How to send money to Puerto Rico
Find out how to send money to Puerto Rico at the best rate with these 4 steps
1. Make sure the United States dollar mid-market rate is interesting
Transfering money at the right moment is a good way to optimize your transfer. Monitor the mid-market exchange rate and make your transfer when the USD rate gets to a specific level.
2. Compare 26 money transfer companies sending money to Puerto Rico and select the best option.
Monito's comparison engine lists many companies to make money transfers to Puerto Rico, such as TransferWise, Western Union, MoneyGram, Currencies Direct, CurrencyFair. Using the most competitive company from the list is the best way to save money.
3. Select the best money transfer company for your personal needs
Pick money transfer service with the most competitive pricing, the shortest transfer time, most positive customer reviews, or a combination of these factors.
You may also want to have a look at the pay-in/out methods. You often have the possibility to pay for your transfer by bank transfer or by cards (credit or debit). On the other side of the transfer, you often have to decide if you want the money to be deposited on a local bank account or received in cash (from an agent location).
4. Sign up and start your transfer with the service you selected
Now, simply sign up on the provider's website (you usually have to upload some documents to prove your identity), and get started with 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.