Transferring $ from US to Peru

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adrian Thorne
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Re: Transferring $ from US to Peru

Postby adrian Thorne » Thu Aug 23, 2018 2:34 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.


Now this is only an observation. The intermediary bank used for transferring funds from the UK in ''DOLLARS'' is listed as being The Bank of New York within the USA. This begs the question as to why you would have to pay for your bank to walk to the next block, rather than send it direct and possible show a good saving on these commisions.


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Re: Transferring $ from US to Peru

Postby 69roadrunner » Thu Aug 23, 2018 6:00 pm

adrian Thorne 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.


Now this is only an observation. The intermediary bank used for transferring funds from the UK in ''DOLLARS'' is listed as being The Bank of New York within the USA. This begs the question as to why you would have to pay for your bank to walk to the next block, rather than send it direct and possible show a good saving on these commisions.

The Bank of NY was established shortly after, the Americans kicked the Brits out, by Arron Burr and the first Secretary of the Treasury Alexander Hamilton. Since the dollar is the worlds currency they act as as an arbitrator (if you will) as to the worth of the dollar. In your case, adrian Thorne, a UK bank is in no position to determine the conversion rate or worth of the dollar as Peru is not. That task falls to the owner of the dollar. As is true with all commerce, it comes with a price, nothing is free in our world. That is why you pay that additional fee.
You may want to try to send pounds thereby bypassing the US.
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Re: Transferring $ from US to Peru

Postby adrian Thorne » Thu Aug 23, 2018 6:35 pm

69roadrunner wrote:
adrian Thorne 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.


Now this is only an observation. The intermediary bank used for transferring funds from the UK in ''DOLLARS'' is listed as being The Bank of New York within the USA. This begs the question as to why you would have to pay for your bank to walk to the next block, rather than send it direct and possible show a good saving on these commisions.

The Bank of NY was established shortly after, the Americans kicked the Brits out, by Arron Burr and the first Secretary of the Treasury Alexander Hamilton. Since the dollar is the worlds currency they act as as an arbitrator (if you will) as to the worth of the dollar. In your case, adrian Thorne, a UK bank is in no position to determine the conversion rate or worth of the dollar as Peru is not. That task falls to the owner of the dollar. As is true with all commerce, it comes with a price, nothing is free in our world. That is why you pay that additional fee.
You may want to try to send pounds thereby bypassing the US.
Once again my Forefathers proving to be revolutionary and farsighted.


Very interesting and quite right. It is a shame it did not apply to the observation I made. It also does not apply to posting related to transparency.
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Re: Transferring $ from US to Peru

Postby 69roadrunner » Thu Aug 23, 2018 6:45 pm

Thank you but What is, exactly 'transparency? I have always been perplexed by that word seems it only popped up, in this context a year ago. What does it mean to you Thanks
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Re: Transferring $ from US to Peru

Postby captcosmic » Sat Oct 06, 2018 6:04 am

Read the article about transfering funds. Has anyone had experience moving funds out of Peru? Talked to our bank here. They said they only charge $45 to change a check on a non US bank if it is written un dollars. But it can take up to four to six weeks. So wecwill probably go that way unless some one has done something else.
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Re: Transferring $ from US to Peru

Postby jumpinjack » Mon Nov 05, 2018 4:55 pm

Good luck. :lol:
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Re: Transferring $ from US to Peru

Postby woodchuck » Wed Dec 12, 2018 8:24 am

I am hoping Peru modernizes its banking practices similar to the US.
I use Zelle all the time to send money to the US & even receive money - virtually instantaneously.
Zelle is a totally free service & there are other similar free services (Popmoney?).
I realize doing this internationally is more difficult - but maybe ScotiaBank would consider adding this service.
Best wishes.
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Re: Transferring $ from US to Peru

Postby rudder » Thu Jan 31, 2019 2:13 pm

So how does WU work? Say I have $30k sitting in my US account, and want it to be in my Peruvian interbank account. What is the process?

Having read the article, I understand it takes four days.

What would interbank charge to receive these funds via WU?
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Re: Transferring $ from US to Peru

Postby rudder » Thu Jan 31, 2019 2:26 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:
PS - Peruvian banks sometimes have a fee to deposit money; anyone know the different amounts?


Well, did you end up using WU?

I don't think you need to physically move around $20k cash. I'm pretty sure you can do it so it deposits directly into your Peruvian bank account, but not sure.
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