If you’re wondering “what currency does Puerto Rico use?” it’s the United States Dollar (USD). But, just because Puerto Rico is a territory of the United States, it doesn’t mean the financial institutions in San Juan are US banks.
In this article, we’re going to answer common currency and banking questions we receive from individuals looking to relocate to Puerto Rico.
Alternatively, if you would like to open accounts with banks in Puerto Rico, you can access our free guide by clicking the link above.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- What Currency Does Puerto Rico Use?
- Currency Exchange Rates
- Frequently Asked Questions
- Ready to Explore Your Options?
What Currency Does Puerto Rico Use?
The official currency of Puerto Rico is the United States Dollar (USD). This has been the case since 1913 when the Puerto Rican Dollar (PRD) was phased out and redeemed for USD. Since then, Puerto Rico has been fully integrated into the United States monetary and currency system.
Importantly, because Puerto Rico is a territory of the United States and USD is the official currency, US-issued credit cards, and debit cards do not incur foreign exchange fees.
Additionally, US citizens taking direct flights from other US territories or the US mainland do not require a passport to visit Puerto Rico.
But outside of travel and currency exchange, there are a lot of misconceptions about Puerto Rican banking. One of the biggest misconceptions is that Puerto Rico banks offer secret accounts and can protect your funds from government confiscation.
Well, while Puerto Rico is technically not part of CRS, banks in Puerto Rico do comply with international standards and may share account holders and financial information if requested by international agencies. So, it’s important to make sure you report correctly and comply with international standards.
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Currency Exchange Rates
If you are visiting Puerto Rico from countries other than the United States, you may be wondering about the available exchange rates on the island. In short, Puerto Rico does have options for exchanging currency. However, that doesn’t mean exchanging cash in Puerto Rico is the best option.
In fact, like other Caribbean Islands, exchange rates in Puerto Rico will be higher than you can find elsewhere. However, even if you do decide to exchange your currency before traveling, we typically suggest a different approach.
Should I Exchange My Currency Before Entering Puerto Rico?
Because Puerto Rico is a US territory and USD is the official currency, individuals from outside of the United States that are considering moving to (or visiting) the island may want to obtain a credit card with no foreign transaction fees.
While this can sometimes be difficult to do in countries other than the United States, it is possible for foreign non-residents to obtain US credit cards 100% remotely. We outline the exact steps to do this in our US credit card report. This report is available to members of GlobalBanks USA and GlobalBanks Insider.
Frequently Asked Questions
Below are two of the most common questions that we receive from people wondering what currency does Puerto Rico use. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Is US Currency Accepted in Puerto Rico?
US currency is accepted in Puerto Rico. In fact, it is the official currency of Puerto Rico and the only currency that is accepted on the island. This has been the case since 1913, at which time the United States Dollar replaced the Puerto Rican Dollar as the official currency of the island.
Is Puerto Rico Cheaper Than the US?
Puerto Rico is generally considered cheaper than the US. However, it does depend on the specific costs being compared and the individual purchasing habits. Additionally, it’s important to note that when compared to other countries, Puerto Rico is still considered relatively expensive, comparable to many major European cities.
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