds available to the recipient almost immediately. This is ideal in case of an emergency or other situation in your home country which requires urgent financial support. 

Mobile finance apps

In Peru, mobile finance apps have been increasingly popular for sending money abroad as they offer security, speed, and flexibility. With apps, both parties involved must first register on the platforms and verify their identity by providing the required documentation. These apps also offer the ability to add funds to your digital wallet so you can make transfers using your credit or debit card. 

Apps typically offer lower transaction fees compared to traditional banking institutions. Below are the most common apps for sending money abroad: 

How Much Does It Cost to Send Money to Peru?

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There are fees included with every transfer option, though they vary depending on the method used, the amount being sent, and delivery speed. The following are the most common fees associated with sending money from the United States to Peru:

Per transaction

Transaction costs depend on the method of transfer used. Banks usually have higher costs, ranging on average between $35 and $75 per transaction. The fees for traditional money transfer agencies vary, with the average remittance costing between $2 and $10. Apps, on the other hand, have the lowest fees, ranging from $0 to $3.

Currency conversion fee

When converting money from one currency to another, most banks or money transfer companies will charge a fee. The Central Reserve Bank of Peru determines the exchange rate, and is in charge of supervising and regulating the dynamics and fluctuations between supply and demand for local currency. Companies, for their part, always charge a percentage of the total amount sent, ranging between 1% and 2%.

What’s the Fastest Way To Send Money From the U.S. To Peru? 

One of the most important factors to consider when selecting a transfer method is delivery speed. Bank transfers typically take between 48 and 72 hours. Money transfer agencies, like Western Union or Xoom, can sometimes transfer funds immediately. Others have wait times ranging from one to three business days.

How Long Does It Take To Send Money to Peru?

Transfers from the United States to Peru usually go through within 48 hours. Depending on the type of agency used or whether the receiving bank needs additional information to process the transaction, it can take up to five business days.

How Much Money Can I Send to Peru?

The total amount of money you can send to Peru depends on the transfer option you select. With Wells Fargo for example, you can send between $500 to $1,000 to Peru per day. The Remitly app allows you to send up to $3,000 per day, and up to $18,000 in 180 days. 

Send Money to Peru Quickly and Easily!

We understand how important it is to send financial assistance to family and friends living abroad in Peru. Hopefully this guide has given you the tools and information to do so smoothly, safely, and swiftly.
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