Find out how to make a money transfer to Puerto Rico at the most competitive cost in 4 easy steps
Although the evolution of the exchange rate is unpredictable, it never hurts to monitor it in order to maximize how much the receiver of the transfer will get. Monitor the exchange rate and validate your transfer when the exchange rate reaches your target level.
Are you looking for the money transfer provider with the lowest fees and best exchange rates, fastest transfer speed, best customer ratings, or the best compromise.
Another important aspect is to pay attention to the pay-in/out methods. Most of the time you'll find money transfer providers offering to you the option to wire the money from your bank account, other providers will also give you the option to pay by debit and credit cards. In Puerto Rico, select the right option, whether you need the converted amount to be transferred to your recipient's account or received in cash (from an agent location).
Go to the provider's website to complete the sign-up process (you usually have to provide some information to prove your identity), and set upyour transaction.
Almost two thirds of Puerto Ricans are living in mainland USA, from which they regularly send money back to their families and friends who stayed in Puerto Rico.
The fact that Puerto Rico is an unincorporated US territory and use the US Dollar (USD) make these transfers relatively easy and cheap. As there is no currency conversion, no need to worry about losing money with poor exchange rates, and traditional money transfer operators such as Western Union or Moneygram are generally offering competitive fees.
On the other hand, if you need to send money to Puerto Rico from outside the United States (from Canada or from Europe for example) comparing your options may help you save a lot of money on your transfers.
Most of the providers offering transfers to the United States will be able to send money to Puerto Rico. The cheapest option for your transfers will usually be using an intermediary such as CurrencyFair or TransferWise from your bank in the country from which you’re sending money and the bank account of the recipient in Puerto Rico. Using our real-time comparison engine above, you’ll be able to find the best providers for the exact transfer you need to do.