There is a certain amount of documentation that is required when opening a bank account in Peru. Peruvian citizens are expected to produce a DNI, which is an ID document, while non-Peruvians need to have a foreign resident card (carné de extrajería). There are some banks which may accept a passport in place of an ID card, although it is worth noting that this does not offer proof of the owner’s right to be in the country. In addition to proof of ID, a copy of a utility bill is required as proof of address. It may also be necessary to produce a copy of your employment contract as proof of income, or pension statements if you receive monies from abroad.

If you have gone to Peru for work, you may be working for an employer that is in a position to open a bank account on your behalf so that it is all set up and waiting for you when you arrive. It is mostly schools that take on this responsibility for their teaching staff.

Using a savings bank (caja) is often recommended for their better range of services and lower charges. Some banks require that account holders keep a minimum amount in their accounts at all times, and will charge if the balance drops below this amount. There is a tax applied to every transaction at a Peruvian bank, which adds up to about 0.1% of the value of the transaction.

A current account (plazo corriente) is used for every day transactions such as paying bills and cash withdrawals. These usually have debit and cash cards and cheque books attached. Cards can be used in ATMs which can be found outside banks and in most main shopping areas. All banks have different regulations but care should be taken if you have a bank that charges you to make withdrawals from the ATMs of another bank. Your bank should tell you in advance what charges may be applied to your account.

Overdrafts may be available on your current account, although it is not likely to be given to somebody who has only just arrived in the country. In Peru it is important to build a good relationship with your bank manager if you think you may need this kind of flexibility on your account. Unauthorised overdrafts lead to charges and persistent offenders may find their account frozen. Bills can be paid by direct debit and standing order as well as by cheque. There are some banks that may prefer you only use your own branch for transactions but others will be happy for you to use different branches.

A fixed account is also known as a savings account (plazo fijo) and these are designed for those who can put their money away and not need access to it for some time. The period of no access can range from one month to two years and the account gives a much higher rate of interest. There may be some penalties if you need to withdraw funds before the end of the ‘no access’ period. Other products that may be offered by your bank include pensions and investments, and larger banks will have English speaking staff that may be able to advise you on these services.

As well as local banks there are a number of international banks which have a presence in the country. It may be possible to open an account with one of these banks in advance so that the account is waiting for you when you move to the country. It is worth checking with your current bank to see if they can help you with this. International banks are also more likely to have English speaking staff, which can make transactions easier.

Banks are open during normal working hours although some banks may have customer service departments which work outside of these hours and which are contactable by telephone. Most banks have telephone banking services and online banking facilities, making it easier to pay bills and transfer monies. International banks can deal much more easily with international transfers of monies, although local banks will be happy to accept transfers and cheques in a foreign currency they may take longer to process and clear funds.