How to send money to Puerto Rico
Learn how to transfer money to Puerto Rico with the best USD exchange rate in four easy steps
1. Make sure the USD mid-market rate is at your advantage
Making your transfer on the right day means more money arrives. Frequently check the evolution of the United States dollar mid-market and send the money when you can get a good exchange rate.
2. Find the optimal option by comparing all money transfer companies.
Monito lists quite a few money transfer companies to make money transfers to Puerto Rico, such as TransferWise, Western Union, MoneyGram, CurrencyFair, Currencies Direct. Selecting the right service from the more than 25 available options is a sure way to save on fees and exchange rate.
3. Pick the best option for you
Do you want to make a transfer to Puerto Rico with the most competitive provider, with the highest speed of transfer or with the solution with the best customer reviews?
It is also interesting to pay attention to the pay-in and pay-out methods. Customers often have the choice to pay for your transfer by bank transfer or by credit or debit cards. To receive the money in Puerto Rico, you often have to decide if you want the money to be deposited on a local bank account or be available for cash pick-up.
4. Sign up and start your money transfer to Puerto Rico with the provider of your choice
Visit the provider's website to complete the sign-up process (you most of the time have to give some documents to prove your identity), and provide the details of your 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.