Puerto Rico Use of U.S. Currency
Puerto Rico's monetary unit is the United States Dollar (USD) as it is a commonwealth country of the United States of America. Puerto Ricans refer to the US Dollar as the 'peso' or 'dolar'. The dollar is made up of 100 cents, called 'centavos' or 'chavitos' by locals. Nickels or 5c pieces are known as 'ficha' or 'vellons' by Puerto Ricans and they refer to quarters or 25c pieces as 'pesetas'. US dollar bills come in the following denominations: $1, $5, $10, $20, $50 and $100. Coins come in the following denominations: 1c, 5c, 10c, 25c and 50c.
There are several institutions in Puerto Rico offering currency exchange services as well as branches of major banks from the USA, Canada and Europe. ATMs located around Puerto Rico are linked to banking networks throughout the world. Banking hours are from 9 am to 3:30 pm. Credit cards are accepted at most places while some places even accept travelers’ checks. Travelers’ checks come in the following denominations: $20, $50, $100, $500 and $ 1 000. If you need money wired to you quickly, it is advisable to use Moneygrams. With this service money can be transferred to you from anywhere in the world in just 10 minutes.
When visiting Puerto Rico you will find that casino hotels charge an 11% tax on rooms, normal hotels charge 9% tax on rooms and inns charge 7% tax on rooms. Tips are generally 15% of the bill. The fact that the US Dollar is used as currency in Puerto Rico it makes visiting the country that much simpler - especially for visitors from the United States.