Banking in Puerto Rico is straightforward with the right information. Whether you’re relocating for tax benefits or a new lifestyle, this guide covers what you need to open an account and manage your daily finances.

If you’re planning a move to Puerto Rico, getting familiar with the banking system can make the transition easier. While the island follows many mainland banking regulations, there are key factors to keep in mind. This guide will walk you through selecting a bank, opening an account, and understanding fees and business banking.

Do You Need to Be a Resident to Open an Account?

Most banks in Puerto Rico typically require proof of local residence, such as a lease agreement or utility bill. Act 60 applicants may need to provide additional financial documents, including income verification, source of funds records, and potentially compliance reports.

Choosing the Right Bank

When selecting a bank, consider the following factors:

• Branch Availability: Some banks have locations in the U.S., while others are strictly local.
• ATM Access & Fees: Check for withdrawal fees, limits, and foreign ATM fees if using a mainland U.S. bank’s debit card.
• Online Banking: Some banks may have limited digital banking tools.
• Foreign Transactions: Some banks restrict international payments unless pre-approved.

The best ways to gather this information are by visiting the bank’s website to compare account options, calling customer service to confirm account requirements, or stopping by a local branch for more details.

Major Banks in Puerto Rico

Here are some of the largest and most accessible banks:

• Popular Bank/Banco Popular: Well-known and offers U.S. branches.
• FirstBank Puerto Rico: Strong business banking options.
• Oriental Bank: Great online banking features.
• Santander Puerto Rico: International banking access.
• Cooperativas (Credit Unions): Community-focused alternatives with competitive rates.

How to Open an Account

Most banks require in-person visits to open an account. Conveniently, the process is similar to opening an account in the U.S. You’ll need:

• Valid Photo ID (Passport or Driver’s License)
• Social Security Number
• Proof of Puerto Rican Address
• Initial Deposit (varies by bank)

Keep in mind that some banks may request employment verification or articles of incorporation. They may also require an ITIN for non-residents or additional financial statements. You can contact the bank directly to confirm the information they require.

Money Transfers and Mainland Banking Considerations

• ACH Transfers: Some banks limit ACH deposits.
• Mainland Credit/Debit Cards: These may get flagged for fraud if used frequently in Puerto Rico, so notify your bank. Simply switching to a Puerto Rican bank-issued debit or credit card can help avoid fraud alerts.
• Tax Residency Implications: If relocating for Act 60, banking with a Puerto Rico-based bank that operates solely on the island may help strengthen your bona fide residency status.

Business Banking in Puerto Rico

For business owners, it’s important to choose a bank that caters to your needs. If you plan to incorporate in Puerto Rico, check banking requirements ahead of time.

Fees and Charges to Watch For

• Wire Transfers: Banks have varying fees when conducting wire transfers. For example, some banks may charge a higher fee for wire amounts above $1,000, while others have a flat rate.
• ATM Fees: Using a mainland account at ATMs in Puerto Rico can get expensive, so consider switching to a local bank.
• Account Maintenance Fees: Some banks charge monthly account fees.
• International Transactions: Certain banks may block foreign transactions unless pre-approved.

Online Banking & Fintech in Puerto Rico

Banks in Puerto Rico provide various digital banking services, with many continuing to refine their online and mobile platforms. While some banks may have limited compatibility with platforms like Venmo or PayPal, local accounts are well-equipped for everyday transactions on the island.

Final Takeaways

If you’re moving to Puerto Rico for its outstanding tax benefits and beautiful surroundings, setting up a bank account is both easy and essential for managing local transactions. Be sure to explore fees and services to find the right banking option for your needs. If you’d like guidance on relocating to Puerto Rico and making your transition smooth, book a call with us—we’re here to help!