Over 898k Peruvian migrants live abroad and send online money transfers home at least once a month. Amazingly, these money transfers account for over 60 percent of the money that is used for daily basic needs. Considering that 40 percent of its citizens live in poverty, money transfers have greatly helped the economy of Peru. As a matter of fact, the economy grew by 9 percent during 2007 because workers sent money home in large amounts. This is one of the most important reasons why many send money to Peru.
Counterfeit USD in Peru
According to the US secret service Peru is the number 1 counterfeiter of dollars in the work. Check out this really interesting video that give you an insight into this criminal underworld:
It has been said that the loadable debit card is responsible for this tremendous growth because they are much cheaper to use than sending money home via wire transfers or money orders. The fees for debit cards are much lower. This means that citizens of Peru can spend their online funds on more of their daily needs and not on unnecessary transaction fees. All in all, this is a wonderful cycle for the people and country of Peru. The citizens have an opportunity to spend more money for their daily needs and the country is lifted out of poverty conditions. For a country that once relied on agriculture as a way of life, online money transfers have greatly improved the lifestyles of many Peruvians.
How Do They Work?
Money transfer companies use different methods, but the most popular method revolves around the debit card. To start the process, the sender opens an online account. A debit card is delivered overnight to the intended recipient. Once the card is received, the sender will send money online by loading money onto the debit card via a bank account or another personal debit card. The recipient is then free to retrieve the money from any nearby ATM via the new debit card.
Convenience of ATM Machines
Although most of the population lives in rural areas, it is not difficult to find an ATM machine in Peru. The country boosts a mixture of urban and rural settings. The debit card can be used at one of the many 659 ATM machines that are located in over 92 cities of Peru, of which 70 each are in Trujillo alone. ATM machines are very much used in Peru. They can even be found in desolate and rural areas of Peru.
Online Money Transfer – Fast and Secure
Sending online money transfers are fast, affordable and secure in Peru. No longer does anyone have to wait in long lines to receive money or wait for weeks for a check to clear that their relative sent to them from another country. With the reloadable debit card, the average Peruvian can just go to the local ATM and get money. In addition, the PIN number associated with the debit card allows for a secure transaction, which is not the case with other methods of transporting and receiving money in Peru.
All in all, there are many valid reasons to send money online to Peru. It is fast, cost effective and secure. In addition, the use of the debit card has positively affected the economy of Peru. There are tons of Peruvians sending money back home to their loved ones. There are over 300k migrant workers in the United States alone. Online money transfers have helped to shape the financial landscape of Peru and improve the lives of many of its citizens.