Currency of Puerto Rico
Puerto Rico is a commonwealth of the US and uses the dollar (USD$). The US dollar is often referred to as the "peso." Puerto Rico relies on the U.S. government to print money and to manage the money supply via the U.S. Federal Reserve and the Central Bank.
All major credit cards are accepted in Puerto Rico, with Visa and Mastercard the most widely used. Many retailers in main centres also have Apple Pay.
Currency
The US dollar is divided into 100 cents (¢) and referred by locals as "peso".
The denominations of coins and banknotes are as follows:
Coins
1¢, called the centavo or chavito (penny); 5¢, called the vellón or ficha
(nickel); 10¢ (dime); 25¢, called the peseta (quarter); and the seldom-seen 50¢ (half-dollar)
coin and $1.
Bills
$1, $2, $5, $10, $20, $50, $100, $500, $1,000,
$5,000, and $10,000. On July 14, 1969, the Treasury Department and the
Federal Reserve Board announced that they would immediately stop
distributing currency in denominations of $500, $1,000, $5,000 and
$10,000. Production of these denominations stopped during World War
II. Their main purpose was for bank transfer payments.
Currency Exchange
Currency Exchange can be arranged through many institutions in Puerto Rico, including:
- Banco Popular. Foreign currency exchange: any branch. International division, second floor, 1500 Ponce de León, corner Europa, Santurce, (787) 723-0077.
- Caribbean Foreign Exchange. 201B Tetuan, Old San Juan. (787) 722-8222.
- Thomas Cook Foreign Exchange. International Airport, Isla Verde. (787) 791-1960, (787) 791-2233. Popular Center Building, Hato Rey (787) 754-2228.
- Scotia Bank of Puerto Rico. Canadian exchange only. Any branch. (787) 758-8989.
- Western Union. Cable money transfer. All Pueblo supermarkets (800) 325-4046.
Banking hours are 9am to 3:30pm.
Check the current currency rate with XE currency converter.
Currency Exchange Rates
| USD 1.00 = | AUD 1.43 | CAD 1.32 | NZD 1.52 | GDP .7859 | EUR .8827 | JPY 108.51 |
Travellers' Checks, Debit and Credit Cards
All major credit cards are widely accepted: American Express, Visa, Diner's Club, Discovery, Master Card and other Bank credit cards. You can also access your money at thousands of ATMs throughout the island.Budget Travel
Yes, it's possible. With smart planning and a little bit of research it is possible to travel to Puerto Rico without spending a fortune.
Cost of Living
As many other islands, Puerto Rico imports most of its products. Overall, the cost of living in Puerto Rico is approximately 14.2% lower than in the United States. Grocery items on the island are 7.5% more expensive than the average on the U.S. mainland (Cost of Living Index Calculator, 2020).
Relative Costs
Below is a rough guide to food and beverage costs in the island.
- Budget meal: US $3-15
- Moderate restaurant meal: US $15-30
- Top-end restaurant meal: US $30 and up
- Budget room: US $40-75
- Moderate hotel: US $75-200
- Top-end hotel: US $200 and up
Taxes & Tips
Puerto Rico general sales and use rate increased from 7% to 10.5% with an effective total tax rate of 11.5% on many transactions when combined with the municipal sales and use tax of 1 percent (as of July 1, 2015). Puerto Rico now has the highest sales tax in America.Tipping is much the same as in the States. In hotels, major restaurants and nightclubs services charges are usually included. However, many inexpensive restaurants do not add service charge. If it isn't, tip between 15% and 20%.
Read about other travel tips.
Additional Resources
