How to withdraw money without fees in Peru?
When you withdraw money from an ATM in Peru, you are subject to two types of fees:
- Conversion fees that your bank may charge you if you don’t have a card with international options
- Fees charged by the local bank for each withdrawal
In Peru, the vast majority of banks charge between 25 and 38 soles per withdrawal. That’s still between €6 and €10!
You could get around this by withdrawing a large amount each time, but withdrawal limits are very low!
Judged rather (figures observed in January 2024 in Lima).
| Bank | Fixed fee | Withdrawal limit | Equivalent in % if you withdraw the maximum amount |
|---|---|---|---|
| BCP | 36 S/ | 700 S/ | 5% |
| Scotiabank | 25 S/ | 400 S/ | 6% |
| BBVA | 38 S/ | 200 S/ | 19% (!!!) |
| Globalnet | 25 S/ | 400 S/ | 6% |
These fees are colossal! If you withdraw money from BBVA, you have 19% in fees!
Fortunately, there is a solution: the bank Multired / Banco de la nacion allows you to withdraw without fees! The withdrawal limit is 400 soles, but you can make several successive withdrawals with the same card.
