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How to Send Money to Puerto Rico
The people whosend money to Puerto Ricohave remitted to their homeland on a regular basis sincebecoming a commonwealth in 1917. One of the most industrious Caribbean islands, Puerto Ricodepends heavily on remittances and tourism. The methods available for money transfers areabundant. The transfer costs have been dramatically decreased since online rechargeable debit cardshave competitively driven down prices.A majority of migrants who send money to Puerto Rico work predominantly in large urban areas.The average age is 27 years old. The male population is 48% and female population 52%. Theannual income of US residents is $13,758. Migrants account for some of the lowest median incomewith the highest amount of poverty reported for US migrants. Finding an accurate estimate of international transfer to Puerto Rico is hard to determine.The number of migrants from Puerto Rico exceeds the population of Puerto Ricans residing on theisland. There are over 4 million Puerto Ricans living in the US outnumbering the population of Puerto Rico which is just under 4 million. It is estimated that 42% of the migrant population willsend money to Puerto Rico on a regular basis. The average funds transfer is approximately $110 sentonce a month.Migration through Puerto Rico moves in a circular motion. After World War II, there was a hugeincrease in migration, especially to urban areas like New York City. Although Puerto Ricanmigrants can be found in all 50 states, New York still has the largest concentration of population.Migrants are also densely populated in Massachusetts, Connecticut, Illinois, Ohio, New Jersey,Pennsylvania, Florida, and Texas.Not only do migrants from the US send money to Puerto Rico, but Puerto Rico has a very high rateof remittance to other countries like the Dominican Republic and Cuba. Over 20% of Puerto Ricanremittances get sent to the Dominican Republic, weaving a complex network of US remittances intothe rest of the Caribbean.Whether the sender resides in Puerto Rico or the US, the online rechargeable debit card isadvantageous to both. Other services do not offer the safety and convenience that the rechargeabledebit card does. The sender signs up for services, and a rechargeable debit card is sent to thereceiver via FedEx. The sender simply recharges the card when needed; money funds canautomatically be picked up at ATMs in over 90 cities of Puerto Rico.Tosend money to Puerto Rico, just sign up for the service using a credit, debit, or checking accountthat deposits money onto a debit card that is sent to the receiver. ATM machines are easily accessed
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