In this article, you'll discover whether Revolut works in Peru, explore some potential drawbacks if it is available, and consider the possibilities for using Revolut's services while traveling or living there.
Does Revolut Work In Peru?
Revolut is not available in Peru. This means that users in Peru cannot access Revolut's services, including personal and business accounts, financial management tools, and investment options.
While Revolut offers a Peruvian Sol currency card for travelers, it does not extend its full range of functionalities to residents in Peru. Users can still benefit from Revolut's international money transfer services and multi-currency card features when traveling to Peru from other supported countries.
Fees and Charges for Using Revolut in Peru
Here are some general costs that users might encounter when using Revolut in Peru:
- Currency exchange fees: Currency exchange fees are subject to fair-usage limits and weekend markups.
- ATM withdrawal fees: A maximum of 5 ATM withdrawals a month and up to £200 per rolling month are free. Anything over these limits is charged at 2% of the value of the ATM withdrawal or a minimum fee of £1 (whichever is greater).
- Transaction fees: No specific transaction fees are mentioned for using the card in shops and restaurants, but it is advised to choose PEN as the local currency to avoid additional charges.
- Currency conversion fees: Currency exchange fees may apply if withdrawing from an ATM in a currency not held in the wallet. Exchange fees above free conversion limits will also apply for currency conversion.
- ATM access fees: ATM access fees may be charged by the ATM provider, which Revolut cannot prevent.
Is Revolut the Best Option in Peru?
Even if Revolut is available in Peru, it might not be the best option for users due to certain limitations and restrictions that could affect the overall user experience.
- Limited ATM withdrawals: Only 5 free withdrawals per month, then fees apply.
- Currency exchange fees: Subject to fair-usage limits and weekend markups.
- ATM access fees: Additional fees may be charged by the ATM provider.
- Currency conversion fees: Fees apply if withdrawing in a currency not held in the wallet.
- Plan-based limits: Higher fee-free limits only available on premium plans.
Alternatives to Revolut in Peru
1) OneSafe
OneSafe is a leading alternative payment solution in Peru, offering a seamless and user-friendly experience. With lower fees, robust customer support, and features like simple onboarding, global payments, and multi-currency support, OneSafe stands out as a superior option for managing financial transactions efficiently and securely.
OneSafe Reviews
Users have praised OneSafe for its comprehensive services, including ACH, Crypto, Wire deposits, and Virtual cards, making it the best bank they have used so far. The company is also recognized as a "VERIFIED COMPANY" on Trustpilot, indicating its authenticity and reliability. Overall, users appreciate OneSafe's robust support for most businesses and seamless financial transactions.
2) Wise
Wise offers a multi-currency account, international money transfers, and a debit card, making it a viable alternative payment solution in Peru. Key features include lower costs for global transactions, robust security measures, and the ability to manage money in over 40 currencies, ensuring efficient and secure financial management.
Wise Reviews
Wise has an overall rating of 4.7 out of 5 based on 86 reviews. Users have reported issues with money transfers being returned without notification and challenges with document approval.
Check out more Wise reviews here.
3) Paypal
PayPal is a reliable alternative payment solution in Peru, offering secure payments, global money transfers, and support for online shops. Key features include 24/7 fraud monitoring, Buyer Protection, and the ability to link multiple cards. These benefits make PayPal a convenient and safe option for managing financial transactions.
Paypal Reviews
PayPal has an overall rating of 4.4 out of 5. Users have reported high transaction fees and occasional delays in dispute resolution.
Check out more PayPal reviews here.
Frequently Asked Questions about Revolut in Peru
Can I open a Revolut account in Peru?
No, Revolut accounts cannot be opened by residents in Peru.
Can I use my Revolut card in Peru?
Yes, you can use your Revolut card for transactions and ATM withdrawals in Peru.
Are there any fees for using Revolut in Peru?
Yes, fees include currency exchange, ATM withdrawal, and potential ATM access fees.
Does Revolut support the Peruvian Sol?
Revolut offers a Peruvian Sol currency card for travelers but not for residents.
Can I transfer money to a Peruvian bank account using Revolut?
Yes, international money transfers to Peruvian bank accounts are supported by Revolut.
Begin Your Journey with OneSafe Today!
Choosing the right payment solution in Peru is crucial for seamless financial management. While Revolut has limitations, OneSafe offers a robust alternative with lower fees and comprehensive services. Explore OneSafe for a superior financial experience. Sign up to OneSafe today!
