- About Puerto Rican Bank — Recommendations for Opening a Personal Account
- Benefits of Having a Personal Account with a Puerto Rican Bank for a Foreigner
- Who Can Open an Account With a Bank in Puerto Rico
- Currency for Opening a Personal Account and Making Transfers
- Types of Bank Accounts in Puerto Rico
- Types of Bank Cards in Puerto Rican Bank
- Remote Access to Non-Resident Accounts Held with the Bank of Puerto Rico
- Tariffs for Holders of a Personal Account with a Puerto Rican Bank
- A Package of Documents for a Personal Account
- Procedure for Opening a Personal Account
- Terms of Opening a Personal Account with the Bank of Puerto Rico
Do you need to make payments from an account opened in the American financial system, or do you require banking services to make payment transactions in other jurisdictions? We will help you open a personal account with a bank in Puerto Rico remotely, so you won’t need to come to the country. Thanks to our support and assistance you will easily undergo all procedures and checks.
About Puerto Rican Bank — Recommendations for Opening a Personal Account
Thanks to their historical ties, Puerto Rican banks work closely with US regulators and follow US standards and regulations. Puerto Rico is an unincorporated territory of the United States that has full access to the United States banking system as a state.
The functions of the central bank are performed in this jurisdiction by the Federal Reserve Bank, and the Commissioner of Financial Institutions acts as supervisory authority on the part of the local government.
We recommend that non-residents open a personal account with one of Puerto Rico’s most stable and reliable banks. It is a licensed international financial institution with a confirmed status and its own account in the Federal Reserve. The Bank is an active member of the International Trade and Forfaiting Association, registered in Switzerland, as well as a highly professional expert not only in trade but also in the issuance of Letters of Credit of various types.
Benefits of Having a Personal Account with a Puerto Rican Bank for a Foreigner
Since the Bank of Puerto Rico is de facto an American one (classified by the United States Federal Reserve as a state bank with its own routing number), it is reliable and multifunctional. The main convenience for foreigners is that a personal account can be opened remotely without planning a personal visit to this country.
The benefits of opening a personal account with the Puerto Rican Bank are clear:
- the account can be opened in USD (US dollars), EUR (euros), GBP (pound sterling)
- there are no restrictions on the amount of daily cash flow
- money transfers are made through SEPA, Fedwire, or SWIFT
- issue of debit cards (in the near future)
- professional support in English
- 24/7 service available with online banking
- the ability to connect regular services
A corporate account opened by a foreigner in the Puerto Rican Bank gives him many prospects, including those for international business development. Find out more about how to open a business account.
Note: The Bank of Puerto Rico does not accept withdrawals from various financial exchanges, nor does it deal with cryptocurrencies. However, each case of derogation may be considered on a case-by-case basis. If you need more information on this, contact us and we will advise you on how to get the most favorable terms from the bank.
Who Can Open an Account With a Bank in Puerto Rico
Find out whether there are any restrictions before you open a non-resident personal account with a bank in Puerto Rico. They may be related to the origin of the customers themselves or their funds which will circulate in the bank. This policy applies to all American banks.
Restrictions for Non-Residents by Country of Origin
The Puerto Rican Bank is subject to restrictions imposed by the US Department of the Treasury. The nationals of the countries included in the OFAC sanctions list may be turned down.
We strongly advise all those who have been sanctioned by the U.S. banking system to contact us for consultation.
Personal Account Opened by a Foreigner with the Bank of Puerto Rico: Terms
The Puerto Rican Bank allows non-residents to open a personal account on the most convenient and favorable terms. No minimum deposit requirements are set, and no minimum balance will be necessary in the future. All cash limits are set individually.
Currency for Opening a Personal Account and Making Transfers
Foreign customers will be able to open personal accounts with the Bank of Puerto Rico in USD, EUR, and GBP.
In an effort to expand its services, the bank offers several types of international payment transactions using correspondent banks in Puerto Rico, the United States, and the United Kingdom. Special instructions have been developed for transfers in each currency.
Types of Bank Accounts in Puerto Rico:
- Current account
- Savings account for fixed-term deposits
If you are planning to deposit funds with a bank in Puerto Rico to receive interest, please let us know when you apply to open an account. The bank has special terms and special offers for fixed-term deposits.
Types of Bank Cards in Puerto Rican Bank
Customers can request debit payment cards to be issued by the Bank of Puerto Rico. These can be used to pay in retail chains and withdraw cash in ATMs almost all over the world. Please check with us if this service is running.
Remote Access to Non-Resident Accounts Held with the Bank of Puerto Rico
For the convenience of foreign customers, the Bank of Puerto Rico provides remote access to their personal accounts through an online system. You can use it to view balances and transfer money between bank accounts, set up notifications, and access online statements through a secure platform.
- Monitoring of the Account Status
Access is provided to all important information on the status of bank accounts (balance, recent transactions, and information on the use of payment cards). You can quickly view, download and print the data online.
- Transfer of Funds
You can use online banking to transfer money between your accounts or to other financial institutions. You can also easily top up your bank card remotely.
- Notification Setup
You can set up a reminder system to find out in advance if your account balance is low or if you need to make payments. These account settings are made in order not to miss the most important information.
- Online Statements Management
With online banking, it is very easy to monitor your finances, and manage and control your expenses.
- Account Setting
You can make all the settings to pay through the online banking system using an email address, mobile phone number, or recipient account details.
- Notifications for Money Recipients
You can configure the system to inform the recipient of the funds about the payment to their address by sending an email or a text message with a notification.
- Payment Acceptance
The recipient will need to register once with a partner of the Bank of Puerto Rico to easily accept payments in the future. All you need to provide is an email or phone number.
- Method of Crediting
The money is credited to the recipient’s account. You choose how quickly it should happen — Instantly, Next Day, or using the free Standard Delivery service. The rest of the services are fee-based.
Tariffs for Holders of a Personal Account with a Puerto Rican Bank
Tariffs are set for customers individually, and they depend more on the client’s nationality.
The bank sends its tariffs to each customer after reviewing the customer profile and approving the account to be opened.
How to Open a Personal Account with the Puerto Rican Bank
If you decide to open a non-resident personal account with a bank in Puerto Rico, register online and provide the requested documents first. We will help you to open an account remotely, which means that you do not have to come to the bank’s office specifically for this purpose.
The Bank of Puerto Rico provides very convenient conditions for customers. A personal manager is assigned to the client throughout the account opening procedure. Communication, as well as a mandatory interview, will be conducted remotely via videoconferencing.
A Package of Documents for a Personal Account
All documents must be executed in English. If they were originally compiled in another language and then translated, a notarized translation with a copy in the original language will be required. The bank does not impose strict requirements for the provision of apostilled documents.
Required Document List:
- Customer’s CV
- W-8 BEN or W-9 form as applicable
- Proof of address (utility bill, bank statement, tax document, or correspondence from a government entity) This document must not be older than three months.
The Bank of Puerto Rico may request other documents. Thus, validation of the source of funds is likely to be required, so you can provide a tax return or documents confirming inheritance or donation. Two forms of non-expired identification have to be submitted as well. We will advise on each of the requirements and tell you how to quickly collect documents.
Procedure for Opening a Personal Account:
- Send us a request to open a personal account with the Bank of Puerto Rico to firstname.lastname@example.org.
- Pay for our services. The total cost starts from 2999 EUR, and you can make a settlement in any way convenient for you:
- Sepa transfer
- an electronic wallet payment card
- Western Union
- Bitcoin, USTD, USDP, Ethereum
- We will contact you after receiving payment to start working on your request to open a personal account. Please note that the bank requires you to fill out an online form in English in advance, so please contact us beforehand to avoid difficulties at the pre-registration stage.
Terms of Opening a Personal Account with the Bank of Puerto Rico
After online registration and communication with the personal manager, the client must be ready to send all the requested documents to the bank if the bank’s compliance considers it necessary.
Once this is done, the bank proceeds to the substantive consideration of the application. It will take up to three business days, after which the bank of Puerto Rico decides to open an account.
Please contact us by email above to simplify opening a personal account with an American bank.