So, you need to send money to someone who lives overseas in Peru, but you don’t know what your options are.
Fortunately, your troubles are about to come to an end. Here are the top options available to you for sending money to someone in Peru:
Your first option will be to use a remittance service, which will convert USD into SOL, the Peruvian currency, and then send it to your recipient. With a remittance services such as Remitly, you can have the money sent within minutes with fees starting as low as $5.99.
The days where you would have to walk into the physical establishment of a remittance service to complete an international money transfer are also over. Today, it’s as easy as setting up an account either online or on an app and then initiating a fund transfer that way.
Prepaid Debit Card
A lesser known but still perfectly viable method for sending money to someone in Peru will be to use a prepaid debit card. How this method works is you simply send funds to someone via a debit card that your recipient can then use to make purchases or cash withdrawals from.
Furthermore, if you need to send more funds to them in the future, you can load the debit card with more money as needed as well through direct deposit from your bank account, and the money will be transferred within a matter of minutes.
The main downside to the prepaid debit card method is the expense. In addition to a usually $20 activation fee, there will also be a monthly fee of $5 to $10 in addition to sometimes a small fee paid for every transaction or withdrawal as well.
Bank Wire Transfer
The last choice would be to use your bank to send the money. Bank wire transfers are certainly a popular option for any international money transfer, though they can also be admittedly be rather slow and expensive, and for that reason may not be the best choice if you have a lot of money to spend.
Most banks will charge you a flat rate of between $40 up to $80 to send money, which is certainly a lot if you’re sending a smaller amount of money such as a few hundred. It should also take around five or so business days for the funds to be sent as well.
Fortunately, bank wire transfers are also very secure, and they are very easy to set up (you can complete a transfer online rather than having to walk into your bank).
Sending Money To Someone In Peru
If you need to send money to someone who lives in Peru, the options that we have just explored are your top ones to consider. Regardless of which method you choose, be sure to discuss the matter with your recipient first.