Sending money to family in Peru is straightforward once you know which service fits your situation. The right choice depends on one thing above all: does your recipient want a bank deposit in soles, or cash in hand? This guide walks through the cheapest and fastest options in 2026.
For bank deposits in Peruvian soles, Wise is usually the cheapest — real mid-market rate, one low fee. For cash pickup, Remitly and Western Union are strong, delivering in minutes. On smaller transfers under about $500, Remitly’s Economy option can beat Wise. Fund the transfer from a bank account or card to stay exempt from the new 1% US remittance tax.
Peru’s currency: the sol (PEN)
Peru uses the Peruvian sol, written S/ and coded PEN. Any money you send is converted from your currency into soles for deposit or pickup, which means the exchange rate is just as important as the visible fee. A provider advertising a low fee but a poor rate can easily cost you more than one charging a slightly higher fee at the real rate. The mid-market rate — the one you see on our live converter — is the benchmark to measure every offer against.
Best options for sending money to Peru
| Provider | Best for | Notes |
|---|---|---|
| Wise | Bank deposits | Mid-market rate, no markup, low upfront fee; cheapest for most bank transfers |
| Remitly | Cash pickup & small transfers | Economy option can beat Wise under ~$500; Express delivers in minutes; strong first-transfer promos |
| Western Union | Cash pickup | Huge agent network across Peru; competitive for physical cash collection |
| MoneyGram | Cash pickup alternative | Wide coverage; compare received soles against Western Union |
Bank deposit vs cash pickup
Most major Peruvian banks — BCP (Banco de Crédito del Perú), BBVA, Interbank and Scotiabank — can receive deposits from all the big transfer services. If your recipient has an account, a bank deposit is almost always the cheapest route, and Wise’s zero-markup pricing makes it the default winner here.
If your recipient does not have a bank account, or simply prefers cash, a cash-pickup service is the answer. Remitly, Western Union and MoneyGram all maintain large pickup networks in Lima and across regional cities. Cash-pickup transfers usually cost a little more than bank deposits, but they are fast — often ready within minutes.
The new 1% US remittance tax
Since January 1, 2026, a 1% US federal excise tax applies to certain outbound remittances — but only those funded with cash, a money order, or similar physical instruments. Transfers funded from a US bank account, or with a debit or credit card, are exempt. The practical takeaway: fund your transfer to Peru electronically from a bank account or card and you avoid the tax entirely. This mostly affects people who walk into an agent location and pay in cash.
How to get the best deal
Compare providers on the single number that matters: the amount in soles your recipient will actually receive. That figure already bakes in both the fee and the exchange rate. Check the delivery method your recipient wants first, then compare only the services that offer it. And watch for first-transfer promotions — Remitly in particular often waives the fee or sharpens the rate on your first send, which can make it the cheapest choice for a one-off transfer.
Check today’s USD to PEN rate
Exchange rates move every day. See the real mid-market USD to Peruvian sol rate before you send, so you can judge each provider’s markup.