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 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 apply directly with your International Banking Center consultant.

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 Manager.

Collections
Let 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
Popular maintains accounts in various countries enabling customers to send their cable fund  transfers in several currencies. Having these accounts, allows 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.

Export financing (USVI)
Satisfy all your capital business needs. We offer loans that are especially designed for exporters 3. Jointly with the Small Business Administration (SBA) and Export-Import Bank (EXIM), we provide different guarantee programs that allow us to offer the most competitive payment terms.

Apply for an export loan from Popular, if you need:

  • To acquire inventory, machinery or equipment
  • Purchase merchandise for export
  • Manufacture products or services for export
  • Support available letters of credit
  • Finance international account receivables

For more information about any products or services, call our Commercial Loans Department at 340-693-2777.

1Only applies to negotiable foreign currencies, subject to availability. Each transaction is subject to a fee of 1% of the amount after the conversion to US dollars; minimum charge fee is $10.00.

2You must have a deposit and/or savings account.

3Subject to credit approval. Certain restrictions may apply.