Opening an account in BCP with a tourist visa

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Paavo Pesusieni
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Opening an account in BCP with a tourist visa

Postby Paavo Pesusieni » Wed May 26, 2010 11:55 am

Hi from a new member!

I'll be visiting Peru for some weeks and for various reasons would like to open an account in BCP. Presently I have one in Interbank where they let a tourist open an account with any two forms of photo ID. Last time the clerk in BCP said it's possible to open an account if showing some sort of paper from two people who have an account there with a balance of over $25.000. Possibly the clerk wanted just to say something and get rid of me... But assuming it's true I'm guessing the paper just needs to say they know me and that my purposes aren't related to money laundering. Has anyone heard of the same rule? Also, now I know one person with an appropriate balance in BCP who could help me but have absolutely no idea how to find another. Would anyone here have suggestions?


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scott
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Re: Opening an account in BCP with a tourist visa

Postby scott » Wed May 26, 2010 12:09 pm

When I asked at several branches of BCP and BBVA(Lima and Pucallpa) they said I needed my CE. I did some research on opening an account and found on their websites that they require a CE or DNI to open an account. I had an account at BCP and BBVA years ago with my passport, they still had a record of it, but told me that now I would need a CE to open a new account.

Never heard of the 25k amount to open an account.
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Re: Opening an account in BCP with a tourist visa

Postby Paavo Pesusieni » Wed May 26, 2010 12:21 pm

Thanks for your reply, I started thinking that the clerk might have made that one up on the spot, not wanting to explain why a CE is required and seeing I didn't have more than one person with me at that moment! They've closed my Interbank card, possibly due to inactivity, and I'm dreading they'll ask for some hefty maintenance fees to reopen it since the account has been empty. Well, unless someone else has heard of the same rule it looks like I'll have to try to deal with Interbank anyway. Opening an account there is still possible right?
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Re: Opening an account in BCP with a tourist visa

Postby Jennifer » Wed May 26, 2010 5:48 pm

I opened my account with just my passport, recently in bcp. Turns out it's not what you know, but who you know! And that's how a LOT of things are here in Peru. Get making some contacts...
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Re: Opening an account in BCP with a tourist visa

Postby Serionlv » Thu May 27, 2010 12:32 pm

Yes you can open an account if a "premium" member of BCP sponsors you. I had a sponsorship letter from such a person and there were no problems. I am guessing the large amount described by the teller is needed to qualify as a premium customer.
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Re: Opening an account in BCP with a tourist visa

Postby euroman » Thu May 27, 2010 2:22 pm

It seems that all those stupid CE requirements only apply to Lima.
In Tarapoto, BCP, Banco Continental, Scotiabank, Caja Piura, Mibanco will all open an account for you with just 2 forms of ID. No CE required.

Same with driving licences. In Lima you need a CE to get a drivers licence for a car of motorbike.
In Tarapoto...just some kind of id.
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Re: Opening an account in BCP with a tourist visa

Postby Paavo Pesusieni » Fri May 28, 2010 4:20 am

Thanks for the hints Jennifer and Serionlv! I'll try to find out if my current contact is/could become a premium member then. I couldn't find any information on the BCP pages, here the banks have very clear account balance limits for various membership types. Assuming one person is enough now and it's just about money and not having a business account, house loans or whatever, then it might even work already! I'll report here if I find out anything but it's still some months before this becomes relevant. I guess nobody here already is knowingly a premium member? :) I'd love to visit Tarapoto but there won't be enough time during this stay.
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Re: Opening an account in BCP with a tourist visa

Postby Jennifer » Fri May 28, 2010 4:23 pm

On the topic of banks... i guess someone with only a touist card, but with a bank account here cannot apply for a loan i.eto bu a property?? Any ideas?
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Re: Opening an account in BCP with a tourist visa

Postby fanning » Fri May 28, 2010 6:02 pm

To get credit in Peru is very difficult, specially the first credit. Once you have a credit card of a bank or Ripley or CMR, it seems more easy to get more credit. ( If you pay on time )
A minimum requirement will always be that you have a legal income in Peru, as they check your EsSalud status, and AFP/ONP. And a legal income you can only have if you have a Carnet.
You can buy property, but not with a Peruvian credit.
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Re: Opening an account in BCP with a tourist visa

Postby Serionlv » Fri May 28, 2010 9:26 pm

Jennifer wrote:On the topic of banks... i guess someone with only a tourist card, but with a bank account here cannot apply for a loan i.e. to buy a property?? Any ideas?


As I understand it there are some fundamental differences between the mortgages most of us know in the EEUU and those of Peru. Many states in the USA use a system of trustees deeds making foreclosure less costly for the banks. We also can qualify for a loan beyond our physical life span, and we tend not to think of the 30 years as being something we will pay off. Interest rates are low, but if you want a life insurance policy to pay off the loan in case of your death it will be very costly.

As explained to me by my Peruvian friends, a mortgage here includes the concept of life insurance that is optional in the USA. When the person dies the loan is paid off. So if you are 50 years old and want a 30 year mortgage you probably will never qualify. You might be subjected to a barrage of medical tests to prove you are healthy enough for a 15 year loan. This also explains why interest rates are much higher under this system. I can only imagine what effort the banks go through here to foreclose. So they take fewer risks than in the USA. A foreigner that can leave the country at will, or may not have any permanent means of making a living because they are "tourists", would be a huge risk.

It sounds like how things were years ago in the USA. A person got a job, saved for a down payment, qualified for a loan at as early an age as possible and then worked to pay off the loan. But all that changed and now look at the mess the real estate industry is in the USA.
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Re: Opening an account in BCP with a tourist visa

Postby PTTurboe » Sat May 29, 2010 12:34 pm

InterBank will open an account on a Tourist Visa...
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Re: Opening an account in BCP with a tourist visa

Postby Paavo Pesusieni » Wed Jun 02, 2010 2:56 pm

OK I found some more information regarding premium members: http://www.viabcp.com/Connect/pdf/pagohaberes/minisite2/bex.html
It seems to be called "cliente BEX" and the requirement is $3k monthly income, $20k debt or $40k account balance. Based on this I should be able to get the appropriate letter to open an account and will report later if it was possible.

That loan information from Serionlv is also very interesting, finally an explanation why the rates there are so high. Here it's possible to get a loan of about $15k to be used for any purpose with very little requirements and that can be a fair portion of the price of an apartment in Lima... Interest rate could be under 5% annually now. There seems to be little sense in applying for credit in Peru coming from a western country.

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