Transfer Funds FROM Peru to US Acct?

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Pallas
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Transfer Funds FROM Peru to US Acct?

Postby Pallas » Mon Aug 26, 2013 3:58 pm

Hi everyone,

I've searched past threads on getting $ from US banks to use here, but can't find an answer to this specifically: How to get funds from BCP in Peru to Bank of America in the US?

I just opened a local account since my job requires it to transfer my pay. However, I pay my credit cards, student loans, etc. from my US account, and can't link these payments to an international bank to withdraw funds from. Also, I would like to keep feeding my US savings account and not keep excess cash in my local account.

However, bank wire fees are expensive! I looked into the Xoom and Paypal route, but both these options focus on transferring FROM a US acct to an international one, not the other way around.

Does anyone have experience transferring from Peru to the US?


Pedro Nicolas
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Re: Transfer Funds FROM Peru to US Acct?

Postby Pedro Nicolas » Sun Sep 01, 2013 11:29 am

If you are not going to use it constantly you can get an ATM from a Peruvian account and just mail it to the US . I use my US ATM card in Peru but its getting costly as my bank in the US charges a fee and so does the bank in Peru when you withdraw the money . Look for a card that has a high daily limit that way you cut down on the usage fees . The cheapest by far is Western Union at $8.00 for a $999 wire
Sergio Bernales
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Re: Transfer Funds FROM Peru to US Acct?

Postby Sergio Bernales » Sun Sep 01, 2013 12:25 pm

You don't actually say whether the account with BCP is in dollars or soles. If it's in dollars, it should be easy to transfer money with a broker, some of the online ones are cheaper. It's very difficult to transfer money if you're dealing with soles. I certainly wouldn't know how to do that.

Chris mentions Charles Schwab Bank in this thread as being an efficient and inexpensive way for transferring money to Peru. I have no idea how it would work transferring money out of Peru and to the States, but perhaps it's worth looking into.

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Philipc4u59
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Re: Transfer Funds FROM Peru to US Acct?

Postby Philipc4u59 » Sun Sep 01, 2013 9:46 pm

I doubt the $8.00 rate would apply in transferring up to $999 from US to Peru?
If I remember correctly, it is $30; seems like the same service - only in reverse???

Any one ever try "carrier pigeons"; they don't each much...

Philip :roll:
Pallas
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Re: Transfer Funds FROM Peru to US Acct?

Postby Pallas » Mon Sep 02, 2013 10:57 am

Thanks for the feedback. The account is in dollars, not soles.

I looked into the Charles Schwab route, but they require US $10,000 to open an international acct. Again, I'm trying to transfer funds from my BCP dollar acct. to my Bank of America account in the states on a monthly basis.

I had thought that HSBC was no longer serving Peru, but I've seen some branches in Miraflores. Does anyone know if this would be an option as well?

Thanks!
Sergio Bernales
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Re: Transfer Funds FROM Peru to US Acct?

Postby Sergio Bernales » Wed Sep 04, 2013 7:26 pm

Pallas wrote:Thanks for the feedback. The account is in dollars, not soles.

I looked into the Charles Schwab route, but they require US $10,000 to open an international acct. Again, I'm trying to transfer funds from my BCP dollar acct. to my Bank of America account in the states on a monthly basis.

I had thought that HSBC was no longer serving Peru, but I've seen some branches in Miraflores. Does anyone know if this would be an option as well?

Thanks!


I think the monthly fee might be quite high. My experience is that both the receiving and sending bank take a fee, usually about $20 each. So usually it's better to transfer a lot at once. You also get a better exchange rate the larger the amount. I understand if you have regular payments going out of your bank in the US, that is not an option, but if you find a way to transfer money without incurring these fees, I'd be keen to hear about it.

And I've definitely seen a branch of HSBC on Larco, but I have no idea about their fees for transferring money between international accounts. One thing I'm aware of is that Bank of America has an international account which doesn't incur charges, however I'm not aware of them having any branches in Peru.

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