How to Open a Checking Account at a Peruvian Bank

Opening a bank account in Peru can be an arduous task. Before considering this write down everything you do when you go into a bank. You are creating a checklist of things to ask the bank representative when you open your account. Banks in Peru charge an ITF tax of about 0.01 percent every time you deposit or withdraw cash from your account. It's like a transaction fee. Some banks require you to get manager approval to withdraw funds from your account. Not occasionally, but every time. Be very specific in your questions when looking up a bank in Peru. It may be a good idea to go with larger international banks you may know, such as Bank of America, Citibank or Interbank.

Difficulty: Moderately Easy

Instructions

1. Show the bank your ID card. The majority of banks in Peru require either a DNI (National ID Document for Peruvian citizens) or a foreign resident card (carne de extranjeria). The Bank of Nova Scotia (aka Scotiabank) and Interbank are banks known to accept a tourist visa or passport to open a bank account.

2. Show the bank proof of residence. Again, this applies to almost all banks except The Bank of Nova Scotia and Interbank.

3. Give the bank a deposit. This deposit amount varies greatly depending on the bank that you choose. Add this to your list of questions to ask the bank. Typically, $50 U.S. is a standard deposit.

4. Create your account. Fill out the standard bank paperwork required to open a bank account. Many banks do charge if your balance goes below a certain dollar amount. Add this to your list of things to ask. If you are employed in Peru you can have your employer open a bank account in your behalf. It is much like a sponsor, but the account is the employer's; you just have rights to your part of the account.

Resources

• For more information on Peru
• Scotiabank website
• Interbank website

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