Once you have obtained your residency in Peru, managing your finances becomes much easier. The Peruvian banking system is modern and offers a wide range of services to help you handle everyday transactions, savings, and investments.
Overview of the banking system in Peru
Peru has a strong and stable banking sector, with major players including BCP (Banco de Crédito del Perú), Interbank, BBVA Perú, and Scotiabank. These banks provide extensive services such as savings and checking accounts, debit and credit cards, online banking, and foreign currency accounts. Branches are widely available across the country, and digital banking is increasingly common.
Requirements for opening a bank account
If you already hold a Carné de Extranjería (Peruvian foreign resident ID), opening a bank account is straightforward. Most banks will require the following:
Valid Carné de Extranjería
Passport
Proof of address in Peru
Initial deposit (varies by bank)
With these documents, you can easily open a personal savings or checking account and start using banking services for everyday life.
Important:
Opening a bank account without a Peruvian resident ID is extremely difficult. If you are still in the visa application process — for example, applying for a Rentista Visa — and need to open an account, special procedures apply.
👉 Learn more about opening a bank account before obtaining residency here.
What has to be considered when handling a dollar and a soles account?
When you open a bank account in Peru, you can have a soles or a dollar account or both. The account numbers are different but you get just one debit card. You can easily transfer money between your soles and your dollar account but be aware that the rates offered by the bank are never the best. If you received a larger amount in either currency, it’s usually better to withdraw it in that currency and then exchange it somewhere else if necessary. In the bigger cities, there are always money changers standing in front of the bank or you can use an exchange office.
Can a foreigner get a Peruvian credit card?
- A credit card allows you to apply for certain credits such as a mortgage if you have always paid your credit card installments and interests in time.
- With the help of a credit card, you can build your line of credit and get access to cash in the case of an emergency.
- When using a Peruvian credit card, you can collect miles for local airlines, for example for LATAM which is part of the “One World Alliance”.
- Some businesses will give you special discounts when using a credit card (hotels, travel agencies)
- You have to show personal income which should preferably come from Peruvian sources.
- Apart from proof of residence, Peruvian banks often request salary statements, a work contract and proof that you paid your taxes before they issue a credit card.
- Compared to Europe or the US, interest rates are high when you pay off your credit card debt in monthly installments. That’s why we recommend to pay off the whole amount at the end of each month.
How can I best transfer money from abroad to a Peruvian bank account?
International bank transfers (wire transfers) are always possible but expensive. We recommend opening an account with Wise.com which can easily be done online. Wise allows you to activate bank accounts in Euro (Belgian IBAN), British pounds and US dollars and transfer money to dozens of countries around the world, including Peru. Wise works with a peer system which makes transfers much cheaper. It means that the money is not transferred directly from your European or US bank account to Peru but they use a Peruvian account to transfer your money. As a result, you pay only about half of the costs of a wire transfer and the money normally arrives within 1-2 business days. Please note that it’s currently not possible to transfer money from Peru to another country with Wise and that you can only transfer to a Peruvian dollar account.
Can I connect my PayPal account with my Peruvian bank account?
You cannot connect the PayPal account of your home country but you can open a Peruvian PayPal account and connect it with your BCP, BBVA or Scotiabank account in Peru. Unfortunately, all Peruvian banks charge pretty high fees for transferences from PayPal to your Peruvian bank account so unless all your income comes in through PayPal, we recommend using your PayPal funds to pay for products and services. For example, Airbnb excepts payment by PayPal and also some airlines, such as SKY.
How do transfers between two Peruvian banks work?
If you want to transfer money to a person who has their bank account at the same bank, you just need the account number which consists of 10 digits. However, if you need to transfer money from BCP to Scotiabank, for example, you need the so-called CCI. It consists of 20 digits including your account number and an identification for the bank. If you’re European, you know that the IBAN’s are like that, too.
Sometimes, a person will just give you their bank account number and may not know their CCI. In that case, just type “CCI + name of bank” and you will get to a page of the respective bank which will allow you to type in the account number and it will be converted to CCI.
Sometimes, fees apply when transferring money between two different Peruvian banks. They’re not huge but a reason why Peruvian businesses often have bank accounts at various banks.
What do I do when my Peruvian debit card expires?
What do I do when I lose my debit card or it gets stolen?
When you lose your debit card, you need to block it immediately. This can easily be done using your online banking or mobile phone app or by calling the customer service of your bank. This is helpful when something happens to your card at night or during the weekend or when you’re outside Peru. However, you will need to go to a branch of your bank to get a new debit card as we explained in the previous paragraph.
If your debit card was stolen, you should file a police report to avoid that you’re held responsible should your data be used for illegal actions.
Can foreigners who are no longer residents keep their bank accounts?
What else do I need to know about banks and banking in Peru?
- Peruvian debit cards are not personalized which means that your name is not written on the card.
- You can choose your PIN yourself. When you open your bank account or get a new debit card, the bank employee will instruct you how to do it if you’re not familiar with the process.
- When you have a free account (most personal accounts are free), the bank won’t send you any information by regular mail but rather by email (if at all), so make sure that the bank always has your correct email address.
- Statements of your bank account can normally be accessed and downloaded for the previous three months through your online banking.
- Don’t expect bank employees to speak English. If your Spanish is not good enough, take someone with you who can translate.
