subject: Know Two Available Options To Send Money To Peru [print this page] Before you even think about sending money, you should learn about the currency and exchange rate of this nation. You might find it interesting that Peru's currency is called the nuevo sol, and it is broken down into 100 centimos. Currently, $1 USD equals about 3 nuevo sol, though the rate changes often. One detail to know is that retailers in this country often accept U.S. dollars, though it is still advised that residents always have some of the local currency, which everyone accepts. Be aware that almost no one in Peru accepts currencies other than their own and American dollars, so residents and visitors alike must have one or the other.
Many people choose to use banks to send funds just because they are familiar with this option. However, just because it is simple in most cases does not mean it is the best method. Even options that you think might save you money are often not cheap. For example, if you and your relative both bank with HSBC, it will cost you $30 to send money to their account at HSBC Peru. If they have a different bank altogether, such as Banco Financiero del Peru, Banco Central de Reserva del Peru, or Banco de Comercio, and you still go through HSBC, it will cost $45. This fee might be okay in an emergency, but imagine spending this money regularly if your family needs your help financially often. If you want to avoid going broke from fees, consider other options.
Residents of the United States often love using debit cards instead of cash to buy anything. You might assume people in other countries are different, but in fact most of them have about the same access to ATMs and retailers that accept cards as you do. If your relative lives in or near major cities like Lima, Arequipa, or Trujillo, they most certainly have the ability to use a debit card. In this case, sending them a prepaid debit card might be your best bet. This method allows you to add funds to the card whenever your family needs you to. They can then use it a retailers that accept cards, or withdraw cash from local ATMs. The fee for you is just $5 USD, and for them, it will cost about 5 nuevo sol each time they withdraw money from an ATM. Clearly, this route is much cheaper than many banks.
If it is your goal to help your family deal with money issues, you can do so from anywhere. However, you should research your options before choosing what you believe to be the best one. The top method for you should be the one that is convenient for your recipients while charging you few fees.
by: Peter Frampton
welcome to Insurances.net (https://www.insurances.net)
