Published on and written by Cyril Jarnias
Moving to Peru is often motivated by the climate, the cost of living, culture, or a professional opportunity. But once the initial excitement fades, a very practical question arises: how do you manage your money on a daily basis in a country largely centered on cash, with a banking system that is both modern, heavily regulated… and not very accustomed to non‑residents?
Good to Know:
Financial management in Peru (accounts, transfers, cards, taxes, security) can be complex without preparation. However, the environment is favorable thanks to a robust banking sector, a strict regulatory framework, a partially dollarized economy, and many digital solutions for transfers.
This article provides a practical overview of the Peruvian banking ecosystem from an expat’s perspective, and the practical strategies for organizing your international financial management in Peru.
A Solid Banking System… in an Economy That Remains Very “Cash-Based”
The Peruvian banking system is regularly described as solid, modern, and well-regulated. The Banco Central de Reserva del Perú (central bank) oversees monetary stability, while the Superintendencia de Banca, Seguros y AFP (SBS) regulates banks, insurance companies, and pension funds. Supervision has been strengthened with the adoption of standards close to Basel III, advanced risk management, governance and liquidity rules, and a deposit insurance fund (Fondo de Seguro de Depósitos) that protects savers up to a ceiling adjusted each quarter.
Tip:
The country has established an attractive framework for foreign capital, characterized by the absence of strict exchange controls, the freedom to repatriate profits, and property rights very similar to those of nationals (except within the 50 km border zone). It is also integrated into major international trade agreements.
But this modern foundation coexists with a daily reality very different from that of Europe or North America: Peru remains a heavily cash-based economy, including in large cities like Lima. Many rents, services, and small purchases are paid in cash, with bank cards mainly accepted in shopping malls, major chains, hotels, upscale restaurants, or wealthier neighborhoods.
Attention:
Expatriates must navigate a two-tier banking system: a digitized and secure universe for certain transactions, and the widespread use of cash in daily life.
The Main Banks for an Expatriate
The banking market is dominated by a few major players that concentrate most of the services useful to foreigners:
| Bank | Features for Expats |
|---|---|
| Banco de Crédito del Perú (BCP) | Leading bank in the country, very dense network of branches and ATMs, accounts in PEN and USD |
| BBVA Perú | Large international group, good online services |
| Scotiabank Perú | Subsidiary of the Canadian group, experience with international clientele |
| Interbank | Known for some flexibility with foreigners, developed urban network |
| Banco de la Nación | Public bank, heavily focused on government services |
| MiBanco, BanBif, Banco Pichincha, GNB, etc. | Additional players, often more specialized or local |
For an expatriate, the most frequently mentioned names are BCP, BBVA Perú, Scotiabank, and Interbank, which offer both local and foreign currency accounts, online banking, debit and credit cards, and sometimes English-speaking staff in certain neighborhoods popular with foreigners.
Currency, Foreign Currency Accounts, and Use of the Dollar
The official currency is the Peruvian Sol (PEN), subdivided into 100 céntimos. Circulating bills are 10, 20, 50, 100, and 200 soles, coins are 10, 20, 50 céntimos and 1, 2, 5 soles. The US dollar remains omnipresent in the economy, especially for rents, real estate, vehicles, or major purchases. It is possible to open bank accounts in both soles and dollars, sometimes in euros.
Major banks typically offer:
– a sol account for daily expenses;
– a dollar account for savings, international income, or rents indexed to USD.
Good to Know:
A client can have several accounts in different currencies (soles, dollars) linked to a single debit card, each account having its own number. Transfers between accounts within the same bank are possible, but the exchange rates offered by banks are often not competitive. For large amounts, it is advisable to withdraw directly in the foreign currency or use a specialized platform to get a better rate.
Summary Table of Account Types:
| Account Currency | Recommended Use | Notes |
|---|---|---|
| PEN (soles) | Local expenses, bills, cash withdrawals | Essential for daily life |
| USD | Indexed rent, dollar savings, incoming transfers | Useful if income is in USD or for major purchases |
| EUR (depending on bank) | Diversification, connection with European countries | Less common, depends on the institution |
Even though the dollar is tolerated for some transactions, using soles remains more practical and often more economical: when businesses accept USD, they frequently apply an unfavorable rate. Paying directly in local currency thus helps limit exchange losses.
Opening a Bank Account: A Very Different Process Depending on Status
For an expatriate, it all starts with opening an account. And this is where a major part of the financial strategy plays out: the difficulty for non‑residents to access the banking system requires planning the move in advance.
With Residence: The Carné de Extranjería, the Banking Pass
For foreigners holding a Peruvian residence permit, opening an account remains generally accessible. The key document is the Carné de Extranjería, the identity card for foreign residents.
Banks generally require:
– Valid Carné de Extranjería;
– Passport;
– Proof of address in Peru (electricity bill, phone bill, rental contract, etc.);
– Initial deposit (amount varies by bank and account type);
– Sometimes a Peruvian tax identification number (RUC) for employees or entrepreneurs;
– Depending on the case, proof of income or source of funds (statements, employment contract, tax certificates).
US citizens often need to provide their Social Security number and complete forms related to FATCA, as Peruvian banks are required to report certain information to US authorities.
Good to Know:
Opening an account is generally done in person. Online pre-registration is sometimes possible, but final validation requires an appointment at a branch with forms in Spanish. It is highly recommended to be accompanied by an interpreter if you do not master the language, as service in English is rare, except in a few branches in neighborhoods popular with expatriates.
Without Residence: A Challenging Path
For foreigners passing through or simply on a tourist visa, the situation changes radically. In practice, most banks refuse to open standard accounts for non‑residents, even though no law formally prohibits it. This is mainly due to internal policies driven by anti-money laundering obligations.
A few loopholes exist, however, highly dependent on timing and branches:
Example:
Some Interbank branches have opened accounts for tourists upon presentation of their passport and proof of address, even in the name of a third party. Specific products, such as euro accounts or “basic accounts,” are sometimes accessible with a passport and a simplified procedure. Finally, specialized services (law firms, consulting companies like NVC Abogados, or private intermediaries) assist with opening accounts for non-residents, subject to physical presence in Peru and provision of supporting documents (utility bill, passport, etc.).
Regulations are evolving: the SBS has adopted resolutions allowing, under certain conditions, the opening of “basic accounts” with foreign identity documents (passport, national ID card, etc.) starting in 2025. However, these accounts remain capped in amount and functionality, and each bank retains control over the interpretation of these rules.
For tourists, another constraint may arise: the requirement for a “Permiso especial para firmar contratos”, a special authorization to sign contracts, obtained from Migraciones via an online procedure. This authorization, free but valid for only a few weeks, allows for the formalization of signing a banking contract. Paid services (like some “document” providers) offer to handle the process on behalf of the client.
In practice, the key takeaway is this: it is highly recommended to wait until you have resident status (and thus a Carné de Extranjería) to aim for a standard and lasting banking relationship.
Debit Cards, Credit Cards, and Everyday Banking
Once the account is open, an expatriate’s banking life resembles that of a Peruvian… with a few differences.
Debit Cards: The Basic Tool
Banks almost systematically issue a debit card (often Visa). Local particularities:
– The card is generally not personalized: no name appears on it;
– The holder chooses their own PIN;
– The validity period ranges from 2 to 4 years depending on the institution;
– In case of an expired, stolen, or lost card, you must go to a branch for reissuing: there is no automatic mailing.
In case of theft, it is essential to: report the theft to the competent authorities, contact your insurer, and take the necessary steps to protect your personal information.
Example:
If a bank card is lost or stolen, you must immediately: 1. Block the card via the mobile app, online banking, or the hotline; 2. File a police report to limit your liability in case of fraudulent use; 3. Go to the branch to get a new card.
Credit Cards: A Powerful Tool, but Use with Caution
Resident foreigners can access credit cards from Peruvian banks, provided they demonstrate their solvency. Banks often ask for:
– Proof of stable income (employment contract, pay stubs, tax returns), ideally of Peruvian origin;
– Minimum local banking history.
The advantages are clear:
– Building a local credit history, useful for later accessing a mortgage or consumer credit;
– Ability for emergency payments even with cash flow delays;
– Loyalty programs (miles, especially with LATAM) and discounts at certain stores;
– Sometimes associated offers with major retailers or airlines.
Tip:
Interest rates on credit payments (installment payments, deferred balance) are significantly higher than those seen in Europe or North America. To avoid paying this premium, the healthiest strategy is to pay off your credit card balance in full each month.
Transfers, CCI, and How Internal Transfers Work
Transfer operations are divided into two categories:
– Transfers within the same bank: only the account number (often 10 digits) is needed;
– Transfers to another bank: you must use the CCI (Código de Cuenta Interbancario), a 20-digit code that functions similarly to an IBAN, incorporating the bank identifier and the account number.
Banks offer online tools to convert a short account number into a CCI. Modest fees may apply for interbank transfers, generally a few soles.
Bank statements for the last three months can be downloaded via online banking, simplifying the preparation of rental, visa, or credit applications.
ATMs, Withdrawals, and Cash Management
Automatic Teller Machines (ATMs) are omnipresent in large cities, in shopping malls, banks, bus stations, or airports. However, they become scarce in very rural areas, some Andean villages, the jungle, or a few small beach resorts.
Banks generally apply:
– A withdrawal limit per transaction (often between 400 and 700 soles);
– A maximum number of withdrawals per day (2 to 3 on average);
– Fees for customers of other banks, which can reach several tens of soles per withdrawal.
International Withdrawal Fees: Reference Chart
Order of magnitude of fees commonly encountered by expatriates when making cash withdrawals abroad, to better anticipate your expenses.
Withdrawal in Local Currency
Fees applied by your bank for a withdrawal in the currency of the country you are in. Typically between 1.5% and 3% of the amount withdrawn, often with a minimum flat fee.
Withdrawal in a Foreign Currency
Fees for a withdrawal in a currency different from that of your account. These fees are generally higher, ranging from 2.5% to 5%, plus an often unfavorable exchange rate.
Local ATM Fees
Fixed commission sometimes added by the bank or institution owning the ATM. These fees are independent of those charged by your own bank.
Monthly Plans
Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
