Peru – Banking

What are the main banks in Peru?

Peru’s banking landscape is dominated by a small number of large institutions, with seventeen commercial banks collectively accounting for 89 percent of the financial system’s total assets — valued at $161 billion as of December 2024. Mid-sized and specialist banks round out the sector, catering to a variety of customer needs. For the most current branch details and contact information, consult each bank directly or visit the SBS at sbs.gob.pe.

Banco de Crédito del Perú (BCP) — BCP holds the top position in Peru’s banking sector by assets, deposits, loans, customer count, and headcount. Based in Lima, the bank operates roughly 400 domestic branches and 2,270 ATMs, with additional international offices in Miami and Panama. Its product range spans savings instruments, personal and mortgage lending, debit and credit cards, insurance, investment products, and foreign exchange services. Website: viabcp.com

BBVA Perú — Occupying second place by size, BBVA Perú serves more than nine million customers through a nationwide network exceeding 300 branches and 1,950 ATMs, with a workforce of approximately 7,300. The institution was recognised as Peru’s best private bank by The Banker in 2024. Website: bbva.pe

Scotiabank Perú — The third-largest bank in Peru, Scotiabank Perú delivers a broad range of banking products through approximately 170 retail branches and more than 800 ATMs spread across the country. It functions as a local subsidiary of Canada’s Bank of Nova Scotia. Website: scotiabank.com.pe

Interbank — Banco Internacional del Perú, known as Interbank, ranks fourth by assets and loans and holds second place in consumer banking. Its network encompasses around 140 branches in Peru, plus a branch in Panama. Website: interbank.pe

Banco de la Nación — Peru’s fifth-largest commercial bank by consolidated assets — surpassing USD 13 billion as of Q3 2024 — Banco de la Nación serves as the government’s designated financial agent. State-owned and staffed by approximately 4,900 employees, it runs about 550 branches covering every province in the country, with roughly 67% of those outlets located in remote and rural communities. Website: bn.com.pe

Banco Interamericano de Finanzas (BanBif) — Established in 1990, BanBif is a mid-sized universal bank that delivers financial products and services through telephone, mobile, and internet channels, as well as through a network of around 60 branches and 80 ATMs across multiple regions including Lima, Arequipa, Piura, and Cusco. Website: banbif.com.pe

Mibanco — Operating in Peru since 1998 and founded with backing from a range of international and domestic financial institutions, Mibanco concentrates primarily on serving micro-enterprises and small businesses. Website: mibanco.com.pe

Banco Pichincha del Perú — Previously known as Banco Financiero del Perú, Banco Pichincha del Perú ranks among the country’s leading banks by assets and deposits, offering retail and commercial banking that includes savings and current accounts, salary accounts, term deposits, credit and debit cards, loans, insurance, and online banking. It operates as part of Ecuador’s largest private banking group, Grupo Financiero Pichincha. Website: bancopichincha.com.pe

For a comprehensive and authoritative list of all licensed banks in Peru — including registered contact details and updates to operational status — refer to the SBS website.

Do any major international banks operate in Peru?

Foreign banks may establish operations in Peru without restriction, though they remain subject to supervision by the Superintendencia de Banca, Seguros y AFP (SBS). Several well-known international banking names have a footprint in the country, but their activities tend to centre on corporate and investment banking rather than personal retail services.

Citibank del Perú — Citi has maintained an uninterrupted presence in Peru since 1920, establishing itself as a central player in the country’s corporate banking landscape. It serves national and multinational companies, government entities, and domestic financial institutions with a suite of corporate and investment banking products. Expats seeking retail banking services from Citi in Peru should be aware that the bank’s focus is overwhelmingly corporate in nature. Website: citibank.com.pe

Banco Santander Perú — Headquartered in Lima and established in 2007 as a subsidiary of Spain’s Santander Group, Banco Santander Perú ranks among the country’s ten largest banks by size. With total assets of US$3.2 billion and deposits of US$1.8 billion as of June 2024, it caters to both individual and business customers across a broad product range. Website: santander.com.pe

Banco GNB Perú (formerly HSBC Bank Peru) — After HSBC divested its Peruvian operations in 2012, the business was rebranded as Banco GNB Perú, now operating as a subsidiary of Colombia’s Banco GNB Sudameris. With around 25 branches and access to more than 6,000 Kasnet service points, Banco GNB Perú provides current, savings, salary, and corporate accounts, term deposits, consumer and business loans, mortgages, vehicle financing, credit cards, insurance products, and multi-channel banking. Website: gnbperu.com

Additional international institutions with a stake in the Peruvian market include Banco Azteca del Perú, a subsidiary of Mexico’s Grupo Elektra; Banco Falabella Perú, affiliated with Chilean retailer Falabella; and Banco Ripley Perú, part of Chile’s Ripley group. Bank of China and Banco ICBC also hold a modest share of the local banking market. Since international banking presences can shift over time, always verify current details directly with the relevant institution or through the SBS.

Do banks in Peru offer accounts or services specifically for expats?

Peru does not have a formally marketed category of expat-specific bank accounts comparable to those found in dedicated offshore financial centres. That said, the country’s major banks offer a number of features that are particularly well-suited to people living in Peru who receive foreign income or have cross-border financial requirements, including savings and checking accounts, debit and credit cards, online banking, and foreign currency accounts.

Upon opening a bank account in Peru, customers may hold both a soles (PEN) and a US dollar (USD) account, each with its own account number but generally linked to a single debit card. Most major banks facilitate accounts in both PEN and USD, and certain institutions may additionally offer EUR-denominated accounts. This dual-currency flexibility stands out as one of the most practical advantages for expats juggling income in multiple currencies.

Obtaining a Peruvian credit card requires demonstrating creditworthiness and holding legal residency status. The issuing bank will assess income before deciding on the credit limit to extend. Beyond proof of residence, banks commonly request salary statements, an employment contract, and evidence of tax compliance before approving a credit card application.

For expats with substantial assets or complex international financial needs, institutions such as Citibank del Perú or Santander — with their deep expertise in wealth management and cross-border transactions — may prove more suitable than domestic retail banks focused primarily on the local market.

Account features and fee structures are subject to regular change. Always verify the latest terms on individual banks’ official websites, and direct any regulatory questions about consumer protections on specific account types to the SBS.

What are typical bank opening hours in Peru?

Peruvian banks are generally open to customers Monday through Friday, from 9 a.m. until approximately 6 p.m., though exact closing times differ between branches and cities. Outlets located inside shopping centres or busy commercial areas may keep extended hours. Saturday morning service — usually from 9 a.m. to 1 p.m. — is offered at many branches in Lima and other major urban centres, though this is by no means universal. All banks close on Peru’s official public holidays.

Regional differences are considerable. In Lima, the major banks maintain a dense web of branches, many housed in shopping malls where retail-style hours apply. Away from the capital, branch availability drops sharply and operating hours may be shorter. Nationwide, the level of access to financial services stands at around 56 percent, with coverage significantly lower in areas outside Lima and other large cities.

For day-to-day banking, branch visits are often unnecessary. All major institutions provide debit cards and online banking as standard, allowing customers to carry out transfers, pay bills, check balances, and manage certain account functions at any hour. The mobile applications of BCP, BBVA, Interbank, and Scotiabank are mature, feature-rich platforms used by millions of customers. Telephone banking is also available for those who prefer an alternative to branches or digital apps. Before visiting a branch, always confirm opening hours directly with your bank, as schedules around public holidays can vary.

What do expats need to know about the banking system in Peru?

Peru’s financial system is regulated by the Superintendencia de Banca, Seguros y AFP (SBS), whose remit covers the Central Bank (BCRP), the state financial agent (Banco de la Nación), the development bank (COFIDE), the Agrarian Bank, four private pension fund administrators, and 20 insurance companies. The country’s regulatory framework is broadly aligned with international standards, with SBS policy generally following guidelines established by the Switzerland-based Bank for International Settlements (BIS).

Deposit protection. Peru operates a deposit guarantee scheme known as the Fondo de Seguro de Depósitos (FSD). Coverage extends to nominative deposits — those bearing the depositor’s name — including demand deposits, savings accounts, time deposits, and compensatory time savings accounts (CTS), with interest on those deposits also protected. The maximum coverage ceiling is revised quarterly. Unlike the UK’s FSCS (which protects up to £85,000 per institution) or the US FDIC ($250,000 per depositor), Peru’s FSD limit is denominated in soles and changes on a regular basis — check the SBS website for the prevailing figure before placing substantial sums.

Dual-currency economy. Compared with many other Latin American economies, Peru operates with a significant degree of dollarisation. Most major banks offer accounts in both soles and US dollars, and there are no blanket currency controls of the kind found in certain neighbouring countries. However, banks must satisfy anti-money laundering (AML) obligations, which can result in additional scrutiny of large currency exchanges or cross-border transfers.

Language and service. Banking websites and in-branch services are conducted almost exclusively in Spanish. Some branches — particularly those in Lima’s expat-heavy districts — employ staff with language skills beyond Spanish, but this should not be taken for granted. If your command of Spanish is limited, consider bringing a fluent speaker to assist with account opening or problem resolution.

Fees. Peruvian banks levy charges for many services, including account maintenance, transfers, and ATM withdrawals, and the quality of customer service can be inconsistent. Credit card interest rates are notably high when balances are carried over monthly, making it advisable to clear the full outstanding amount at the end of each billing cycle rather than paying in instalments.

Compliance requirements. In keeping with international norms, Peruvian banks routinely request documentation identifying the source of funds deposited, as part of mandatory anti-money laundering protocols. This is standard practice and should be anticipated, particularly when moving significant amounts or opening new accounts.

For authoritative, up-to-date regulatory information, consult the SBS and the BCRP. The BCRP’s website additionally publishes official exchange rates and monetary policy announcements.

How do I open a bank account in Peru as an expat?

If you already hold a Carné de Extranjería — Peru’s official foreign resident identity card — opening a bank account is a relatively manageable process. Most banks will require this document alongside a small set of supporting materials to establish a personal savings or checking account. A significant regulatory change is, however, making the process more accessible to those who have not yet secured residency: the SBS has issued a resolution expanding the range of identification documents accepted from foreign nationals for certain savings accounts. From June 16, 2025, foreign nationals may present documents including their home country passport or national identity card. Confirm current implementation with your intended bank, as rollout timelines may differ by institution.

1. Obtain your Carné de Extranjería (CE) or confirm passport eligibility. Historically, the absence of a Peruvian resident ID made account opening extremely difficult. Since March 2025, updated SBS rules permit banks to open a basic account using a passport — ask specifically for a “cuenta básica” and reference the SBS update, noting that availability depends on how each bank has implemented the change. If you already hold legal residency, your CE remains the most straightforward form of identification to present.
2. Choose your bank. Research the major institutions — BCP, BBVA, Interbank, Scotiabank, and BanBif are all commonly used by expats. Where possible, speak with other foreign residents in your area about their experiences with different banks. Weigh up factors such as branch accessibility, the quality of digital banking, fee structures, and whether you require accounts in both soles and US dollars.
3. Gather your documents. Requirements vary between banks, so contact your preferred institution in advance to confirm exactly what you need to bring. Some banks request additional materials, such as written evidence of your source of funds. A typical checklist includes: your passport; your Carné de Extranjería (or alternative ID as permitted under the June 2025 SBS rules); proof of a Peruvian address (such as a utility bill or tenancy agreement); and, in some cases, evidence of income or employment, such as payslips, a work contract, or tax receipts.
4. Visit a branch in person. Personal attendance is required at most banks for the account-opening process — it is generally not possible to open a personal account remotely before arriving in Peru. Visiting a main branch rather than a small agency is advisable, as larger outlets typically have greater flexibility. If one branch turns down your application, it is worth trying a different branch or speaking with a manager, since the application of policies can vary.
5. Complete the application and compliance forms. All Peruvian banks regulated by the SBS must carry out mandatory Know Your Customer (KYC) reviews, anti-money laundering (AML) checks, and Ultimate Beneficial Ownership (UBO) declarations. These are non-negotiable requirements embedded in Peru’s tax and financial compliance framework. Expect to be asked about the origin of your funds.
6. Set up your accounts and digital banking. You can open both a soles and a dollar account, typically receiving a single debit card linked to both. Take the opportunity during your branch visit to register for the bank’s mobile application — all major banks offer well-developed apps covering transfers, bill payments, and account management. Ask a member of staff to assist with the setup while you are there.
7. Confirm ongoing requirements. Banking requirements can evolve, and individual branches may apply policies differently, so maintain regular contact with your bank to stay on top of any ongoing compliance obligations. For authoritative guidance, consult the SBS directly.

What banking and payment apps are widely used in Peru?

Peru has undergone a sweeping digital payments transformation in recent years. By 2024, Yape accounted for 54% of in-person transactions and PLIN for 34%. Approximately 17 million Peruvians now maintain money in a phone-based wallet — equivalent to more than half the adult population. For expats settling in Peru, familiarity with these platforms is becoming an increasingly indispensable part of day-to-day life.

Yape — Launched by Banco de Crédito del Perú (BCP) in 2016, Yape represented a turning point in Peru’s digital wallet landscape. Conceived to foster financial inclusion and reduce cash dependency, it allows users to send money instantly using a mobile number alone, with no bank account required. The platform’s QR code payment functionality has become ubiquitous across retail and small-business settings, and is now accepted at markets, taxi services, restaurants, and corner shops throughout the country.

PLIN — Developed as a collective response to Yape’s rapid growth, PLIN was brought to market by BBVA, Interbank, and Scotiabank and offers customers real-time, bank-integrated transfers. The platform is integrated with several major banks — including BCP, Interbank, and BBVA — with no transaction fees for transfers between participating institutions.

Beyond the two dominant players, BIM addresses the needs of unbanked users by operating across mobile carriers, while several telecommunications companies have introduced niche wallets targeting prepaid customers. All major banks also maintain their own standalone apps — BCP, BBVA, Interbank, and Scotiabank — offering a full range of functions including international transfers, bill payments, and comprehensive account management.

International apps. Wise operates via a peer-based mechanism in which funds are not moved directly between an overseas account and a Peruvian one, but routed through a local account — this approach makes international transfers substantially cheaper than conventional wire transfers. Note that sending money out of Peru via Wise is not currently available; only incoming transfers to a Peruvian dollar account are supported. Confirm the latest position at wise.com. It is not possible to connect a foreign PayPal account to Peruvian banking infrastructure, though a locally registered Peruvian PayPal account can be linked to BCP, BBVA, or Scotiabank — bearing in mind that transfer fees from PayPal to a Peruvian bank tend to be relatively steep. Revolut does not currently maintain a dedicated Peruvian presence; check the Revolut website for the latest availability.

The Peruvian government is actively advancing a regulatory reform agenda for payments, including an Open Banking framework intended to deepen integration between banks and fintech providers. For the most current regulatory guidance on digital financial services, consult the SBS.

How can expats manage money between Peru and their home country?

International bank transfers remain a reliable option for moving money in and out of Peru, though costs can be substantial. A clear understanding of available methods and their associated charges will help you avoid unnecessary expense when handling cross-border transactions. There are no blanket currency restrictions preventing the transfer of funds to or from Peru, though large movements are subject to regulatory scrutiny.

Bank wire transfers. Every major Peruvian bank provides international wire transfer services, and many larger institutions have dedicated divisions to advise clients on international payments and collections. Fees differ by bank and transfer size — contact your bank directly for current tariff information, as charges are revised frequently. Exchange rates applied when converting between PEN and foreign currencies are typically less favourable than the mid-market rate, so it is worth comparing options before committing to a transfer.

Exchange houses (casas de cambio). While it is possible to convert funds between soles and dollar accounts directly through your bank, the rates on offer are rarely optimal. For larger sums, withdrawing the money in its original currency and exchanging it at a reputable casa de cambio (exchange office) generally yields a better outcome. In larger cities, currency exchange outlets can be found close to major banks and in dedicated exchange facilities.

Specialist transfer services. Wise uses a peer-based model where transferred funds pass through a Peruvian account rather than being wired internationally in the traditional sense, resulting in costs roughly half those of a standard wire transfer, with delivery typically within one to two business days. As noted above, outbound international transfers from Peru via Wise are not currently possible — verify the current position at wise.com.

Reporting obligations. Although Peru imposes no blanket restrictions on capital movements, large transactions — particularly those involving considerable sums of cash or foreign currency — trigger anti-money laundering reporting requirements. All Peruvian banks must perform mandatory KYC and AML checks as part of the country’s financial compliance framework, and these cannot be circumvented. If you are transferring significant amounts or hold accounts abroad, consult Peru’s tax authority SUNAT (sunat.gob.pe) and seek professional tax advice to understand any applicable reporting duties. For authoritative regulatory guidance on international transfers, refer to the SBS and the BCRP.

Frequently Asked Questions

Can I open a Peruvian bank account without permanent residency?

The SBS has issued a resolution expanding the identification documents that foreign nationals may use when opening certain accounts. From June 16, 2025, foreign nationals are permitted to present a home country passport or national identity card to open certain savings accounts. For full retail accounts, a Carné de Extranjería (CE) is still generally required. Check with the specific branch you plan to visit, as implementation timelines differ between institutions.

What is the Carné de Extranjería and how do I get one?

The Carné de Extranjería (CE) is Peru’s official identity document for foreign nationals who have been granted legal residency in the country. It is issued by the Superintendencia Nacional de Migraciones (migraciones.gob.pe). A valid Peruvian residency visa must be held before an application can be submitted. Processing typically takes up to three to four weeks from the date of approval. Refer to the Migraciones website for current processing times and documentary requirements.

Can I hold a US dollar account in Peru?

Yes. When you open a bank account in Peru, you have the option to hold a soles account, a US dollar account, or both simultaneously. Most major banks support accounts in PEN and USD, and some institutions may additionally offer EUR-denominated accounts. This flexibility is among the most valuable features for expats who receive earnings in foreign currencies, and sets Peru apart from countries with more restrictive foreign-currency account policies.

Is my money protected if a Peruvian bank fails?

Peru has a deposit insurance mechanism — the Fondo de Seguro de Depósitos (FSD) — which protects individual depositors at licensed banks. Coverage applies to nominative deposits, encompassing demand deposits, savings accounts, time deposits, and compensatory time savings accounts (CTS), including accrued interest. The maximum coverage amount is recalculated each quarter. Because the limit is expressed in soles and subject to change, always check the SBS website for the figure currently in force.

What are Yape and PLIN, and do I need to use them?

Yape was introduced by BCP in 2016 as a peer-to-peer payment solution enabling money transfers using just a mobile number, accessible even without a bank account. PLIN was subsequently launched by BBVA, Interbank, and Scotiabank as a bank-integrated counterpart. Neither app is obligatory, but both are so deeply embedded in everyday commerce in Peru — from street markets and taxis to restaurants and small retailers — that installing at least one will considerably ease day-to-day transactions.

Are international banking apps like Wise or Revolut available in Peru?

Wise facilitates inbound transfers to Peruvian bank accounts through a peer-based system that is considerably cheaper than conventional wire transfers, with funds typically arriving within one to two business days. Outbound transfers from Peru via Wise are currently restricted — check the Wise website for the latest position before relying on this service. Revolut does not presently operate a localised service in Peru. PayPal is accessible through a locally registered Peruvian account that can be linked to BCP, BBVA, or Scotiabank, though the fees charged by Peruvian banks on PayPal withdrawals tend to be on the higher side.

What documents do I typically need to open a bank account in Peru?

Requirements differ from bank to bank, making it important to contact your chosen institution in advance to confirm exactly what to bring. Some banks request supplementary documentation — such as evidence of your source of funds — as part of anti-money laundering compliance. A standard set of documents typically includes your passport, your Carné de Extranjería (or an alternative ID document as permitted under the June 2025 SBS rules), proof of a Peruvian address such as a utility bill or lease agreement, and potentially proof of income or employment. Always verify requirements directly with your bank before your visit.

Are there language barriers when banking in Peru?

Banking services and websites in Peru operate almost entirely in Spanish. Certain branches — particularly those in Lima neighbourhoods with a higher concentration of foreign residents — may have staff capable of assisting in other languages, but this cannot be relied upon. If your Spanish is limited, bringing a fluent speaker along to help with account opening or issue resolution is strongly advisable. The major banks’ mobile apps are also primarily in Spanish, though the interfaces are generally intuitive enough to navigate with a basic working knowledge of the language.