About Puerto Rico and US
Puerto Rico is a high-income economy state and among the most competitive ones in Latin America as reported by the World Bank. With its many industries that deal with foreign raw materials and finished products, it is without a doubt that remittance from other countries, especially the US, is high in this state.
It is therefore important to know how to transfer money from US to Puerto Rico in such a way that you get the most out of your transfer. With our excellent research base here at Exchange Rate IQ, you will be able to get all the updates with regards to transferring money to Puerto Rico from US. Below are some of the best options to consider for your cash transfer needs.
Top options for sending money to Puerto Rico from US
Everyone goes to the banks nowadays in case they want to send money across borders. But are banks the only way to send your money from US to Puerto Rico? Not at all. There are more than 10 service providers that can enable you to easily transfer your money from US to Puerto Rico. Some of the most used cash transfer options that have been keeping the US and Puerto Rico exchange corridor pro-active:
Transfer options with cash pick-up
Western Union and MoneyGram are the best resort to go to if you want your money delivered through their agent locations in the Island of Puerto Rico.
Online money transfer companies
Apart from using only banks to send money to reciprocal banks in Puerto Rico, there are online money transfer companies that allow you to send your money to bank accounts in Puerto Rico. Such include TransferWise and Xoom. They offer excellent transfer speeds. Other money transfer options that fall into this category are OFX and Ria.
Online money transfer services are quite popular across the world and not only between the US and Puerto Rico. That is because they offer the fastest way to transfer money to Puerto Rico from US in a more convenient manner compared to other options.
Note: Despite Puerto Rico being part of the large fraternity of US-based countries, sending money to the Island is treated as making an international transfer. You may therefore pay steep fees of up to $35 to make your transfer. With an independent service provider, the fees you will incur will be lower and affordable.