The megadiverse nation of Peru – officially known as the Republic of Peru – is home to Amazon rainforest in the East, vast coastal plains in the West and the Andes mountains in the North, in addition to many ancient cultures. Peru has continued to experience exponential economic growth since the 1990’s. Notably, most recently, the country received 835 million USD in overseas remittances in the third quarter of 2021. With a global remittance market that is booming, we want to make sure our customers have access to the very best methods available for sending money quickly and safely to Peru.
Peru may still be considered a developing country but over the last few decades it has become one of the most prosperous countries in South America. While Spanish is the main spoken language, a range of other Indigenous languages are also used by natives across the country. Customers sending money overseas to Peru should consider the various local dialects, cultural differences and rate of exchange before arranging a transfer.
The Peruvian sol is the official currency of this South American country. The Sol replaced the Peruvian Inti in 1991 following a period of hyperinflation that forced the government to abandon the currency. Since the Sol was brought back in 1991, Peru has managed to retain an inflation rate of 1.5% which is the lowest rate in Central and South America.
The current exchange rate for the Peruvian Sol (PEN) is 4.113845 PEN per American Dollar (USD). The average exchange rate for the PEN was 4.0134 PEN per USD over the last 90 days. During the last 90 days, the PEN reached a high of 4.1155 PEN per USD, and a low of 3.8395 PEN per USD.
The average volatility rate of the PEN was 0.21% against the USD over the course of the last 90 days. This is a relatively low volatility rate, and the PEN has been relatively stable for some time now. You can reasonably expect slow, minor fluctuations to continue going forward, barring any unforeseen circumstances.
The fastest way is through the fast option provided by Ria Money Transfer. Ria Money Transfer’s fast option will see to it that your money reaches its Peruvian destination in a matter of minutes. While there are other services that usually complete the transfer in under an hour, Ria Money Transfer is cheaper than them. It’s also fairly simple to use, saving you time and money.
The cheapest way to transfer money to Peru is through OFX. OFX offers very low hidden currency conversion costs and doesn’t carry an upfront, stated fee. The service isn’t too slow either, as it will only take a day or two for your money to reach its Peruvian destination.
The easiest way is through Wise. The peer-to-peer payment system makes it exceedingly simple to send funds to Peru. All you need to do is tap in an amount of money and its destination. After that, you must complete your payment to Wise. At this point, it should only take a day or two for the transfer to be completed. Wise is also available in most countries, so it is convenient if you are on the move, or are unsure of your geographic future.
This one is a close call between OFX and Wise, but when all things are considered, Wise is the overall best way to send funds to Peru. Both of these options offer great deals, but Wise is ideally suited to regular usage and transfers of various sizes. It is also easier to use and available in far more countries than OFX. For these reasons, Wise is the overall best option for you.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com