Best Way to Transfer Large Amounts of $$

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koplinfamilia
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Best Way to Transfer Large Amounts of $$

Postby koplinfamilia » Fri Sep 10, 2010 8:36 am

I'm wondering, what is the best way to transfer funds between the US and PE? In the past we have used a Peruvian bank account and just did a wire transfer from our end in the US which did not cost much on the US end but the Peruvian side socked us with all kinds of fees for withdrawling. Anyone have any experience with this? For example, thos eof you building houses, how do you transfer your funds? This is our intention as well and we are trying to find other ways that might be cheaper, if there are any.


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Alejandro
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Re: Best Way to Transfer Large Amounts of $$

Postby Alejandro » Fri Sep 10, 2010 1:15 pm

If you are planning to build, I suggest you pay with your US credit card whenever possible and for transferring cash you can use Western Union and pick up your money at Scotiabank with no local fees at all.

I have just checked and sending 1000 USD from NY will cost you 50 USD, not sure if that is a good price.

Good luck
Last edited by Alejandro on Fri Sep 10, 2010 1:31 pm, edited 1 time in total.
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Re: Best Way to Transfer Large Amounts of $$

Postby fanning » Fri Sep 10, 2010 1:26 pm

If the amounts are large, then a bank transfer is the cheapest. For example BCP charges $18 to receive an International transfer, for large amounts that is definitely cheaper than Western Union or cheques.
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Re: Best Way to Transfer Large Amounts of $$

Postby koplinfamilia » Fri Sep 10, 2010 1:38 pm

I never thought about the credit card, we could earn a lot of points doing that :) Although I'm sure there would be foriegn transaction fees. On our end the back here in the US only charges $40 no matter the limit so that seems best, it is the receiving end, any ideas?
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viernes
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Re: Best Way to Transfer Large Amounts of $$

Postby viernes » Sat Sep 11, 2010 1:12 am

I once read in California in a pamphlet about citibank that it has free transfers between international accounts within Citi. I have always wondered if this is really possible, but I've never found out.
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Re: Best Way to Transfer Large Amounts of $$

Postby fanning » Sat Sep 11, 2010 8:03 am

There exists also something called 'Remesas' In BCP that is free. For example if you send from La Caixa ( a bank in Spain ) then BCP doesn't charge any commission. ( La Caixa charges EUR 3 for the transaction )
You should look for banks who have a 'convenio' with a Peruvian bank.
'Remesa' is money that Peruvians abroad sends home to their family. There exist special deals for these transfers.
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Re: Best Way to Transfer Large Amounts of $$

Postby asgoodasitgets » Wed Oct 27, 2010 5:42 am

koplinfamilia wrote:the Peruvian side socked us with all kinds of fees for withdrawling. Anyone have any experience with this?


Yes, I set up a bank account for a family member there, when they got down to the last $150 of some money I had sent them, it just disappeared completely and they were like sorry, you have no more money there. Nice. For all the withdrawls, the fees were huge. They took like a percentage. I can't remember the exact details, but they were criminally predatory in their fees and approach... Just another way the system works to keep people in Peru poor.

I am also wondering if anyone knows what is the best bank in Peru to send a decent amount of money to in one go and then be able to use YOUR money without being treated as though it's a privilege for which you must pay the toll.
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Re: Best Way to Transfer Large Amounts of $$

Postby krisserlis » Thu Oct 28, 2010 7:15 pm

We have been sending money to my husband's family in Peru for over 20 years. Whenever we used banks there were always huge amounts that disappeared between Australia and Peru. We were told that the funds passed through a series of banks on the way and each bank took its cut.

We finally discovered Western Union. At least with them what they charge you up front is ALL you pay and the funds are available almost instantly for family to collect.

One idea I have had, but not yet tried out, was to get a reloadable Travelex Cash card and leave that with family and put money in as needed from our end in Australia. We used the preloaded Travelex Cash card ($US) on our last visit to Peru in 2008 and found it worked really well on the ground there. If you are living in Peru, you might need someone (friend, relative, bank?) to make regular re-loads. They do have an upper limit as well of $US20 000 per card (at least they do if you purchase them in Australia!)

I'd be interested to hear of any better options...

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Re: Best Way to Transfer Large Amounts of $$

Postby Xibalba » Thu Oct 28, 2010 9:59 pm

Smuggle the cash in huge bags through the airport. Just to be safe, put a big green $ sign on each bag, and wear a black raccoon mask and a striped shirt.
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Re: Best Way to Transfer Large Amounts of $$

Postby fanning » Thu Oct 28, 2010 11:02 pm

Xibalba wrote:Smuggle the cash in huge bags through the airport. Just to be safe, put a big green $ sign on each bag, and wear a black raccoon mask and a striped shirt.


That is what a former Peruvian minister did. He got caught, and lost it all.. And was detained for some time in the USA.
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Re: Best Way to Transfer Large Amounts of $$

Postby Ron » Fri Oct 29, 2010 11:36 am

What we have done is to give my brother-in-law a supplementary Visa card from my account. He uses it (purchases & withdrawals) and I get the bill.
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Re: Best Way to Transfer Large Amounts of $$

Postby tupacperu » Fri Oct 29, 2010 2:12 pm

just bring $9,999.99 and your good.

You can bring in large amounts of cash over the maximum of $10K. You have to have documentation as to the source (bonus, saving, sale of property or investment). If you delcare it then there is no problem (you will have to declare it in the US when leaving and also arriving in Peru.
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Re: Best Way to Transfer Large Amounts of $$

Postby Polaron » Fri Oct 29, 2010 5:01 pm

tupacperu wrote:just bring $9,999.99 and your good.

You can bring in large amounts of cash over the maximum of $10K. You have to have documentation as to the source (bonus, saving, sale of property or investment). If you delcare it then there is no problem (you will have to declare it in the US when leaving and also arriving in Peru.


I say, you should use tupacperu's credit card for all your purchases . . . . just kidding.

There are also money transfer services, such as PayPal, Xoom, etc. I would also check to see if any Peruvian banks have partner banks in the U.S.A. For example, Banco Nacional de México (Banamex) has had its own "California Commerce Bank" in California for years. And since Banamex was bought up by Citibank a few years back, it clearly has an agreement with Citi. Perhaps a similar arrangement exists with Peru.

One more thing: Peru has HSBC, and so does the U.S.A. If you have $100,000 or more, you can open a special account in the U.S.A. that will allow you access to many of those services at any HSBC branch in the world.

I don't know if this is helpful, but I thought I'd give my two cents' worth.
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Re: Best Way to Transfer Large Amounts of $$

Postby adrian Thorne » Tue Nov 02, 2010 4:52 pm

koplinfamilia wrote:I'm wondering, what is the best way to transfer funds between the US and PE? In the past we have used a Peruvian bank account and just did a wire transfer from our end in the US which did not cost much on the US end but the Peruvian side socked us with all kinds of fees for withdrawling. Anyone have any experience with this? For example, thos eof you building houses, how do you transfer your funds? This is our intention as well and we are trying to find other ways that might be cheaper, if there are any.


The obvious way for me was to transfer the money direct to the seller from my UK account. A standard £24 fee was charged for the tranfer and of course the buyer is responsible for his own charges. We had it put in the deeds that the money would be paid direct to the sellers account within four days of signing. We did the same wit a 33% deposit at draft contract stage, but moved in then as a condition. We never had a problem other than the seller asking us after completion to pay the Municipal dues. I pointed out that I would be very happy to pay on presentation of an account in my name, but the municipal would not issue one. Thank you very much.

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