How to send money to Puerto Rico?

send money to Puerto Rico

Find out how to send money to Puerto Rico at the best rate in a few easy steps

1. See if the US dollar exchange rate is interesting

Even though the evolution of the exchange rate is impossible to predict, it never hurts to stay on top of it in order to maximize how many US dollars you will get for your money. Follow the evolution of the US dollar exchange rate and send the money at a favorable moment.

2.Find the most interesting deal by comparing all services.

Monito’s comparison engine lists plenty of companies to make money transfers to Puerto Rico, such as Western Union, CurrencyFair, XE Money Transfer, Remessa Online, OrbitRemit. Using the right company from the list is a sure way to save money.

3.Pick the best provider that suits your needs

Search for the provider with the best rates and lowest fees, the faster transfer time, highest score among customer reviews, or a good combination of the three.

4. Sign up and start your transaction with the company of your choice

Now is the time to complete the sign-up form on the provider’s website – be prepared to upload a copy of your ID and/or a proof of adress – and set upyour transfer.

Transfer fees will vary by provider, method of payment and delivery.

Find the cheapest, fastest money transfer to Puerto Rico

Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds to Puerto Rico with our money transfer partners.

NameMinimum TransferTransfer TimeTransfer Fee
Western UnionWestern UnionINR 0Same dayVariesWestern Union sends money online to friends and family in 200+ countries around the world.

Banks vs. money transfers

While you could choose the convenience of walking into your local Indian bank for a money transfer to Puerto Rico, you’ll may pay a steep transfer fee to do so.

With an independent money transfer specialist, you will typically pay a lower fee with better options for payment and delivery to your recipients.

How to compare transfer providers

  • Fees. Fees can vary wildly by provider, but your local banks will typically charge more than you’ll pay with an independent money transfer specialist.
  • Transfer options and speeds. Do you need to schedule your transfer online, by phone or in person? Confirm each provider’s method of payment, and ask how long it will take for delivery.
  • Minimum amounts. If a provider imposes a minimum limit on transactions, make sure this limit isn’t too high for your needs.
  • Pickup methods. Some providers allow for bank deposits only, while others may also offer the ability for your recipient to pick up your funds in cash.
  • Customer service. Confirm whether customer support is available 24/7 by phone, email or live chat, if you encounter a problem.

Ways to send money to Puerto Rico from India

  • Bank transfers. Most Indian banks and online providers like Wise and Xoom will allow you to send money to bank accounts in Puerto Rico.
  • Transfer companies with cash pickup. Funds can be picked up at Western Union and Ria locations throughout the island.
  • PayPal. With low fees and fast transfer times, PayPal can be a sound option for sending smaller amounts to Puerto Rico.
  • Checks and money orders. While a slower option, these old-school payment methods are safe and effective.

In an emergency situation, sending money to Puerto Rico can be expensive. Bank transfers are not ideal for emergency situations, because of their longer processing times.

However, most independent providers allow you to send expedited payments with additional processing fees. Using a credit card can also save time, but expect higher fees with some providers for this method of payment.

Tips for picking up cash in Puerto Rico

When picking up cash in Puerto Rico, take a friend along who speaks Spanish, if you don’t know the language. Only about 20 percent of those living on the island speak English, and you can make expensive errors simply by not knowing the language. Never flash your cash when traveling, and avoid dark secluded areas.

How to send money to Puerto Rico

Regardless of how you choose to send money to Puerto Rico, you’ll typically need to set up an account.

Most banks and money transfer providers will require your name, contact information and government-issued ID. Next, you’ll provide your recipient’s name and contact information, how much you’re sending and how your recipient will receive it. If you’re sending a bank transfer, you’ll also need to provide your recipient’s bank name, routing number and account number.

Once you’ve completed your transfer, the provider will confirm your transaction with a reference number. Use this reference number to track the progress of your transfer to receipt.

Bottom line

With so many options available, sending money to Puerto Rico should be a simple and painless process. By comparing your options, you can prevent unpleasant surprises like high fees and penalties for cash pickup. However, your cheapest option may be the services of an independent money transfer specialist. With these companies, you could pay less — or for larger transfers, no fee at all.

Do any banks offer free transfers to bank accounts in Puerto Rico?

If your bank conducts business in Puerto Rico, it may consider a wire transfer a domestic transfer. Domestic bank-to-bank wire transfers within a bank’s system are often free.

Are money transfers safe?

When processed through a reputable provider, your funds are safely tracked until in the hands of your recipient. When sending money internationally, protections are in place that require banks, credit unions and money transfer companies to, for example, disclose all fees upfront and give you 30 minutes to cancel a transfer, assuming it hasn’t yet been picked up or deposited