The main reasons for sending money include saving, family support and financing studies, as well as all the expenses that come with living in a European country such as rent, transportation, food, etc.
Fintech Global66 reported that by the end of 2024, the number of money transfer transactions from Peru to Spain had increased by more than 105% compared to the previous year, with more than US$28 million being moved.
According to the company's figures, in the last year, the Peruvian market carried out more than 34,000 transactions, reaching an average ticket value of over US$800. Likewise, by the end of 2024, the volume transacted increased by 84% compared to the previous year, going from US$15 million in 2023 to more than US$28 million.
"Spain continues to be the main destination for remittances sent from Peru, well above countries such as Germany and the United Kingdom, which complete the top 3 European routes. Access to technology and digital platforms facilitate the fast and secure sending of money. Likewise, having global accounts, such as Global66, which allow receiving euros and pounds as local transfers with IBAN without opening bank accounts in those countries; make life easier for Peruvians," said María José Artacho, Country Manager in Peru.
According to Artacho, the main reasons for sending money include savings, family support and financing studies, as well as all the expenses that come with living in a European country such as rent, transportation, food, etc. This reflects the economic priorities of the platform's users in Peru and other Latin American countries.
“In recent years we have seen that many Peruvian families have sent their children to Spain to study at an undergraduate level, and sometimes these new professionals choose to stay in the European country, generating greater dynamism in these remittances,” explained Artacho.
According to statistical data from the Latin American fintech , the last quarter of 2024 saw increased activity during the end-of-year holidays. “The trend continues to grow because more and more Peruvians can access studies abroad and take it as a priority. We will continue to see these increases both in volume transacted and in the number of operations that are becoming more frequent and faster,” explained the executive.
