Make Payments in PEN - Peruvian Sol
Pay in Peruvian Sols (PEN)
Mondial Change allows you to make international payments in PEN (Peruvian Sol) with ease. Manage your Peruvian Sol beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not charge exchange commission on your PEN operations (a spread is applied to the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your client rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in Peruvian Sol (PEN)
It is currently not possible to receive payments in PEN.
Do you want to hedge your exchange risk on the Peruvian Sol (PEN)? Check our dedicated page for PEN currency hedging.
Mondial Change Answers All Your Questions About Payments in Peruvian Sols (PEN)
What is the timeframe for a payment in PEN to be credited to the beneficiary's account?
It generally takes a minimum of 2 business days for a Peruvian Sol transfer to be credited to the beneficiary's account. However, these timeframes are not contractual, and our partners responsible for the execution and routing of payments cannot be held liable if payments in PEN are credited beyond 2 business days to the beneficiary's account. External events such as processing delays by intermediary banks, public holidays, execution time, or compliance checks can significantly impact the receipt times of payments.
What are the fees for a payment in Peruvian Sol (PEN)?
The fees applied to transfers in Peruvian Sol (PEN) generally range from 0 to 10 euros depending on the agreement with Mondial Change's trading room. The rate mainly depends on your annual exchange volume in PEN and the number of Peruvian Sol payments made during the year.
Are there minimum or maximum amounts for payments in Peruvian Sol (PEN)?
Mondial Change and its partners verify that your flows in Peruvian Sol are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If there are restrictions on transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Peruvian Sol (PEN)?
For payments in PEN via the SWIFT network, the following information must be provided at a minimum:
• Full name of the beneficiary
• Full address of the beneficiary
• Local account number
• SWIFT code of the beneficiary's bank
• Reason for payment
Is it possible to modify a payment in Peruvian Sol (PEN) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Peruvian Sol (PEN) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment was not executed via the SWIFT network, then such amendments are not possible, and you must wait for the payment to be returned if applicable.
What are the public holidays when payments in Peruvian Sol (PEN) cannot be executed?
January 1st: New Year's Day (Año Nuevo)
Variable date: Holy Thursday (Jueves Santo)
Variable date: Good Friday (Viernes Santo)
May 1st: Labor Day (Día del Trabajo)
June 29th: Saint Peter and Saint Paul (San Pedro y San Pablo)
July 28th: Independence Day – 1st day (Fiestas Patrias)
July 29th: Independence Day – 2nd day
August 30th: Saint Rose of Lima (Santa Rosa de Lima)
October 8th: Battle of Angamos (Combate de Angamos)
November 1st: All Saints' Day (Día de Todos los Santos)
December 8th: Immaculate Conception (Inmaculada Concepción)
December 25th: Christmas (Navidad)
History of the Peruvian Sol
The Peruvian Sol (PEN) has been the official currency of Peru since 1991, succeeding the inti, which was introduced a few years earlier to combat hyperinflation. The term "sol" comes from the Latin word meaning "sun," an important symbol in Inca culture. It is subdivided into 100 céntimos. The Sol is issued by the Central Reserve Bank of Peru (BCRP) and reflects the regained stability of the Peruvian economy after decades of monetary turbulence. Its introduction accompanied economic reforms that allowed the country to attract foreign investments and stabilize its growth.
Monetary Policy of the Peruvian Sol
The Central Reserve Bank of Peru (BCRP) is responsible for the country's monetary policy. Its main mission is to maintain low and stable inflation, generally around 2% per year. The Sol operates under a floating exchange rate regime, but the BCRP sometimes intervenes to smooth excessive exchange rate fluctuations. Instruments used include the policy rate, open market operations, and reserve requirements. The country has experienced sustained growth in recent years, and the monetary policy has been praised for its prudence and credibility. However, the central bank also faces challenges related to the partial dollarization of the economy.
Characteristics of the Peruvian Sol
The Peruvian Sol (PEN) is a relatively stable currency in Latin America, known for its resistance to volatility. Although the US dollar is widely used in Peru, especially in real estate or commercial transactions, the Sol is accepted in all domestic operations. The banknotes are equipped with modern security features and depict historical Peruvian figures. The progressive de-dollarization policy led by the authorities aims to strengthen the Sol's role in the economy. Its stability makes it a reference currency in the Andean region for foreign investors and financial institutions.