Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Because Puerto Rico is a US territory and uses the US dollar, there’s no need to worry about losing money on weak exchange rates — you’ll only pay a transfer fee. Transfer fees will vary by provider, method of payment and delivery.
While you could choose the convenience of walking into your local US bank for a money transfer to Puerto Rico, you may pay a steep transfer fee to do so. That’s because some banks exclude US territories like Puerto Rico and Guam from its list of reciprocal banks, treating transfers to these territories as international transfers. Fees can $35 or more, depending on your bank.
With an independent money transfer specialist, you will typically pay a lower fee with better options for payment and delivery to your recipients.
Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
In an emergency situation, sending money to Puerto Rico can be expensive. Bank transfers are not ideal for emergency situations, because of their longer processing times.
However, most independent providers allow you to send expedited payments with additional processing fees. Using a credit card can also save time, but expect higher fees with some providers for this method of payment.
When picking up cash in Puerto Rico, take a friend along who speaks Spanish, if you don’t know the language. Only about 20 percent of those living on the island speak English, and you can make expensive errors simply by not knowing the language. Never flash your cash when traveling, and avoid dark secluded areas.
Regardless of how you choose to send money to Puerto Rico, you’ll typically need to set up an account.
Most banks and money transfer providers will require your name, contact information and government-issued ID. Next, you’ll provide your recipient’s name and contact information, how much you’re sending and how your recipient will receive it. If you’re sending a bank transfer, you’ll also need to provide your recipient’s bank name, routing number and account number.
Once you’ve completed your transfer, the provider will confirm your transaction with a reference number. Use this reference number to track the progress of your transfer to receipt.
With so many options available, sending money to Puerto Rico should be a simple and painless Process. By comparing your options, you can prevent unpleasant surprises like high fees and penalties for cash pickup. However, your cheapest option may be the services of an independent money transfer specialist. With these companies, you could pay $10 or less — or for larger transfers, no fee at all.
Zero fees on your first THREE money transfers
