How to open a personal bank account in Puerto Rico

At a glance

Example account

Banco Popular e-account

Online eligibility

Sole owner, age 21+, Puerto Rico or USVI resident

Common documents

Government photo ID, SSN, date of birth, physical address

Monthly charge

$0 when an eligible activity condition is met, otherwise $5.95

Proof to request

Active-account or balance certification

Act 60 status

May be requested, depending on application or decree

Separate the banking task from the Act 60 rule

An application team may request proof of a personal account and a separate business account at an institution with a Puerto Rico presence. Ask which account, institution, letter wording, and addressee they require.

Act 60 also contains banking-commitment provisions for exempt businesses. Those provisions should not be presented as a universal personal-account mandate.

Open the account

1. 1

   Confirm eligibility

   For Banco Popular's e-account, check the current residence, age, and sole-ownership criteria before starting.

2. 2

   Gather identity details

   Have a current government photo ID, Social Security information, date of birth, and physical residential address available.

3. 3

   Apply through the bank

   Use the bank's official site and complete any additional identity or branch verification it requests.

4. 4

   Review the fee conditions

   Enroll in online statements and confirm which account activity currently waives the monthly charge.

Obtain proof of the account

Banco Popular offers free online requests for an active-account certification and an account-balance certification for eligible individual deposit accounts, with delivery by email. Its page excludes business-account requests. Before ordering a personal certification, ask which type is needed, whether it must show a balance, whom it must address, how recent it must be, and whether an electronic copy is accepted.

Keep business activity separate

Use the personal account for personal activity and a dedicated business account for company income and expenses. Separate records make bookkeeping, payroll, tax preparation, and Act 60 reporting easier to support.

Common questions

Does Act 60 require every applicant to open a personal Puerto Rico bank account?

Do not assume a universal rule. The exact requirement can come from the application category, document request, decree, or professional handling the filing. Ask what proof applies to your case.

Can I open a Banco Popular account online?

Banco Popular currently offers an online e-account application to eligible sole owners age 21 or older who reside in Puerto Rico or the US Virgin Islands. The bank may still request additional or in-branch verification.

What bank letter should I request for Act 60?

Ask your application team whether it needs an active-account certification, a balance certification, or a specially addressed letter. Confirm the required date and delivery format before ordering it.

Can I use the same account for personal and business activity?

A sole owner can still create avoidable accounting and compliance problems by mixing funds. Use a dedicated business account for company activity and a separate personal account for personal spending.

Sources and verification

Rules, prices, locations, and provider coverage can change. These links are the primary or first-party pages checked for this guide.

• Banco Popular e-account — Current sole-owner, age, residence, identity, e-statement, and monthly-charge conditions checked September 1, 2026.
• Banco Popular account identification requirements.
• Banco Popular online document requests — Free emailed active-account and balance certifications for eligible individual deposit accounts; business requests are excluded.
• Puerto Rico Incentives Code, consolidated English version — Source for the exempt-business banking provision