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Open a Bank Account in Puerto Rico
$750.00
Puerto Rico does not have a central bank and relies on the US Federal Reserve System (the Fed), the US central bank, as its central regulatory institution. It does not maintain its own reserves. Non-resident entities are permitted to hold fully convertible domestic and foreign currency bank accounts within Puerto Rico.
Puerto Rico’s unique status as a US territory is why many banks are moving to the island – Puerto Rico is growing at 24 banks a year. This is a staggering number and Act 273 licenses might surpass Cayman Islands in 2 or 3 years.
We can help you open business and personal accounts with in Puerto Rico. Accounts are available for both companies and individuals. We work with 6 different banks in Puerto Rico. Each bank has different eligibility requirements, types of accounts available and onboarding processes. We invite you to carefully review each banks requirements and services to better understand if their banking services meet your needs:
- Puerto Rico Bank Option 1 (Business Account)
- Puerto Rico Bank Option 2 (Business Account, Personal Account)
- Puerto Rico Bank Option 3 (Business Account, Personal Account)
- Puerto Rico Bank Option 4 (Business Account, Personal Account)
- Puerto Rico Bank Option 5 (Business Account)
- Puerto Rico Bank Option 6 (Business Account, Personal Account)
Our banking support service is not just a mere introduction to the bank. We assist you in filling out the business questionnaires appropriately and help you understand and provide business details, commercial information and purpose/use of the bank account that a given bank wants to know in order to approve your account application. Banks want certainty and clarity on how the account will be used. Everything must be watertight. We will work with you to make sure there is minimal ‘back and forth’ and a smooth account opening process.
Puerto Rico Bank Option 1 (Medici Bank)
Account Details
| Eligibility | Local and Foreign Companies (Including US) |
| Account type and Currency | Corporate Demand Deposit Account (USD) |
| Minimum Initial Deposit | USD 10,000.00 |
| Minimum Monthly Average Balance (To Avoid Fall-Below Fee) | USD 2,500.00 |
| Online Banking | Internet Banking |
| Cards (Currency) | N/A |
| Other Services | Personal Term Deposits Escrow & Custodial Accounts |
Remote opening: no personal visit to Puerto Rico is required.
- Business Account
-
Account Details
Eligibility Local and Foreign Companies (Including US) Account type and Currency Corporate Demand Deposit Account (USD) Minimum Initial Deposit USD 10,000.00 Minimum Monthly Average Balance (To Avoid Fall-Below Fee) USD 2,500.00 Online Banking Internet Banking Cards (Currency) N/A Other Services Personal Term Deposits
Escrow & Custodial AccountsRemote opening: no personal visit to Puerto Rico is required.
Puerto Rico Bank Option 2 (Strategic Bank)
Account Details
| Eligibility | Local and Foreign Companies (Including US) |
| Account type and Currency | Corporate Demand Deposit Account (USD) |
| Minimum Initial Deposit | USD 100,000.00 |
| Minimum Monthly Average Balance (To Avoid Fall-Below Fee) | USD 100,000.00 |
| Online Banking | Internet Banking |
| Cards (Currency) | N/A |
| Other Services | Loans Custody Services |
Remote opening: no personal visit to Puerto Rico is required.
Account Details
| Eligibility | International Individuals (Including US) |
| Account type and Currency | Personal Demand Deposit Account (USD) |
| Minimum Initial Deposit | USD 25,000.00 |
| Minimum Monthly Average Balance (To Avoid Fall-Below Fee) | USD 25,000.00 |
| Online Banking | Internet Banking |
| Cards (Currency) | N/A |
| Other Services | Loans Custody Services |
Remote opening: no personal visit to Puerto Rico is required.
- Business Account
-
Account Details
Eligibility Local and Foreign Companies (Including US) Account type and Currency Corporate Demand Deposit Account (USD) Minimum Initial Deposit USD 100,000.00 Minimum Monthly Average Balance (To Avoid Fall-Below Fee) USD 100,000.00 Online Banking Internet Banking Cards (Currency) N/A Other Services Loans
Custody ServicesRemote opening: no personal visit to Puerto Rico is required.
- Personal Account
-
Account Details
Eligibility International Individuals (Including US) Account type and Currency Personal Demand Deposit Account (USD) Minimum Initial Deposit USD 25,000.00 Minimum Monthly Average Balance (To Avoid Fall-Below Fee) USD 25,000.00 Online Banking Internet Banking Cards (Currency) N/A Other Services Loans
Custody ServicesRemote opening: no personal visit to Puerto Rico is required.
Puerto Rico Bank Option 3 (Euro Pacific Bank)
Account Details
| Eligibility | Local and Foreign Companies* |
| Account type and Currency | Corporate Savings Account (EUR, GBP, CAD, CHF, JPY, PLN) |
| Minimum Initial Deposit | USD 500.00 or equivalent |
| Minimum Monthly Average Balance (To Avoid Fall-Below Fee) | USD 500.00 or equivalent |
| Online Banking | Internet Banking |
| Cards (Currency) | Debit Cards (EUR, GBP) – Currently only issued to card holders who have a proof of residence within the SEPA region |
| Other Services | Time Deposits Brokerage & Trading Desk Precious Metals Accounts |
Remote opening: no personal visit to Puerto Rico is required.
*US Companies and US individuals may not eligible.
Account Details
| Eligibility | International Individuals* |
| Account type and Currency | Personal Savings Account (EUR, GBP, CAD, CHF, JPY, PLN) |
| Minimum Initial Deposit | USD 500.00 or equivalent |
| Minimum Monthly Average Balance (To Avoid Fall-Below Fee) | USD 500.00 or equivalent |
| Online Banking | Internet Banking |
| Cards (Currency) | Debit Cards (EUR, GBP) – Currently only issued to card holders who have a proof of residence within the SEPA region |
| Other Services | Time Deposits Brokerage & Trading Desk Precious Metals Accounts |
Remote opening: no personal visit to Puerto Rico is required.
*US individuals may not eligible.
- Business Account
-
Account Details
Eligibility Local and Foreign Companies* Account type and Currency Corporate Savings Account (EUR, GBP, CAD, CHF, JPY, PLN) Minimum Initial Deposit USD 500.00 or equivalent Minimum Monthly Average Balance (To Avoid Fall-Below Fee) USD 500.00 or equivalent Online Banking Internet Banking Cards (Currency) Debit Cards (EUR, GBP) – Currently only issued to card holders who have a proof of residence within the SEPA region Other Services Time Deposits
Brokerage & Trading Desk
Precious Metals AccountsRemote opening: no personal visit to Puerto Rico is required.
*US Companies and US individuals may not eligible.
- Personal Account
-
Account Details
Eligibility International Individuals* Account type and Currency Personal Savings Account (EUR, GBP, CAD, CHF, JPY, PLN) Minimum Initial Deposit USD 500.00 or equivalent Minimum Monthly Average Balance (To Avoid Fall-Below Fee) USD 500.00 or equivalent Online Banking Internet Banking Cards (Currency) Debit Cards (EUR, GBP) – Currently only issued to card holders who have a proof of residence within the SEPA region Other Services Time Deposits
Brokerage & Trading Desk
Precious Metals AccountsRemote opening: no personal visit to Puerto Rico is required.
*US individuals may not eligible.
Puerto Rico Bank Option 4 (First Finance Bank)
Account Details
| Eligibility | Local and Foreign Companies* |
| Account type and Currency | Corporate Checking/Savings Accounts (USD) |
| Minimum Initial Deposit | USD 5,000.00 |
| Minimum Monthly Average Balance (To Avoid Fall-Below Fee) | USD 5,000.00 |
| Online Banking | Internet Banking |
| Cards (Currency) | Prepaid Debit Card |
| Other Services | Merchant Accounts |
Remote opening: no personal visit to Puerto Rico is required.
*US Companies and US individuals may not eligible.
Account Details
| Eligibility | International Individuals* |
| Account type and Currency | Personal Checking/Savings Accounts (USD) |
| Minimum Initial Deposit | USD 5,000.00 |
| Minimum Monthly Average Balance (To Avoid Fall-Below Fee) | USD 5,000.00 |
| Online Banking | Internet Banking |
| Cards (Currency) | Prepaid Debit Card |
| Other Services | Merchant Accounts |
Remote opening: no personal visit to Puerto Rico is required.
*US individuals may not eligible.
- Business Account
-
Account Details
Eligibility Local and Foreign Companies* Account type and Currency Corporate Checking/Savings Accounts (USD) Minimum Initial Deposit USD 5,000.00 Minimum Monthly Average Balance (To Avoid Fall-Below Fee) USD 5,000.00 Online Banking Internet Banking Cards (Currency) Prepaid Debit Card Other Services Merchant Accounts Remote opening: no personal visit to Puerto Rico is required.
*US Companies and US individuals may not eligible.
- Personal Account
-
Account Details
Eligibility International Individuals* Account type and Currency Personal Checking/Savings Accounts (USD) Minimum Initial Deposit USD 5,000.00 Minimum Monthly Average Balance (To Avoid Fall-Below Fee) USD 5,000.00 Online Banking Internet Banking Cards (Currency) Prepaid Debit Card Other Services Merchant Accounts Remote opening: no personal visit to Puerto Rico is required.
*US individuals may not eligible.
Puerto Rico Bank Option 5 (GK Bank)
Account Details
| Eligibility | Local and Foreign Companies (Including US) |
| Account type and Currency | Corporate Current/Savings Accounts (USD) |
| Minimum Initial Deposit | Case-by-Case |
| Minimum Monthly Average Balance (To Avoid Fall-Below Fee) | Case-by-Case |
| Online Banking | Internet Banking |
| Cards (Currency) | Prepaid Debit Card |
| Other Services | Investment Accounts |
Remote opening: no personal visit to Puerto Rico is required.
- Business Account
-
Account Details
Eligibility Local and Foreign Companies (Including US) Account type and Currency Corporate Current/Savings Accounts (USD) Minimum Initial Deposit Case-by-Case Minimum Monthly Average Balance (To Avoid Fall-Below Fee) Case-by-Case Online Banking Internet Banking Cards (Currency) Prepaid Debit Card Other Services Investment Accounts Remote opening: no personal visit to Puerto Rico is required.
Puerto Rico Bank Option 6 (FV Bank)
Account Details
| Eligibility | Local and Foreign Companies* |
| Account type and Currency | Corporate Checking/Savings Accounts (USD) |
| Minimum Initial Deposit | Case-by-Case |
| Minimum Monthly Average Balance (To Avoid Fall-Below Fee) | Case-by-Case |
| Online Banking | Internet Banking |
| Cards (Currency) | Prepaid Debit Card |
| Other Services | Investment Accounts |
Remote opening: no personal visit to Puerto Rico is required.
*US Companies and US individuals may not eligible.
Account Details
| Eligibility | International Individuals* |
| Account type and Currency | Corporate Checking/Savings Accounts (USD) |
| Minimum Initial Deposit | Case-by-Case |
| Minimum Monthly Average Balance (To Avoid Fall-Below Fee) | Case-by-Case |
| Online Banking | Internet Banking |
| Cards (Currency) | Prepaid Debit Card |
| Other Services | Investment Accounts |
Remote opening: no personal visit to Puerto Rico is required.
*US individuals may not eligible.
- Business Account
-
Account Details
Eligibility Local and Foreign Companies* Account type and Currency Corporate Checking/Savings Accounts (USD) Minimum Initial Deposit Case-by-Case Minimum Monthly Average Balance (To Avoid Fall-Below Fee) Case-by-Case Online Banking Internet Banking Cards (Currency) Prepaid Debit Card Other Services Investment Accounts Remote opening: no personal visit to Puerto Rico is required.
*US Companies and US individuals may not eligible.
- Personal Account
-
Account Details
Eligibility International Individuals* Account type and Currency Corporate Checking/Savings Accounts (USD) Minimum Initial Deposit Case-by-Case Minimum Monthly Average Balance (To Avoid Fall-Below Fee) Case-by-Case Online Banking Internet Banking Cards (Currency) Prepaid Debit Card Other Services Investment Accounts Remote opening: no personal visit to Puerto Rico is required.
*US individuals may not eligible.
Bank Account opening requirements are subject to change at the discretion of the bank. There might be additional fees charged by the bank itself. Bank account opening is not guaranteed and is subject to the bank policies and compliance department. There might be restrictions on UBO nationalities, business activities and/or jurisdictions. A refund is guaranteed if the account is not successfully opened, but a 15% administrative fee applies.