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Bank deposits, cash transfers pave a pathway of success in Peru

Bank deposits have enabled Peruvians and their children to improve their quality of life.

With much of the world still enduring the aftereffects of the recession, Peru’s economy has in large measure weathered the storm. Since 2002, the country has seen its economy expand considerably, and thanks in part to people who send money to Peru, its national poverty rate has plummeted by double-digits, government data indicates.

One of the ways in which Peruvians have obtained these online money transfers is through bank deposits, one of the most secure ways in which to send money abroad.

Money transfers to a bank account in Peru offer peace of mind both for the sender and the recipient. Family members who send it can rest assured the money will go into their loved one’s bank account. Meanwhile, the recipient doesn’t have to put themselves at risk of being targeted by someone who’s looking to steal money from them, as carrying a large amount of cash can make them a target.

Another benefit of bank deposits is that they can be done in dollars or nuevos soles, whichever form is more convenient for the person who will be spending the money.

Xoom customers can also rely on bank deposits being done quickly. For example, if a cash transfer is being sent using Xoom to an account held at Interbank, Scotiabank or BBVA Banco Continental, they can expect the transfer to be completed within 15 minutes. It takes slightly longer for deposits to Banco de Credito BCP branches, but only an extra 15 minutes or so.

With Peru’s gross domestic product among the top 50 in the world, remittances can help the country’s economic strength grow even further.

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