COREDO > Opening a Bank Account in Puerto Rico

Opening a Bank Account in Puerto Rico

Banking System of Puerto Rico

Puerto Rico is a USD-based jurisdiction within the United States with an integrated banking system, FDIC deposit protection, and an attractive tax framework for international business. Banks and financial institutions on the territory provide access to a stable US dollar infrastructure and international payments under US regulatory standards.

Since 2016, COREDO has been assisting clients with opening bank accounts in Puerto Rico, providing full support at every stage of the process.

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Cost of the service
from 700 EUR

Types of Bank Accounts

Banks in Puerto Rico offer various types of accounts depending on client needs:

A corporate bank account

is designed for legal entities and enables settlement operations as part of commercial activities. The base currency of operations is the US dollar, providing direct access to the Fedwire payment infrastructure and the ACH system.

A payment institution (PI) account

is an alternative for companies that require access to payment services without full banking facilities.

A personal bank account

is provided to individuals for managing personal finances, savings, and investments.

Client Requirements

As a US territory, Puerto Rico is subject to federal anti-money laundering legislation. The primary regulatory act is the Bank Secrecy Act (BSA), supplemented by the provisions of the USA PATRIOT Act. Supervision of AML compliance at the federal level is carried out by the Financial Crimes Enforcement Network (FinCEN), and at the territorial level by OCIF.

Banks in Puerto Rico are required to identify and verify clients and beneficial owners before establishing business relationships. As part of the KYC procedure, clients must provide identification documents, proof of residential address, and documentation confirming the source of funds. Non-residents must additionally provide the tax identification number of their country of residence.

For corporate clients, banks additionally request a Certificate of Good Standing, Certificate of Incumbency, incorporation documents, and confirmation of the company’s registered office.

Account Opening Process and Timelines

The procedure for opening a bank account in Puerto Rico with COREDO support includes the following stages:

Preliminary client analysis (Client Analysis).

COREDO specialists assess the client’s profile, analyse the business structure, and determine the optimal bank and account type based on the specifics of the business activity and the objectives for fund placement.

01

Document preparation.

A complete set of documents is compiled in accordance with the requirements of the selected bank and BSA/AML regulations. Where necessary, apostille certification and notarisation of documents are arranged.

02

Application submission.

Documents are submitted to the bank, and if necessary, a remote or in-person meeting between the client and bank representatives is arranged.

03

Compliance review.

The bank conducts KYC/AML procedures, including document verification and screening against FinCEN and OFAC databases.

04

Account opening and funding.

Upon successful completion of the review, the account is activated, and the client receives account details and access to online banking. The minimum initial deposit varies depending on the bank.

05

Standard verification and account opening timelines range from two to four weeks. Actual timelines depend on the completeness of the documents provided and the internal procedures of the selected bank.

COREDO Service Fees

Legal Entities

Stage	Fee
Stage 1 — Client Analysis (preliminary screening)	EUR 300 + VAT
Stage 2 — Bank corporate account	EUR 2,000 + VAT
Stage 2 — Payment institution account	EUR 1,500 + VAT
Opening deposit	EUR 1,000
Total	from EUR 1,800 to EUR 2,300 + VAT

Individuals

Stage	Fee
Stage 1 — Client Analysis (preliminary screening)	EUR 200 + VAT
Stage 2 — Bank account	EUR 1,000 + VAT
Stage 2 — Payment institution account	EUR 500 + VAT
Opening deposit	EUR 400
Total	from EUR 700 to EUR 1,200 + VAT

The fee includes full support throughout the process, from preliminary analysis to receipt of account details. The deposit is transferred directly to the bank and is not a COREDO commission.

Required Documents

To open a corporate bank account in Puerto Rico, the following documents are typically required: apostilled incorporation documents, Certificate of Good Standing, Certificate of Incumbency, identification documents of directors and beneficial owners, confirmation of the company’s registered office, and documents regarding the nature of business activities and source of funds.

For individuals, the standard set includes: an international passport, proof of residential address for the last three months, documentation of the source of funds, the tax identification number of the country of residence, and two personal references from non-family members.

The specific list of documents varies depending on the bank, account type, and client profile.

Advantages of Working with COREDO

COREDO provides clients with a number of significant advantages when opening a bank account in Puerto Rico. Professional experience since 2016 enables effective interaction with banks across various jurisdictions and minimises the risk of rejection. COREDO specialists provide full support at every stage — from initial analysis to obtaining account access. Transparent pricing with fixed fees at each stage eliminates hidden charges. An individual approach to each client enables the selection of the optimal bank and account type, taking into account the specifics of the business and payment infrastructure requirements.

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Our Experts

Pavel Kos

Head of Legal at COREDO. Has been with the company since 2017, heading the legal team since 2020. Specialises in banking law, corporate structuring, and interaction with financial regulators.

Daniil Saprykin

Head of Customer Success at COREDO. Coordinates the client support process at all stages of bank account opening and ensures prompt resolution of any issues that arise.

Frequently Asked Questions

Can non-residents open a bank account in Puerto Rico?

Yes, banks in Puerto Rico accept non-residents. However, non-residents must undergo enhanced screening, provide the tax identification number of their country of residence, and in some cases, a reference letter from a bank in their country of residence. COREDO assists in preparing a complete set of documents for successful verification.

In what currency are accounts opened in Puerto Rico?

The base currency for bank accounts in Puerto Rico is the US dollar. Puerto Rico is part of the United States monetary system, providing direct access to the Fedwire and ACH payment systems. Some banks also offer the option of conducting transactions in foreign currencies.

Are deposits in Puerto Rico banks protected?

Yes, all commercial banks in Puerto Rico are insured by the Federal Deposit Insurance Corporation (FDIC). The standard insurance limit is USD 250,000 per depositor at each insured bank for each account ownership category.

How long does it take to open an account?

Standard verification and account opening timelines range from two to four weeks. The actual timeline depends on the completeness of the documents, the results of the compliance review, and the internal procedures of the bank.

Which regulator oversees banking activities in Puerto Rico?

The banking system of Puerto Rico is subject to dual oversight. At the territorial level, supervision is carried out by OCIF (Oficina del Comisionado de Instituciones Financieras), and at the federal level by the FDIC, OCC, and the Federal Reserve System. AML compliance is supervised by FinCEN.

Submit Application

For an individual consultation on opening a bank account in Puerto Rico, contact COREDO specialists. We will analyse your profile and propose the optimal solution.