Stefan and I get a lot of emails with a lot of questions regarding Puerto Rico, so I figured that we should start posting them here, so our answers can possibly help out someone else, and because the people that read this blog tend to know a lot about the island and can be very helpful regarding things that Stefan and I don’t know so much about. So, here is our first question:
“My question is – how are the banks (in Puerto Rico)? I’m worried about the moving money process. What is the best way to tackle this problem???“
Answer: The banks here are fine. They are all FDIC insured by the US government. You have two options Banco Popular and Western Bank (we use Banco Popular) and we just showed up with a cashier’s check from our old bank and opened an account/deposited the check at Banco Popular. No problemo! We also have a mortgage here, and while that was kind of a pain in the ass (more so because the house we bought is wood construction versus the typical Puerto Rican cement construction), it works just like the mainland here when it comes to banks. Well, for the most part at least!