How to send money to Puerto Rico
Learn how to make a money transfer to Puerto Rico at the lowest cost with these 4 steps
1. Check the USD mid-market rate against the currency you want to send
Although the evolution of the currency market is unforseeable, it can help you save money to stay on top of it in order to maximize how many the recipient will get. You can take advantage exchange rate email alerts to keep track the evolution of the USD exchange rate.
2. Make your choice among the 26 services available for transfers to Puerto Rico to find the best option.
Our comparison engine lists many companies to transfer money to Puerto Rico, such as TransferWise, Western Union, MoneyGram, Currencies Direct, CurrencyFair. Going with the most competitive company from the more than 26 available options is the best way to save money.
3. Pick the best option that suits your needs
Which criteria is the most important for you? Price, time for the money to arrive, user ratings? Examine the pros and cons before selecting the provider.
In addition, you may want to take into account the pay-in and pay-out methods. You will often have money transfer providers offering to you the option to pay by bank transfer, others will also give you the option to pay by cards. On the other side of the transfer, you can decide if your want the converted amount to be sent directly to the recipient's bank account or available for pick-up in cash at an agent location.
4. Sign up and start your transaction to Puerto Rico with the service of your choice
Now is the time to fill the sign-up form on the provider's homepage (you normally have to upload some information to confirm your identity), and configure your transfer to Puerto Rico.
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.