Endemic to Peru. Raimondi's Yellow-Finch occurs along the west slope of the Andes and on coastal hills (lomas) from the department of Lima (Lomas de Lachay; Koepcke 1963) south to northern Tacna (Quebrada de Burros; Hogsås et al. 2002).
Usually described, at least implicitly (e.g. Ridgely and Tudor 1989, 2009, Fjeldså and Krabbe 1990, Schulenberg et al. 2007), as resident, but there is evidence that it undergoes local movements. In coastal southern Arequipa, for example, Hughes (1970) reported that Raimondi's Yellow-Finch was present throughout the year but was most common between July and December; he presumed that these birds were "[nonbreeding] wanderers" from unknown breeding locations at higher elevations. Similarly Hogsås et al. (2002) reported that it was present at a coastal site in Tacna only during the austral winter; they too speculated that it bred locally but at higher elevations. The nature of these movements is not known in any detail, however, and it is not documented to what extent these movements are altitudinal or latitudinal, or how regular they may be (migratory vs nomadic).