Letter of credit is a commercial credit product issued at the request of the applicant that represents a payment instrument that constitutes a definite bank undertaking to pay to the beneficiary upon the presentation of documents in accordance with the terms and conditions of the credit. The payment is subject to the compliance documentary conditions. The issuance of a letter of credit is subject to the applicable rules published by the International Chamber of Commerce (ICC).
Benefits:
Applications:
Send money or make payments to any country safely and effectively through an electronic transfer of funds. Wire transfers allow you to send money electronically to bank accounts in the United States and foreign countries, in US dollars or foreign currency. You can visit the branch that serves your account, or any of our branches.
We can process your payment order through the principal networks:
Fedwire - BPPR ABA = 021502011
SWIFT- BPPR BIC Code = BPPRPRSX
The order will be process during the same day if we receive it before the Cutoff Time on bank business day through our branches network or our Web Cash Management Services system.
Individual Transfers to territories outside US (does not apply to transfers made from commercial accounts DBA)
For questions or errors regarding transfer of funds to foreign countries (outside United States) made from an individual account, you may contact us within 180 days via e-mail at: doddfrankactbppr@bppr.com providing the following information:
We will determine whether an error occurred within 90 days after you contact us and we will correct any error promptly. We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of any documents we used in our investigation.
Let Banco Popular act as a collection agent in your international transactions and we will submit the collection of documents, according to your instructions, to obtain acceptance or payment for sold merchandise or negotiable instruments.
Benefits:
Banco Popular maintains accounts in various countries enabling customers to send their cable fund transfers in several currencies. Having these accounts, allows Banco Popular to offer more competitive rates at a local level. For quotes, contact the Foreign Exchange Department, your bank consultant at Corporate Banking, Private Banking or branch.
For customers who are active in international transfers for their trading activity we can consider a special agreement in the spread, according to the amount and frequency of these transactions in foreign currency.
Services offered by Banco Popular de Puerto Rico. Letters of Credit, Collections, Forward Contracts and Wire Transfers services entail fees.