Having an international bank account in Puerto Rico provides many advantages to individuals and companies who wish to transfer money or invest globally.
Puerto Rico has a flourishing financial services industry and bank regulations that encourage offshore banking. Here we will see how to send money overseas using a bank account in Puerto Rico.
Is It Mandatory to Be a Citizen to Open a Bank Account in Puerto Rico?
You do not need to be a resident of Puerto Rico to open a bank account there. Puerto Rico offers bank accounts for residents and foreigners.
Puerto Rico is a US territory, and as such is subject to US banking laws, meaning that non-citizens are permitted to open accounts so long as they have the appropriate identification and documentation.
Many online Puerto Rico banks, such as Jetonbank, provide digital banking with account opening from all over the globe.
As long as you meet all of the Know Your Customer (KYC) requirements, non-residents can open and access a Puerto Rico bank account online without being physically on the island. This is what makes Puerto Rico a desirable offshore banking destination for both domestic and foreign customers.
How to Open an Online Bank Account for Investment in Puerto Rico?
Creating an online bank account for investments in Puerto Rico is simple. Here are the basic steps:
- Select an online bank - Find institutions such as Jetonbank that provides investment banking services to international clients.
- Fill the online form - Submit basic information such as name, address, date of birth, tax ID number etc. It takes less than 15 minutes to fill most applications.
- Check your identity - Upload identity documents such as passport, driver’s license etc. to conduct KYC checking at the time of application or afterwards.
- Fund your new account - Pay the minimum initial deposit amount, usually around $1,000-$5,000, from a current offshore bank account. Wire transfers are preferred.
- Log in to your account - Open an online banking app or website to perform investments, wire transfer, etc. 24/7 from anywhere globally. You don’t have to go to Puerto Rico.
It takes 1–2 weeks to open an online bank account once they’re verified. Non-residents will find it a breeze to use the Puerto Rican financial system and invest internationally through an international bank account.
What are Puerto Rico Overseas Banking Regulations?
Puerto Rico created an advantageous regulatory framework for offshore and international banking. Here are some of the key features of its overseas banking rules:
- Bank confidentiality policies – Puerto Rico banks are required to adhere to strict financial confidentiality policies that assure the financial privacy of customers. We do not release account information without the permission of the customer.
- No tax on income or capital gains – Dividends, interest and capital gains paid into a bank account in Puerto Rico are exempt from local taxes. US federal taxes may apply based on citizenship and tax treaties.
- No account minimums – Most Puerto Rico banks require a small opening deposit of $1,000-5,000 for personal and business accounts for international clients.
- Access to accounts via the internet – Digital banking allows you to manage your account from anywhere with internet and mobile apps without visiting Puerto Rico.
- Multi-currency accounts – You can open and keep accounts in USD, EUR and other major currencies to receive money abroad and invest abroad.
- Securities – Investment banks such as Jetonbank offer asset management, brokerage and custody services for clients to create an international investment account.
Puerto Rico’s banking regulations will serve to further advance the country as an offshore financial centre by making it easier for individuals and corporations to bank and invest internationally.
How to Transfer Money Internationally with a Puerto Rico Bank Account?
When you have opened a bank account with Jetonbank or any other online bank in Puerto Rico, it’s easy to transfer money abroad. The most common approaches include:
- Wire Transfer - Send and receive international payments as fast as possible from your Puerto Rico bank account. Costs typically run between $25-50 USD per transaction. The funds reach you anywhere in the world within 1-3 business days.
- ACH Transfer - To transfer money within the US, you can use the electronic Automated Clearing House (ACH) network. But it takes 2-3 business days and the receiving international bank has to accept ACH.
- Credit/Debit Card - Reload your Puerto Rico bank debit card and withdraw cash at any ATM in the world or shop online and in stores worldwide. Card networks such as Visa/Mastercard are widely accepted worldwide.
- Banking Online - Through Jetonbank's website, you can transfer money from your Puerto Rico account to any other account you have at international banks in a few clicks. Transfers arrive within 1-3 days, in most cases.
- Payables - You can also mail out international checks. This is useful if the bank of the recipient does not support other transfer methods. Expect 5-10 business days to arrive.
You’ve got plenty of options, and sending money abroad with a Puerto Rico bank account isn’t difficult. Just choose the right one depending on the need, the place and bank.
Can Businesses Open an Online Bank Account in Puerto Rico?
Yes, domestic and international corporations can also open an online corporate bank account through Jetonbank or any other online bank that is a licensed company in Puerto Rico.
Basic documents required to open a business bank account are articles of incorporation, certificate of good standing, authorized signatories list etc. These company records are checked under KYC.
Below are some of the main benefits businesses can get from having an online bank account in Puerto Rico:
- Worldwide payments - Send and receive wire transfers, pay vendors, and accept payment from customers around the world.
- Access via multiple employees - Multiple employees can log in to the account online using separate login credentials for banking on the move.
- Tax planning overseas - Earned profits from the Puerto Rico business bank account are not taxed at local level depending on the company structure and tax agreements between Puerto Rico and your home country.
- Personal relationship manager - High-quality support from an account executive at banks such as Jetonbank who can assist with business banking.
- Online banking - Multi-currency accounts, wire transfers, Payroll, Cash Management, etc. tailored for businesses.
Businesses both in the United States and abroad can leverage the international banking and tax benefits of opening an online corporate bank account with Jetonbank in Puerto Rico.
Puerto Rico combines an established financial services system, robust banking regulations, and a business friendly tax environment – making it one of the best places to bank offshore and invest internationally.
In digital banks such as Jetonbank, account opening and banking day-to-day can be accomplished at any point in the world. Money can also be transferred worldwide through a bank account in Puerto Rico.
