Compare all the best ways to send money to Peru

Pay attention to PEN exchange rates, as it determines how much PEN your recipient will receive.

For instance, today’s average USD to PEN rate is 3.5469 but the highest rate over the past 7 days was 3.6016 PEN/USD.

Your aim is to transfer when PEN reaches a higher value so waiting a few days could result in a better rate, hence more PEN received.

For urgent Nuevo Sol transfers, we recommend Revolut. It consistently provides the best PEN rates.

How you fund your transfer affects the cost, speed, and the amount of Nuevo Sol the recipient will receive.

The cheapest way to fund your transfer to Peru is with a bank transfer via Panda Remit, which is 0.14% cheaper than the next cheapest service.

Based on our analysis of a $7,000 transfer from to Peru, here are the top options:

• Panda Remit (bank transfer): Costs $4 + 0.3% markup on top of the PEN mid-market rate.

• Xe (debit card): Costs $0 + 2.46% markup.

debit card is the most expensive deposit method for Nuevo Sol transfers, so we recommend avoiding it to maximize the amount of PEN received.

Credit card transfers may result in cash advance fees and higher interest rates when sending money to Peru.

Avoid sending PEN over the SWIFT network, as it's slower and more expensive. Instead, consider cheaper options like ACH or account balance for PEN transfers.

Money transfer companies often have minimum and maximum limits on how much PEN you can transfer.

The amount of PEN you send can impact the fees and exchange rate. Some services such as Revolut may offer a better exchange rate for large PEN transfers.

There may also be government-imposed restrictions, commercial limitations, and other factors that may affect how much PEN you can send.

To ensure your money transfer to Peru goes smoothly, especially if moving large amounts of Nuevo Sol, use our comparison tool to find the service that best fits your needs.

The speed of sending Nuevo Sol to Peru depends on factors like the amount of PEN sent, the chosen deposit and withdrawal methods, and when you send PEN.

As a rule of thumb, faster transfers come with higher fees.

Let’s imagine you want to transfer $7,000 to Peru, here are your options:

• For the fastest transfers, use Panda Remit - Out of 8 companies serving Peru.

• For bank and card deposits, use Panda Remit - Panda Remit provides fast and affordable PEN transfers, with fees around $4 for bank account deposits and $0 for debit/prepaid card deposits, with a small 0.3% markup on the ‘real’ PEN exchange rate.

• For credit card transfers, beware of potential cash advance fees and higher interest rates from your credit card company.

• For urgent transfers, use cash transfer services - If you need Nuevo Sol to be delivered urgently, services like Western Union, MoneyGram, or Ria Money will have it ready within minutes for collection in Peru.

Avoid using the SWIFT network for PEN transfers, as intermediary banks slow the process. Instead, opt for faster and more cost-effective alternatives discussed above.

For PEN transfers, you have the following options:

1. Money transfer company - You can transfer money online using an FX broker (managed service) or a self-managed online company like Revolut. Based on our analysis, Revolut ranked as the top provider for sending money to Peru, appearing in 1 comparisons involving PEN.

2. Mobile apps and digital wallets - Many services available in Peru offer mobile apps, often giving transfer offers on PEN rates.

3. Cash transfers - You can send cash to Peru through services like Ria Money, MoneyGram, or Western Union. Cash transfers are typically instant, but the recipient must visit a local agent in Peru to collect the Nuevo Sol.

4. Wire transfers - While you can wire money to Peru through your bank, we advise against it. Banks can charge up to $60 per transfer to Peru and add 5% - 6% to the PEN exchange rate. Instead, use bank transfer to deposit money to Revolut and send PEN from there.

There are several ways to receive money in Peru, and choosing the right one will help the recipient get the most PEN. Mainly, these are:

• Deposit to bank account - For direct bank deposits in Peru, we recommend Panda Remit. PEN will arrive directly to the recipient's bank account in Peru.

• Deposit to digital or mobile wallet - PEN can be sent directly to digital wallets like PayPal, though this option often has more limitations and higher costs compared to services like Panda Remit. Recipients in Peru will need to transfer it to their account, which may incur more fees.

• Cash pickup or home delivery - If the recipient needs PEN urgently or doesn't have access to a bank account in Peru, cash pickup or door-to-door delivery is a good alternative. Be sure to check if these services are available in Peru. This will require the recipient to visit a nearby agent in Peru.

When making large PEN transfers or sending Nuevo Sol for cash pickup, the recipient may need the following:

• Government-Issued ID: This can be a non-expired and valid passport, driver’s license, or national ID of Peru.

• Sender’s Details: Full name, address, and other personal information.

• Transfer Details: The amount being received in PEN.

• Transfer number: This is given at the time of transfer.

• SWIFT Code / IBAN: This may be required for bank transfers to Peru from some countries.

*The exact documents may vary depending on the transfer method and service used.

For bank accounts, debit cards, or wallet deposits, the recipient typically doesn’t need to do anything. Nuevo Sol will arrive without their involvement.

For larger transfers, companies may request additional documents like proof of funds and address verification in compliance with Anti-Money Laundering policies.

We recommend using Revolut for transferring large amounts of Nuevo Sol.

There may be tax implications and government-imposed limits on Nuevo Sol transfers.

Some Nuevo Sol transfers may be subject to gift tax, commercial tax, and other types of taxes.

Even if no immediate taxes or limits apply, larger PEN transfers may need to be reported to tax authorities in Peru or your home country.

To be fully safe, we strongly recommend consulting with a tax professional in either Peru or your home country to ensure compliance with relevant regulations and tax laws.