Banking in Peru
Banking in Peru has been improving for foreigners, with 2025 regulatory changes making account opening more accessible.
The Carné de Extranjería
Previously critical: Until 2025, most banks required a Carné de Extranjería (foreign resident ID) to open accounts.
2025 SBS Update: Peru's Banking and Insurance Superintendence (SBS) broadened accepted identification. Effective June 2025, foreign nationals can use passports, national identity cards, or other legally recognized documents as alternatives to the Peruvian identity card at participating institutions.
However: Implementation varies by bank and branch. Some branches still insist on Carné de Extranjería despite the new rules.
Major Banks
| Bank | Notes |
|---|---|
| BCP (Banco de Credito) | Largest bank, most ATMs, good mobile app |
| Interbank | Modern, good app, reasonable fees |
| BBVA Peru | International bank, expat-friendly |
| Scotiabank Peru | Expat favorite, English-speaking staff in some branches |
Opening an Account
With Carné de Extranjería (smoothest process):
- Visit branch with carné, passport, proof of address
- Complete application (in Spanish - bring help if needed)
- Account typically activated same day
- Debit card issued within 1-2 weeks
With passport only (new 2025 rules):
- Try larger flagship branches in Miraflores or San Isidro
- BCP and Scotiabank most likely to accommodate
- Ask for "cuenta basica" (basic account) if full account is denied
- Success varies by branch - persistence may be needed
Account Types & Currencies
Most banks offer accounts in both PEN (Peruvian Sol) and USD. Having dual-currency accounts is common and practical for expats receiving income in dollars.
Digital Banking
Local options:
- Yape (BCP's mobile payment) - widely used, essential for daily life
- Plin (Interbank/BBVA/Scotiabank) - another mobile payment system
- Both work like Venmo/Zelle for instant transfers
International:
- Wise - excellent for international transfers and multi-currency
- PayPal - limited but functional in Peru
ATM Usage
ATMs widely available in cities. Tips:
- Use bank ATMs in well-lit locations
- Daily limits typically 400-700 PEN per transaction
- Foreign card fees: $3-5 per withdrawal + home bank fees
- BCP and Interbank ATMs most reliable
- Cover keypad when entering PIN
Money Transfers
Receiving money:
- Wise - best rates and speed
- Western Union - cash pickup available
- Bank wire - slower but direct
Transaction tax (ITF):
Peru charges a 0.005% tax on all bank transactions (deposits and withdrawals). Minor but worth knowing.
Tax Considerations
Tax residency: If you spend 183+ days in Peru within a 12-month period, you become a Peruvian tax resident starting the following year.
Key implication: Tax residents must report worldwide income to SUNAT (Peru's tax authority). Non-residents only pay tax on Peruvian-source income at a flat 30% rate.
Pro Tips
- •2025 SBS reforms allow passport-based accounts at some banks
- •Yape (BCP) is essential for daily payments - like Peru's Venmo
- •Open dual-currency accounts (PEN + USD) for flexibility
- •Scotiabank and BBVA tend to be most expat-friendly
- •Keep home country accounts active for initial months
Have questions about banking in Peru?