Peru Banking System Overview and Guide

Peru has a well-established banking system, with a long history dating back to the 19th century.

The country's banking system is regulated by the Superintendencia de Banca, Seguros y AFP (SBS), which oversees the operations of banks and other financial institutions.

Banks in Peru are required to maintain a minimum capital requirement of 10% of their risk-weighted assets, as per the SBS regulations.

Peru has a relatively high banking penetration rate, with over 90% of the population having access to banking services.

The country's banking system is dominated by a few large banks, including Banco de Crédito del Perú (BCP) and Scotiabank Perú, which account for a significant share of the market.

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In Peru, you can choose from a variety of banking options to manage your finances.

Banco de Crédito del Perú, or BCP, is one of the largest banks in the country, with over 150 years of experience.

Peruvians can also use digital banking services, such as Kplug, which offers online banking, mobile banking, and even a mobile wallet.

BCP has a large network of branches and ATMs, making it easy to find a location near you.

Kplug's mobile wallet allows users to store their credit or debit card information securely, making it easy to make payments on the go.

The Central Reserve Bank of Peru (BCR) regulates and supervises all banks operating in the country.

BCP offers a range of financial products and services, including loans, credit cards, and investment accounts.

Peruvians can also use other banks, such as Scotiabank and BBVA, which offer similar services to BCP.

The BCR ensures that all banks maintain minimum capital requirements and adhere to strict regulations.

In addition to digital banking, many banks in Peru offer online banking services, allowing users to manage their accounts from anywhere.

BCP's online banking platform offers a range of tools and features, including account management, bill pay, and investment tracking.

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Opening a bank account in Peru can be a relatively straightforward process. You can open a bank account in the local currency or in some foreign currencies, including dollars. To do so, you'll need to provide your passport and have a foreign residence card.

Proof of address and income may also be required, so be prepared to provide these documents. Peru has modern banking facilities, making it easy to manage your finances. You can even take advantage of cellphone and internet banking services to avoid long bank queues.

Peruvian bank charges can be high, so it's essential to shop around and compare rates before choosing a bank. This will help you find the best option for your needs.

In Peru, you can choose from various types of bank accounts to suit your needs. Each bank has its own requirements, which change depending on the type of account you choose to open.

Personal bank accounts are available for individuals who want to manage their finances. Corporate bank accounts are designed for businesses and organizations.

To open a personal account, you'll need to follow the guidelines set by the bank, which may include specific requirements for current or savings accounts. Each bank has its own requirements, so it's essential to check with the bank directly.

Current accounts are designed for everyday transactions, while savings accounts are ideal for long-term savings.

Banking in Peru is relatively easy, with both local and international banks operating in the country.

You'll find that most Peruvian banks offer modern facilities and services, making it a convenient option for expats.

Banking hours vary, but most branches are open between 9am to 1pm and 3pm to 6pm Monday to Saturday, with some banks also open on Sunday for a limited number of hours.

However, there's a catch: foreigners who are in Peru as tourists and don't have a foreigner's card (Carné de Extranjería) won't be able to open a bank account, regardless of the bank or account type.

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Foreigners can open a bank account in Peru, but there are some restrictions.

To open a bank account, you'll need to obtain a foreigner's card, also known as a Carné de Extranjería.

This card is required for foreigners who are not on a tourist visa, as it ensures they follow the Peruvian legal system and pay their taxes.

Foreigners on tourist visas, however, will be unable to open a bank account, regardless of the bank or type of account they choose.

When choosing a bank in Peru, consider your pre-existing relationships. If you already have a relationship with a bank, it's a good idea to stick with it.

Banco de Crédito del Perú (BCP), BBVA Continental, Scotiabank, Interbancario, Banco Pichincha, Banco GNB, Banco Internacional, and Banco Falabella are all options to consider.

If you're looking for a recommendation, we suggest choosing a bank that you already have a relationship with. BLH Peru specifically recommends working with BBVA Continental.

Banking in Peru is relatively easy, with both local and international banks operating in the country.

Most Peruvian banks offer modern facilities and services, making it convenient for expats to manage their finances.

Banking hours vary, but most branches are open between 9am to 1pm and 3pm to 6pm Monday to Saturday.

Some banks are also open on Sunday for a limited number of hours, which can be a bonus for those who need to conduct banking business on weekends.

Having a strong distribution network is crucial for any bank, and this bank is no exception. They have a total of 403 branch offices across Peru.

These branch offices are spread out across every Peruvian province, making banking services accessible to people in rural areas.

In Peru, the official currency is the Sol (PEN), which is divided into 100 céntimos and represented by the symbol S/. You'll see this symbol on notes and coins.

Notes come in various denominations, including PEN 10, PEN 20, PEN 50, PEN 100, and PEN 200. Coins are also widely available in PEN 1, PEN 2, and PEN 5, as well as 5 céntimos, 10 céntimos, 20 céntimos, and 50 céntimos.

US dollars are widely accepted in Peru, but the exchange rate is usually poor. This means you might not get the best deal if you try to use US dollars for everyday transactions.

ATMs are available across the country, with the largest concentration found in larger tourist cities. You can usually find them inside bank branches, shopping centers, and near the main square.

ATMs are also available in some pharmacies, but foreign bank cards may not be accepted, so it's best to check before trying to draw cash.

In Peru, there are two main types of bank accounts: current and savings accounts. A current account is a type of account that allows you to make payments and has immediate availability of funds.

The current account is generated through a banking contract, where the bank is obliged to comply with your payment orders up to the amount you've deposited or the amount of credit granted.

One of the benefits of a current account is that it provides access to credit and cards.

A savings account, on the other hand, is an ordinary deposit that generates profitability or interest for a certain period and according to the amount saved.

Natural and juridical persons can apply for both types of accounts and can do so in both domestic and foreign currency, such as US dollar accounts.

Here's a quick comparison of the two types of accounts:

Let's take a look at some of the major banks in Peru. Banco Santander Perú S.A. is one of the ten largest banks in the country, with a presence in Lima.

Banco Santander Perú S.A. offers a wide range of products and services to individuals and business customers. It has a significant presence in the market, with total assets of US$3.2 billion, deposits of US$1.8 billion, and net loans of US$1.5 billion.

BBVA Peru is the second largest bank in Peru, with a national network of over 300 branches and 1,950 ATMs.

BBVA Peru serves more than nine million customers and employs approximately 7,300 people. It has been named best private bank in Peru by The Banker (2024) and best bank in Peru by Euromoney magazine (2023).

BBVA is recognized as the best bank in Peru by The Banker.

Here's a list of the top 10 banks in Peru ranked by total assets:

Banco GNB Perú offers a wide range of banking services, including current, savings, and corporate accounts, as well as term deposits and consumer and business loans.

It has approximately 25 branches and more than 6,000 Kasnet service points, making it a convenient option for customers.

Banco GNB Perú is a subsidiary of Banco GNB Sudameris S.A., a Colombian bank, which provides a level of stability and security.

It provides mobile, online, ATM, and telephone banking services, allowing customers to manage their accounts and conduct transactions easily.

Banco GNB Perú also offers insurance products, foreign trade, and cash management services, catering to the diverse needs of its customers.

As a major player in the Peruvian banking scene, Banco GNB Perú has established itself as a reliable and trustworthy institution.

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Banco Nación is a state-owned bank in Peru with a significant presence in the country.

It has consolidated assets of over USD 13 billion, making it the fifth largest commercial bank in Peru.

The bank acts as a financial agent of the Government.

Banco Nación has a large network of branches, with 550 locations in each of the Peruvian provinces.

About 67% of its branches are located in remote districts, serving rural areas.

The bank was established in 1966 and is headquartered in San Borja, a district of the Lima Province.

Banco Nación has a Baa1 long-term foreign currency credit rating from Moody's.

Mibanco is a Peruvian bank specializing in microfinance and lending to small businesses.

Founded in 1998, Mibanco is a subsidiary of Banco de Credito del Peru (BCP), one of the leading banks in Peru.

Mibanco operates as a leading provider of microcredits, with a market share of over 75%.

Santander is a well-established bank with a significant presence in Peru. Banco Santander Perú S.A. is headquartered in Lima and is one of the ten largest banks in the country.

The bank provides a wide range of products and services to individuals and business customers. It operates as a subsidiary of the Spanish giant Santander Group.

Banco Santander Perú S.A. was established in 2007. The company has a strong financial foundation with total assets of US$3.2 billion.

The bank's deposits stand at US$1.8 billion and net loans at US$1.5 billion as of 06/2024.

The Bank of America has a Consumer and Small Business Banking department, which provides services to over 66 million customers worldwide.

Their Consumer Banking division offers a range of products, including checking and savings accounts, credit cards, and home loans.

The bank's Small Business Banking division provides financial solutions for small business owners, including business checking accounts, credit cards, and cash management tools.

Bank of America's Global Banking division serves large corporations and financial institutions, offering services such as cash management, trade finance, and securities services.

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Their Global Markets division provides investment banking, market-making, and securities trading services to clients around the world.

The bank's Wealth Management division offers investment management and financial planning services to high net worth individuals and families.

Their Merrill Lynch division provides investment and brokerage services to individual investors and institutional clients.

Bank of America's Business Banking division offers financial solutions for small to mid-sized businesses, including business checking accounts, credit cards, and cash management tools.

The bank's Global Commercial Banking division provides financial solutions for large corporations and financial institutions, including cash management, trade finance, and securities services.

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