Send Money to Peru Only After You Consider the Details of the Average Remittance

Send Money to Peru Only After You Consider the Details of the Average Remittance

The general pattern of remittances to different countries in the last several years has been steady growth, followed by a slight decline in the most recent few years. This is likely a result of the economic downturn that most countries are experiencing. However, Peru has not shown the same trend. In fact, by the second quarter of 2009, remittances had risen by over five percent compared to the first quarter, settling at $564 million for just that quarter of the year. In 2008, about $2.4 billion was sent to the area, about a 14 percent increased compared to 2007.

According to recent statistics, the average money sent to the area when people send money to Peru is about $76 per person. If this is the amount that you usually transfer, and the method you choose charges a percentage of the amount you send without a minimum flat fee, you may be getting a good deal. However, some options charge a high flat fee, which means that making frequent transactions of small denominations can ensure that you pay a lot in fees. Many banks are an example of this type of method, as they often charge a flat fee of about $30 when you send money to Peru. Instead, consider options with a low flat fee.

One increasingly popular option is the prepaid debit card, which charges $5 per transfer. It does not matter how much you send, as you will pay the same fee whether you transfer $1 or $1000 a day. With this method, your relative can use the card at retailers to pay for items or ATMs to withdraw cash. You can add money any time you need to for the flat fee of $5, either by phone or Internet. Clearly, it can be very convenient for them and quite inexpensive for you.

No matter what method you choose, it is usually a good idea to arm yourself with statistics regarding the average remittance and the overall trends before you send money to Peru. Then you can make an informed decision about how to transfer money to the area. During this process, it is important to keep in mind expenses, speed of transfer, and convenience for your recipient.

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