Letters of Credit

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:

  • Secures payment for services or merchandise.
  • Guarantee the undertaking of financial or performance obligations on behalf of our customer (stand by credit).
  • Enhances your commercial relations with international clients and suppliers.
  • Upon presentation of all negotiable documents included in the transaction, the International Service Area of Banco Popular will pay in accordance with terms established in the letter of credit.
  • You can pay in foreign currency
     

      Applications:

Wire Transfer

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:

  • Name and address
  • Error or problem with the transfer, and why you believe there is an error or problem
  • Name of the person receiving the funds, and if you know it, their telephone number or address
  • The dollar amount of the transfer sent in USD equivalent
  • Confirmation code or reference number of the transaction

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.

Collections

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:

  • We can present financial or commercial documents for payment through our correspondent banks network. Collections includes: foreign checks, drafts / bill of exchange, promissory notes and trade collections /documentary collections

Purchase and sale of foreign currency1

Available throughout all branches in Puerto Rico, US Virgin Islands and Tortola or in the Foreign Exchange Department at the lobby of the BPPR Building Stop 22, Santurce.

Cable Fund Transfers in foreign currencies2

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.

Forward Contracts

Avoid risks and possible losses that may result from constant fluctuations on the foreign exchange market. With a Forward Contract, you can fix the exchange rate of your international banking transactions that will be liquidated on a future date.

Foreign Currency Drafts

International drafts in all major foreign currencies to make your payments abroad. Drafts are available in our Foreign Exchange Department and throughout all of our branches. Drafts can easily be redeemed at the banks drawn against and are treated as local checks avoiding extra charges if processed through collections.

Rate Certifications

Exchange Rates confirmations are available for specific dates for the purpose of inheritance, excise tax, accounting and assets distribution.

Price Movement Charts

Provide comparative information about foreign currencies. It is used by persons who want to invest in foreign currencies.

For additional information on business services call the International Banking Center today at 788-723-7210 or 787-723-7216.