Transferring $ from US to Peru

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woodchuck
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Transferring $ from US to Peru

Postby woodchuck » Tue Jan 24, 2017 9:35 am

Good Morning Everyone; hope the New Year is going - great for you.
I have some $20,000 in a US bank account that I want to transfer to a bank in Peru.
What are the best ways of doing this - please?

* Wire transfer
* Bank to bank transfer
* Any restrictions on the amount transferred & fees to do this?

Appreciate any comments/suggestions. Best wishes to all in 2017. :roll:


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caliguy
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Re: Transferring $ from US to Peru

Postby caliguy » Tue Jan 24, 2017 12:54 pm

Have you looked into "Xoom"? do you have a bank account in Peru?
https://www.xoom.com/?_rt=kac-pe-unbran ... fgodmhwOGA
every place has it's own spirit. you just need to tune into it.
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Alan
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Re: Transferring $ from US to Peru

Postby Alan » Tue Jan 24, 2017 3:47 pm

Check out this article we just wrote. Hope it helps: http://www.expatperu.com/finance/how-to ... y-to-peru/
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Re: Transferring $ from US to Peru

Postby Alpineprince » Tue Jan 24, 2017 4:00 pm

Has anyone been successful getting their USA Paypal account linked to their Interbank account here in Peru. For the purpose of transferring moneyfrom your Paypal balance to your Peruvian bank account. I show it is linked on the interbank site, but am unable to complete a transfer.
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Re: Transferring $ from US to Peru

Postby woodchuck » Tue Jan 24, 2017 7:06 pm

Alan, GREAT ARTICLE; thanks.
For my situation, WU is the clear winner.
I am a bit nervous about collecting $20,000 from their office & then hustling to my bank to deposit.
Any suggestions? Thanks again. :roll:
PS - Peruvian banks sometimes have a fee to deposit money; anyone know the different amounts?
Last edited by woodchuck on Tue Jan 24, 2017 7:11 pm, edited 1 time in total.
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Re: Transferring $ from US to Peru

Postby caliguy » Tue Jan 24, 2017 7:09 pm

woodchuck wrote:Alan, GREAT ARTICLE; thanks.
For my situation, WU is the clear winner.
I am a bit nervous about collecting $20,000 from their office & then hustling to my bank to deposit.
Any suggestions? Thanks again. :roll:

get a money belt or fanny pack and pull your shirt over it. it's what i did when i took a large sum of money out of Peru.
every place has it's own spirit. you just need to tune into it.
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Re: Transferring $ from US to Peru

Postby bigdaddy » Tue Jan 24, 2017 10:23 pm

caliguy wrote:
woodchuck wrote:Alan, GREAT ARTICLE; thanks.
For my situation, WU is the clear winner.
I am a bit nervous about collecting $20,000 from their office & then hustling to my bank to deposit.
Any suggestions? Thanks again. :roll:

get a money belt or fanny pack and pull your shirt over it. it's what i did when i took a large sum of money out of Peru.


Or if you're built like bigdaddy and stuff a few g's under your fat rolls.
Large and in charge!
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Re: Transferring $ from US to Peru

Postby Alpineprince » Wed Jan 25, 2017 3:20 pm

Alpineprince wrote:Has anyone been successful getting their USA Paypal account linked to their Interbank account here in Peru. For the purpose of transferring moneyfrom your Paypal balance to your Peruvian bank account. I show it is linked on the interbank site, but am unable to complete a transfer.

Never mind, it is up and running now!
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Re: Transferring $ from US to Peru

Postby woodchuck » Thu Jan 26, 2017 10:01 am

Some Peruvian banks charge a "fee" to make deposits with a teller!
Never encountered such a fee in the US; but maybe some banks do charge.
Deposits, especially large ones; allow the banks to lend money & thus - make money!
Maybe Alan can do a report on this too; his first report on this subject was an "A++".
Best wishes to all. :roll:
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Re: Transferring $ from US to Peru

Postby woodchuck » Sat Jan 28, 2017 10:07 pm

Someone emailed me & said a year ago, BCP had a policy fo charging to make a deposit with a teller.
They had no info if this policy was still in effect as they have relocated from Peru.
They also told me that BCP was charging 25 soles to get a pass-word to access your account online.
Seems like BCP is the Spirit Air of the banking industry; charges for everything, except basic service.
Best wishes. :roll:
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Re: Transferring $ from US to Peru

Postby gurlytech1 » Fri Feb 10, 2017 2:32 pm

Hi Woodchuck, was wondering if you've figured out how to do your transfer? And if so, what service or method will you use? I've heard of xoom but haven't tried it. Personally, I just use WU. But, it's always good to know other methods in case one fails right?
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Re: Transferring $ from US to Peru

Postby RyanJ2912 » Wed Sep 27, 2017 8:19 pm

PayPal seems to be a great option. I have used PayPal a couple times, but WU I've used almost 100 times. I'm looking at opening an account at Interbank, from what it says online it's 100% fee free, unlimited everything basically. Free global net ATMs, etc. so if I can get the PayPal to connect to an Interbank account, that would be perfect.
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Re: Transferring $ from US to Peru

Postby Alpineprince » Wed Sep 27, 2017 9:47 pm

Interbank is the only bank in Peru that links up to Paypal. The fees are expensive for small amounts $100-$500 for about $15.00. but not bad $17.00 on a thousand or so.
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Re: Transferring $ from US to Peru

Postby adrian Thorne » Sun Aug 12, 2018 4:39 pm

I have quite an interesting situation at present with BCP. At the beginning of this month I transferred $2,500 from my British account to BCP here in Lima. I became a little confused when $2416 was shown as deposited followed with only an entry for tax. I contacted the bank who quite firmly informed me that the bank in the UK took charges before transfer. I have obtained a confirmation from the UK stating they sent via SWIFT the full amount of $2500. The plot thickens, so I spoke again and now they are saying there were accumulated charges amounting to $84. Trying to wind them up I reminded them of their transparency campaign and suggested all charges should be shown on my account following deposit of the full sum and I require an explanation. It became a little heated with the BCP representative showing no respect for the client. It resulted in me having to complete the book of reclamation and following acknowledgement promised a response promised by the end of August. ............(to be continued)

In the first place if anybody cares to read the charge rates published in February it clearly states a rate of $24 charge up to $3000 deposited. The point that really interests me is the fact the bank are not showing the charges on the statement. This leads me to believe there is something amiss going on.
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Re: Transferring $ from US to Peru

Postby gringolandia » Sun Aug 12, 2018 5:33 pm

Thanks for the info, Adrian. I'll make sure my wife double-checks the rates before we do our monthly transfer next week.

The last transfer we did was on July 31st for around $9K or so, and the fee from BCP was $24.
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Re: Transferring $ from US to Peru

Postby jumpinjack » Mon Aug 13, 2018 9:40 am

adrian Thorne wrote:I have quite an interesting situation at present with BCP. At the beginning of this month I transferred $2,500 from my British account to BCP here in Lima. I became a little confused when $2416 was shown as deposited followed with only an entry for tax. I contacted the bank who quite firmly informed me that the bank in the UK took charges before transfer. I have obtained a confirmation from the UK stating they sent via SWIFT the full amount of $2500. The plot thickens, so I spoke again and now they are saying there were accumulated charges amounting to $84. Trying to wind them up I reminded them of their transparency campaign and suggested all charges should be shown on my account following deposit of the full sum and I require an explanation. It became a little heated with the BCP representative showing no respect for the client. It resulted in me having to complete the book of reclamation and following acknowledgement promised a response promised by the end of August. ............(to be continued)

In the first place if anybody cares to read the charge rates published in February it clearly states a rate of $24 charge up to $3000 deposited. The point that really interests me is the fact the bank are not showing the charges on the statement. This leads me to believe there is something amiss going on.

Curious as to why you are so quick to take the word of your UK bank. I think I would become heated and have a little trouble showing respect too, if I where BCP.
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Re: Transferring $ from US to Peru

Postby fanning » Mon Aug 13, 2018 4:13 pm

We have the same thing with transfers from the USA. it has to do with the fact that the banks use 'intermediate banks' which also charge a commission. In total the commission is like 81-89 usd. But on transfers of 6-9 thousand it is percentage wise a low cost compared to charging a credit card, which has a 4-6% commission.
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Re: Transferring $ from US to Peru

Postby jumpinjack » Mon Aug 13, 2018 5:35 pm

fanning wrote:We have the same thing with transfers from the USA. it has to do with the fact that the banks use 'intermediate banks' which also charge a commission. In total the commission is like 81-89 usd. But on transfers of 6-9 thousand it is percentage wise a low cost compared to charging a credit card, which has a 4-6% commission.

Please explain why gringolandia pays a flat rate of 24 bucks same bank BCP.
It would seem to me "intermediary banks" jumping in would simply take a chunk of the fee already agreed upon. How can fees be added after an agreement?
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Re: Transferring $ from US to Peru

Postby adrian Thorne » Mon Aug 13, 2018 9:35 pm

jumpinjack wrote:Curious as to why you are so quick to take the word of your UK bank. I think I would become heated and have a little trouble showing respect too, if I where BCP.


Quite right too. I would expect nothing less from a bank employee. This is precisely why I waited for the confirmation letter from HSBC in the UK. My issue is not the amount deducted, although it is a considerably more than quoted in the bank rates, it is the fact that no deductions were shown on my statement. A net sum which differed a great deal from the original transfer. There is no argument, they have not been ''Transparent''. Take a look at the Bank literature.
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Re: Transferring $ from US to Peru

Postby fanning » Mon Aug 13, 2018 10:13 pm

Have a look at this https://www.globalmediapro.com/content/WhatAreBENSHAOURPaymentInstructions
And on top of that, the BCP will charge its fee ..
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Re: Transferring $ from US to Peru

Postby adrian Thorne » Tue Aug 14, 2018 7:12 am

fanning wrote:Have a look at this https://www.globalmediapro.com/content/WhatAreBENSHAOURPaymentInstructions
And on top of that, the BCP will charge its fee ..


I could not agree more. The ''our'' instruction was applied and yes BCP are admitting there were intermediary charges, but all said and done it would be good business practice to notify a client if there are additional costs. They have written today saying these charges are unknown and can vary substantially. The banks practice is to deduct their fees from the sum received prior to deposit in to the account and therefor not shown. Only an opinion, but if you pay for a product by bank transfer the seller would expect to receive the sum agreed, possibly allowing for charges for the deposit into their own bank and surely being notified via the account or by some other means of any additional charges. HSBC confirmed in writing the amount sent after any charges were applied and this was reflected in my account statement. If an overseas client books a room with you and pays in advance by wire transfer, I assume you would expect to receive the full amount, or at least something to say why it varies.
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Re: Transferring $ from US to Peru

Postby 69roadrunner » Tue Aug 14, 2018 4:18 pm

fanning wrote:We have the same thing with transfers from the USA. it has to do with the fact that the banks use 'intermediate banks' which also charge a commission. In total the commission is like 81-89 usd. But on transfers of 6-9 thousand it is percentage wise a low cost compared to charging a credit card, which has a 4-6% commission.

What facts do you have? Can you name the banks in your accusation; "it has to do with the fact that the banks use 'intermediate banks' which also charge a commission." Please back that claim up.
Have a nice day
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Re: Transferring $ from US to Peru

Postby Alan » Tue Aug 14, 2018 6:45 pm

69roadrunner wrote:
fanning wrote:We have the same thing with transfers from the USA. it has to do with the fact that the banks use 'intermediate banks' which also charge a commission. In total the commission is like 81-89 usd. But on transfers of 6-9 thousand it is percentage wise a low cost compared to charging a credit card, which has a 4-6% commission.

What facts do you have? Can you name the banks in your accusation; "it has to do with the fact that the banks use 'intermediate banks' which also charge a commission." Please back that claim up.
Have a nice day


Not uncommon at all for banks to rely on intermediaries. https://blog.revolut.com/swift-sepa-how ... ally-work/
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Re: Transferring $ from US to Peru

Postby adrian Thorne » Tue Aug 14, 2018 6:55 pm

69roadrunner wrote:
fanning wrote:We have the same thing with transfers from the USA. it has to do with the fact that the banks use 'intermediate banks' which also charge a commission. In total the commission is like 81-89 usd. But on transfers of 6-9 thousand it is percentage wise a low cost compared to charging a credit card, which has a 4-6% commission.

What facts do you have? Can you name the banks in your accusation; "it has to do with the fact that the banks use 'intermediate banks' which also charge a commission." Please back that claim up.
Have a nice day


You are quite right roadrunner. No proof, just the word of the bank. HSBC tell me it went direct, but BCP say it went via an (intermediary). You need to form your own opinon. They have kindly shown me a document created at BCP showing a deposit amount, but no other information. It would be good to see proof of what ever went on. I am still very concerned that all this activity with ''my money'' and no physical record other than a lot of hearsay.
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Re: Transferring $ from US to Peru

Postby EnglishProfessionals » Tue Aug 14, 2018 10:26 pm

Have you heard of Transferwise from the US? as they work here with the banks in Peru. I know BCP charges between 25 and 35 Dollars for no matter how much you want to transfer from the US using transferwise.
I've been using Transferwise to receive my money from China to the US in Dollars and it costs me nothing to receive from China. Then I transfer it from my US Transferwise to BCP again with no fee from Transferwise. All you pay is the 25 to 35 Dollars that BCP charge here.
Copy and paste my link intosearch transferwise.com/u/cliver29 and click on recive money or debit card at the top and choose Borderless account from the drop down menu. This is the lowest cost way to transfer from the US to Peru and you can transfer Private individual - $50,000 per day and $250,000 per year
Business - $250,000 per day and $1,000,000 per year
So the best thing for you to do is set up a borderless account with Transferwise and transfer the money from your US bank to them as Transferwise don't charge because you are sending Dollars from your US bank and receiving Dollars into your US Transferwise borderless account.Just add your Peruvian bank account details from here in Peru and choose to transfer in Dollars or Soles from your Borderless account to Peru.
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Re: Transferring $ from US to Peru

Postby 69roadrunner » Wed Aug 15, 2018 9:47 am

EnglishProfessionals wrote:Have you heard of Transferwise from the US? as they work here with the banks in Peru. I know BCP charges between 25 and 35 Dollars for no matter how much you want to transfer from the US using transferwise.
I've been using Transferwise to receive my money from China to the US in Dollars and it costs me nothing to receive from China. Then I transfer it from my US Transferwise to BCP again with no fee from Transferwise. All you pay is the 25 to 35 Dollars that BCP charge here.
Copy and paste my link intosearch transferwise.com/u/cliver29 and click on recive money or debit card at the top and choose Borderless account from the drop down menu. This is the lowest cost way to transfer from the US to Peru and you can transfer Private individual - $50,000 per day and $250,000 per year
Business - $250,000 per day and $1,000,000 per year
So the best thing for you to do is set up a borderless account with Transferwise and transfer the money from your US bank to them as Transferwise don't charge because you are sending Dollars from your US bank and receiving Dollars into your US Transferwise borderless account.Just add your Peruvian bank account details from here in Peru and choose to transfer in Dollars or Soles from your Borderless account to Peru.

Thanks for bringing that to our attention. Can you tell us more? Website etc.
Thanks Have a g'day
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Re: Transferring $ from US to Peru

Postby 69roadrunner » Wed Aug 15, 2018 3:46 pm

adrian Thorne wrote:
69roadrunner wrote:
fanning wrote:We have the same thing with transfers from the USA. it has to do with the fact that the banks use 'intermediate banks' which also charge a commission. In total the commission is like 81-89 usd. But on transfers of 6-9 thousand it is percentage wise a low cost compared to charging a credit card, which has a 4-6% commission.

What facts do you have? Can you name the banks in your accusation; "it has to do with the fact that the banks use 'intermediate banks' which also charge a commission." Please back that claim up.
Have a nice day


You are quite right roadrunner. No proof, just the word of the bank. HSBC tell me it went direct, but BCP say it went via an (intermediary). You need to form your own opinon. They have kindly shown me a document created at BCP showing a deposit amount, but no other information. It would be good to see proof of what ever went on. I am still very concerned that all this activity with ''my money'' and no physical record other than a lot of hearsay.

Thank you....uh, Fanning.....?!?!?
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Re: Transferring $ from US to Peru

Postby adrian Thorne » Wed Aug 15, 2018 10:35 pm

EnglishProfessionals wrote:Have you heard of Transferwise from the US? as they work here with the banks in Peru. I know BCP charges between 25 and 35 Dollars for no matter how much you want to transfer from the US using transferwise.
I've been using Transferwise to receive my money from China to the US in Dollars and it costs me nothing to receive from China. Then I transfer it from my US Transferwise to BCP again with no fee from Transferwise. All you pay is the 25 to 35 Dollars that BCP charge here.
Copy and paste my link intosearch transferwise.com/u/cliver29 and click on recive money or debit card at the top and choose Borderless account from the drop down menu. This is the lowest cost way to transfer from the US to Peru and you can transfer Private individual - $50,000 per day and $250,000 per year
Business - $250,000 per day and $1,000,000 per year
So the best thing for you to do is set up a borderless account with Transferwise and transfer the money from your US bank to them as Transferwise don't charge because you are sending Dollars from your US bank and receiving Dollars into your US Transferwise borderless account.Just add your Peruvian bank account details from here in Peru and choose to transfer in Dollars or Soles from your Borderless account to Peru.


Thank you. This is pretty interesting.
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Re: Transferring $ from US to Peru

Postby EnglishProfessionals » Sat Aug 18, 2018 11:33 am

69roadrunner wrote:
EnglishProfessionals wrote:Have you heard of Transferwise from the US? as they work here with the banks in Peru. I know BCP charges between 25 and 35 Dollars for no matter how much you want to transfer from the US using transferwise.
I've been using Transferwise to receive my money from China to the US in Dollars and it costs me nothing to receive from China. Then I transfer it from my US Transferwise to BCP again with no fee from Transferwise. All you pay is the 25 to 35 Dollars that BCP charge here.
Copy and paste my link intosearch transferwise.com/u/cliver29 and click on recive money or debit card at the top and choose Borderless account from the drop down menu. This is the lowest cost way to transfer from the US to Peru and you can transfer Private individual - $50,000 per day and $250,000 per year
Business - $250,000 per day and $1,000,000 per year
So the best thing for you to do is set up a borderless account with Transferwise and transfer the money from your US bank to them as Transferwise don't charge because you are sending Dollars from your US bank and receiving Dollars into your US Transferwise borderless account.Just add your Peruvian bank account details from here in Peru and choose to transfer in Dollars or Soles from your Borderless account to Peru.

Thanks for bringing that to our attention. Can you tell us more? Website etc.
Thanks Have a g'day
Yes of course, just copy and paste my link transferwise.com/u/cliver29 into your search as this will give you a free transfer. Once your'e on Transferwise click on recive money or debit card at the top of the page and choose Borderless account from the drop down menu. You can find all the information and if you need anything else just let me know as I'll be more than happy to help you out.
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Re: Transferring $ from US to Peru

Postby adrian Thorne » Thu Aug 23, 2018 2:21 pm

A quick update and a big thank you to English professionals. BCP responded to my complaint with four or five hours and promised to investigate together with implementation of an alternative method to confirm costs. I received an email the next day asking me to comment on the process. I have not received a reply to my response. I realise there are intermediaries who charge without any published rates and this effects the final deposit.
I have now had sufficient time to test both Transferwise and OFX (Who are regarded as the best service provider for the UK). I can confirm they are both identical, using there own banks as the intermediaries. In both cases they provided a great service depositing in my account approximately 12 hours after receipt of funds. The amounts were identical to the original and although the Pound has dropped a little I was $60 better off in each case. One big change is BCP are now sending a deposit notice together with a copy of the swift transfer by email. Providing the very information omitted before. Well done BCP

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