MyNomadWorld MyNomadWorld
Home › Puerto Rico › Banks

Banking in Puerto Rico

Best banks in Puerto Rico for expats & digital nomads

Opening a bank account is one of the first things you do after moving to Puerto Rico. Here are the accounts that work for newcomers and non-residents, plus the fintech we would set up before you fly.

How to open a bank account in Puerto Rico

Puerto Rico follows US federal banking rules (Bank Secrecy Act / Patriot Act customer identification), so a newcomer needs a government-issued photo ID (passport or driver's license), a US tax ID (SSN, or an ITIN for non-residents), proof of a Puerto Rico address, and an initial deposit. Most local banks require an in-person branch visit to open a personal account.

Our top pick

Wise multi-currency account

Wise is the option we recommend for almost anyone moving to Puerto Rico: hold and convert 40+ currencies, get local account details to be paid like a local, and send money at the real exchange rate with low, transparent fees. It works before you even arrive, so you can receive income and pay deposits while your local account is still being set up.

Open a free Wise account →

Affiliate link: we may earn a commission at no cost to you. Wise is a fintech, not a bank; balances are safeguarded, not covered by deposit insurance.

Top banks in Puerto Rico

Banco Popular de Puerto Rico

traditional
Overall banking with the largest branch and ATM network

Puerto Rico's largest bank; full personal and business banking with a highly rated Mi Banco mobile app.

FirstBank Puerto Rico

traditional
Everyday checking and strong digital banking

Major PR retail bank (absorbed Santander PR in 2020) with checking, savings, loans and a mobile Digital Banking app.

Oriental Bank

traditional
Personal and small-business banking across the island

One of PR's three main banks (absorbed Scotiabank PR in 2020); full-service personal and commercial banking.

Charles Schwab Bank (Investor Checking)

digital
Expats and digital nomads wanting no foreign-transaction fees

US online bank whose account-opening forms list Puerto Rico as an eligible territory; requires a US SSN/ITIN and US mailing address.

International accounts & neobanks

Payoneer

Puerto Rico is explicitly listed as a supported territory; widely used by freelancers to receive USD/EUR/GBP payments.

Revolut

Could not verify PR eligibility: Revolut's official supported overseas-territories list covers only UK and French territories and omits US territories, so PR residents may be unable to open or hold an account.

Availability changes; confirm on each provider's site.

Next steps in Puerto Rico

See the full Puerto Rico tax, cost and visa profile, or compare Puerto Rico with other destinations. Not sure where to go yet? Take the finder quiz.